Manila * Cavite * Laguna * Cebu * Cagayan De Oro * Davao

Since 1977

FAR/AUD(AP) OCAMPO/OCAMPO
List of IFRSs MAY 2023

EXISTING IFRS/IAS AND INTERPRETATIONS AS OF OCTOBER 31, 2022

International Financial Reporting Standards (IFRS)*
Number Title Effective Date**
1 First-time Adoption of IFRSs (revised 2008) 1 July 2009
2 Share-based Payment 1 January 2005
3 Business Combinations (revised 2008) 1 July 2009
4 Insurance Contracts (to be replaced by IFRS 17) 1 January 2005
5 Non-current Assets Held for Sale and Discontinued Operations 1 January 2005
6 Exploration for and Evaluation of Mineral Resources 1 January 2006
7 Financial Instruments: Disclosures 1 January 2007
8 Operating Segments 1 January 2009
9 Financial Instruments 1 January 2018
10 Consolidated Financial Statements 1 January 2013
11 Joint Arrangements 1 January 2013
12 Disclosure of Interests in Other Entities 1 January 2013
13 Fair Value Measurement 1 January 2013
14 Regulatory Deferral Accounts 1 January 2016
15 Revenue from Contracts with Customers 1 January 2018
16 Leases 1 January 2019
17 Insurance Contracts 1 January 2023

International Accounting Standards (IAS)*

Number Title Effective Date**
1 Presentation of Financial Statements 1 January 2009
2 Inventories 1 January 2005
7 Statement of Cash Flows 1 January 1994
8 Accounting Policies, Changes in Accounting Estimates and Errors 1 January 2005
10 Events after the Reporting Period 1 January 2005
12 Income Taxes 1 January 1998
16 Property, Plant and Equipment 1 January 2005
19 Employee Benefits (revised 2011) 1 January 2013
20 Accounting for Government Grants and Disclosure of Government
Assistance 1 January 1984
21 The Effects of Changes in Foreign Exchange Rates 1 January 2005
23 Borrowing Costs (revised 2007) 1 January 2009
24 Related Party Disclosures (revised 2009) 1 January 2011
26 Accounting and Reporting by Retirement Benefit Plans 1 January 1988
27 Separate Financial Statements (revised 2011) 1 January 2013
28 Investments in Associates and Joint Ventures (revised 2011) 1 January 2013
29 Financial Reporting in Hyperinflationary Economies 1 January 1990
32 Financial Instruments: Presentation 1 January 2005
33 Earnings per Share 1 January 2005
34 Interim Financial Reporting 1 January 1999
36 Impairment of Assets 31 March 2004
37 Provisions, Contingent Liabilities and Contingent Assets 1 July 1999
38 Intangible Assets 31 March 2004
39 Financial Instruments: Recognition and Measurement 1 January 2005
(In relation to hedge accounting)
40 Investment Property 1 January 2005
41 Agriculture 1 January 2003

* Unaccompanied version can be downloaded at https://www.ifrs.org/issued-standards/list-of-standards/.

Comprehensive summary of the current IFRS Standards and Interpretations in one document can be found at
https://www.iasplus.com/en/publications/global/ifrs-in-your-pocket/2021.
** The effective date in the Philippines can be found at https://www.pfrsc.org/government-organization-our-
standards.

Page 1 of 5 www.teamprtc.com.ph FAR.3400c

TEAM PRTC

International Financial Reporting Interpretations Committee (IFRIC) Interpretations*

Number Title Effective Date

1 Changes in Existing Decommissioning, Restoration and Similar Liabilities 1 September 2004
2 Members’ Shares in Co-operative Entities and Similar Instruments 1 January 2005
5 Rights to Interests arising from Decommissioning, Restoration and
Environmental Rehabilitation Funds 1 January 2006
6 Liabilities arising from Participating in a Specific Market—Waste Electrical
and Electronic Equipment 1 December 2005
7 Applying the Restatement Approach under IAS 29 1 March 2006
10 Interim Financial Reporting and Impairment 1 November 2006
12 Service Concession Arrangements 1 January 2008
14 IAS 19—The Limit on a Defined Benefit Asset, Minimum Funding
Requirements and their Interaction 1 January 2008
16 Hedges of a Net Investment in a Foreign Operation 1 October 2008
17 Distributions of Non-cash Assets to Owners 1 July 2009
19 Extinguishing Financial Liabilities with Equity Instruments 1 July 2010
20 Stripping Costs in the Production Phase of a Surface Mine 1 January 2013
21 Levies 1 January 2014
22 Foreign Currency Transactions and Advance Consideration 1 January 2018
23 Uncertainty Over Income Tax Treatments 1 January 2019

