Philippine Financial Reporting Standards

Philippine Financial Reporting Standards (PFRSs) are currently fully converged with International
Financial Reporting Standards (IFRSs). Unaccompanied IFRSs may be downloaded from the IASB website
free of charge. Registration in the IASB website is required to access the unaccompanied IFRSs.

Preface to Philippine Financial Reporting Standards

The Conceptual Framework for Financial Reporting
Phase A: Objectives and qualitative characteristics (Effective date: July 1, 2011)
The FRSC adopted the Revised Conceptual Framework for Financial Reporting on June 27, 2018
(Effective date: January 1, 2020)
 
Philippine Financial Reporting Standards
Number Title Effective date
First-time Adoption of Philippine Financial Reporting
PFRS 1 (Revised) July 1, 2009
Standards
PFRS 2 Share-based Payment January 1, 2005
PFRS 3 (Revised) Business Combinations July 1, 2009
PFRS 4 Insurance Contracts January 1, 2005
Non-current Assets Held for Sale and Discontinued
PFRS 5 January 1, 2005
Operations
PFRS 6 Exploration for and Evaluation of Mineral Resources January 1, 2006
PFRS 7 Financial Instruments: Disclosures January 1, 2007
PFRS 8 Operating Segments January 1, 2009
PFRS 9 (2014) Financial Instruments January 1, 2018
PFRS 10 Consolidated Financial Statements January 1, 2013
PFRS 11 Joint Arrangements January 1, 2013
PFRS 12 Disclosure of Interests in Other Entities January 1, 2013
PFRS 13 Fair Value Measurement January 1, 2013
PFRS 14 Regulatory Deferral Accounts January 1, 2016
PFRS 15 Revenue from Contracts with Customers January 1, 2018
PFRS 16 Leases January 1, 2019
PFRS 17 Insurance Contracts January 1, 2021
 
Philippine Accounting Standards
Number Title Effective date
PAS 1 (Revised) Presentation of Financial Statements January 1, 2009
PAS 2 Inventories January 1, 2005
PAS 7 Statement of Cash Flows January 1, 2005
Accounting Policies, Changes in Accounting Estimates
PAS 8 January 1, 2005
and Errors
PAS 10 Events after the Reporting Period January 1, 2005
PAS 12 Income Taxes January 1, 2005
PAS 16 Property, Plant and Equipment January 1, 2005
PAS 17 Leases January 1, 2005
PAS 19 (Revised) Employee Benefits January 1, 2013
Accounting for Government Grants and Disclosure of
PAS 20 January 1, 2005
Government Assistance
PAS 21 The Effects of Changes in Foreign Exchange Rates January 1, 2005
PAS 23 (Revised) Borrowing Costs January 1, 2009
PAS 24 (Revised) Related Party Disclosures January 1, 2011
PAS 26 Accounting and Reporting by Retirement Benefit Plans January 1, 2005
PAS 27 (Amended) Separate Financial Statements January 1, 2013
PAS 28 (Amended) Investments in Associates and Joint Ventures January 1, 2013
PAS 29 Financial Reporting in Hyperinflationary Economies January 1, 2005
PAS 32 Financial Instruments: Presentation January 1, 2007
PAS 33 Earnings per Share January 1, 2005
PAS 34 Interim Financial Reporting January 1, 2005
PAS 36 Impairment of Assets January 1, 2005
PAS 37 Provisions, Contingent Liabilities and Contingent Assets January 1, 2005
PAS 38 Intangible Assets January 1, 2005
PAS 39 Financial Instruments: Recognition and Measurement January 1, 2005
PAS 40 Investment Property January 1, 2005
PAS 41 Agriculture January 1, 2005
 
Philippine Interpretations
Number Title Effective date
Changes in Existing Decommissioning,
Philippine Interpretation IFRIC-1 January 1, 2005
Restoration and Similar Liabilities
Members’ Shares in Co-operative Entities
Philippine Interpretation IFRIC-2 January 1, 2005
and Similar Instruments
Determining whether an Arrangement
Philippine Interpretation IFRIC-4 January 1, 2006
contains a Lease
Rights to Interests arising from
Philippine Interpretation IFRIC-5 Decommissioning, Restoration and January 1, 2006
Environmental Rehabilitation Funds
Liabilities arising from Participating in a
Philippine Interpretation IFRIC-6 Specific Market—Waste Electrical and December 1, 2005
Electronic Equipment
Applying the Restatement Approach under
Philippine Interpretation IFRIC-7 PAS 29 Financial Reporting in March 1, 2006
Hyperinflationary Economies
Philippine Interpretation IFRIC-10 Interim Financial Reporting and Impairment November 1, 2006
Philippine Interpretation IFRIC-12 Service Concession Arrangements January 1, 2008
 Number Title Effective date
PAS 19—The Limit on a Defined Benefit
Philippine Interpretation IFRIC-14 Asset, Minimum Funding Requirements and January 1, 2008
their Interaction
Hedges of a Net Investment in a Foreign
Philippine Interpretation IFRIC-16 October 1, 2008
Operation
Extinguishing Financial Liabilities with Equity
Philippine Interpretation IFRIC-19 July 1, 2010
Instruments
Stripping Costs in the Production Phase of a
Philippine Interpretation IFRIC-20 January 1, 2013
Surface Mine
Philippine Interpretation IFRIC-21 Levies January 1, 2014
Foreign Currency Transactions and Advance
Philippine Interpretation IFRIC-22 January 1, 2018
Consideration
Philippine Interpretation IFRIC-23 Uncertainty over Income Tax Treatments January 1, 2019
Philippine Interpretation SIC-7 Introduction of the Euro January 1, 2005
Government Assistance—No Specific
Philippine Interpretation SIC-10 January 1, 2005
Relation to Operating Activities
Philippine Interpretation SIC-15 Operating Leases—Incentives January 1, 2005
Income Taxes—Changes in the Tax Status of
Philippine Interpretation SIC-25 January 1, 2005
an Entity or its Shareholders
Evaluating the Substance of Transactions
Philippine Interpretation SIC-27 January 1, 2005
Involving the Legal Form of a Lease
Service Concession Arrangements:
Philippine Interpretation SIC-29 January 1, 2005
Disclosures
Philippine Interpretation SIC-32 Intangible Assets—Web Site Costs January 1, 2005