Financial Reporting Standard Council  
  Financial Reporting Standards Council
PHILIPPINE INTERPRETATIONS
PIC Q&As

2011
PIC Q&A No. 2011-01: PAS 1 – Requirements for a Third Statement of Financial Position
PIC Q&A No. 2011-02: PFRS 3.2 – Common Control Business Combinations
PIC Q&A No. 2011-03: Accounting for Inter-company Loans
PIC Q&A No. 2011-04: PAS 32.37-38 – Costs of Public Offering of Shares
PIC Q&A No. 2011-05: PFRS 1.D1-D8 – Fair Value or Revaluation as Deemed Cost
PIC Q&A No. 2011-06: Acquisition of investment properties – asset acquisition or business combination?

2010
PIC Q&A No. 2010-01: PAS 39.AG71-72 – Rate used in determining the fair value of government securities
PIC Q&A No. 2010-02: PAS 1R.16 – Basis of preparation of financial statements
PIC Q&A No. 2010-03: Current/non-current classification of a callable term loan
PIC Q&A No. 2008-01 (Revised): PAS 19.78 – Rate used in discounting post-employment benefit obligations

2009
PIC Q&A No. 2009-01: Framework, paragraph 23 and PAS 1.23 - Financial statements prepared on a basis other than going concern
PIC Q&A No. 2009-02: PAS 39.AG71-72: Rate used in determining the fair value of government securities in the Philippines [superseded by PIC Q&A No. 2010-01]

2008
PIC Q&A No. 2008-01: PAS 19.78 - Rate used in discounting post-employment benefit obligations [superseded by PIC Q&A No. 2008-01 (Revised) issued in 2010]
PIC Q&A No. 2008-02: PAS 20.43 - Accounting for government loans with low interest rates under the amendments to PAS 20

2007
PIC Q&A No. 2007-01(revised): PAS1.103(a) - Basis of preparation of financial statements if an entity has not applied PFRSs in full [superseded by PIC Q&A No. 2010-02]
PIC Q&A No. 2007-02: PAS 20.24, 20.37 and PAS 39.43 - Accounting for government loans with low interest rates [see PIC Q&A No. 2008-02]
PIC Q&A No. 2007-03: PAS 40.27 - Valuation of bank real and other properties acquired (ROPA)
PIC Q&A No. 2007-04: PAS 101.7 - Application of criteria for a qualifying NPAE

2006
PIC Q&A No. 2006-01: PAS 18, Appendix, paragraph 9 - Revenue recognition for sales of property units under pre-completion contracts
PIC Q&A No. 2006-02: PAS 27.10(d) - Clarification of criteria for exemption from presenting consolidated financial statements