the financial reporting standards council
DESCRIPTION
FRSCTRANSCRIPT
The Financial Reporting Standards Council (FRSC) issues its Standards in a series of pronouncements called Philippine Financial Reporting Standards (PFRSs). These consist of:
Philippine Financial Reporting Standards (PFRSs) . These correspond to International Financial Reporting Standards (IFRS);
Philippine Accounting Standards (PASs) . These correspond to International Accounting Standards (IASs)); and
Philippine Interpretations-IFRIC and Philippine Interpretations-SIC . These correspond to Interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) of the IASB and the Standing Interpretations Committee (SIC) of the IASC. These also include Questions and Answers developed by the PIC.
Prior to the issuances of PFRSs, Philippine accounting standards issued by the Accounting Standards Council, the predecessor of the FRSC, were referred to as Statements of Financial Accounting Standards or SFAS.
Preface to Philippine Financial Reporting StandardsConceptual Framework for Financial Reporting Phase A: Objectives and qualitative characteristics (Effective Date 07/01/2011)Philippine Financial Reporting Standards
PFRS Title EffectiveDate
PFRS 1 First-time Adoption of Philippine Financial Reporting Standards [superseded by PFRS 1 (Revised)]
01/01/05
Amendments to PFRS 1: Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate
01/01/09
PFRS 1(Revised)
First-time Adoption of Philippine Financial Reporting Standards 07/01/09
Amendments to PFRS 1: Additional Exemptions for First-time Adopters 01/01/10
Amendment to PFRS 1: Limited Exemption from Comparative PFRS 7 Disclosures for First-time Adopters
07/01/10
Amendments to PFRS 1: Severe Hyperinflation and Removal of Fixed Date for First-time Adopters
07/01/11
Amendments to PFRS 1: Government Loans 01/01/13*
PFRS 2 Share-based Payment 01/01/05
Amendments to PFRS 2: Vesting Conditions and Cancellations 01/01/09
Amendments to PFRS 2: Group Cash-settled Share-based Payment Transactions
01/01/10
PFRS 3 Business Combinations [superseded by PFRS 3 (Revised)] 01/01/05
PFRS 3 (Revised)
Business Combinations 07/01/09
PFRS 4 Insurance Contracts 01/01/05
Amendments to PFRS 4: Financial Guarantee Contracts 01/01/06
PFRS 5 Non-current Assets Held for Sale and Discontinued Operations 01/01/05
PFRS 6 Exploration for and Evaluation of Mineral Resources 01/01/06
PFRS 7 Financial Instruments: Disclosures 01/01/07
Amendments to PFRS 7: Transition 01/01/07
Amendments to PFRS 7: Reclassification of Financial Assets 07/01/08
Amendments to PFRS 7: Reclassification of Financial Assets - Effective Date and Transition
07/01/08
Amendments to PFRS 7: Improving Disclosures about Financial Instruments
01/01/09
Amendments to PFRS 7: Disclosures - Transfers of Financial Assets 07/01/11
Amendments to PFRS 7: Disclosures - Offsetting Financial Assets and Financial Liabilities
01/01/13*
Amendments to PFRS 7: Mandatory Effective Date of PFRS 9 and Transition Disclosures
01/01/15*
PFRS 8 Operating Segments 01/01/09
PFRS 9 Financial Instruments 01/01/15
Amendments to PFRS 9: Mandatory Effective Date of PFRS 9 and Transition Disclosures
01/01/15*
PFRS 10 Consolidated Financial Statements 01/01/13
*
Amendments to PFRS 10: Transition Guidance 01/01/13*
Amendments to PFRS 10: Investment Entities 01/01/14*
PFRS 11 Joint Arrangements 01/01/13*
Amendments to PFRS 11: Transition Guidance 01/01/13*
PFRS 12 Disclosure of Interests in Other Entities 01/01/13*
Amendments to PFRS 12: Transition Guidance 01/01/13*
Amendments to PFRS 12: Investment Entities 01/01/14*
PFRS 13 Fair Value Measurement 01/01/13*
Philippine Accounting Standards (PASs)
PAS Title Effective Date
PAS 1 Presentation of Financial Statements [superseded by PAS 1 (Revised)]
01/01/05
Amendment to PAS 1: Capital Disclosures 01/01/07
PAS 1 (Revised) Presentation of Financial Statements 01/01/09
