New Guidelines in Financial Reporting

On May 24, 2011, the Secruities and Exchange Commission (SEC) issued Memorandum Circular No. 3, series of 2011, outlining the Guidelines in the Implementation of the Philippine Financial Reporting Standards (PFRS).

Based on the International Financial reporting Standards issued by the International Accounting Standards Board, the PFRS aims to align current SEC rules on financial reporting with that of global standards and practices.

You may read more on the SEC memo at http://www.sec.gov.ph/circulars/cy,2011/sec%20memo%20no.%203,2011.pdf