Regulatory Alerts2018-04-06
SEC Memorandum Circular No. 6 s.2018 – Adoption of New Accounting Standards and Amendments to Existing Accounting Standards
The Securities and Exchange Commission of the Philippines issued this circular to formally adopt specific pronouncements into its financial reporting rules and regulations. The document mandates the application of Philippine Financial Reporting Standard 16 on Leases for annual periods beginning on or after January 1, 2019, while requiring earlier application of amendments to PAS 7 and PAS 12 for periods starting on or after January 1, 2017. These standards were previously approved by the Philippine Financial Reporting Standards Council and published in the Official Gazette.
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