Amendments to PAS 1: Puttable Financial Instruments and Obligations Arising on Liquidation
01/01/09
Amendments to PAS 1: Presentation of Items of Other Comprehensive Income
07/01/12*
PAS 2 Inventories 01/01/05
PAS 7 Cash Flow Statements1 01/01/05
PAS 8 Accounting Policies, Changes in Accounting Estimates and Errors 01/01/05
PAS 10 Events after the Balance Sheet Date2 01/01/05
PAS 11 Construction Contracts 01/01/05
PAS 12 Income Taxes 01/01/05
Amendments to PAS 12 - Deferred Tax: Recovery of Underlying Assets
01/01/12
PAS 14 Segment Reporting [superseded by PFRS 8] 01/01/05
PAS 16 Property, Plant and Equipment 01/01/05
PAS 17 Leases 01/01/05
PAS 18 Revenue 01/01/05
PAS 19 Employee Benefits 01/01/05
Amendments to PAS 19: Actuarial Gains and Losses, Group Plans and Disclosures
01/01/06
PAS 19 (Amended)
Employee Benefits 01/01/13*
PAS 20 Accounting for Government Grants and Disclosure of Government Assistance
01/01/05
PAS 21 The Effects of Changes in Foreign Exchange Rates 01/01/05
Amendment: Net Investment in a Foreign Operation 01/01/06
PAS 23 Borrowing Costs [superseded by PAS 23 (Revised)] 01/01/05
PAS 23 (Revised) Borrowing Costs 01/01/09
PAS 24 Related Party Disclosures [superseded by PAS 24 (Revised)] 01/01/05
PAS 24 (Revised) Related Party Disclosures 01/01/11
PAS 26 Accounting and Reporting by Retirement Benefit Plans 01/01/05
PAS 27 Consolidated and Separate Financial Statements [superseded by PAS 27 (revised)]
01/01/05
PAS 27 (Revised) Consolidated and Separate Financial Statements 07/01/09
Amendments to PAS 27: Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate
01/01/09
PAS 27 (Amended)
Separate Financial Statements 01/01/13*
Amendments to PAS 27 (Amended): Investment Entities 01/01/14*
PAS 28 Investments in Associates 01/01/05
PAS 28 (Amended)
Investments in Associates and Joint Ventures 01/01/13*
PAS 29 Financial Reporting in Hyperinflationary Economies 01/01/05
PAS 30 Disclosures in the Financial Statements of Banks and Similar Financial Institutions [superseded by PFRS 7]
01/01/05
PAS 31 Interests in Joint Ventures 01/01/05
PAS 32 Financial Instruments: Disclosure and Presentation 01/01/05
Financial Instruments: Presentation 01/01/07
Amendments to PAS 32 and PAS 1: Puttable Financial Instruments and Obligations Arising on Liquidation
01/01/09
Amendment to PAS 32: Classification of Rights Issues 02/01/10
Amendments to PAS 32: Offsetting Financial Assets and Financial Liabilities
01/01/14*
PAS 33 Earnings per Share 01/01/05
PAS 34 Interim Financial Reporting 01/01/05
PAS 36 Impairment of Assets 01/01/05
PAS 37 Provisions, Contingent Liabilities and Contingent Assets 01/01/05
PAS 38 Intangible Assets 01/01/05
PAS 39 Financial Instruments: Recognition and Measurement 01/01/05
Amendments to PAS 39: Transition and Initial Recognition of Financial Assets and Financial Liabilities
01/01/05
Amendments to PAS 39: Cash Flow Hedge Accounting of Forecast Intragroup Transactions
01/01/06
Amendments to PAS 39: The Fair Value Option 01/01/06
Amendments to PAS 39 and PFRS 4: Financial Guarantee Contracts 01/01/06
Amendments to PAS 39: Reclassification of Financial Assets 07/01/08
Amendments to PAS 39 and PFRS 7: Reclassification of Financial Assets – Effective Date and Transition
07/01/08
Amendments to PAS 39: Embedded Derivatives 06/30/09
Amendment to PAS 39: Eligible Hedged Items 07/01/09
PAS 40 Investment Property 01/01/05
PAS 41 Agriculture 01/01/05
PAS 101 Financial Reporting Standards for Non-publicly Accountable Entities [superseded by PFRS for SMEs]
01/01/05
Amendment to PAS 101: Change in Effective Date 01/01/051 As a result of the changes in terminology made by PAS 1 in 2007, the title of PAS 7 was changed to Statement of Cash Flows.2 As a result of the changes in terminology made by PAS 1 in 2007, the title of PAS 10 was changed to Events after the Reporting Period.
