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Philippine Financial Accounting Standards

The document outlines the Philippine Financial Accounting Standards (PFRS) and Philippine Accounting Standards (PAS) which provide the framework for financial reporting in the Philippines. There are 17 PFRS standards that provide guidance on issues such as business combinations, financial instruments, revenue recognition, and leases. Additionally, there are 41 PAS standards that address topics including presentation of financial statements, accounting policies, property, plant and equipment, and agriculture. All of these standards establish uniform accounting practices to be followed by entities preparing financial statements in the Philippines.

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13K views

Philippine Financial Accounting Standards

The document outlines the Philippine Financial Accounting Standards (PFRS) and Philippine Accounting Standards (PAS) which provide the framework for financial reporting in the Philippines. There are 17 PFRS standards that provide guidance on issues such as business combinations, financial instruments, revenue recognition, and leases. Additionally, there are 41 PAS standards that address topics including presentation of financial statements, accounting policies, property, plant and equipment, and agriculture. All of these standards establish uniform accounting practices to be followed by entities preparing financial statements in the Philippines.

Uploaded by

r2radie
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Philippine Financial Accounting Standards

PFRS 1 (Revised) First-Time Adoption of Philippine Financial Reporting Standard

PFRS 2 Share-based Payment

PFRS 3 (Revised) Business Combination

PFRS 4 Insurance Contracts

PFRS 5 Non-current Assets Held for Sale and Discontinued Operation

PFRS 6 Exploration for and Evaluation of Mineral Resources

PFRS 7 Financial Instruments: Disclosures

PFRS 8 Operating Segments

PFRS 9 (2014) Financial Instruments

PFRS 10 Consolidated Financial Statements

PFRS 11 Joint Arrangements

PFRS 12 Disclosure of Interests in Other Entities

PFRS 13 Fair Value Measurement

PFRS 14 Regulatory Deferral Accounts

PFRS 15 Revenue from Contracts with Customers

PFRS 16 Leases

PFRS 17 Insurance Contracts

Philippine Accounting Standards

PAS 1 (Revised) Presentation of Financial Statements

PAS 2 Inventories

PAS 7 Statement of Cash Flow

PAS 8 Accounting Policies, Changes in Accounting Estimates and Errors

PAS 10 Events after the Reporting Period

PAS 12 Income Taxes

PAS 16 Property, Plant and Equipment

PAS 17 Leases

PAS 19 (Revised) Employee Benefits


PAS 20 Accounting for Government Grants and Disclosure of Government Assistance

PAS 21 The Effects of Changes in Foreign Exchange Rates

PAS 23 (Revised) Borrowing Costs

PAS 24 (Revised) Related Party Disclosures

PAS 26 Accounting and Reporting by Retirement Benefit Plans

PAS 27 (Amended) Separate Financial Statements

PAS 28 (Amended) Investments in Associates and Joints Ventures

PAS 29 Financial Reporting Hyperinflationary Economies

PAS 32 Financial Instrument: Presentation

PAS 33 Earnings per Share

PAS 34 Interim Financial Reporting

PAS 36 Impairment of Assets

PAS 37 Provisions, Contingent Liabilities and Contingent Assets

PAS 38 Intangible Assets

PAS 39 Financial Instruments; Recognition and Measurement

PAS 40 Investment Property

PAS 41 Agriculture

http://www.picpa.com.ph/frsc.html?article=Philippine%20Financial%20Reporting
%20Standards&page=FRSC&main_menu=PFRSs&fbclid=IwAR2fqoMlUxeQqtzzu8-
8E_JUjqEosZ_Ylwpr1VVT9gcQ5sDzbgZfSwxzPaI

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