Adoption of Philippine Financial Reporting Standards for Small Entities

March 26, 2018SEC MEMORANDUM CIRCULAR NO. 05-18SUBJECT:Adoption of Philippine Financial Reporting Standards for Small Entities The Commission, in its meeting held on 22 March 2018, approved the adoption of the Philippine Financial Reporting Standards for Small Entities (PFRS for Small Entities) as part of SEC's rules and regulations on financial reporting. In view thereof, Part I, Section 2 of SRC Rule 68, as amended, is hereby revised as follows:"2. GENERAL GUIDES TO FINANCIAL STATEMENTS PREPARATIONA. Financial Reporting FrameworkThe financial statements that shall be prepared and filed by entities covered by this Rule shall be in accordance with the financial reporting framework as prescribed under this section.(i) LARGE AND/OR PUBLICLY-ACCOUNTABLE ENTITIESa) For purposes of this Rule, large or publicly accountable entities are those that meet any of the following criteria:(1) Total assets of more than P350 Million or total liabilities of more than P250 Million; or(2) Are required to file financial statements under Part II of SRC Rule 68; or(3) Are in the process of filing their financial statements for the purpose of issuing any class...