Financial Reporting Standard Council  
  Financial Reporting Standards Council

PHILIPPINE FINANCIAL REPORTING STANDARD
FOR SMALL AND MEDIUM-SIZED ENTITIES (PFRS for SMEs)
(*effective January 1, 2010)

PREFACE
SECTIONS


1 SMALL AND MEDIUM-SIZED ENTITIES
2 CONCEPTS AND PERVASIVE PRINCIPLES
3 FINANCIAL STATEMENT PRESENTATION
4 STATEMENT OF FINANCIAL POSITION
5 STATEMENT OF COMPREHENSIVE INCOME AND INCOME STATEMENT
6 STATEMENT OF CHANGES IN EQUITY AND STATEMENT OF INCOME
AND RETAINED EARNINGS
7 STATEMENT OF CASH FLOWS
8 NOTES TO THE FINANCIAL STATEMENTS
9 CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS
10 ACCOUNTING POLICIES, ESTIMATES AND ERRORS
11 BASIC FINANCIAL INSTRUMENTS
12 OTHER FINANCIAL INSTRUMENTS ISSUES
13 INVENTORIES
14 INVESTMENTS IN ASSOCIATES
15 INVESTMENTS IN JOINT VENTURES
16 INVESTMENT PROPERTY
17 PROPERTY, PLANT AND EQUIPMENT
18 INTANGIBLE ASSETS OTHER THAN GOODWILL
19 BUSINESS COMBINATIONS AND GOODWILL
20 LEASES
21 PROVISIONS AND CONTINGENCIES
Appendix - Guidance on recognising and measuring provisions
22 LIABILITIES AND EQUITY
Appendix - Example of the issuer’s accounting for convertible debt
23 REVENUE
Appendix - Examples of revenue recognition under the principles in Section 23
24 GOVERNMENT GRANTS
25 BORROWING COSTS
26 SHARE-BASED PAYMENT
27 IMPAIRMENT OF ASSETS
28 EMPLOYEE BENEFITS
29 INCOME TAX
30 FOREIGN CURRENCY TRANSLATION
31 HYPERINFLATION
32 EVENTS AFTER THE END OF THE REPORTING PERIOD
33 RELATED PARTY DISCLOSURES
34 SPECIALISED ACTIVITIES
35 TRANSITION TO THE IFRS FOR SMES

GLOSSARY
DERIVATION TABLE
BASIS FOR CONCLUSIONS
ILLUSTRATIVE FINANCIAL STATEMENTS AND PRESENTATION AND DISCLOSURE CHECKLIST

 

* The IFRS for SMEs, which was adopted as the PFRS for SMEs by the FRSC, may be freely downloaded from the IASB website through the IFRS for SMEs section. Registration in the IASB website is required to access the IFRS for SMEs.