March 12, 2020
SEC MEMORANDUM CIRCULAR NO. 08-20
| SUBJECT | : | Adoption of Accounting Standards and Philippine Interpretations Committee Questions and Answers (PIC Q&As) |
The Commission, in its meeting held on 12 March 2020, approved the adoption of the following pronouncements as part of SEC's rules and regulations on financial reporting:
A. Accounting Standards
Pronouncement | Effectivity date |
PFRS 17, Insurance Contracts | Effective for annual periods beginning on or after January 1, 2021. |
Amendments to PAS 19, Plan Amendment, Curtailment or Settlement | Effective for annual periods beginning on or after January 1, 2019. |
Annual Improvements to PFRSs 2015-2017 Cycle | Effective for annual periods beginning on or after January 1, 2019. |
Amendments to PFRS 3, Definition of a Business | Effective for annual periods beginning on or after January 1, 2020. |
Amendments to PAS 1 and PAS 8, Definition of Material | Effective for annual periods beginning on or after January 1, 2020. |
Philippine Interpretation IFRIC 23, Uncertainty over Income Tax Treatments | Effective for annual periods beginning on or after January 1, 2019. |
B. PIC Q&As
Pronouncement | Effectivity date |
PIC Q&A No. 2018-01, PAS 8 — Voluntary changes in accounting policy | The consensus in this Q&A is effective from the date of the...
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