University of San Jose – Recoletos

School of Business and Management

Accountancy and Finance Department
Updates to Financial Reporting Standards
Mr. Jun Brian Alenton
CPA, CMA, CAT, RCA, MICB MBA

FINANCIAL ACCOUNTING AND REPORTING

PHILIPPINE FINANCIAL REPORTING STANDARDS AND INTERPRETATIONS

Philippine Financial Reporting Standards (PFRS)

PFRS 1 First-time Adoption of Philippine Financial Reporting Standards

PFRS 2 Share-based Payment

PFRS 3 Business Combinations

PFRS 4 Insurance Contracts (to be superseded by IFRS 17 in January 1, 2021)

PFRS 5 Non-current Assets Held for Sale and Discontinued Operations

PFRS 6 Exploration for and Evaluation of Mineral Resources

PFRS 7 Financial Instruments: Disclosures

PFRS 8 Operating Segments

PFRS 9 Financial Instruments (2014)

PFRS 10 Consolidated Financial Statements

PFRS 11 Joint Arrangements

PFRS 12 Disclosure of Interests in Other Entities

PFRS 13 Fair Value Measurement

PFRS 14 Regulatory Deferral Accounts

Module 1 ACCTG107 Page 1

PFRS 15 Revenue from Contracts with Customers

PFRS 16 Leases

PFRS 17 Insurance Contracts (effective January 1, 2023)

Philippine Accounting Standards (PAS)

PAS 1 Presentation of Financial Statements

PAS 2 Inventories

PAS 7 Statement of Cash Flows

PAS 8 Accounting Policies, Changes in Accounting Estimates and Errors

PAS 10 Events After the Reporting Period

PAS 12 Income Taxes

PAS 16 Property, Plant and Equipment

PAS 19 Employee Benefits

Accounting for Government Grants and Disclosure of Government

PAS 20 Assistance

The Effects of Changes in Foreign Exchange Rates

PAS 21

Borrowing Costs
PAS 23

Related Party Disclosures

PAS 24

Accounting and Reporting by Retirement Benefit Plans

PAS 26

Separate Financial Statements

PAS 27

Investments in Associates and Joint Ventures

PAS 28
Module 1 ACCTG107 Page 2
 Financial Reporting in Hyperinflationary Economies
PAS 29

Financial Instruments: Presentation

PAS 32

Earnings Per Share

PAS 33

Interim Financial Reporting

PAS 34

Impairment of Assets
PAS 36

Provisions, Contingent Liabilities and Contingent Assets

PAS 37

PAS 38 Intangible Assets

Investment Property
PAS 40

Agriculture
PAS 41

Philippine Interpretations - International Financial Reporting

Interpretations Committee (IFRIC)
IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities

IFRIC 2 Members' Share in Co-operative Entities and Similar Instruments

Rights to Interests Arising from Decommissioning, Restoration and

IFRIC 5
Environmental Rehabilitation Funds
Liabilities Arising from Participating in a Specific Market - Waste Electrical
IFRIC 6
and Electronic Equipment
Applying the Restatement Approach under PAS 29, Financial Reporting in
IFRIC 7
Hyperinflationary Economies

IFRIC 10 Interim Financial Reporting and Impairment

IFRIC 12 Service Concession Arrangements

PAS 19 - The Limit on a Defined Benefit Asset, Minimum Funding

IFRIC 14
Requirements and their Interaction

Module 1 ACCTG107 Page 3

IFRIC 16 Hedges of a Net Investment in a Foreign Operation

IFRIC 17 Distributions of Non-cash Assets to Owners

IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments

IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine

IFRIC 21 Levies

IFRIC 22 Foreign Currency Transactions and Advance Consideration

IFRIC 23 Uncertainty over Income Tax Treatments

Philippine Interpretations - Standing Interpretations Committee (SIC)

SIC-7 Introduction of the Euro

SIC-10 Government Assistance - No Specific Relation to Operating Activities

Income Taxes - Changes in the Tax Status of an Entity or its

SIC-25
Shareholders

SIC-29 Service Concession Arrangements: Disclosures

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