Financial Reporting Standard Council  
  Financial Reporting Standards Council

FRSC Approves Issuance of Three PIC Q&As (06-10)

June 2010


The Financial Reporting Standards Council (FRSC) approved during its meeting in June 2010 the issuance of three Q&As approved by the Philippine Interpretations Committee (PIC):

  • Q&A No. 2010-01: PAS 39.AG71-72 - Rate used in determining the fair value of government securities.  This Q&A supersedes Q&A 2009-2 and is effective for annual financial statements beginning on or after January 1, 2010, with earlier application encouraged
  • Q&A No. 2008-01 (Revised): PAS 19.78 - Rate used in discounting post-e,ployment benefit obligations.  This Q&A amends Q&A No. 2008-1 approved by the PIC and FRSC on November 26, 2008 and January 16, 2009, respectively.
  • Q&A No. 2010-02: PAS 1R.16 - Basis of preparation of financial statements.  This Q&A supersedes Q&A No. 2007–01 (Revised): PAS 1.103(a) – Basis of preparation of financial statements if an entity has not applied PFRSs in full, and is effective for annual financial statements beginning on or after January 1, 2010, with earlier application encouraged.

The Q&As are posted in the FRSC website at www.picpa.com.ph under Interpretations.