Regulatory Alerts2022-01-31
SEC Memorandum Circular No. 1 s. 2022: Adoption of Philippine Standards on Auditing and Philippine Financial Reporting Standards
The Securities and Exchange Commission adopted specific Philippine Standards on Auditing and Philippine Financial Reporting Standards as part of its rules and regulations on financial reporting. The circular mandates compliance with revised auditing standards, including PSA 250 and PSA 315, as well as various amendments to PFRSs such as those regarding liability classification and property, plant, and equipment. These pronouncements carry distinct effectivity dates ranging from 2020 to 2023, requiring entities to align their financial reporting and audit practices accordingly.
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