Annual Improvements to PFRSs Effective Date
Improvements to PFRSs (Approved in 2008)
Amendments to PAS 1, PAS 16, PAS 19, PAS 20, PAS 23, PAS 27, PAS 28, PAS 29, PAS 31, PAS 36, PAS 38, PAS 39, PAS 40, PAS 41
01/01/09
Amendments to PFRS 5 07/01/09
Improvements to PFRSs (Approved in 2009)
Amendments to PFRS 2, PAS 38, Philippine Interpretation IFRIC–9, Philippine Interpretation IFRIC–16
07/01/09
Amendments to PFRS 5, PFRS 8, PAS 1, PAS 7, PAS 17, PAS 36, PAS 39 01/01/10
Amendment to PAS 18, Appendix (N/A)
Improvements to PFRSs (Approved in 2010)
Amendments to PFRS 3, Transition requirements for amendments to PAS 21, PAS 28 and PAS 31 made as a result of PAS 27 (Revised)
07/01/10
Amendments to PFRS 1, PFRS 7, PAS 1, PAS 34, Philippine Interpretation IFRIC–13 01/01/11
Annual Improvements to PFRSs 2009-2011 Cycle
Amendments to PFRS 1, PAS 1, PAS 16, PAS 32 and PAS 34 01/01/13*
* For BOA/PRC Approval
Preface to Philippine Financial Reporting StandardsConceptual Framework for Financial Reporting Phase A: Objectives and qualitative characteristics (Effective Date 07/01/2011)Philippine Financial Reporting Standards
PFRS Title EffectiveDate
PFRS 1 First-time Adoption of Philippine Financial Reporting 01/01/05
Standards [superseded by PFRS 1 (Revised)]
Amendments to PFRS 1: Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate
01/01/09
PFRS 1(Revised)
First-time Adoption of Philippine Financial Reporting Standards 07/01/09
Amendments to PFRS 1: Additional Exemptions for First-time Adopters 01/01/10
Amendment to PFRS 1: Limited Exemption from Comparative PFRS 7 Disclosures for First-time Adopters
07/01/10
Amendments to PFRS 1: Severe Hyperinflation and Removal of Fixed Date for First-time Adopters
07/01/11
Amendments to PFRS 1: Government Loans 01/01/13*
PFRS 2 Share-based Payment 01/01/05
Amendments to PFRS 2: Vesting Conditions and Cancellations 01/01/09
Amendments to PFRS 2: Group Cash-settled Share-based Payment Transactions
01/01/10
PFRS 3 Business Combinations [superseded by PFRS 3 (Revised)] 01/01/05
PFRS 3 (Revised)
Business Combinations 07/01/09
PFRS 4 Insurance Contracts 01/01/05
Amendments to PFRS 4: Financial Guarantee Contracts 01/01/06
PFRS 5 Non-current Assets Held for Sale and Discontinued Operations 01/01/05
PFRS 6 Exploration for and Evaluation of Mineral Resources 01/01/06
PFRS 7 Financial Instruments: Disclosures 01/01/07
Amendments to PFRS 7: Transition 01/01/07
Amendments to PFRS 7: Reclassification of Financial Assets 07/01/08
Amendments to PFRS 7: Reclassification of Financial Assets - Effective Date and Transition
07/01/08
Amendments to PFRS 7: Improving Disclosures about Financial Instruments
01/01/09
Amendments to PFRS 7: Disclosures - Transfers of Financial Assets 07/01/11
Amendments to PFRS 7: Disclosures - Offsetting Financial Assets and Financial Liabilities
01/01/13*
Amendments to PFRS 7: Mandatory Effective Date of PFRS 9 and 01/01/15
Transition Disclosures *
PFRS 8 Operating Segments 01/01/09
PFRS 9 Financial Instruments 01/01/15
Amendments to PFRS 9: Mandatory Effective Date of PFRS 9 and Transition Disclosures
01/01/15*
PFRS 10 Consolidated Financial Statements 01/01/13*
Amendments to PFRS 10: Transition Guidance 01/01/13*
Amendments to PFRS 10: Investment Entities 01/01/14*
PFRS 11 Joint Arrangements 01/01/13*
Amendments to PFRS 11: Transition Guidance 01/01/13*
PFRS 12 Disclosure of Interests in Other Entities 01/01/13*
Amendments to PFRS 12: Transition Guidance 01/01/13*
Amendments to PFRS 12: Investment Entities 01/01/14*
PFRS 13 Fair Value Measurement 01/01/13*
Philippine Accounting Standards (PASs)
PAS Title Effective Date
PAS 1 Presentation of Financial Statements [superseded by PAS 1 (Revised)]
01/01/05
Amendment to PAS 1: Capital Disclosures 01/01/07
PAS 1 (Revised) Presentation of Financial Statements 01/01/09
