The Philippines has three financial reporting frameworks, namely the Philippine Financial Reporting Standards (PFRSs), the Philippine Financial Reporting Standard for Small and Medium-Sized Entities (PFRS for SMEs) and the Philippine Financial Reporting Standard for Small Entities (PFRS for SEs). The Securities and Exchange Commission has the authority to prescribe the financial reporting framework to be used by corporations in the Philippines. These general financial reporting requirements are set out in the Revised Securities Regulation Code (SRC) Rule 68. To access the Revised SRC Rule 68, click here.
For further details on any of the accounting framework, please click the relevant tab below.
The Philippines has adopted the International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB) as PFRSs. Unaccompanied IFRSs may be downloaded from the IASB website free of charge. Registration in the IASB website is required to access the IFRSs. To access the IASB website, click here.
The Conceptual Framework for Financial Reporting (Effective date: January 1, 2020)
| Number | Title | Effective date |
| PFRS 1 (Revised) | First-time Adoption of Philippine Financial Reporting Standards | July 1, 2009 |
| PFRS 2 | Share-based Payment | January 1, 2005 |
| PFRS 3 (Revised) | Business Combinations | July 1, 2009 |
| PFRS 4 | Insurance Contracts | January 1, 2005 |
| PFRS 5 | Non-current Assets Held for Sale and Discontinued Operations | January 1, 2005 |
| PFRS 6 | Exploration for and Evaluation of Mineral Resources | January 1, 2006 |
| 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 |
| PFRS 12 | Disclosure of Interests in Other Entities | January 1, 2013 |
| PFRS 13 | Fair Value Measurement | January 1, 2013 |
| PFRS 14 | Regulatory Deferral Accounts | January 1, 2016 |
| PFRS 15 | Revenue from Contracts with Customers | January 1, 2018 |
| PFRS 16 | Leases | January 1, 2019 |
| PFRS 17 | Insurance Contracts | January 1, 2025 (a) |
| Number | Title | Effective date |
| PAS 1 (Revised) | Presentation of Financial Statements | January 1, 2009 |
| PAS 2 | Inventories | January 1, 2005 |
| PAS 7 | Statement of Cash Flows | January 1, 2005 |
| PAS 8 | Accounting Policies, Changes in Accounting Estimates and Errors | January 1, 2005 |
| PAS 10 | Events after the Reporting Period | January 1, 2005 |
| PAS 12 | Income Taxes | January 1, 2005 |
| PAS 16 | Property, Plant and Equipment | January 1, 2005 |
| PAS 19 (Revised) | Employee Benefits | January 1, 2013 |
| PAS 20 | Accounting for Government Grants and Disclosure of Government Assistance | January 1, 2005 |
| PAS 21 | The Effects of Changes in Foreign Exchange Rates | January 1, 2005 |
| PAS 23 (Revised) | Borrowing Costs | January 1, 2009 |
| PAS 24 (Revised) | Related Party Disclosures | January 1, 2011 |
| PAS 26 | Accounting and Reporting by Retirement Benefit Plans | January 1, 2005 |
| PAS 27 (Amended) | Separate Financial Statements | January 1, 2013 |
| PAS 28 (Amended) | Investments in Associates and Joint Ventures | January 1, 2013 |
| PAS 29 | Financial Reporting in Hyperinflationary Economies | January 1, 2005 |
| PAS 32 | Financial Instruments: Presentation | January 1, 2007 |
| PAS 33 | Earnings per Share | January 1, 2005 |
| PAS 34 | Interim Financial Reporting | January 1, 2005 |
| PAS 36 | Impairment of Assets | January 1, 2005 |
| PAS 37 | Provisions, Contingent Liabilities and Contingent Assets | January 1, 2005 |
| PAS 38 | Intangible Assets | January 1, 2005 |
| PAS 39 | Financial Instruments: Recognition and Measurement | January 1, 2005 |
| PAS 40 | Investment Property | January 1, 2005 |
| PAS 41 | Agriculture | January 1, 2005 |
| Number | Title | Effective date |
| Philippine Interpretation IFRIC-1 | Changes in Existing Decommissioning, Restoration and Similar Liabilities | January 1, 2005 |
| Philippine Interpretation IFRIC-2 | Members’ Shares in Co-operative Entities and Similar Instruments | January 1, 2005 |
| Philippine Interpretation IFRIC-5 | Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds | January 1, 2006 |
| Philippine Interpretation IFRIC-6 | Liabilities arising from Participating in a Specific Market—Waste Electrical and Electronic Equipment | December 1, 2005 |
| Philippine Interpretation IFRIC-7 | Applying the Restatement Approach under PAS 29 Financial Reporting in Hyperinflationary Economies | March 1, 2006 |
| Philippine Interpretation IFRIC-10 | Interim Financial Reporting and Impairment | November 1, 2006 |
| Philippine Interpretation IFRIC-12 | Service Concession Arrangements | January 1, 2008 |
| Philippine Interpretation IFRIC-14 | PAS 19—The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction | January 1, 2008 |
| Philippine Interpretation IFRIC-16 | Hedges of a Net Investment in a Foreign Operation | October 1, 2008 |
| Philippine Interpretation IFRIC-17 | Distributions of Non-cash Assets to Owners | July 1, 2009 |
| Philippine Interpretation IFRIC-19 | Extinguishing Financial Liabilities with Equity Instruments | July 1, 2010 |
| Philippine Interpretation IFRIC-20 | Stripping Costs in the Production Phase of a Surface Mine | January 1, 2013 |
| Philippine Interpretation IFRIC-21 | Levies | January 1, 2014 |
| Philippine Interpretation IFRIC-22 | Foreign Currency Transactions and Advance Consideration | January 1, 2018 |
| Philippine Interpretation IFRIC-23 | Uncertainty over Income Tax Treatments | January 1, 2019 |
| Philippine Interpretation SIC-7 | Introduction of the Euro | January 1, 2005 |
| Philippine Interpretation SIC-10 | Government Assistance—No Specific Relation to Operating Activities | January 1, 2005 |
| Philippine Interpretation SIC-25 | Income Taxes—Changes in the Tax Status of an Entity or its Shareholders | January 1, 2005 |
| Philippine Interpretation SIC-29 | Service Concession Arrangements: Disclosures | January 1, 2005 |
| Philippine Interpretation SIC-32 | Intangible Assets—Web Site Costs | January 1, 2005 |
(a) On December 15, 2021, the FSRSC amended the mandatory effective date of PFRS 17 from January 1, 2023 to January 1, 2025. This is consistent with Circular Letter No. 2020-62 issued by the Insurance Commission which deferred the implementation of IFRS 17 by two (2) years after its effective date as decided by the IASB.
