PFRS page overview

FRSC: PFRS page
Philippine Financial Reporting Standards (PFRSs) are currently fully converged with International Financial
Reporting Standards (IFRSs) except for the deferral of Philippine Interpretation IFRIC-15 Agreements for the
Construction of Real Estate. 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 Financ
ial Reporting Standards
The Conceptual Framework for Financial Reporting
Phase A: Objectives and qualitative characteristics (Effective date: July 1, 2011)
Philippine Financial Reporting Standards (PFRSs)
PFRS
PFRS 1
PFRS 1
(Revised)
Date adopted by FRSC
Effective for
annual periods
beginning on
or after
First-time Adoption of
Philippine Financial
Reporting Standards
November 2004
January 1, 2005
PFRS 1
(Revised)
Amendments to PFRS
1: Cost of an
Investment in a
Subsidiary, Jointly
Controlled Entity or
Associate
June 23, 2008
January 1, 2009
PFRS 1
(Revised)
First-time Adoption of
Philippine Financial
Reporting Standards
February 19, 2009
July 1, 2009
Amendments to PFRS
1: Additional
Exemptions for Firsttime Adopters
March 8, 2010
January 1, 2010
Amendment to PFRS 1:
Limited Exemption
from Comparative
PFRS 7 Disclosures for
First-time Adopters
June 4, 2010
July 1, 2010
Amendments to PFRS
1: Severe
Hyperinflation and
Removal of Fixed Date
for First-time Adopters
January 12, 2011
July 1, 2011
Title
Superseded
by
Amendments to PFRS
1: Government Loans
April 25, 2012
January 1, 2013
Share-based Payment
November 2004
January 1, 2005
Amendments to PFRS
2: Vesting Conditions
and Cancellations
May 21, 2008
January 1, 2009
Amendments to PFRS
2: Group Cash-settled
Share-based Payment
Transactions
June 2009
January 1, 2010
PFRS 3
Business Combinations
November 2004
January 1, 2005
PFRS 3
(Revised)
Business Combinations
April 23, 2008
July 1, 2009
November 2004
January 1, 2005
PFRS 2
PFRS 4
Insurance Contracts
Amendments to PFRS
4: Financial Guarantee
Contracts
January 1, 2006
PFRS 5
Exploration for and

Evaluation of Mineral
Resources
November 2004
January 1, 2005
PFRS 6
Exploration for and

Evaluation of Mineral
Resources
PFRS 7
Financial Instruments:
Disclosures
December 2005
January 1, 2007
Amendments to PFRS
7: Transition
November 21, 2007
January 1, 2007
Amendments to PFRS
7: Reclassification of
Financial Assets
October 29, 2008
July 1, 2008
Amendments to PFRS
7: Reclassification of
Financial Assets Effective Date and
Transition
January 16, 2009
July 1, 2008
Amendments to PFRS
7: Improving
March 16, 2009
January 1, 2009
January 1, 2006
PFRS 3
(Revised)
Disclosures about
Financial Instruments
Amendments to PFRS
7: Disclosures Transfers of Financial
Assets
November 24, 2010
July 1, 2011
Amendments to PFRS
7: Disclosures Offsetting Financial
Assets and Financial
Liabilities
December 28, 2011
January 1, 2013
Amendments to PFRS
7: Mandatory Effective
Date of PFRS 9 and
Transition Disclosures
December 28, 2011
January 1, 2015
February 8, 2007
January 1, 2009
PFRS 8
Operating Segments
PFRS 9
Classification and
Measurement of
Financial Assets
March 8, 2010
January 1, 2013
Classification and
Measurement of
Financial Liabilities
November 24, 2010
January 1, 2013
Amendments to PFRS
9: Mandatory Effective
Date of PFRS 9 and
Transition Disclosures
December 28, 2011
January 1, 2015
Consolidated Financial
Statements
June 29, 2011
January 1, 2013
Amendments to PFRS
10: Transition
Guidance
July 31, 2012
January 1, 2013
Amendments to PFRS
10: Investment Entities
November 27, 2012
January 1, 2014
Joint Arrangements
June 29, 2011
January 1, 2013
Amendments to PFRS
11: Transition
Guidance
July 31, 2012
January 1, 2013
PFRS 10
PFRS 11
PFRS 12
PFRS 13
Disclosure of Interests
in Other Entities
June 29, 2011
January 1, 2013
Amendments to PFRS
12: Transition
Guidance
July 31, 2012
January 1, 2013
Amendments to PFRS
12: Investment Entities
November 27, 2012
January 1, 2014
June 29, 2011
January 1, 2013
Fair Value
Measurement
Philippine Accounting Standards (PASs)
PAS
PAS 1
Title
Presentation of Financial Statements
Date
adopted by
FRSC
Effective for
annual
periods
beginning on
or after
Superseded
by
November
2004
January 1,
2005
PAS 1
(Revised)
January 1,
2007
PAS 1
(Revised)
Amendment to PAS 1: Capital Disclosures
PAS 1
(Revised)
Presentation of Financial Statements
October 23,
2007
January 1,
2009
Amendments to PAS 1 (Revised): Puttable Financial

