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 (these correspond to Interpretations
of the IFRIC and the Standing Interpretations Committee
(SIC) of the IASC; these also include Interpretations
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.
For the summaries of the corresponding IAS/IFRS, see the
IASB website www.iasb.org.uk