Standing Interpretations Committee (SIC) Interpretations*

Number Title Effective Date

7 Introduction of the Euro 1 June 1998
10 Government Assistance—No Specific Relation to Operating Activities 1 August 1998
25 Income Taxes—Changes in the Tax Status of an Entity or its
Shareholders 15 July 2000
29 Service Concession Arrangements: Disclosures 31 December 2001
32 Intangible Assets—Web Site Costs 25 March 2002

Philippine Interpretations Committee (PIC) Q&As***

2022
PIC Q&A No. 2022-01 Use of Going Concern Basis by an Absorbed Entity in a Merger Transaction (PAS
1, Presentation of Financial Statements)
PIC Q&A No. 2022-02 'Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice
Statement 2)'

2020
PIC Q&A No. 2020-01 Conforming Changes to PIC Q&As – Cycle 2020
PIC Q&A No. 2020-02 Conclusion on PIC QA 2018-12E: On certain materials delivered on site but not
yet installed
PIC Q&A No. 2020-03 Q&A No. 2018-12-D: STEP 3 – On the accounting of the difference when the
percentage of completion is ahead of the buyer’s payment
PIC Q&A No. 2020-04 PFRS 15 - Step 3 - Requires and Entity to Determine the Transaction Price for
the Contract (Addendum to PIC Q&A 2018-12-D)
PIC Q&A No. 2020-05 PFRS 15 - Accounting for Cancellation of Real Estate Sales (Supersedes Q&A
2018-14)
PIC Q&A No. 2020-06 PFRS 16 Accounting for payments between and among lessors and lessees
PIC Q&A No. 2020-07 PAS 12 – Accounting for the Proposed Changes in Income Tax Rates under the
Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) Bill

*** Copies can be downloaded here (https://www.pfrsc.org/government-organization-pic-pronouncements).

Page 2 of 5 www.teamprtc.com.ph FAR.3400c

TEAM PRTC

2019
PIC Q&A No. 2019-01 Accounting for service charges under PFRS 15, Revenue from Contracts with
Customers
PIC Q&A No. 2019-02 Accounting for cryptographic assets
PIC Q&A No. 2019-03 Revenue recognition guidance for sugar millers
PIC Q&A No. 2019-04 Conforming Changes to PIC Q&As – Cycle 2019
PIC Q&A No. 2019-06 Accounting for step acquisition of a subsidiary in a parent’s separate financial
statements
PIC Q&A No. 2019-07 Classification of Members’ Capital Contributions of Non-Stock Savings and Loan
Associations (NSSLA)
PIC Q&A No. 2019-08 Accounting for Asset Retirement or Restoration Obligation with the Adoption of
PFRS 16, Leases
PIC Q&A No. 2019-09 Accounting for Prepaid Rent or Rent Liability Arising from Straight-lining under
PAS 17 on Transition to PFRS 16 and the Related Deferred Tax Effects
PIC Q&A No. 2019-10 Accounting for variable payments with rent review
PIC Q&A No. 2019-11 Determining the current portion of an amortizing loan/lease liability
PIC Q&A No. 2019-12 Determining the lease term under PFRS 16, Leases
PIC Q&A No. 2019-13 Determining the lease term of leases that are renewable subject to mutual
agreement of the lessor and the lessee

