Philippine Institute of Certified Public Accountants - Financial Reporting Standards Council

Preface to Philippine Financial Reporting Standards
Conceptual Framework for Financial Reporting
Phase A: Objectives and qualitative characteristics (Effective Date 07/01/2011)
Philippine Financial Reporting Standards

PFRS	Title	Effective Date
PFRS 1	First-time Adoption of Philippine Financial Reporting Standards [superseded by PFRS 1 (Revised)]	01/01/05
	Amendments to PFRS 1 and PAS 27: Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate	01/01/09
PFRS 1 (Revised)	First-time Adoption of Philippine Financial Reporting Standards	07/01/09
	Amendments to PFRS 1: Additional Exemptions for First-time Adopters	01/01/10
	Amendment to PFRS 1: Limited Exemption from Comparative PFRS 7 Disclosures for First-time Adopters	07/01/10
	Amendments to PFRS 1: Severe Hyperinflation and Removal of Fixed Date for First-time Adopters	07/01/11*
	Amendments to PFRS 1: Government Loans	01/01/13*
PFRS 2	Share-based Payment	01/01/05
	Amendments to PFRS 2: Vesting Conditions and Cancellations	01/01/09
	Amendments to PFRS 2: Group Cash-settled Share-based Payment Transactions	01/01/10
PFRS 3	Business Combinations [superseded by PFRS 3 (Revised)]	01/01/05
PFRS 3 (Revised)	Business Combinations	07/01/09
PFRS 4	Insurance Contracts	01/01/05
	Amendments to PAS 39 and PFRS 4: Financial Guarantee Contracts	01/01/06
PFRS 5	Non-current Assets Held for Sale and Discontinued Operations	01/01/05
PFRS 6	Exploration for and Evaluation of Mineral Resources	01/01/06
PFRS 7	Financial Instruments: Disclosures	01/01/07
	Amendments to PFRS 7: Transition	01/01/07
	Amendments to PAS 39 and PFRS 7: Reclassification of Financial Assets	07/01/08
	Amendments to PAS 39 and PFRS 7: Reclassification of Financial Assets - Effective Date and Transition	07/01/08
	Amendments to PFRS 7: Improving Disclosures about Financial Instruments	01/01/09
	Amendments to PFRS 7: Disclosures - Transfers of Financial Assets	07/01/11
	Amendments to PFRS 7: Disclosures - Offsetting Financial Assets and Financial Liabilities	01/01/13*
	Amendments to PFRS 9 and PFRS 7: Mandatory Effective Date of PFRS 9 and Transition Disclosures	01/01/15*
PFRS 8	Operating Segments	01/01/09
PFRS 9	Financial Instruments	01/01/15
	Amendments to PFRS 9 and PFRS 7: Mandatory Effective Date of PFRS 9 and Transition Disclosures	01/01/15*
PFRS 10	Consolidated Financial Statements	01/01/13*
PFRS 11	Joint Arrangements	01/01/13*
PFRS 12	Disclosure of Interests in Other Entities	01/01/13*
PFRS 13	Fair Value Measurement	01/01/13*

Philippine Accounting Standards (PASs)