Instruments and Obligations Arising on Liquidation
April 23,
2008
January 1,
2009
Amendments to PAS 1 (Revised): Presentation of Items

of Other Comprehensive Income
July 27,
2011
July 1, 2012
November
2004
January 1,
2005
March
2005
January 1,
2005
PAS 2
Inventories
PAS 7
Statement of Cash Flows1
PAS 8
Accounting Policies, Changes in Accounting Estimates

and Errors
November
2004
January 1,
2005
PAS 10
Events after the Reporting Period2
November
2004
January 1,
2005
PAS 11
Construction Contracts
March
2005
January 1,
2005
PAS 12
Income Taxes
March
2005
January 1,
2005
January 12,
2011
January 1,
2012
March
2005
January 1,
2005
Amendments to PAS 12 - Deferred Tax: Recovery of

Underlying Assets
PAS 14
Segment Reporting
PAS 16
Property, Plant and Equipment
November
2004
January 1,
2005
PAS 17
Leases
November
2004
January 1,
2005
PAS 18
Revenue
March
2005
January 1,
2005
PAS 19
Employee Benefits
November
2004
January 1,
2005
PAS 19
(Revised)
Amendments to PAS 19: Actuarial Gains and Losses,

Group Plans and Disclosures
January
2005
January 1,
2006
PAS 19
(Revised)
Employee Benefits
July 27,
2011
January 1,
2013
PAS 20
Accounting for Government Grants and Disclosure of

Government Assistance
March
2005
January 1,
2005
PAS 21
The Effects of Changes in Foreign Exchange Rates
November
2004
January 1,
2005
PAS 19
(Revised)
Amendment: Net Investment in a Foreign Operation
PFRS 8
January 1,
2006
PAS 23
Borrowing Costs
March
2005
January 1,
2005
PAS 23
(Revised)
Borrowing Costs
May 31,
2007
January 1,
2009
PAS 23
(Revised)
PAS 24
Related Party Disclosures
November
2004
January 1,
2005
PAS 24
(Revised)
Related Party Disclosures
March 8,
2010
January 1,
2011
March
2005
January 1,
2005
PAS 24
(Revised)
PAS 26
Accounting and Reporting by Retirement Benefit Plans
PAS 27
Consolidated and Separate Financial Statements
November
2004
January 1,
2005
PAS 27
(Revised)
PAS 27
(Revised)
Consolidated and Separate Financial Statements
April 23,
2008
July 1, 2009
PAS 27
(Amended)
Amendments to PAS 27 (Revised): Cost of an

Investment in a Subsidiary, Jointly Controlled Entity or
Associate
June 23,
2008
January 1,
2009
PAS 27
(Amended)
Separate Financial Statements
June 29,
2011
January 1,
2013
Amendments to PAS 27 (Amended): Investment Entities
November
27, 2012
January 1,
2014
Investments in Associates
November
2004
January 1,
2005
June 29,
2011
January 1,
2013
PAS 27
(Amended)
PAS 28
PAS 28
(Amended)
Investments in Associates and Joint Ventures
PAS 28
(Amended)
PAS 29
Financial Reporting in Hyperinflationary Economies
November
2004
January 1,
2005
PAS 30
Disclosures in the Financial Statements of Banks and

