The Financial Reporting Standards Council (FRSC) issues its Standards in a series of pronouncements called Philippine Financial Reporting

Standards (PFRSs). These consist of:

Philippine Financial Reporting Standards (PFRSs). These correspond to International Financial Reporting Standards (IFRS);

Philippine Accounting Standards (PASs). These correspond to International Accounting Standards (IASs)); and

Philippine Interpretations-IFRIC and Philippine Interpretations-SIC. These correspond to Interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) of the IASB and the Standing Interpretations Committee (SIC) of the IASC. These also include Questions and Answers developed by the PIC.

Prior to the issuances of PFRSs, Philippine accounting standards issued by the Accounting Standards Council, the predecessor of the FRSC, were referred to as Statements of Financial Accounting Standards or SFAS.

Preface to Philippine Financial Reporting Standards Conceptual Framework for Financial Reporting Phase A: Objectives and qualitative characteristics (Effective Date 07/01/2011) Philippine Financial Reporting Standards PFRS PFRS 1 Title First-time Adoption of Philippine Financial Reporting Standards [superseded by PFRS 1 (Revised)] Amendments to PFRS 1: Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate PFRS 1 (Revised) First-time Adoption of Philippine Financial Reporting Standards Amendments to PFRS 1: Additional Exemptions for First-time Adopters Effective Date 01/01/05 01/01/09 07/01/09 01/01/10

Amendment to PFRS 1: Limited Exemption from Comparative PFRS 7 Disclosures for First-time Adopters Amendments to PFRS 1: Severe Hyperinflation and Removal of Fixed Date for First-time Adopters Amendments to PFRS 1: Government Loans PFRS 2 Share-based Payment Amendments to PFRS 2: Vesting Conditions and Cancellations Amendments to PFRS 2: Group Cash-settled Share-based Payment Transactions PFRS 3 Business Combinations [superseded by PFRS 3 (Revised)]

07/01/10 07/01/11 01/01/13* 01/01/05 01/01/09 01/01/10 01/01/05 07/01/09 01/01/05 01/01/06 01/01/05 01/01/06 01/01/07 01/01/07 07/01/08 07/01/08 01/01/09 07/01/11 01/01/13* 01/01/15* 01/01/09 01/01/15 01/01/15* 01/01/13* 01/01/13*

PFRS 3 (Revised) Business Combinations PFRS 4 Insurance Contracts Amendments to PFRS 4: Financial Guarantee Contracts PFRS 5 PFRS 6 PFRS 7 Non-current Assets Held for Sale and Discontinued Operations Exploration for and Evaluation of Mineral Resources Financial Instruments: Disclosures Amendments to PFRS 7: Transition Amendments to PFRS 7: Reclassification of Financial Assets Amendments to PFRS 7: Reclassification of Financial Assets - Effective Date and Transition Amendments to PFRS 7: Improving Disclosures about Financial Instruments Amendments to PFRS 7: Disclosures - Transfers of Financial Assets Amendments to PFRS 7: Disclosures - Offsetting Financial Assets and Financial Liabilities Amendments to PFRS 7: Mandatory Effective Date of PFRS 9 and Transition Disclosures PFRS 8 PFRS 9 Operating Segments Financial Instruments Amendments to PFRS 9: Mandatory Effective Date of PFRS 9 and Transition Disclosures PFRS 10 Consolidated Financial Statements Amendments to PFRS 10: Transition Guidance

Amendments to PFRS 10: Investment Entities PFRS 11 Joint Arrangements Amendments to PFRS 11: Transition Guidance PFRS 12 Disclosure of Interests in Other Entities Amendments to PFRS 12: Transition Guidance Amendments to PFRS 12: Investment Entities PFRS 13 Fair Value Measurement

01/01/14* 01/01/13* 01/01/13* 01/01/13* 01/01/13* 01/01/14* 01/01/13*

Philippine Accounting Standards (PASs) PAS PAS 1 Title Presentation of Financial Statements [superseded by PAS 1 (Revised)] Amendment to PAS 1: Capital Disclosures PAS 1 (Revised) Presentation of Financial Statements Amendments to PAS 1: Puttable Financial Instruments and Obligations Arising on Liquidation Amendments to PAS 1: Presentation of Items of Other Comprehensive Income PAS 2 PAS 7 PAS 8 PAS 10 PAS 11 PAS 12 Inventories Cash Flow Statements1 Accounting Policies, Changes in Accounting Estimates and Errors Events after the Balance Sheet Date2 Construction Contracts Income Taxes Amendments to PAS 12 - Deferred Tax: Recovery of Underlying Assets PAS 14 PAS 16 PAS 17 PAS 18 PAS 19 Segment Reporting [superseded by PFRS 8] Property, Plant and Equipment Leases Revenue Employee Benefits Effective Date 01/01/05 01/01/07 01/01/09 01/01/09 07/01/12* 01/01/05 01/01/05 01/01/05 01/01/05 01/01/05 01/01/05 01/01/12 01/01/05 01/01/05 01/01/05 01/01/05 01/01/05

