The Conceptual Framework for Financial Reporting

Phase A: Objectives and qualitative characteristics (Effective date: July 1, 2011)

The FRSC adopted the Revised Conceptual Framework for Financial Reporting on June
27, 2018 (Effective date: January 1, 2020)

Philippine Financial Reporting Standards

Number Title Effective date

First-time Adoption of Philippine

PFRS 1 (Revised) July 1, 2009
Financial 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

PFRS 5 January 1, 2005
and Discontinued Operations

Exploration for and Evaluation of

PFRS 6 January 1, 2006
Mineral 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
Disclosure of Interests in Other
PFRS 12 January 1, 2013
Entities
PFRS 13 Fair Value Measurement January 1, 2013
PFRS 14 Regulatory Deferral Accounts January 1, 2016
Revenue from Contracts with
PFRS 15 January 1, 2018
Customers
PFRS 16 Leases January 1, 2019
PFRS 17 Insurance Contracts January 1, 2021

Philippine Accounting Standards

Number Title Effective date
Presentation of Financial January 1,
PAS 1 (Revised)
Statements 2009
January 1,
PAS 2 Inventories
2005
January 1,
PAS 7 Statement of Cash Flows
2005
Accounting Policies, Changes in January 1,
PAS 8
Accounting Estimates and Errors 2005
January 1,
PAS 10 Events after the Reporting Period
2005
January 1,
PAS 12 Income Taxes
2005
January 1,
PAS 16 Property, Plant and Equipment
2005
January 1,
PAS 17 Leases
2005
January 1,
PAS 19 (Revised) Employee Benefits
2013
Accounting for Government Grants
January 1,
PAS 20 and Disclosure of Government
2005
Assistance
The Effects of Changes in Foreign January 1,
PAS 21
Exchange Rates 2005
January 1,
PAS 23 (Revised) Borrowing Costs
2009
January 1,
PAS 24 (Revised) Related Party Disclosures
2011
Accounting and Reporting by January 1,
PAS 26
Retirement Benefit Plans 2005
January 1,
PAS 27 (Amended) Separate Financial Statements
2013
Investments in Associates and Joint January 1,
PAS 28 (Amended)
Ventures 2013
Financial Reporting in January 1,
PAS 29
Hyperinflationary Economies 2005
January 1,
PAS 32 Financial Instruments: Presentation
2007
PAS 33 Earnings per Share January 1,
 2005
January 1,
PAS 34 Interim Financial Reporting
2005
January 1,
PAS 36 Impairment of Assets
2005
Provisions, Contingent Liabilities January 1,
PAS 37
and Contingent Assets 2005
January 1,
PAS 38 Intangible Assets
2005
Financial Instruments: Recognition January 1,
PAS 39
and Measurement 2005
January 1,
PAS 40 Investment Property
2005
January 1,
PAS 41 Agriculture
2005