Regulatory Alerts2020-03-16
SEC Memorandum Circular No. J3 Series of 2020: Adoption of Accounting Standards and PIC Q&As
The Securities and Exchange Commission adopted specific Philippine Financial Reporting Standards and Philippine Interpretations Committee Questions and Answers as part of its financial reporting rules. The adopted standards include PFRS 17 and various amendments to PAS 1, PAS 8, PFRS 3, and PAS 19, with effective dates ranging from January 1, 2019, to January 1, 2021. Additionally, the Commission approved thirteen PIC Q&As addressing issues such as voluntary accounting policy changes, impairment tests, and fair value measurements, which are effective upon Financial Reporting Standards Council approval.
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