Regulatory Alerts2019-06-07
SEC Memorandum Circular No. 12 Series of 2019: Adoption of Revised Conceptual Framework
The Securities and Exchange Commission adopted the Revised Conceptual Framework to update its financial reporting rules. The revision introduces new measurement chapters, guidance on financial performance reporting, and clarified definitions for liabilities, stewardship, and prudence. These amendments apply retrospectively to annual periods beginning on or after January 1, 2020, with earlier application permitted.
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