Regulatory Alerts2019-11-21
SEC Memorandum Circular No. 22 s.2019 Adoption of Philippine Interpretations Committee Questions and Answers
The Securities and Exchange Commission of the Philippines adopted specific Philippine Interpretations Committee Questions and Answers as part of its financial reporting rules and regulations. This memorandum circular integrates five pronouncements addressing fair value hierarchy for government securities, service charges under PFRS 15, cryptographic assets, and revenue recognition for sugar millers. These adopted standards become effective upon their respective approval by the Financial Reporting Standards Council or as specified within the individual Q&As.
SEC Memorandum Circular No. 22 Series of 2019
SUBJECT : ADOPTION OF PHILIPPINE INTERPRETATIONS COMMITTEE QUESTIONS AND ANSWERS (PIC Q&As)
The Commission, in its meeting held on 11 November 2019, approved the adoption of the following pronouncements as part of SEC’s rules and regulations on financial reporting:
| PIC Q&A No. 2017-01 Conforming Changes to PIC Q&As-Cycle 2017 | The effective date of the amendments is included in the Q&As affected. |
| PIC Q&A No. 2018-16 PFRS 13 - Level of fair value hierarchy of government securities using Bloomberg’s standard rule on fair value hierarchy. | For annual period beginning on or after January 1, 2018. |
| PIC Q&A No. 2019-01 Accounting for service charges under PFRS 15, Revenue from Contracts with Customers | The effective date and transition provision of this Q&A follow that of PFRS 15, upon approval of the FRSC |
| PIC Q&A No. 2019-02 Accounting for cryptographic assets | The consensus in this Q&A becomes effective upon approval by the FRSC. |
| PIC Q&A No. 2019-03 Revenue recognition guidance for sugar millers | The transition provision and effective date of this Q&A follow that of PFRS 15, upon approval by the FRSC. |
✉ PICC Secretariat Building, Pasay City | ☎ (+632) 818-6120 / (+632) 818-9763 www.sec.gov.ph | inquiry@sec.gov.ph
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Published: Philippine Star, December 6, 2019 Manila Times, December 6, 2019
All of the foregoing pronouncements have been adopted by the Philippine Financial Reporting Standards Council and approved by the Board of Accountancy and Professional Regulation Commission and published in the Official Gazette.
Issued this 20 Nov. '19 Pasay City, Philippines.
For the Commission:
(Signature) EMILIO B. AQUINO Chairman
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