Adoption of Accounting Standards and Interpretations

October 15, 2018SEC MEMORANDUM CIRCULAR NO. 13-18SUBJECT : Adoption of Accounting Standards and Interpretations The Commission, in its meeting held on September 18, 2018, approved the adoption of the recently approved accounting standards and interpretations as part of SEC's rules and regulations on financial reporting: A. Accounting StandardsTitleBrief DescriptionPrepayment Features with Negative Compensation [Amendments to Philippine Financial Reporting Standards (PFRS) 9]An entity shall apply these amendments for annual periods beginning on or after January 1, 2019. Earlier application is permitted.Long-term Interest in Associates and Joint Ventures (Amendments to PAS 28)An entity shall apply these amendments for annual periods beginning on or after January 1, 2019. Earlier application is permitted.PFRS Practice Statement 2: Making Materiality JudgmentsAn entity that chooses to apply the guidance in the Practice Statement is permitted to apply it to financial statements prepared from November 8, 2017.Guidance on Financial Reporting (June 2017 edition)Effective immediately.PFRS 15, Implementation Issues Affecting the Real Estate IndustriesThe consensus in these Q&A are effective on the same date as the effective date of PFRS 15.B. PIC Q&AsTitleBrief DescriptionQ&A No....