Regulatory Alerts2018-01-10
SEC Memorandum Circular No. 1 s.2018: Adoption of Revised Auditing Standards and Amendments to Accounting Standards
The Securities and Exchange Commission of the Philippines issued this circular to formally adopt revised auditing standards and amendments to existing accounting standards into its rules and regulations. The document mandates compliance with specific Philippine Standards on Auditing, including PSAs 800, 805, and 810, which became effective for audit periods ending on or after December 15, 2016. Additionally, it requires entities to apply amendments to PAS 40, PFRS 1, PFRS 12, PAS 28, and IFRIC-22 for annual periods beginning on or after January 1, 2017 or 2018.
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