Please see our IFRS in Focus — Accounting considerations related to the Coronavirus 2019 Disease highlighting some of the key issues to be considered by the entities in preparing their financial statements and our IAS Plus resource page on accounting considerations related to COVID-19. 33 (s. 2020) - Resolution Amending Section 14 of Resolution No. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox. 21 (s.2018) - Enrolling the Additional Partner of R. G. Manabat & Co. in the Practice of Public Accountancy, Resolution No. 42 (s. 2020) - Ratification of Applications for the Accreditation as Accounting Teachers Approved by the Board Focal Person for the Month of October 2020, Board Resolution No. Many others have been cabinet members, heads of government agencies, chairmen and members of corporations and institutions, heads and professors in the academe, and entrepreneurs. These requirements are designed to achieve the goal of a consistent, principle-based accounting for insurance contracts. 2021-22: AASB 1058 Income of Not-for-Profit Entities. 04 Series of 2019 - Ratification of Applications for the Accreditation of Individual Certified Accountants (CPA's), Firms and Partnerships in the Practice of Certified Public Accountancy Approved by the Board Focal Person for the Month of October 2018, Resolution No. This pronouncement has already been implemented in previous periods by entities with this reporting date (where it applied to the entity). Ef­fec­tive Jan­u­ary 1, 2011, ear­lier ap­pli­ca­tion is per­mit­ted. 29 (s. 2020) - Reconstitution of the Continuing Professional Development Council (CPDC) for Accountants, Amending for the Purpose Board Resolution No. Contact Us. IFRS 17 supersedes IFRS 4 Insurance Contracts as of 1 January 2023. Apply for a PRC licensure examination using our online application system, View current and past schedules of licensure examinations, Find your examination location and room assignment ahead of your exam schedule, Online renewal of PRC ID for registered professionals, Online Application for PRC ID replacement, if lost, Check your board examination rating/grades online, Search our records and confirm the identities of registered professionals, Certification of Passing and Board Rating, PROFESSIONAL REGULATION COMMISSION (PRC) Main Office, P. Paredes St, Sampaloc, Manila, 1008 Metro Manila, PROFESSIONAL REGULATION COMMISSION (PRC) PICC Office, Delegation Bldg., Philippine International Convention Center (PICC), Vicente Sotto St., Pasay, Metro Manila. Deferral of the date of initial application of IFRS 17 by two years to annual periods beginning on or after 1 January 2023, Additional scope exclusion for credit card contracts and similar contracts that provide insurance coverage as well as optional scope exclusion for loan contracts that transfer significant insurance risk, Recognition of insurance acquisition cash flows relating to expected contract renewals, including transition provisions and guidance for insurance acquisition cash flows recognised in a business acquired in a business combination, Clarification of the application of IFRS 17 in interim financial statements allowing an accounting policy choice at a reporting entity level, Clarification of the application of contractual service margin (CSM) attributable to investment-return service and investment-related service and changes to the corresponding disclosure requirements, Extension of the risk mitigation option to include reinsurance contracts held and non-financial derivatives, Amendments to require an entity that at initial recognition recognises losses on onerous insurance contracts issued to also recognise a gain on reinsurance contracts held, Simplified presentation of insurance contracts in the statement of financial position so that entities would present insurance contract assets and liabilities in the statement of financial position determined using portfolios of insurance contracts rather than groups of insurance contracts, Additional transition relief for business combinations and additional transition relief for the date of application of the risk mitigation option and the use of the fair value transition approach. 33 Series of 2019 - Ratification of Applications for the Accreditation of Individual Certified Accountants (CPA's), Firms and Partnerships in the Practice of Certified Public Accountancy Approved by the Board Focal Person for the Month of March 2019, Resolution No. In 2014, the COA issued Resolution No. Important note. This table can be used for all annual accounting periods. Accounting,Finance jobs openings and salary information in Pasig, Philippines This is due, in no small measure, to the long and distinguished careers of the country’s accountants, to the linkages that local firms have forged with the world’s biggest accounting firms, and to the integrity with which the Board of Accountancy and the Professional Regulation Commission are now administering a profession that has acquired a global perspective. Recent history of our Accounting Standards' Frameworks Targeted Review of the Accounting Standards Framework Auditing & Assurance Standards Framework Convergence with international auditing & assurance standards Annual periods beginning on or after 1 January 2020. More information about these pronouncements, and all new and revised pronouncements, is set out below. 03 Series of 2016- Requiring the submission of certificate by the responsible Certified Public Accounts on the compilation services for the preparation of financial statements and notes thereto. 