Adoption of Accounting Standards and Philippine Interpretations Committee Questions and Answers (PIC Q&As)

March 12, 2020SEC MEMORANDUM CIRCULAR NO. 08-20SUBJECT: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 PronouncementEffectivity datePFRS 17, Insurance ContractsEffective for annual periods beginning on or after January 1, 2021.Amendments to PAS 19, Plan Amendment, Curtailment or SettlementEffective for annual periods beginning on or after January 1, 2019.Annual Improvements to PFRSs 2015-2017 CycleEffective for annual periods beginning on or after January 1, 2019.Amendments to PFRS 3, Definition of a BusinessEffective for annual periods beginning on or after January 1, 2020.Amendments to PAS 1 and PAS 8, Definition of MaterialEffective for annual periods beginning on or after January 1, 2020.Philippine Interpretation IFRIC 23, Uncertainty over Income Tax TreatmentsEffective for annual periods beginning on or after January 1, 2019. B. PIC Q&As PronouncementEffectivity datePIC Q&A No. 2018-01, PAS 8 — Voluntary changes in accounting policyThe consensus in this Q&A is effective from the...