Amendments to PAS 1: Puttable Financial Instruments and Obligations Arising on Liquidation
01/01/09
Amendments to PAS 1: Presentation of Items of Other Comprehensive Income
07/01/12*
PAS 2 Inventories 01/01/05
PAS 7 Cash Flow Statements1 01/01/05
PAS 8 Accounting Policies, Changes in Accounting Estimates and Errors 01/01/05
PAS 10 Events after the Balance Sheet Date2 01/01/05
PAS 11 Construction Contracts 01/01/05
PAS 12 Income Taxes 01/01/05
Amendments to PAS 12 - Deferred Tax: Recovery of Underlying Assets
01/01/12
PAS 14 Segment Reporting [superseded by PFRS 8] 01/01/05
PAS 16 Property, Plant and Equipment 01/01/05
PAS 17 Leases 01/01/05
PAS 18 Revenue 01/01/05
PAS 19 Employee Benefits 01/01/05
Amendments to PAS 19: Actuarial Gains and Losses, Group Plans and Disclosures
01/01/06
PAS 19 (Amended)
Employee Benefits 01/01/13*
PAS 20 Accounting for Government Grants and Disclosure of Government Assistance
01/01/05
PAS 21 The Effects of Changes in Foreign Exchange Rates 01/01/05
Amendment: Net Investment in a Foreign Operation 01/01/06
PAS 23 Borrowing Costs [superseded by PAS 23 (Revised)] 01/01/05
PAS 23 (Revised) Borrowing Costs 01/01/09
PAS 24 Related Party Disclosures [superseded by PAS 24 (Revised)] 01/01/05
PAS 24 (Revised) Related Party Disclosures 01/01/11
PAS 26 Accounting and Reporting by Retirement Benefit Plans 01/01/05
PAS 27 Consolidated and Separate Financial Statements [superseded by PAS 27 (revised)]
01/01/05
PAS 27 (Revised) Consolidated and Separate Financial Statements 07/01/09
Amendments to PAS 27: Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate
01/01/09
PAS 27 (Amended)
Separate Financial Statements 01/01/13*
Amendments to PAS 27 (Amended): Investment Entities 01/01/14*
PAS 28 Investments in Associates 01/01/05
PAS 28 (Amended)
Investments in Associates and Joint Ventures 01/01/13*
PAS 29 Financial Reporting in Hyperinflationary Economies 01/01/05
PAS 30 Disclosures in the Financial Statements of Banks and Similar Financial Institutions [superseded by PFRS 7]
01/01/05
PAS 31 Interests in Joint Ventures 01/01/05
PAS 32 Financial Instruments: Disclosure and Presentation 01/01/05
Financial Instruments: Presentation 01/01/07
Amendments to PAS 32 and PAS 1: Puttable Financial Instruments and Obligations Arising on Liquidation
01/01/09
Amendment to PAS 32: Classification of Rights Issues 02/01/10
Amendments to PAS 32: Offsetting Financial Assets and Financial Liabilities
01/01/14*
PAS 33 Earnings per Share 01/01/05
PAS 34 Interim Financial Reporting 01/01/05
PAS 36 Impairment of Assets 01/01/05
PAS 37 Provisions, Contingent Liabilities and Contingent Assets 01/01/05
PAS 38 Intangible Assets 01/01/05
PAS 39 Financial Instruments: Recognition and Measurement 01/01/05
Amendments to PAS 39: Transition and Initial Recognition of Financial Assets and Financial Liabilities
01/01/05
Amendments to PAS 39: Cash Flow Hedge Accounting of Forecast Intragroup Transactions
01/01/06
Amendments to PAS 39: The Fair Value Option 01/01/06
Amendments to PAS 39 and PFRS 4: Financial Guarantee Contracts 01/01/06
Amendments to PAS 39: Reclassification of Financial Assets 07/01/08
Amendments to PAS 39 and PFRS 7: Reclassification of Financial Assets – Effective Date and Transition
07/01/08
Amendments to PAS 39: Embedded Derivatives 06/30/09
Amendment to PAS 39: Eligible Hedged Items 07/01/09
PAS 40 Investment Property 01/01/05
PAS 41 Agriculture 01/01/05
PAS 101 Financial Reporting Standards for Non-publicly Accountable Entities [superseded by PFRS for SMEs]
01/01/05
Amendment to PAS 101: Change in Effective Date 01/01/051 As a result of the changes in terminology made by PAS 1 in 2007, the title of PAS 7 was changed to Statement of Cash Flows.2 As a result of the changes in terminology made by PAS 1 in 2007, the title of PAS 10 was changed to Events after the Reporting Period.
