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

November 20, 2019SEC MEMORANDUM CIRCULAR NO. 22-19SUBJECT : Adoption of Philippine Interpretations Committee Questions and Answers (PIC Q&As) The Commission, in its meeting held on 11 November 2019, approved the adoption of the following pronouncements as part of SEC's rules and regulations on financial reporting:  PIC Q&A No. 2017-01 Conforming Changes to PIC Q&As — Cycle 2017The effective date of the amendments is included in the Q&As affected.PIC Q&A No. 2018-16 PFRS 13 — Level of fair value hierarchy of government securities using Bloomberg's standard rule on fair value hierarchyFor annual period beginning on or after January 1, 2018.PIC Q&A No. 2019-01 Accounting for service charges under PFRS 15, Revenue from Contracts with CustomersThe effective date and transition provision of this Q&A follow that of PFRS 15, upon approval of the FRSC.PIC Q&A No. 2019-02 Accounting for cryptographic assetsThe consensus in this Q&A becomes effective upon approval by the FRSC.PIC Q&A No. 2019-03 Revenue recognition guidance for sugar millersThe transition provision and effective date of this Q&A follow that of PFRS 15, upon approval by...