Adoption of New and Revised Accounting Standards and Interpretations

August 29, 2017SEC MEMORANDUM CIRCULAR NO. 10-17Subject:Adoption of New and Revised Accounting Standards and Interpretations The Commission, in its meeting held on 15 August 2017, approved the adoption of the following pronouncements as part of SEC's rules and regulations on financial reporting:  TitleBrief DescriptionAmendments to Philippine Financial Reporting Standards (PFRS) 4, Applying PFRS 9, Financial Instruments with PFRS 4, Insurance ContractsThe amendments will become effective for annual periods beginning on or after January 1, 2018. Early adoption of the amendment is permitted if an entity adopts PFRS 9 early. The overlay approach and the deferral approach will only be available to an entity if it has not previously applied PFRS 9.PFRS 15, Revenue from Contracts with CustomersAn entity shall apply this standard for annual reporting periods beginning on or after January 1, 2018. Earlier application is permitted.Clarifications to PFRS 15, Revenue from Contracts with CustomerAn entity shall apply the amendments for annual reporting periods beginning on or after January 1, 2018. Earlier application is permitted.PIC Questions and Answers (Q&A) No. 2016-01: Conforming Changes to PIC...