For more information about these new pronouncements, please visit the IASB website.
| Pronouncement | Date adopted by FSRSC | Effective for annual periods beginning on or after |
| Amendments to PAS 7 and PFRS 7, Supplier Finance Arrangements | June 19, 2023 | January 1, 2024 |
| Amendments to PAS 12, International Tax Reform- Pillar Two Model Rules | June 19, 2023 | January 1, 2023 |
| Amendments to PAS 1, Non-current Liabilities with Covenants | November 18, 2022 | January 1, 2024 |
| Amendments to PFRS 16, Lease Liability in a Sale and Leaseback | October 14, 2022 | January 1, 2024 |
| Amendment to PFRS 17, Initial Application of PFRS 17 and PFRS 9 – Comparative Information | December 15, 2021 | January 1, 2025 (a) |
| Amendments to PAS 12, Deferred Tax related to Assets and Liabilities from a Single Transaction | June 9, 2021 | January 1, 2023 |
| Amendments to PFRS 16, Covid-19-Related Rent Concessions beyond 30 June 2021 | April 14, 2021 | April 1, 2021 |
| Amendments to PAS 1 and PFRS Practice Statement 2, Disclosure Initiative – Accounting Policies | April 14, 2021 | January 1, 2023 |
| Amendments to PAS 8, Definition of Accounting Estimates | April 14, 2021 | January 1, 2023 |
| Amendments to PFRS 9 Financial Instruments, PAS 39 Financial Instruments: Recognition and Measurement, PFRS 7 Financial Instruments: Disclosures, PFRS 4 Insurance Contracts and PFRS 16 Leases, Interest Rate Benchmark Reform—Phase 2 | October 14, 2020 | January 1, 2021 |
| Amendments to PFRS 17, Insurance Contracts | August 19, 2020 | January 1, 2025 (a) |
| Amendments to PFRS 3, Reference to the Conceptual Framework | August 19, 2020 | January 1, 2022 |
| Amendments to PAS 16, Property, Plant and Equipment – Proceeds before Intended Use | August 19, 2020 | January 1, 2022 |
| Amendments to PAS 37, Onerous Contracts – Cost of Fulfilling a Contract | August 19, 2020 | January 1, 2022 |
| Annual Improvements to PFRS Standards 2018-2020 Cycle |
Amendments to PFRS 1 and PAS 28 – January 1, 2018
(a) On December 15, 2021, the FSRSC amended the mandatory effective date of PFRS 17 from January 1, 2023 to January 1, 2025. This is consistent with Circular Letter No. 2020-62 issued by the Insurance Commission which deferred the implementation of IFRS 17 by two (2) years after its effective date as decided by the IASB.
(b) In November 2009, the IASB issued IFRS 9 (2009), which covers the classification and measurement requirements of financial assets and was adopted by FSRSC as PFRS 9 (2009) on March 8, 2010. In October 2010, the IASB finalized the classification and measurement requirements of financial liabilities and issued IFRS 9 (2010), which was adopted by FSRSC on November 24, 2010 as PFRS 9 (2010). In December 2011, the IASB deferred the mandatory effective date of IFRS 9 from January 1, 2013 to January 1, 2015. The FSRSC followed suit on December 28, 2011. In November 2013, the IASB introduced the new hedge accounting model, removed January 1, 2015 as the mandatory effective date of IFRS 9 and issued IFRS 9 (2013), which the FSRSC adopted as PFRS 9 (2013) on December 17, 2013. In July 2014, the IASB finalized the impairment phase of IFRS 9, introduced limited amendments to the classification and measurement model of financial assets and issued IFRS 9 (2014). IFRS 9 (2014) was adopted by FSRSC as PFRS 9 (2014) on September 10, 2014.
(c) On January 13, 2016, the FSRSC decided to postpone the original effective date of January 1, 2016 of the said amendments until the IASB has completed its broader review of the research project on equity accounting that may result in the simplification of accounting for such transactions and of other aspects of accounting for associates and joint ventures.
The Philippines has adopted the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) issued by the IASB as PFRS for SMEs. IFRS for SMEs may be downloaded from the IASB website. Registration in the IASB website is required to access the IFRS for SMEs. To access the IASB website, click here.
PFRS for SMEs consists of the following sections:
On December 13, 2017, the FSRSC approved the adoption of PFRS for Small Entities effective for annual periods beginning on or after January 1, 2019. PFRS for SEs can be accessed here.
PFRS for SEs consists of the following sections: