MC No. 12 s.2019 - Adoption of Revised Conceptual Framework

Securities and Exchange Commission H I L 1P P SEC Memorandum Circular No.12 Series of 2019 SUBJECT ADOPTION OF REVISED CONCEPTUAL FRAMEWORK The Commission, in its m e e t i n g h e l d o n 07 M a y 2019, a p p r o v e d t h e a d o p t i o n of the Revised C o n c e p t u a l Framework as part of SEC's rules a n d regulations on financial reporting. The Revised C o n c e p t u a l Framework includes: a new c h a p t e r on measurement; guidance on reporting financial performance; improved definitions and guidance-in particular the definition of a liability; a n d clarifications in important areas, such as the roles of stewardship, p r u d e n c e a n d measurement uncertainty in financial reporting. The a m e n d m e n t s to references to the C o n c e p t u a l Framework in the Philippine Financial Reporting Standards are effective for annual periods beginning on or after January 1, 2020, with earlier a p p l i c a t i o n p e r m i t t e d . These a m e n d m e n t s should b e a p p l i e d retrospectively unless retrospective application w o u l d b e impracticable or involve undue cost or effort'. The foregoing p r o n o u n c e m e n t has b e e n a d o p t e d by the Philippine Financial Reporting Standards Council and approved by the Board of Accountancy a n d Professional Regulation Commission a n d published in the Official Gazette. Issued this 28 d a y of M a y 2019 at Pasay City, Philippines. For the Commission: EMILrOWAQUINO Chprr/an Published: FfaliDpine Daily Inquirer, June 12, 2019 Manila Standard, June 12, 2019 1 The Guidelines on u o m p a r a n v e picsentation are provided in Philippine Accounting Standard Accounting Policies, Changes in Accounting Estimates and Errors El PICC Secretariat Building, Pasay City | B (+632) 818-6120 / (+632) 818-9763 www.sec.gov.ph | inquiry@sec.gov.ph