Amendments to PAS 19: Actuarial Gains and Losses, Group Plans and Disclosures PAS 19 (Amended) Employee Benefits PAS 20 PAS 21 Accounting for Government Grants and Disclosure of Government Assistance The Effects of Changes in Foreign Exchange Rates Amendment: Net Investment in a Foreign Operation PAS 23 PAS 23 (Revised) PAS 24 PAS 24 (Revised) PAS 26 PAS 27 PAS 27 (Revised) Borrowing Costs [superseded by PAS 23 (Revised)] Borrowing Costs Related Party Disclosures [superseded by PAS 24 (Revised)] Related Party Disclosures Accounting and Reporting by Retirement Benefit Plans Consolidated and Separate Financial Statements [superseded by PAS 27 (revised)] Consolidated and Separate Financial Statements Amendments to PAS 27: Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate PAS 27 (Amended) Separate Financial Statements Amendments to PAS 27 (Amended): Investment Entities PAS 28 Investments in Associates

01/01/06 01/01/13* 01/01/05 01/01/05 01/01/06 01/01/05 01/01/09 01/01/05 01/01/11 01/01/05 01/01/05 07/01/09 01/01/09 01/01/13* 01/01/14* 01/01/05 01/01/13* 01/01/05 01/01/05 01/01/05 01/01/05 01/01/07 01/01/09 02/01/10 01/01/14*

PAS 28 (Amended) Investments in Associates and Joint Ventures PAS 29 PAS 30 PAS 31 PAS 32 Financial Reporting in Hyperinflationary Economies Disclosures in the Financial Statements of Banks and Similar Financial Institutions [superseded by PFRS 7] Interests in Joint Ventures Financial Instruments: Disclosure and Presentation Financial Instruments: Presentation Amendments to PAS 32 and PAS 1: Puttable Financial Instruments and Obligations Arising on Liquidation Amendment to PAS 32: Classification of Rights Issues Amendments to PAS 32: Offsetting Financial Assets and Financial Liabilities

PAS 33 PAS 34 PAS 36 PAS 37 PAS 38 PAS 39

Earnings per Share Interim Financial Reporting Impairment of Assets Provisions, Contingent Liabilities and Contingent Assets Intangible Assets Financial Instruments: Recognition and Measurement Amendments to PAS 39: Transition and Initial Recognition of Financial Assets and Financial Liabilities Amendments to PAS 39: Cash Flow Hedge Accounting of Forecast Intragroup Transactions Amendments to PAS 39: The Fair Value Option Amendments to PAS 39 and PFRS 4: Financial Guarantee Contracts Amendments to PAS 39: Reclassification of Financial Assets Amendments to PAS 39 and PFRS 7: Reclassification of Financial Assets Effective Date and Transition Amendments to PAS 39: Embedded Derivatives Amendment to PAS 39: Eligible Hedged Items

01/01/05 01/01/05 01/01/05 01/01/05 01/01/05 01/01/05 01/01/05 01/01/06 01/01/06 01/01/06 07/01/08 07/01/08 06/30/09 07/01/09 01/01/05 01/01/05 01/01/05 01/01/05

PAS 40 PAS 41 PAS 101

Investment Property Agriculture Financial Reporting Standards for Non-publicly Accountable Entities [superseded by PFRS for SMEs] Amendment to PAS 101: Change in Effective Date

As a result of the changes in terminology made by PAS 1 in 2007, the title of PAS 7 was changed to Statement of Cash Flows. 2 As a result of the changes in terminology made by PAS 1 in 2007, the title of PAS 10 was changed to Events after the Reporting Period.

