April 4, 2019
SEC MEMORANDUM CIRCULAR NO. 06-19
| SUBJECT | : | Philippine Interpretations Committee Question and Answer (PIC Q&A) No. 2019-03, Revenue Recognition Guidance for Sugar Millers |
WHEREAS, on 15 August 2017, the Commission approved the adoption of Philippine Financial Reporting Standard (PFRS) No. 15, Revenue from Contracts with Customers, effective for annual reporting periods beginning on or after January 1, 2018, as part of its financial reporting rules.
WHEREAS, the Philippine Interpretations Committee (PIC) issued PIC Question and Answer (Q&A) No. 2019-03, Revenue Recognition Guidance for Sugar Millers, which was approved by FRSC on March 28, 2019. The said PIC Q&A is effective for the 2018 financial reporting.
WHEREAS, the Philippine sugar industry raised implementation issues and requested to defer the implementation of the above pronouncements on the milling/output sharing arrangements of a sugar miller and its planters, pending the discussion and resolution by the PIC and FRSC of the said issues.
WHEREAS, the Commission took note of the significant impact and difficulties faced by the Philippine sugar industry, particularly sugar millers, in immediately implementing the said pronouncements.
NOW, THEREFORE, the Commission...
