November 20, 2019
SEC MEMORANDUM CIRCULAR NO. 22-19
| SUBJECT | : | 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 2017 | The 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 hierarchy | For 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 Customers | The 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 assets | The consensus in this Q&A becomes effective upon approval by the FRSC. |
PIC Q&A No. 2019-03 Revenue recognition guidance for sugar millers | The transition provision and effective date of this Q&A follow that of PFRS 15, upon approval by...
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