Regulatory Alerts2019-02-15
SEC Memorandum Circular No. 3 s.2019: Deferral of PIC Q&A Nos. 2018-12-H and 2018-14 for Real Estate Industry
The Securities and Exchange Commission deferred the application of Philippine Interpretations Committee guidance on Common Usage Service Area charges and real estate sales cancellations for three years to alleviate implementation burdens on the real estate industry. Real estate companies must adopt these pronouncements retrospectively by January 1, 2021, while those utilizing the deferral are required to disclose their accounting policies and the qualitative impact of the delayed adoption in their financial statement notes. This relief is incorporated into the Philippine Financial Reporting Standards, though companies retain the option to comply with the original guidance immediately.
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