Regulatory Alerts2020-02-21
MC No. 04 s.2020 Deferment of IFRIC Agenda Decision on Over Time Transfer of Constructed Goods and PAS 23 Borrowing Costs for Real Estate Industry
The Securities and Exchange Commission issued Memorandum Circular No. 04 series of 2020 to defer the implementation of the IFRS Interpretations Committee Agenda Decision regarding the over time transfer of constructed goods. This directive specifically applies to the real estate industry and addresses the accounting treatment of borrowing costs under Philippine Accounting Standard 23. The deferment allows real estate entities additional time to comply with the new interpretation before its mandatory adoption.
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