Dear All,
On April 5, 2018, the Securities and Exchange Commission (SEC) approved the adoption of the following pronouncements as part of its rules and regulations on financial reporting:
| Philippine Financial Reporting Standard (PFRS) 16, Leases | An entity shall apply this standard for annual periods beginning on or after January 1, 2019. Earlier application is not permitted until Financial Reporting Standards Council (FRSC) has adopted International Financial Reporting Standard (IFRS) 15, the new revenue recognition standard. Once adopted, earlier application of PFRS 16 is permitted if the entity has adopted the new revenue accounting standard.* |
| Disclosure Initiative [Amendme | An entity shall apply the amendments for annual periods beginning on or after January 1, 2017. Earlier application is permitted. |
| Recognition of Deferred Tax Assets for Unrealized Losses (Amendments to PAS 12) | An entity shall apply the amendments for annual periods beginning on or after January 1, 2017. Earlier application is permitted. |
Please take note that the FRSC has adopted the PFRS 15 on December 7, 2016.
Please see attached PDF Copy of the Circular Letter for your reading.