Regulatory Alerts2019-04-05
SEC Memorandum Circular No. 6 Series of 2019: Deferral of PIC Q&A 2019-03 for Sugar Millers
The Securities and Exchange Commission issued Memorandum Circular No. 6 Series of 2019 to grant a one-year deferral of PIC Q&A 2019-03 to Philippine sugar millers regarding revenue recognition for milling and output sharing arrangements. This relief addresses implementation difficulties faced by the industry, allowing them to postpone the retrospective application of the standard effective January 1, 2019. Millers opting for this deferral must disclose their accounting policies and the qualitative impact of the delay, while those choosing to comply fully with the Q&A are permitted to do so without penalty.
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