Similar Financial Institutions
November
2004
January 1,
2005
PFRS 7
PAS 31
Interests in Joint Ventures
November
2004
January 1,
2005
PFRS 11
PAS 32
Financial Instruments: Disclosure and Presentation
November
2004
January 1,
2005
Financial Instruments: Presentation
December
2005
January 1,
2007
Amendments to PAS 32: Puttable Financial Instruments

and Obligations Arising on Liquidation
April 23,
2008
January 1,
2009
Amendment to PAS 32: Classification of Rights Issues
March 8,
February 1,
2010
2010
Amendments to PAS 32: Offsetting Financial Assets and

Financial Liabilities
December
28, 2011
January 1,
2014
PAS 33
Earnings per Share
November
2004
January 1,
2005
PAS 34
Interim Financial Reporting
March
2005
January 1,
2005
PAS 36
Impairment of Assets
November
2004
January 1,
2005
June 11,
2013
January 1,
2014
March
2005
January 1,
2005
Amendments to PAS 36: Recoverable Amount

Disclosures for Non-Financial Assets
PAS 37
Provisions, Contingent Liabilities and Contingent Assets
PAS 38
Intangible Assets
November
2004
January 1,
2005
PAS 39
Financial Instruments: Recognition and Measurement
November
2004
January 1,
2005
January
2005
January 1,
2005
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
January 1,
2006
Amendments to PAS 39: The Fair Value Option
January 1,
2006
Amendments to PAS 39: Financial Guarantee Contracts
January 1,
2006
Amendments to PAS 39: Reclassification of Financial

Assets
October 29,
2008
July 1, 2008
Amendments to PAS 39: Reclassification of Financial

Assets - Effective Date and Transition
January 16,
2009
July 1, 2008
Amendments to PAS 39: Embedded Derivatives
April 20,
2009
June 30,
2009
Amendment to PAS 39: Eligible Hedged Items
September
29, 2008
July 1, 2009
Amendments to PAS 39: Novation of Derivatives and

Continuation of Hedge Accounting
November
13, 2013
January 1,
2014
PAS 40
Investment Property
November
2004
January 1,
2005
PAS 41
Agriculture
November
2004
January 1,
2005
PAS 101
Financial Reporting Standards for Non-publicly

Accountable Entities
October
2005
January 1,
2005
PFRS for
SMEs
March 15,
2007
March 15,
2007
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 fromCash Flow
Statements 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 fromEvents after the
Balance Sheet Date to Events after the Reporting Period.
1
Philippine Interpretations - IFRIC
Interpretation
Title
Date
adopted
by FRSC
Effective
for annual
periods
beginning
on
or after
Philippine Interpretation
IFRIC-1
Changes in Existing
Decommissioning, Restoration and
Similar Liabilities
2005
January 1,
2005
IFRIC-2
Members' Share in Co-operative

Entities and Similar Instruments
2005
January 1,
2005
IFRIC4
Determining whether an
Arrangement contains a Lease
June 21,
2006
January 1,
2006
Superseded by
IFRIC5
Rights to Interests arising from

Decommissioning, Restoration and
Environmental Rehabilitation Funds
June 21,
2006
January 1,
2006
IFRIC6
Liabilities arising from Participating

in a Specific Market - Waste
Electrical and Electronic Equipment
June 21,
2006
December
1, 2005
IFRIC7
Applying the Restatement Approach

under PAS 29 Financial Reporting in
Hyperinflationary Economies
June 21,
2006
March 1,
2006
IFRIC8
Scope of PFRS 2
June 21,
2006
May 1,
2006
IFRIC9
Reassessment of Embedded
Derivatives
June 21,
2006
June 1,
2006
Amendments to Philippine
Interpretation IFRIC9: Embedded
Derivatives
April 20,
2009
June 30,
2009
IFRIC10
Interim Financial Reporting and

Impairment
September
27, 2006
November
1, 2006
IFRIC11
PFRS 2 - Group and Treasury Share

