Académique Documents
Professionnel Documents
Culture Documents
Reporting Standard
(PFRS) 15: The New
Revenue Recognition
Standard
13 September 2018
Cagayan de Oro City
Page 0
Presentation Outline
§ Introduction
§ FRSC: Who we are
Page 1
Financial Reporting Standards Council
(FRSC)
Page 2
Membership
► FRSC
► Regulators (BOA, SEC, BSP, Insurance Commission)
► COA
► FINEx
► Philippine Institute of CPAs (PICPA)
► PIC
► Regulators
► FINEx
► Academe
► Accounting Firms
Page 3
PFRS 15: An Overview
Page 4
Philippine Interpretations Committee (PIC)
Issuances on PFRS 15
Page 6
Can developers continue applying Percentage-of-
Completion (POC) method?
Page 7
Can developers continue applying Percentage-of-
Completion (POC) method?
Condition Analysis
Constructed asset has Met - The developer cannot resell the
no alternative use property identified in the CTS to another
buyer.
Page 8
PIC Q&A 2018-12
PFRS 15 Implementation
Issues affecting the Real
Estate Industry
Page 9
Identifying the Revenue Contract
Is the Reservation Agreement the Revenue Contract?
Page 12
Determining the Percentage-of-Completion (POC)
Page 14
Effective Date
Page 15
Questions?
Page 16
Thank you!
Page 17