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  • Accounting Reporting Standards: Type / Size of Entity Total Assets OR

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    Chesca Alon
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    This document outlines the accounting reporting standards that entities in the Philippines must follow based on their total assets or total liabilities. Large or publicly accountable entities with over 350 million pesos in total assets must follow the full Philippine Financial Reporting Standards. Medium sized entities between 100-350 million pesos and small entities between 3-100 million pesos must follow either the PFRS for Small and Medium Sized Entities or the PFRS for Small Entities, depending on their asset size. Micro entities under 3 million pesos may use the Income Tax Basis or PFRS for Small Entities. Cooperatives follow the Philippine Financial Reporting Framework.

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    This document outlines the accounting reporting standards that entities in the Philippines must follow based on their total assets or total liabilities. Large or publicly accountable entities with over 350 million pesos in total assets must follow the full Philippine Financial Reporting Standards. Medium sized entities between 100-350 million pesos and small entities between 3-100 million pesos must follow either the PFRS for Small and Medium Sized Entities or the PFRS for Small Entities, depending on their asset size. Micro entities under 3 million pesos may use the Income Tax Basis or PFRS for Small Entities. Cooperatives follow the Philippine Financial Reporting Framework.

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    Download as XLSX, PDF, TXT or read online from Scribd
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    5 views3 pages

    Accounting Reporting Standards: Type / Size of Entity Total Assets OR

    Uploaded by

    Chesca Alon
    This document outlines the accounting reporting standards that entities in the Philippines must follow based on their total assets or total liabilities. Large or publicly accountable entities with over 350 million pesos in total assets must follow the full Philippine Financial Reporting Standards. Medium sized entities between 100-350 million pesos and small entities between 3-100 million pesos must follow either the PFRS for Small and Medium Sized Entities or the PFRS for Small Entities, depending on their asset size. Micro entities under 3 million pesos may use the Income Tax Basis or PFRS for Small Entities. Cooperatives follow the Philippine Financial Reporting Framework.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    of 3

    ACCOUNTING REPORTING STANDARDS

    TYPE / SIZE OF ENTITY Total Assets OR

    Large or Publicly Accountable Entities > P350 Million

    Medium Sized Entities


    > P100 Million to P350 Million

    Small Entities P3 Million to P100 Million

    Micro Entities < P3 Million

    Cooperatives PFRF (Philippine Financial Reporting Framework) for


    Total Liabilities Applicable Financial Reporting
    Standards
    Full PFRS (Philippine Financial Reporting
    > P250 Million Standards)

    PFRS for SMEs (Philippine Financial Reporting


    > P100 Million to P250 Million Standards for Small and Medium Sized Entities)

    P3 Million to P100 Million PFRS for Small Entities

    < P3 Million Income Tax Basis or PFRS for Small Entities

    PFRF (Philippine Financial Reporting Framework) for Cooperatives


    Basis

    SEC (Securities and Exchange Commission)


    Memorandum Circular # 5, Series of 2018

    CDA (Cooperative Development Authority)


    Memorandum Circular No. 2015-06 Series of 2015

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