A. Accounting Standards.
Effective for annual periods beginning on or after January 1, 2019.- Amendments to PAS 19, Plan Amendment, Curtailment or Settlement
- Annual Improvements to PFRSs 2015-2017 Cycle
- Philippine Interpretation IFRIC 23, Uncertainty over Income Tax Treatments
Effective for annual periods beginning on or after January 1,2020.
- Amendments to PFRS 3, Definition of a Business
- Amendments to PAS 1 and PAS 8, Definition of Material
Effective for annual periods beginning on or after January 1, 2021.
- PFRS 17, Insurance Contracts
B. PIC Q&A's
The consensus in this Q&A is effective from the date of the approval by the FRSC.(Mar 14, 2018)- PIC Q&A No. 2018-01, PAS 8 - Voluntary changes in accounting policy
- PIC Q&A No. 2018-02, PAS 36-Non-controlling interests and goodwill impairment test
- PIC Q&A No. 2018-03, PFRS 13, PAS 16 and PAS 36-Fair value of property, plant and equipment and depreciated replacement cost
- PIC Q&A No. 2018-04, PAS 41 -Inability to measure fair value reliably for biological assets within the scope of PAS 41, Agriculture
- PIC Q&A No. 2018-05, PAS 37-Liability arising from maintenance requirement of an asset held under a lease
- PIC Q&A No. 2018-06, PAS 27-Cost of investment in subsidiaries in separate financial statements when pooling is applied in consolidated financial statements
- PIC Q&A No. 2018-07, PAS 27and PAS 28 -Cost of an associate, joint venture, or subsidiary in separate financial statements
- PIC Q&A No. 2018-08, PFRS 10 and PFRS 3-Accounting for the acquisition of a non-wholly owned subsidiary that is not a business
- PIC Q&A No. 2018-09, PAS 21-Classification of deposits and progress payments as monetary or non-monetary items
- PIC Q&A No. 2018-10, PAS 2-Scope of disclosure of inventory write-downs
- PIC Q&A No. 2018-11, Classification of land by real estate developer
The effective date of the amendments is included in the Q&As affected.
- PIC Q&A No. 2018-13, Conforming Changes to PIC Q&As –Cycle 2018
- PIC Guidance of Financial Reporting June 2018.
The effective date and transition provision of this Q&A follow those of PFRS 15 Appendix C, upon approval by the FRSC (Oct 10, 2018).
The consensus in this Q&A is effective from the date of approval of the FRSC (Oct 10, 2018) and should follow the provisions under PAS 8, Accounting Policies, Changes in Accounting Estimates and Errors
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