Regulatory Alerts2021-07-13
SEC Memorandum Circular No. 08 Series of 2021: Amendment to Clarify Transitory Provisions for Real Estate Accounting
The Securities and Exchange Commission of the Philippines issued this memorandum circular to amend the transitional provisions of four prior memoranda concerning the implementation of Philippine Financial Reporting Standards 15 for real estate companies. The amendment grants entities the accounting policy option to apply either the full retrospective or modified retrospective approach when adopting specific PIC and IFRIC pronouncements on revenue recognition and borrowing costs. This policy option is also extended to entities that cease availing of the previously granted financial reporting reliefs in full or in part.
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