03 Series of 2019 - Ratification of Applications for the Accreditation as Accounting Teachers Approved by the Board Focal Person for the Month of October 2018, Resolution No. As a member firm of Deloitte Touche Tohmatsu Limited, a network of member firms, we are proud to be part of the largest global professional services network, serving our clients in the markets that are most important to them. These publications provide an illustrative set of consolidated financial statements, prepared in accordance with Philippine Financial Reporting Standards (PFRS). ACCOUNTING STANDARDS (FRSC) AUDITING STANDARDS (AASC) ... Philippine Institute of Certified Accountants. 244 (s 2015), Resolution No. 185 Series of 2017 - Amendments and Clarifications on Certain Rules Governing the Accreditation of Certified Public Accountants (CPA) in Commerce and Industry Practice, Resolution No. 39 (s.2018) - Enrolling the Additional Partner of MG Madrid & Company in the Practice of Public Accountancy, Resolution No. IFRS 17 requires insurance liabilities to be measured at a current fulfillment value and provides a more uniform measurement and presentation approach for all insurance contracts. For accounts approved after March 2020, please also refer to subsequent versions of this document for any new and revised IFRSs that have additionally been issued that might require disclosure in the accounts under IAS 8:30. Practice of accountancy shall constitute in a person, be it in his individual capacity, or as a partner or staff member in an accounting or auditing firm, holding out himself as one skilled in the knowledge, science, and practice of accounting, and as qualified to render professional services as a certified public accountant; or offering or rendering, or both, to more than one client on a fee basis or otherwise, services such as the audit or verification of financial transactions and accounting records; the preparation, signing, or certification for clients of reports of audit, balance sheets, and other financial accounting and related schedules, exhibits, statements, or reports which are to be used for publication or for credit purposes, or to be filed with a court or government agency, or to be used for any other purpose; the installation and revision of accounting system, the preparation of income tax returns when related to accounting procedures; or when he represents clients before government agencies on tax matters related to accounting or renders professional assistance in matters relating to accounting procedures and the recording and presentation of financial facts or data. No. We want to ensure that you are kept up to date with any changes and as such would ask that you take a moment to review the changes. 07 (s.2018) - Ratification of Applications for the Issuance of Certificates of Accreditation to CPA's in Commerce and Industry Practice Approved by the Board Focal Person for the Month of May 2017, Resolution No. Effective 2018. Messages on the new Standards. As the global professional environment unfolds, with the onset of the 21st century, accountancy continues its trailblazing efforts. 14 (s.2018) - Endorsing the Registration of the League of Provincial City and Municipal Accountants of Rizal Inc. with the Securities and Exchange Commission, Resolution No. 24 (s. 2020) - Ratification of Applications for the Accreditation of Individual Certified Public Accountants (CPAs), Firms and Partnerships in the Practice of Public Accountancy Approved by the Board Focal Person for the Month of March 2020, Board Resolution No. Similarly, 2nd quarters ending on 31 March 2020 refer to annual periods that began on 1 October 2019, 3rd quarters ending on 31 March 2020 refer to annual periods that began on 1 July 2019, and 4th quarters ending on 31 March 2020 refer to annual periods that began on 1 April 2019. In dealing with the COVID-19 Pandemic, the Philippine legislature passed into law Republic Act No. The amendments prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The information below is organised as follows: The table below provides a summary of the pronouncements which will be mandatorily applied by entities for the first time at 31 March 2020, for various quarterly reporting periods: * Generally annual periods beginning on or after the date indicated, may only apply to first-time adopters in some limited cases (see the detailed information for each pronouncement below for full details). IFRS 16 specifies how an IFRS reporter will recognise, measure, present and disclose leases. an option that permits entities to reclassify, from profit or loss to other comprehensive income, some of the income or expenses arising from designated financial assets; this is the so-called overlay approach; an optional temporary exemption from applying IFRS 9 for entities whose predominant activity is issuing contracts within the scope of IFRS 4; this is the so-called deferral approach. November 18, 2020. 91 Series of 2019 - Enrolling the Additional Partners of Navarro Amper & Co. in the Practice of Public Accountancy, Resolution No. : (02) 723 0691. Sale or Contribution of Assets between an Investor and its Associate or Joint Venture* * The effective date for the amendments to these standards are deferred indefinitely until the IASB’s research project on Equity Method of Accounting is completed. 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