PAS	Title	Effective Date
PAS 1	Presentation of Financial Statements [superseded by PAS 1 (Revised)]	01/01/05
	Amendment to PAS 1: Capital Disclosures	01/01/07
PAS 1 (Revised)	Presentation of Financial Statements	01/01/09
	Amendments to PAS 32 and PAS 1: Puttable Financial Instruments and Obligations Arising on Liquidation	01/01/09
	Amendments to PAS 1: Presentation of Items of Other Comprehensive Income	07/01/12*
PAS 2	Inventories	01/01/05
PAS 7	Cash Flow Statements¹	01/01/05
PAS 8	Accounting Policies, Changes in Accounting Estimates and Errors	01/01/05
PAS 10	Events after the Balance Sheet Date²	01/01/05
PAS 11	Construction Contracts	01/01/05
PAS 12	Income Taxes	01/01/05
	Amendment to PAS 12 - Deferred Tax: Recovery of Underlying Assets	01/01/12*
PAS 14	Segment Reporting [superseded by PFRS 8]	01/01/05
PAS 16	Property, Plant and Equipment	01/01/05
PAS 17	Leases	01/01/05
PAS 18	Revenue	01/01/05
PAS 19	Employee Benefits	01/01/05
	Amendments to PAS 19: Actuarial Gains and Losses, Group Plans and Disclosures	01/01/06
PAS 19 (Amended)	Employee Benefits	01/01/13*
PAS 20	Accounting for Government Grants and Disclosure of Government Assistance	01/01/05
PAS 21	The Effects of Changes in Foreign Exchange Rates	01/01/05
	Amendment: Net Investment in a Foreign Operation	01/01/06
PAS 23	Borrowing Costs [superseded by PAS 23 (Revised)]	01/01/05
PAS 23 (Revised)	Borrowing Costs	01/01/09
PAS 24	Related Party Disclosures [superseded by PAS 24 (Revised)]	01/01/05
PAS 24 (Revised)	Related Party Disclosures	01/01/11
PAS 26	Accounting and Reporting by Retirement Benefit Plans	01/01/05
PAS 27	Consolidated and Separate Financial Statements [superseded by PAS 27 (revised)]	01/01/05
PAS 27 (Revised)	Consolidated and Separate Financial Statements	07/01/09
	Amendments to PFRS 1 and PAS 27: Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate	01/01/09
PAS 27 (Amended)	Separate Financial Statements	01/01/13*
PAS 28	Investments in Associates	01/01/05
PAS 28 (Amended)	Investments in Associates and Joint Ventures	01/01/13*
PAS 29	Financial Reporting in Hyperinflationary Economies	01/01/05
PAS 30	Disclosures in the Financial Statements of Banks and Similar Financial Institutions [superseded by PFRS 7]	01/01/05
PAS 31	Interests in Joint Ventures	01/01/05
PAS 32	Financial Instruments: Disclosure and Presentation	01/01/05
	Financial Instruments: Presentation	01/01/07
	Amendments to PAS 32 and PAS 1: Puttable Financial Instruments and Obligations Arising on Liquidation	01/01/09
	Amendment to PAS 32: Classification of Rights Issues	02/01/10
	Amendments to PAS 32: Offsetting Financial Assets and Financial Liabilities	01/01/14*
PAS 33	Earnings per Share	01/01/05
PAS 34	Interim Financial Reporting	01/01/05
PAS 36	Impairment of Assets	01/01/05
PAS 37	Provisions, Contingent Liabilities and Contingent Assets	01/01/05
PAS 38	Intangible Assets	01/01/05
PAS 39	Financial Instruments: Recognition and Measurement	01/01/05
	Amendments to PAS 39: Transition and Initial Recognition of Financial Assets and Financial Liabilities	01/01/05
	Amendments to PAS 39: Cash Flow Hedge Accounting of Forecast Intragroup Transactions	01/01/06
	Amendments to PAS 39: The Fair Value Option	01/01/06
	Amendments to PAS 39 and PFRS 4: Financial Guarantee Contracts	01/01/06
	Amendments to PAS 39 and PFRS 7: Reclassification of Financial Assets	07/01/08
	Amendments to PAS 39 and PFRS 7: Reclassification of Financial Assets – Effective Date and Transition	07/01/08
	Amendments to Philippine Interpretation IFRIC–9 and PAS 39: Embedded Derivatives	06/30/09
	Amendment to PAS 39: Eligible Hedged Items	07/01/09
PAS 40	Investment Property	01/01/05
PAS 41	Agriculture	01/01/05
PAS 101	Financial Reporting Standards for Non-publicly Accountable Entities [superseded by PFRS for SMEs]	01/01/05
	Amendment to PAS 101: Change in Effective Date	01/01/05

¹ As a result of the changes in terminology made by PAS 1 in 2007, the title of PAS 7 was changed to Statement of Cash Flows.
² As a result of the changes in terminology made by PAS 1 in 2007, the title of PAS 10 was changed to Events after the Reporting Period.

Annual Improvements to PFRSs	Effective Date
Improvements to PFRSs (Approved in 2008)
Amendments to PAS 1, PAS 16, PAS 19, PAS 20, PAS 23, PAS 27, PAS 28, PAS 29, PAS 31, PAS 36, PAS 38, PAS 39, PAS 40, PAS 41	01/01/09
Amendments to PFRS 5	07/01/09
Improvements to PFRSs (Approved in 2009)
Amendments to PFRS 2, PAS 38, Philippine Interpretation IFRIC–9, Philippine Interpretation IFRIC–16	07/01/09
Amendments to PFRS 5, PFRS 8, PAS 1, PAS 7, PAS 17, PAS 36, PAS 39	01/01/10
Amendment to PAS 18, Appendix	(N/A)
Improvements to PFRSs (Approved in 2010)
Amendments to PFRS 3, Transition requirements for amendments to PAS 21, PAS 28 and PAS 31 made as a result of PAS 27 (Revised)	07/01/10
Amendments to PFRS 1, PFRS 7, PAS 1, PAS 34, Philippine Interpretation IFRIC–13	01/01/11


*	For BOA/PRC Approval


	Financial Reporting Standards Council