Annual Improvements to PFRSs Improvements to PFRSs (Approved in 2008) Amendments to PAS 1, PAS 16, PAS 19, PAS 20, PAS 23, PAS 27, PAS 28, PAS 29, PAS 31,

Effective Date

01/01/09

PAS 36, PAS 38, PAS 39, PAS 40, PAS 41 Amendments to PFRS 5 Improvements to PFRSs (Approved in 2009) Amendments to PFRS 2, PAS 38, Philippine Interpretation IFRIC9, Philippine Interpretation IFRIC16 Amendments to PFRS 5, PFRS 8, PAS 1, PAS 7, PAS 17, PAS 36, PAS 39 Amendment to PAS 18, Appendix Improvements to PFRSs (Approved in 2010) Amendments to PFRS 3, Transition requirements for amendments to PAS 21, PAS 28 and PAS 31 made as a result of PAS 27 (Revised) Amendments to PFRS 1, PFRS 7, PAS 1, PAS 34, Philippine Interpretation IFRIC13 Annual Improvements to PFRSs 2009-2011 Cycle Amendments to PFRS 1, PAS 1, PAS 16, PAS 32 and PAS 34 * For BOA/PRC Approval 01/01/13* 07/01/10 01/01/11 07/01/09 01/01/10 (N/A) 07/01/09

Preface to Philippine Financial Reporting Standards Conceptual Framework for Financial Reporting Phase A: Objectives and qualitative characteristics (Effective Date 07/01/2011) Philippine Financial Reporting Standards PFRS PFRS 1 Title First-time Adoption of Philippine Financial Reporting Standards [superseded by PFRS 1 (Revised)] Amendments to PFRS 1: Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate PFRS 1 (Revised) First-time Adoption of Philippine Financial Reporting Standards Amendments to PFRS 1: Additional Exemptions for First-time Adopters Amendment to PFRS 1: Limited Exemption from Comparative PFRS 7 Disclosures for First-time Adopters Amendments to PFRS 1: Severe Hyperinflation and Removal of Fixed Date for First-time Adopters Effective Date 01/01/05 01/01/09 07/01/09 01/01/10 07/01/10 07/01/11

Amendments to PFRS 1: Government Loans PFRS 2 Share-based Payment Amendments to PFRS 2: Vesting Conditions and Cancellations Amendments to PFRS 2: Group Cash-settled Share-based Payment Transactions PFRS 3 Business Combinations [superseded by PFRS 3 (Revised)]

01/01/13* 01/01/05 01/01/09 01/01/10 01/01/05 07/01/09 01/01/05 01/01/06 01/01/05 01/01/06 01/01/07 01/01/07 07/01/08 07/01/08 01/01/09 07/01/11 01/01/13* 01/01/15* 01/01/09 01/01/15 01/01/15* 01/01/13* 01/01/13* 01/01/14* 01/01/13* 01/01/13*

PFRS 3 (Revised) Business Combinations PFRS 4 Insurance Contracts Amendments to PFRS 4: Financial Guarantee Contracts PFRS 5 PFRS 6 PFRS 7 Non-current Assets Held for Sale and Discontinued Operations Exploration for and Evaluation of Mineral Resources Financial Instruments: Disclosures Amendments to PFRS 7: Transition Amendments to PFRS 7: Reclassification of Financial Assets Amendments to PFRS 7: Reclassification of Financial Assets - Effective Date and Transition Amendments to PFRS 7: Improving Disclosures about Financial Instruments Amendments to PFRS 7: Disclosures - Transfers of Financial Assets Amendments to PFRS 7: Disclosures - Offsetting Financial Assets and Financial Liabilities Amendments to PFRS 7: Mandatory Effective Date of PFRS 9 and Transition Disclosures PFRS 8 PFRS 9 Operating Segments Financial Instruments Amendments to PFRS 9: Mandatory Effective Date of PFRS 9 and Transition Disclosures PFRS 10 Consolidated Financial Statements Amendments to PFRS 10: Transition Guidance Amendments to PFRS 10: Investment Entities PFRS 11 Joint Arrangements Amendments to PFRS 11: Transition Guidance

PFRS 12

Disclosure of Interests in Other Entities Amendments to PFRS 12: Transition Guidance Amendments to PFRS 12: Investment Entities