Transactions
December
18, 2006
March 1,
2007
IFRIC12
Service Concession Arrangements
January 11,
2007
January 1,
2008
IFRIC13
Customer Loyalty Programmes
August 23,
2007
July 1,
2008
IFRIC14
PAS 19 - The Limit on a Defined

Benefit Asset, Minimum Funding
Requirements and their Interaction
August 23,
2007
January 1,
2008
Amendment to Philippine
Interpretation IFRIC14,
Prepayments of a Minimum Funding
Requirement
June 4,
2010
January 1,
2011
Agreements for the Construction of

Real Estate
November
17, 2008
Deferred*
IFRIC15
Amendments to
PFRS 2, Group
Cash-settled
Share-based
Payment
Transactions
Amendments to
PFRS 2, Group
Cash-settled
Share-based
Payment
Transactions
IFRIC16
Hedges of a Net Investment in a

Foreign Operation
August 4,
2008
October 1,
2008
IFRIC17
Distributions of Non-cash Assets to

Owners
February
19, 2009
July 1,
2009
IFRIC18
Transfers of Assets from Customers
February
19, 2009
July 1,
2009
IFRIC19
Extinguishing Financial Liabilities

with Equity Instruments
March 8,
2010
July 1,
2010
IFRIC20
Stripping Costs in the Production

Phase of a Surface Mine
November
23, 2011
January 1,
2013
IFRIC21
Levies
June 11,
2013
January 1,
2014
---------------------------------------* On September 28, 2011, the FRSC decided to defer the effective date of Philippine Interpretation IFRIC-15 until the final
Revenue standard is issued by the International Accounting Standards Board, and an evaluation of the requirements of
the final Revenue standard against the practices of the Philippine real estate industry is completed.

PFRS page overview

Transféré par

Informations du document

Titre original

Copyright

Formats disponibles

Partager ce document

Partager ou intégrer le document

Options de partage

Avez-vous trouvé ce document utile ?

Ce contenu est-il inapproprié ?

Droits d'auteur :

Formats disponibles

PFRS page overview

Transféré par

Droits d'auteur :

Formats disponibles

FRSC: PFRS page

Date adopted by FRSC

June 23, 2008

February 19, 2009

January 12, 2011

April 25, 2012

May 21, 2008

April 23, 2008

Exploration for and

Exploration for and

November 21, 2007

October 29, 2008

January 16, 2009

March 16, 2009

November 24, 2010

December 28, 2011

December 28, 2011

November 24, 2010

December 28, 2011

June 29, 2011

July 31, 2012

November 27, 2012

June 29, 2011

July 31, 2012

June 29, 2011

July 31, 2012

November 27, 2012

June 29, 2011

Philippine Accounting Standards (PASs)

Presentation of Financial Statements

Amendment to PAS 1: Capital Disclosures

Presentation of Financial Statements

Amendments to PAS 1 (Revised): Puttable Financial

Amendments to PAS 1 (Revised): Presentation of Items

Statement of Cash Flows1

Accounting Policies, Changes in Accounting Estimates

Events after the Reporting Period2

Amendments to PAS 12 - Deferred Tax: Recovery of

Property, Plant and Equipment

Amendments to PAS 19: Actuarial Gains and Losses,

Accounting for Government Grants and Disclosure of

The Effects of Changes in Foreign Exchange Rates

Amendment: Net Investment in a Foreign Operation

Related Party Disclosures

Related Party Disclosures

Accounting and Reporting by Retirement Benefit Plans

Consolidated and Separate Financial Statements

Consolidated and Separate Financial Statements

Amendments to PAS 27 (Revised): Cost of an

Separate Financial Statements

Amendments to PAS 27 (Amended): Investment Entities

Investments in Associates and Joint Ventures

Financial Reporting in Hyperinflationary Economies

Disclosures in the Financial Statements of Banks and

Interests in Joint Ventures

Financial Instruments: Disclosure and Presentation

Financial Instruments: Presentation

Amendments to PAS 32: Puttable Financial Instruments

Amendment to PAS 32: Classification of Rights Issues

Amendments to PAS 32: Offsetting Financial Assets and

Earnings per Share

Interim Financial Reporting

Amendments to PAS 36: Recoverable Amount