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Insurance Contracts (to be superseded by IFRS 17 in January 1, 2021)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
PAS 20
Accounting for Government Grants and Disclosure of Government
Assistance
PAS 21
PAS 23
PAS 24
PAS 26
PAS 27
PAS 28
Module 1
The Effects of Changes in Foreign Exchange Rates
Borrowing Costs
Related Party Disclosures
Accounting and Reporting by Retirement Benefit Plans
Separate Financial Statements
Investments in Associates and Joint Ventures
ACCTG107
Page 2
PAS 29
PAS 32
PAS 33
PAS 34
PAS 36
PAS 37
PAS 38
PAS 40
PAS 41
Financial Reporting in Hyperinflationary Economies
Financial Instruments: Presentation
Earnings Per Share
Interim Financial Reporting
Impairment of Assets
Provisions, Contingent Liabilities and Contingent Assets
Intangible Assets
Investment Property
Agriculture
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
IFRIC 5
Rights to Interests Arising from Decommissioning, Restoration and
Environmental Rehabilitation Funds
IFRIC 6
Liabilities Arising from Participating in a Specific Market - Waste Electrical
and Electronic Equipment
IFRIC 7
Applying the Restatement Approach under PAS 29, Financial Reporting in
Hyperinflationary Economies
IFRIC 10
Interim Financial Reporting and Impairment
IFRIC 12
Service Concession Arrangements
IFRIC 14
PAS 19 - The Limit on a Defined Benefit Asset, Minimum Funding
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
SIC-25
Income Taxes - Changes in the Tax Status of an Entity or its
Shareholders
SIC-29
Service Concession Arrangements: Disclosures
Module 1
ACCTG107
Page 4