01/01/13* 01/01/13* 01/01/14* 01/01/13*

PFRS 13

Fair Value Measurement

Philippine Accounting Standards (PASs) PAS PAS 1 Title Presentation of Financial Statements [superseded by PAS 1 (Revised)] Amendment to PAS 1: Capital Disclosures PAS 1 (Revised) Presentation of Financial Statements Amendments to PAS 1: Puttable Financial Instruments and Obligations Arising on Liquidation Amendments to PAS 1: Presentation of Items of Other Comprehensive Income PAS 2 PAS 7 PAS 8 PAS 10 PAS 11 PAS 12 Inventories Cash Flow Statements1 Accounting Policies, Changes in Accounting Estimates and Errors Events after the Balance Sheet Date2 Construction Contracts Income Taxes Amendments to PAS 12 - Deferred Tax: Recovery of Underlying Assets PAS 14 PAS 16 PAS 17 PAS 18 PAS 19 Segment Reporting [superseded by PFRS 8] Property, Plant and Equipment Leases Revenue Employee Benefits Amendments to PAS 19: Actuarial Gains and Losses, Group Plans and Disclosures PAS 19 (Amended) Employee Benefits PAS 20 Accounting for Government Grants and Disclosure of Government Effective Date 01/01/05 01/01/07 01/01/09 01/01/09 07/01/12* 01/01/05 01/01/05 01/01/05 01/01/05 01/01/05 01/01/05 01/01/12 01/01/05 01/01/05 01/01/05 01/01/05 01/01/05 01/01/06 01/01/13* 01/01/05

Assistance PAS 21 The Effects of Changes in Foreign Exchange Rates Amendment: Net Investment in a Foreign Operation PAS 23 PAS 23 (Revised) PAS 24 PAS 24 (Revised) PAS 26 PAS 27 PAS 27 (Revised) Borrowing Costs [superseded by PAS 23 (Revised)] Borrowing Costs Related Party Disclosures [superseded by PAS 24 (Revised)] Related Party Disclosures Accounting and Reporting by Retirement Benefit Plans Consolidated and Separate Financial Statements [superseded by PAS 27 (revised)] Consolidated and Separate Financial Statements Amendments to PAS 27: Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate PAS 27 (Amended) Separate Financial Statements Amendments to PAS 27 (Amended): Investment Entities PAS 28 Investments in Associates 01/01/05 01/01/06 01/01/05 01/01/09 01/01/05 01/01/11 01/01/05 01/01/05 07/01/09 01/01/09 01/01/13* 01/01/14* 01/01/05 01/01/13* 01/01/05 01/01/05 01/01/05 01/01/05 01/01/07 01/01/09 02/01/10 01/01/14* 01/01/05 01/01/05 01/01/05 01/01/05

PAS 28 (Amended) Investments in Associates and Joint Ventures PAS 29 PAS 30 PAS 31 PAS 32 Financial Reporting in Hyperinflationary Economies Disclosures in the Financial Statements of Banks and Similar Financial Institutions [superseded by PFRS 7] Interests in Joint Ventures Financial Instruments: Disclosure and Presentation Financial Instruments: Presentation Amendments to PAS 32 and PAS 1: Puttable Financial Instruments and Obligations Arising on Liquidation Amendment to PAS 32: Classification of Rights Issues Amendments to PAS 32: Offsetting Financial Assets and Financial Liabilities PAS 33 PAS 34 PAS 36 PAS 37 Earnings per Share Interim Financial Reporting Impairment of Assets Provisions, Contingent Liabilities and Contingent Assets

PAS 38 PAS 39

Intangible Assets Financial Instruments: Recognition and Measurement Amendments to PAS 39: Transition and Initial Recognition of Financial Assets and Financial Liabilities Amendments to PAS 39: Cash Flow Hedge Accounting of Forecast Intragroup Transactions Amendments to PAS 39: The Fair Value Option Amendments to PAS 39 and PFRS 4: Financial Guarantee Contracts Amendments to PAS 39: Reclassification of Financial Assets Amendments to PAS 39 and PFRS 7: Reclassification of Financial Assets Effective Date and Transition Amendments to PAS 39: Embedded Derivatives Amendment to PAS 39: Eligible Hedged Items

01/01/05 01/01/05 01/01/05 01/01/06 01/01/06 01/01/06 07/01/08 07/01/08 06/30/09 07/01/09 01/01/05 01/01/05 01/01/05 01/01/05

PAS 40 PAS 41 PAS 101

Investment Property Agriculture Financial Reporting Standards for Non-publicly Accountable Entities [superseded by PFRS for SMEs] Amendment to PAS 101: Change in Effective Date

As a result of the changes in terminology made by PAS 1 in 2007, the title of PAS 7 was changed to Statement of Cash Flows. 2 As a result of the changes in terminology made by PAS 1 in 2007, the title of PAS 10 was changed to Events after the Reporting Period.

