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The Financial Reporting Standards Council (FRSC) issues its Standards in a series of pronouncements called Philippine Financial Reporting Standards (PFRSs). These consist of:
Philippine Financial Reporting Standards (PFRSs)
. These correspond to International Financial Reporting Standards (IFRS);
Philippine Accounting Standards (PASs)
. These correspond to International Accounting Standards (IASs)); and
Philippine Interpretations-IFRIC and Philippine Interpretations-SIC
. These correspond to Interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) of the IASB and the Standing Interpretations Committee (SIC) of the IASC. These also include
Questions and Answers
developed by the PIC.
Prior to the issuances of PFRSs, Philippine accounting standards issued by the Accounting Standards Council, the predecessor of the FRSC, were referred to as Statements of Financial Accounting Standards or SFAS.
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