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  Financial Reporting Standards Council

FRSC Defers Effectivity of IFRIC 15 (09-11)

September 2011

The Financial Reporting Standards Council (FRSC) has approved in September 2011 the deferral of the effectivity of Philippine Interpretation IFRIC 15, Agreements for the Construction of Real Estate until:
  1. the final Revenue standard is issued by International Accounting Standards Board (IASB), and
  2. an evaluation of the requirements of the final Revenue standard against the practices of the Philippine real estate industry is completed.