2018
PIC Q&A No. 2018-01 PAS 8 - Voluntary changes in accounting policy
PIC Q&A No. 2018-02 PAS 36 - Non-controlling interests and goodwill impairment test
PIC Q&A No. 2018-03 PFRS 13, PAS 16 and PAS 36 - Fair value of property, plant and equipment and
depreciated replacement cost
PIC Q&A No. 2018-04 PAS 41 - Inability to measure fair value reliably for biological assets within the
scope of PAS 41, Agriculture
PIC Q&A No. 2018-05 PAS 37 - Liability arising from maintenance requirement of an asset held under
a lease [Amended by PIC Q&A No. 2019-04]
PIC Q&A No. 2018-06 PAS 27 - Cost of investment in subsidiaries in separate financial statements
when pooling is applied in consolidated financial statements
PIC Q&A No. 2018-07 PAS 27 and PAS 28 - Cost of an associate, joint venture, or subsidiary in
separate financial statements (Amended by PIC Q&A No. 2018-13; subsequently
withdrawn by PIC Q&A No. 2019-04)
PIC Q&A No. 2018-08 PFRS 10 and PFRS 3 - Accounting for the acquisition of a non-wholly owned
subsidiary that is not a business
PIC Q&A No. 2018-09 PAS 21 - Classification of deposits and progress payments as monetary or
nonmonetary items
PIC Q&A No. 2018-10 PAS 2 - Scope of disclosure of inventory write-downs
PIC Q&A No. 2018-11 Classification of land by real estate developer
PIC Q&A No. 2018-12 PFRS 15 implementation issues affecting the real estate industry
PIC Q&A No. 2018-13 Conforming Changes to PIC Q&As – Cycle 2018
PIC Q&A No. 2018-14 PFRS 15 - Accounting for Cancellation of Real Estate Sales (Superseded by PIC
Q&A No. 2020-05)
PIC Q&A No. 2018-15 PAS 1- Classification of Advances to Contractors in the Nature of Prepayments:
Current vs. Non-current [Amended by PIC Q&A No. 2019-04]
PIC Q&A No. 2018-16 PFRS 13 - Level of fair value hierarchy of government securities using
Bloomberg’s standard rule on fair value hierarchy

Page 3 of 5 www.teamprtc.com.ph FAR.3400c

TEAM PRTC

2017
PIC Q&A No. 2017-01 Conforming Changes to PIC Q&As – Cycle 2017
PIC Q&A No. 2017-02 PAS 2 and PAS 16 - Capitalization of operating lease cost as part of construction
costs of a building [Amended by PIC Q&A No. 2019-04]
PIC Q&A No. 2017-03 PAS 28 - Elimination of profits and losses resulting from transactions between
associates and/or joint ventures
PIC Q&A No. 2017-04 PAS 24 - Related party relationships between parents, subsidiary, associate and
non-controlling shareholder
PIC Q&A No. 2017-05 PFRS 7 – Frequently asked questions on the disclosure requirements of financial
instruments under PFRS 7, Financial Instruments: Disclosures
(Amended by PIC Q&A No. 2018-13)
PIC Q&A No. 2017-06 PAS 2, 16 and 40 – Accounting for collector’s items
PIC Q&A No. 2017-07 PFRS 10 – Accounting for reciprocal holdings in associates and joint ventures
PIC Q&A No. 2017-08 PFRS 10 – Requirement to prepare consolidated financial statements where an
entity disposes of its single investment in a subsidiary, associate or joint
venture
PIC Q&A No. 2017-09 PAS 17 and Philippine Interpretation SIC-15 - Accounting for payments between
and among lessors and lessees (Withdrawn by PIC Q&A No. 2019-04)
PIC Q&A No. 2017-10 PAS 40 - Separation of property and classification as investment property
[Amended by PIC Q&A No. 2019-04]
PIC Q&A No. 2017-11 PFRS 10 and PAS 32 - Transaction costs incurred to acquire outstanding non-
controlling interest or to sell non-controlling interest without a loss of control
PIC Q&A No. 2017-12 Subsequent Treatment of Equity Component Arising from Intercompany Loans

2016
PIC Q&A No. 2016-01 Conforming Changes to PIC Q&As – Cycle 2016
PIC Q&A No. 2016-02 PAS 32 and PAS 38 - Accounting Treatment of Club Shares Held by an Entity
(Amended by PIC Q&A No. 2018-13)
PIC Q&A No. 2016-04 Application of PFRS 15 "Revenue from Contracts with Customers" on Sale of
Residential Properties under Pre-completion Contracts
(Amended by PIC Q&A No. 2018-13)

