August 29, 2017
SEC MEMORANDUM CIRCULAR NO. 10-17
| Subject | : | 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:
Title | Brief Description |
Amendments to Philippine Financial Reporting Standards (PFRS) 4, Applying PFRS 9, Financial Instruments with PFRS 4, Insurance Contracts | The 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 Customers | An 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 Customer | An entity shall apply the amendments for annual reporting periods beginning on or after January 1, 2018. Earlier application is permitted. |
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