Philippine Financial Reporting Standards

Philippine Financial Reporting Standards (PFRSs) are currently fully converged with International Financial
Reporting Standards (IFRSs) except for the deferral of 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 Financial Reporting Standards
 
The Conceptual Framework for Financial Reporting
Phase A: Objectives and qualitative characteristics (Effective date: July 1, 2011)
 
Philippine Financial Reporting Standards

Number Title Effective date

First-time Adoption of Philippine Financial

PFRS 1 (Revised) July 1, 2009
Reporting Standards

PFRS 2 Share-based Payment January 1, 2005

PFRS 3 (Revised) Business Combinations July 1, 2009

PFRS 4 Insurance Contracts January 1, 2005

Non-current Assets Held for Sale and

PFRS 5 January 1, 2005
Discontinued Operations

Exploration for and Evaluation of Mineral

PFRS 6 January 1, 2006
Resources

PFRS 7 Financial Instruments: Disclosures January 1, 2007

PFRS 8 Operating Segments January 1, 2009

PFRS 9 (2014) Financial Instruments January 1, 2018

PFRS 10 Consolidated Financial Statements January 1, 2013

PFRS 11 Joint Arrangements January 1, 2013

PFRS 12 Disclosure of Interests in Other Entities January 1, 2013

PFRS 13 Fair Value Measurement January 1, 2013

PFRS 14 Regulatory Deferral Accounts January 1, 2016

PFRS 15 Revenue from Contracts with Customers January 1, 2018

PFRS 16 Leases January 1, 2019

 
Philippine Accounting Standards
Number Title Effective date

PAS 1 (Revised) Presentation of Financial Statements January 1, 2009

PAS 2 Inventories January 1, 2005

PAS 7 Statement of Cash Flows January 1, 2005

Accounting Policies, Changes in Accounting

PAS 8 January 1, 2005
Estimates and Errors

PAS 10 Events after the Reporting Period January 1, 2005

PAS 11 Construction Contracts January 1, 2005

PAS 12 Income Taxes January 1, 2005

PAS 16 Property, Plant and Equipment January 1, 2005

PAS 17 Leases January 1, 2005

PAS 18 Revenue January 1, 2005

PAS 19 (Revised) Employee Benefits January 1, 2013

Accounting for Government Grants and

PAS 20 January 1, 2005
Disclosure of Government Assistance

The Effects of Changes in Foreign Exchange

PAS 21 January 1, 2005
Rates

PAS 23 (Revised) Borrowing Costs January 1, 2009

PAS 24 (Revised) Related Party Disclosures January 1, 2011

Accounting and Reporting by Retirement

PAS 26 January 1, 2005
Benefit Plans

PAS 27 (Amended) Separate Financial Statements January 1, 2013

Investments in Associates and Joint

PAS 28 (Amended) January 1, 2013
Ventures

Financial Reporting in Hyperinflationary

PAS 29 January 1, 2005
Economies

PAS 32 Financial Instruments: Presentation January 1, 2007

PAS 33 Earnings per Share January 1, 2005

PAS 34 Interim Financial Reporting January 1, 2005

PAS 36 Impairment of Assets January 1, 2005

Provisions, Contingent Liabilities and

PAS 37 January 1, 2005
Contingent Assets

PAS 38 Intangible Assets January 1, 2005

Financial Instruments: Recognition and

PAS 39 January 1, 2005
Measurement

PAS 40 Investment Property January 1, 2005

PAS 41 Agriculture January 1, 2005

 
Philippine Interpretations
Number Title Effective date

Changes in Existing Decommissioning,

Philippine Interpretation IFRIC-1 January 1, 2005
Restoration and Similar Liabilities

Members’ Shares in Co-operative Entities and

Philippine Interpretation IFRIC-2 January 1, 2005
Similar Instruments

Determining whether an Arrangement contains

Philippine Interpretation IFRIC-4 January 1, 2006
a Lease

Rights to Interests arising from

Philippine Interpretation IFRIC-5 Decommissioning, Restoration and January 1, 2006
Environmental Rehabilitation Funds

Liabilities arising from Participating in a

Philippine Interpretation IFRIC-6 Specific Market—Waste Electrical and December 1, 2005
Electronic Equipment

Applying the Restatement Approach under

Philippine Interpretation IFRIC-7 PAS 29 Financial Reporting in March 1, 2006
Hyperinflationary Economies

Philippine Interpretation IFRIC-9 Reassessment of Embedded Derivatives June 1, 2006

Philippine Interpretation IFRIC-10 Interim Financial Reporting and Impairment November 1, 2006

Philippine Interpretation IFRIC-12 Service Concession Arrangements January 1, 2008

Philippine Interpretation IFRIC-13 Customer Loyalty Programmes July 1, 2008

PAS 19—The Limit on a Defined Benefit Asset,

Philippine Interpretation IFRIC-14 Minimum Funding Requirements and their January 1, 2008
Interaction

Agreements for the Construction of Real

Philippine Interpretation IFRIC-15 Deferred
Estate

Hedges of a Net Investment in a Foreign

Philippine Interpretation IFRIC-16 October 1, 2008
Operation

Philippine Interpretation IFRIC-17 Distributions of Non-cash Assets to Owners July 1, 2009

Philippine Interpretation IFRIC-18 Transfers of Assets from Customers July 1, 2009

Extinguishing Financial Liabilities with Equity

Philippine Interpretation IFRIC-19 July 1, 2010
Instruments

Stripping Costs in the Production Phase of a

Philippine Interpretation IFRIC-20 January 1, 2013
Surface Mine

Philippine Interpretation IFRIC-21 Levies January 1, 2014

Foreign Currency Transactions and Advance

Philippine Interpretation IFRIC-22 January 1, 2018
Consideration
Philippine Interpretation IFRIC-23 Uncertainty over Income Tax Treatments January 1, 2019
Philippine Interpretation SIC-7 Introduction of the Euro January 1, 2005

Government Assistance—No Specific Relation

Philippine Interpretation SIC-10 January 1, 2005
to Operating Activities

Philippine Interpretation SIC-15 Operating Leases—Incentives January 1, 2005

Income Taxes—Changes in the Tax Status of

Philippine Interpretation SIC-25 January 1, 2005
an Entity or its Shareholders
Number Title Effective date

Evaluating the Substance of Transactions

Philippine Interpretation SIC-27 January 1, 2005
Involving the Legal Form of a Lease

Service Concession Arrangements:

Philippine Interpretation SIC-29 January 1, 2005
Disclosures

Revenue—Barter Transactions Involving

Philippine Interpretation SIC-31 January 1, 2005
Advertising Services

Philippine Interpretation SIC-32 Intangible Assets—Web Site Costs January 1, 2005

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