Annual Improvements to PFRSs Effective Date
Improvements to PFRSs (Approved in 2008)
Amendments to PAS 1, PAS 16, PAS 19, PAS 20, PAS 23, PAS 27, PAS 28, PAS 29, PAS 31, PAS 36, PAS 38, PAS 39, PAS 40, PAS 41
01/01/09
Amendments to PFRS 5 07/01/09
Improvements to PFRSs (Approved in 2009)
Amendments to PFRS 2, PAS 38, Philippine Interpretation IFRIC–9, Philippine Interpretation IFRIC–16
07/01/09
Amendments to PFRS 5, PFRS 8, PAS 1, PAS 7, PAS 17, PAS 36, PAS 39 01/01/10
Amendment to PAS 18, Appendix (N/A)
Improvements to PFRSs (Approved in 2010)
Amendments to PFRS 3, Transition requirements for amendments to PAS 21, PAS 28 and PAS 31 made as a result of PAS 27 (Revised)
07/01/10
Amendments to PFRS 1, PFRS 7, PAS 1, PAS 34, Philippine Interpretation IFRIC–13 01/01/11
Annual Improvements to PFRSs 2009-2011 Cycle
Amendments to PFRS 1, PAS 1, PAS 16, PAS 32 and PAS 34 01/01/13*
* For BOA/PRC Approval
The Philippine Interpretations Committee (PIC)
The FRSC formed the Philippine Interpretations Committee (PIC) in August 2006 to assist the FRSC in establishing and improving financial reporting standards in the Philippines. The role of the PIC is principally to issue implementation guidance on PFRSs. The PIC members were appointed by the FRSC
and include accountants in public practice, the academe and regulatory bodies and users of financial statements. The PIC replaced the Interpretations Committee created by the ASC in 2000.
The Philippine Interpretations consist of:.
Philippine Interpretations - IFRIC . These correspond to Interpretations of the International Financial Reporting Interpretations Committee (IFRIC) of the IASB.
Philippine Interpretations - SIC . These correspond to Interpretations of the Standing Interpretations Committee (SIC) of the IASC.
PIC Q&As . These are Interpretations developed by the Philippine Interpretations Committee (PIC).
PHILIPPINE INTERPRETATIONS - IFRIC
No. Title Effective Date
Philippine Interpretation IFRIC–1
Changes in Existing Decommissioning, Restoration and Similar Liabilities
01/01/05
Philippine Interpretation IFRIC–2
Members' Share in Co-operative Entities and Similar Instruments 01/01/05
Philippine Interpretation IFRIC–4
Determining whether an Arrangement contains a Lease 01/01/06
Philippine Interpretation IFRIC–5
Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds
01/01/06
Philippine Interpretation IFRIC–6
Liabilities arising from Participating in a Specific Market - Waste Electrical and Electronic Equipment
12/01/05
Philippine Interpretation IFRIC–7
Applying the Restatement Approach under PAS 29 Financial Reporting in Hyperinflationary Economies
03/01/06
Philippine Interpretation IFRIC–8
Scope of PFRS 2 (Withdrawn and replaced by Amendments to PFRS 2 effective 01/01/10)
05/01/06
Philippine Interpretation IFRIC–9
Reassessment of Embedded Derivatives 06/01/06
Amendments to Philippine Interpretation IFRIC–9 and PAS 39: Embedded Derivatives
06/30/09
Philippine Interpretation IFRIC–
Interim Financial Reporting and Impairment 11/01/06
10
Philippine Interpretation IFRIC–11
PFRS 2 - Group and Treasury Share Transactions (Withdrawn and replaced by Amendments to PFRS 2 effective 01/01/10) 03/01/07
Philippine Interpretation IFRIC–12
Service Concession Arrangements 01/01/08
Philippine Interpretation IFRIC–13
Customer Loyalty Programmes 07/01/08
Philippine Interpretation IFRIC–14
PAS 19 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction 01/01/08
Amendment to Philippine Interpretation IFRIC–14, Prepayments of a Minimum Funding Requirement
01/01/11
Philippine Interpretation IFRIC–15