Annual Improvements to PFRSs Improvements to PFRSs (Approved in 2008) Amendments to PAS 1, PAS 16, PAS 19, PAS 20, PAS 23, PAS 27, PAS 28, PAS 29, PAS 31, PAS 36, PAS 38, PAS 39, PAS 40, PAS 41 Amendments to PFRS 5 Improvements to PFRSs (Approved in 2009) Amendments to PFRS 2, PAS 38, Philippine Interpretation IFRIC9, Philippine Interpretation IFRIC16

Effective Date

01/01/09 07/01/09

07/01/09

Amendments to PFRS 5, PFRS 8, PAS 1, PAS 7, PAS 17, PAS 36, PAS 39 Amendment to PAS 18, Appendix Improvements to PFRSs (Approved in 2010) Amendments to PFRS 3, Transition requirements for amendments to PAS 21, PAS 28 and PAS 31 made as a result of PAS 27 (Revised) Amendments to PFRS 1, PFRS 7, PAS 1, PAS 34, Philippine Interpretation IFRIC13 Annual Improvements to PFRSs 2009-2011 Cycle Amendments to PFRS 1, PAS 1, PAS 16, PAS 32 and PAS 34 * For BOA/PRC Approval

01/01/10 (N/A)

07/01/10 01/01/11

01/01/13*

The Philippine Interpretations Committee (PIC) The FRSC formed the Philippine Interpretations Committee (PIC) in August 2006 to assist the FRSC in establishing and improving financial reporting standards in the Philippines. The role of the PIC is principally to issue implementation guidance on PFRSs. The PIC members were appointed by the FRSC and include accountants in public practice, the academe and regulatory bodies and users of financial statements. The PIC replaced the Interpretations Committee created by the ASC in 2000. The Philippine Interpretations consist of:.
Philippine Interpretations - IFRIC. These correspond to Interpretations of the International

Financial Reporting Interpretations Committee (IFRIC) of the IASB.

Philippine Interpretations - SIC. These correspond to Interpretations of the Standing

Interpretations Committee (SIC) of the IASC.

PIC Q&As. These are Interpretations developed by the Philippine Interpretations Committee

(PIC). PHILIPPINE INTERPRETATIONS - IFRIC No. Title Effective Date 01/01/05 01/01/05

Philippine Changes in Existing Decommissioning, Restoration and Similar Interpretation IFRIC1 Liabilities Philippine Members' Share in Co-operative Entities and Similar Instruments

Interpretation IFRIC2 Philippine Determining whether an Arrangement contains a Lease Interpretation IFRIC4 01/01/06

Philippine Rights to Interests arising from Decommissioning, Restoration and 01/01/06 Interpretation IFRIC5 Environmental Rehabilitation Funds Philippine Liabilities arising from Participating in a Specific Market - Waste Interpretation IFRIC6 Electrical and Electronic Equipment Philippine Applying the Restatement Approach under PAS 29 Financial Interpretation IFRIC7 Reporting in Hyperinflationary Economies Philippine Scope of PFRS 2 (Withdrawn and replaced by Amendments to Interpretation IFRIC8 PFRS 2 effective 01/01/10) Philippine Reassessment of Embedded Derivatives Interpretation IFRIC9 Amendments to Philippine Interpretation IFRIC9 and PAS 39: Embedded Derivatives Philippine Interpretation IFRIC 10 Philippine Interpretation IFRIC 11 Philippine Interpretation IFRIC 12 Philippine Interpretation IFRIC 13 Philippine Interpretation IFRIC 14 Interim Financial Reporting and Impairment 12/01/05 03/01/06 05/01/06 06/01/06 06/30/09

11/01/06

PFRS 2 - Group and Treasury Share Transactions (Withdrawn and replaced by Amendments to PFRS 2 effective 01/01/10)

03/01/07

Service Concession Arrangements

01/01/08

Customer Loyalty Programmes

07/01/08

PAS 19 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction Amendment to Philippine Interpretation IFRIC14, Prepayments of a Minimum Funding Requirement

01/01/08

01/01/11

Philippine Interpretation IFRIC 15 Philippine Interpretation IFRIC 16

Agreements for the Construction of Real Estate

Deferred

Hedges of a Net Investment in a Foreign Operation

10/01/08

Philippine Interpretation IFRIC 17 Philippine Interpretation IFRIC 18 Philippine Interpretation IFRIC 19 Philippine Interpretation IFRIC 20