2015
PIC Q&A No. 2015-01 Conforming Changes to PIC Q&As - Cycle 2015

2013
PIC Q&A No. 2013-01 Applicability of SMEIG Final Q&As on the application of IFRS for SMEs to
Philippine SMEs [Withdrawn by PIC Q&A No. 2017-01]
PIC Q&A No. 2013-02 Conforming Changes to PIC Q&As - Cycle 2013
PIC Q&A No. 2013-03 PAS 19 - Accounting for Employee Benefits under a Defined Contribution Plan
subject to Requirements of Republic Act (RA) 7641, The Philippine Retirement
Law
PIC Q&A No. 2013-03 PAS 19 - Accounting for Employee Benefits under a Defined Contribution Plan
(Revised) subject to Requirements of Republic Act (RA) 7641, The Philippine Retirement
Law

2012
PIC Q&A No. 2012-01 PFRS 3.2 – Application of the Pooling of Interests Method for Business
Combinations of Entities under Common Control in Consolidated Financial
Statements [Amended by PIC Q&A No. 2015-01]
PIC Q&A No. 2012-02 Cost of a new building constructed on the site of a previous building [Amended
by PIC Q&A No. 2019-04]

2011
PIC Q&A No. 2011-01 PAS 1 - Requirements for a Third Statement of Financial Position [Withdrawn by
PIC Q&A No. 2013-02]
PIC Q&A No. 2011-02 PFRS 3.2 - Common Control Business Combinations
PIC Q&A No. 2011-03 Accounting for Inter-company Loans [Amended by PIC Q&A No. 2015-01]
PIC Q&A No. 2011-04 PAS 32.37-38 – Costs of Public Offering of Shares
PIC Q&A No. 2011-05 PFRS 1.D1-D8 – Fair Value or Revaluation as Deemed Cost [Amended by PIC
Q&A No. 2016-01 and PIC Q&A No. 2019-04]
PIC Q&A No. 2011-06 Acquisition of investment properties – asset acquisition or business
combination? [Withdrawn by PIC Q&A No. 2020-01]

Page 4 of 5 www.teamprtc.com.ph FAR.3400c

TEAM PRTC

2010
PIC Q&A No. 2010-01 PAS 39.AG71-72 - Rate used in determining the fair value of government
securities [Withdrawn by PIC Q&A No. 2013-02]
PIC Q&A No. 2010-02 PAS 1R.16 - Basis of preparation of financial statements
[Amended by PIC Q&A No. 2017-01]
PIC Q&A No. 2010-03 Current/non-current classification of a callable term loan

2009
PIC Q&A No. 2009-01 Framework, paragraph 23 and PAS 1.23 - Financial statements prepared on a
basis other than going concern [Amended by PIC Q&A No. 2013-02]
PIC Q&A No. 2009-02 PAS 39.AG71-72: Rate used in determining the fair value of government
securities in the Philippines [Superseded by PIC Q&A No. 2010-01]

2008
PIC Q&A No. 2008-01 PAS 19.78 - Rate used in discounting post-employment benefit obligations
[Superseded by PIC Q&A No. 2008-01 (Revised)]
PIC Q&A No. 2008-01 PAS 19.78 - Rate used in discounting post-employment benefit obligations
(Revised) [Amended by PIC Q&A No. 2016-01]
PIC Q&A No. 2008-02 PAS 20.43 - Accounting for government loans with low interest rates under the
amendments to PAS 20 [Withdrawn by PIC Q&A No. 2016-01]

2007
PIC Q&A No. 2007-01 PAS 1.103(a) - Basis of preparation of financial statements if an entity has not
applied PFRSs in full [Superseded by PIC Q&A No. 2010-02]
PIC Q&A No. 2007-02 PAS 20.24.37 and PAS 39.43 - Accounting for government loans with low
interest rates [See PIC Q&A No. 2008-02]
PIC Q&A No. 2007-03 PAS 40.27 - Valuation of bank real and other properties acquired (ROPA)
PIC Q&A No. 2007-04 PAS 101.7 - Application of criteria for a qualifying NPAE [Withdrawn by PIC Q&A
No. 2013-02]

2006
PIC Q&A No. 2006-01 PAS 18, Appendix, paragraph 9 - Revenue recognition for sales of property units
under pre-completion contracts [Withdrawn because of PFRS 15]
PIC Q&A No. 2006-02 PAS 27.10(d) - Clarification of criteria for exemption from presenting
consolidated financial statements [Amended by PIC Q&A No. 2013-02 and PIC
Q&A No. 2017-01]

Page 5 of 5 www.teamprtc.com.ph FAR.3400c