Agreements for the Construction of Real Estate Deferred
Philippine Interpretation IFRIC–16
Hedges of a Net Investment in a Foreign Operation 10/01/08
Philippine Interpretation IFRIC–17
Distributions of Non-cash Assets to Owners 07/01/09
Philippine Interpretation IFRIC–18
Transfers of Assets from Customers 07/01/09
Philippine Interpretation IFRIC–19
Extinguishing Financial Liabilities with Equity Instruments 07/01/10
Philippine Interpretation IFRIC–20
Stripping Costs in the Production Phase of a Surface Mine 01/01/13
PHILIPPINE INTERPRETATIONS - SIC
No. Title Effective Date
Philippine Interpretation SIC–7
Introduction of the Euro 01/01/05
Philippine Interpretation SIC–10
Government Assistance - No Specific Relation to Operating Activities 01/01/05
Philippine Interpretation SIC–12
Consolidation - Special Purpose Entities 01/01/05
Amendment to SIC - 12: Scope of SIC 12 01/01/05
Philippine Interpretation SIC–13
Jointly Controlled Entities - Non-Monetary Contributions by Venturers 01/01/05
Philippine Interpretation SIC–15
Operating Leases - Incentives 01/01/05
Philippine Interpretation SIC–21
Income Taxes - Recovery of Revalued Non-Depreciable Assets (Withdrawn and superseded by Amendments to PAS 12 - Deferred Tax: Recovery of Underlying Assets effective 01/01/12)
01/01/05
Philippine Interpretation SIC–25
Income Taxes - Changes in the Tax Status of an Entity or its Shareholders 01/01/05
Philippine Interpretation SIC–27
Evaluating the Substance of Transactions Involving the Legal Form of a Lease 01/01/05
Philippine Interpretation SIC–29
Disclosure - Service Concession Arrangements1 01/01/05
Philippine Interpretation SIC–31
Revenue - Barter Transactions Involving Advertising Services 01/01/05
Philippine Interpretation SIC–32
Intangible Assets - Web Site Costs 01/01/05
1 The title was changed by IFRIC 12 to Service Concession Arrangements: Disclosures.
PHILIPPINE INTERPRETATIONS PIC Q&As
2011 PIC Q&A No. 2011-01: PAS 1 – Requirements for a Third Statement of Financial Position PIC Q&A No. 2011-02: PFRS 3.2 – Common Control Business CombinationsPIC Q&A No. 2011-03: Accounting for Inter-company LoansPIC Q&A No. 2011-04: PAS 32.37-38 – Costs of Public Offering of SharesPIC Q&A No. 2011-05: PFRS 1.D1-D8 – Fair Value or Revaluation as Deemed CostPIC Q&A No. 2011-06: Acquisition of investment properties – asset acquisition or business combination?
2010 PIC Q&A No. 2010-01: PAS 39.AG71-72 – Rate used in determining the fair value of government securities PIC Q&A No. 2010-02: PAS 1R.16 – Basis of preparation of financial statements PIC Q&A No. 2010-03: Current/non-current classification of a callable term loanPIC Q&A No. 2008-01 (Revised): PAS 19.78 – Rate used in discounting post-employment benefit obligations
2009 PIC Q&A No. 2009-01: Framework, paragraph 23 and PAS 1.23 - Financial statements prepared on a basis other than going concern 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) issued in 2010] PIC Q&A No. 2008-02: PAS 20.43 - Accounting for government loans with low interest rates under the amendments to PAS 20
2007 PIC Q&A No. 2007-01(revised): PAS1.103(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, 20.37 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
2006 PIC Q&A No. 2006-01: PAS 18, Appendix, paragraph 9 - Revenue recognition for sales of property units under pre-completion contracts PIC Q&A No. 2006-02: PAS 27.10(d) - Clarification of criteria for exemption from presenting consolidated financial statements
Source: http://www.picpa.com.ph/Financial-Reporting-Standards-Council/Philippine-Interpretations/PIC-Q-As.aspx