Distributions of Non-cash Assets to Owners

07/01/09

Transfers of Assets from Customers

07/01/09

Extinguishing Financial Liabilities with Equity Instruments

07/01/10

Stripping Costs in the Production Phase of a Surface Mine

01/01/13

PHILIPPINE INTERPRETATIONS - SIC No. Philippine Interpretation SIC Introduction of the Euro 7 Philippine Interpretation SIC Government Assistance - No Specific Relation to Operating Activities 10 Philippine Interpretation SIC Consolidation - Special Purpose Entities 12 Amendment to SIC - 12: Scope of SIC 12 Philippine Jointly Controlled Entities - Non-Monetary Contributions by Interpretation SIC Venturers 13 Philippine Interpretation SIC Operating Leases - Incentives 15 Philippine Income Taxes - Recovery of Revalued Non-Depreciable Interpretation SIC Assets (Withdrawn and superseded by Amendments to PAS 12 21 Deferred Tax: Recovery of Underlying Assets effective 01/01/12) Philippine Income Taxes - Changes in the Tax Status of an Entity or its Interpretation SIC Shareholders 25 Title Effective Date 01/01/05

01/01/05

01/01/05 01/01/05 01/01/05

01/01/05

01/01/05

01/01/05

Philippine Evaluating the Substance of Transactions Involving the Legal Form of Interpretation SIC a Lease 27 Philippine Interpretation SIC Disclosure - Service Concession Arrangements1 29 Philippine Interpretation SIC Revenue - Barter Transactions Involving Advertising Services 31 Philippine Interpretation SIC Intangible Assets - Web Site Costs 32

01/01/05

01/01/05

01/01/05

01/01/05

The title was changed by IFRIC 12 to Service Concession Arrangements: Disclosures.

PHILIPPINE INTERPRETATIONS PIC Q&As 2011 PIC Q&A No. 2011-01: PAS 1 Requirements for a Third Statement of Financial Position PIC Q&A No. 2011-02: PFRS 3.2 Common Control Business Combinations PIC Q&A No. 2011-03: Accounting for Inter-company Loans PIC Q&A No. 2011-04: PAS 32.37-38 Costs of Public Offering of Shares PIC Q&A No. 2011-05: PFRS 1.D1-D8 Fair Value or Revaluation as Deemed Cost PIC Q&A No. 2011-06: Acquisition of investment properties asset acquisition or business combination? 2010 PIC Q&A No. 2010-01: PAS 39.AG71-72 Rate used in determining the fair value of government securities PIC Q&A No. 2010-02: PAS 1R.16 Basis of preparation of financial statements PIC Q&A No. 2010-03: Current/non-current classification of a callable term loan PIC Q&A No. 2008-01 (Revised): PAS 19.78 Rate used in discounting post-employment benefit obligations 2009 PIC Q&A No. 2009-01: Framework, paragraph 23 and PAS 1.23 - Financial statements prepared on a basis other than going concern PIC Q&A No. 2009-02: PAS 39.AG71-72: Rate used in determining the fair value of government securities

in the Philippines [superseded by PIC Q&A No. 2010-01] 2008 PIC Q&A No. 2008-01: PAS 19.78 - Rate used in discounting post-employment benefit obligations [superseded by PIC Q&A No. 2008-01 (Revised) issued in 2010] PIC Q&A No. 2008-02: PAS 20.43 - Accounting for government loans with low interest rates under the amendments to PAS 20 2007 PIC Q&A No. 2007-01(revised): PAS1.103(a) - Basis of preparation of financial statements if an entity has not applied PFRSs in full [superseded by PIC Q&A No. 2010-02] PIC Q&A No. 2007-02: PAS 20.24, 20.37 and PAS 39.43 - Accounting for government loans with low interest rates [see PIC Q&A No. 2008-02] PIC Q&A No. 2007-03: PAS 40.27 - Valuation of bank real and other properties acquired (ROPA) PIC Q&A No. 2007-04: PAS 101.7 - Application of criteria for a qualifying NPAE 2006 PIC Q&A No. 2006-01: PAS 18, Appendix, paragraph 9 - Revenue recognition for sales of property units under pre-completion contracts PIC Q&A No. 2006-02: PAS 27.10(d) - Clarification of criteria for exemption from presenting consolidated financial statements

Source: http://www.picpa.com.ph/Financial-Reporting-Standards-Council/PhilippineInterpretations/PIC-Q-As.aspx