PHILIPPINE FINANCIAL REPORTING STANDARDS

Financial Statements
Number Title Accounts Affected
Affected
First-time Adoption of Philippine
PFRS 1 (Revised) All All
Financial Reporting Standards
PFRS 2 Share-based Payment SFP, SCE, Notes
PFRS 3 (Revised) Business Combinations All
PFRS 4 Insurance Contracts SFP, Notes
Non-current Assets Held for Sale and
PFRS 5 SFP, Notes
Discontinued Operations
Exploration for and Evaluation of
PFRS 6 SFP, Notes
Mineral Resources
PFRS 7 Financial Instruments: Disclosures Notes
PFRS 8 Operating Segments All
PFRS 9 (2014) Financial Instruments SFP, Notes, SCI, IS
PFRS 10 Consolidated Financial Statements All
PFRS 11 Joint Arrangements All
PFRS 12 Disclosure of Interests in Other Entities Notes
PFRS 13 Fair Value Measurement All
PFRS 14 Regulatory Deferral Accounts SFP, Notes
PFRS 15 Revenue from Contracts with Customers SFP, SCI, IS, Notes
PFRS 16 Leases SFP, Notes
PFRS 17 Insurance Contracts SFP, Notes
PHILIPPINE ACCOUNTING STANDARDS

Number Title Financial Statements Affected Accounts Affected

PAS 1 (Revised) Presentation of Financial Statements All Financial Statements All Accounts
PAS 2 Inventories SFP, Notes Inventory, COGS, Expenses
Cash and other accounts related to the business
PAS 7 Statement of Cash Flows SCF, Notes
activities (operating, financing, investing)
Accounting Policies, Changes in
PAS 8 Notes All Accounts
Accounting Estimates and Errors
All Accounts (Depending on the transactions and events
PAS 10 Events after the Reporting Period Notes
that occurred after the reporting period)
PAS 12 Income Taxes SFP, IS Income Tax Expense, Income Tax Liability
Land, Building, Machinery and Equipment, Depreciation
PAS 16 Property, Plant and Equipment SFP, Notes
Expense, Accumulated Depreciation
PAS 17 Leases SFP, Notes
PAS 19 (Revised) Employee Benefits SFP, Notes
Accounting for Government Grants
PAS 20 and Disclosure of Government SFP, Notes, SCI, IS Deferred Grant Income, Land, Building,
Assistance
The Effects of Changes in Foreign
PAS 21 IS, SCI, Notes
Exchange Rates
PAS 23 (Revised) Borrowing Costs SFP, IS, SCI, Notes Interest Expense, Building
PAS 24 (Revised) Related Party Disclosures Notes
Accounting and Reporting by
PAS 26 SFP, Notes Retirement Benefit Obligation
Retirement Benefit Plans
PAS 27
Separate Financial Statements All
(Amended)
PAS 28 Investments in Associates and Joint
SFP, Notes Investment in Associate
(Amended) Ventures
Financial Reporting in
PAS 29 All
Hyperinflationary Economies
PAS 32 Financial Instruments: Presentation SFP, Notes
PAS 33 Earnings per Share
PAS 34 Interim Financial Reporting All
PAS 36 Impairment of Assets All
 Provisions, Contingent Liabilities and
PAS 37 SFP, Notes
Contingent Assets
PAS 38 Intangible Assets All Patent, Trademark, Copyright,
Financial Instruments: Recognition
PAS 39 SFP, Notes
and Measurement
PAS 40 Investment Property SFP, Notes Investment Property
PAS 41 Agriculture SFP, Notes
PHILIPPINE INTERPRETATIONS

Financial Statements
Number Title Accounts Affected
Affected
Philippine Changes in Existing
Interpretation Decommissioning, Restoration and SFP, Notes
IFRIC-1 Similar Liabilities
Philippine
Members’ Shares in Co-operative
Interpretation
Entities and Similar Instruments
IFRIC-2
Philippine
Determining whether an
Interpretation
Arrangement contains a Lease
IFRIC-4
Philippine Rights to Interests arising from
Interpretation Decommissioning, Restoration and
IFRIC-5 Environmental Rehabilitation Funds
Philippine Liabilities arising from Participating in
Interpretation a Specific Market—Waste Electrical
IFRIC-6 and Electronic Equipment
Philippine Applying the Restatement Approach
Interpretation under PAS 29 Financial Reporting in
IFRIC-7 Hyperinflationary Economies
Philippine
Interim Financial Reporting and
Interpretation
Impairment
IFRIC-10
Philippine
Interpretation Service Concession Arrangements
IFRIC-12
Philippine PAS 19—The Limit on a Defined
Interpretation Benefit Asset, Minimum Funding
IFRIC-14 Requirements and their Interaction
Philippine
Hedges of a Net Investment in a
Interpretation
Foreign Operation
IFRIC-16
Philippine
Extinguishing Financial Liabilities
Interpretation
with Equity Instruments
IFRIC-19
Philippine
Stripping Costs in the Production
Interpretation
Phase of a Surface Mine
IFRIC-20
Philippine
Interpretation Levies
IFRIC-21
Philippine
Foreign Currency Transactions and
Interpretation
Advance Consideration
IFRIC-22
Philippine
Uncertainty over Income Tax
Interpretation
Treatments
IFRIC-23
Philippine
Interpretation Introduction of the Euro
SIC-7
Philippine Government Assistance—No
Interpretation Specific Relation to Operating
SIC-10 Activities
Philippine
Interpretation Operating Leases—Incentives
SIC-15
Philippine Income Taxes—Changes in the Tax
Interpretation Status of an Entity or its
SIC-25 Shareholders
Philippine Evaluating the Substance of
Interpretation Transactions Involving the Legal
SIC-27 Form of a Lease
Philippine
Service Concession Arrangements:
Interpretation Notes
Disclosures
SIC-29
Philippine
Interpretation Intangible Assets—Web Site Costs SFP, Notes, SCI, IS
SIC-32
PHILIPPINE STANDARDS ON AUDITING

Number Title Audit Process Applicable

PSA 120 Framework of Philippine Standards on Auditing
Overall Objectives of the Independent Auditor and the Conduct of
PSA 200
an Audit in Accordance with International Standards on Auditing
PSA 210 Agreeing the Terms of Audit Engagements Accepting the Engagement
PSA 220 Quality Control for Audits of Historical Financial Statements Accepting the Engagement, Audit Planning
PSA 230 Audit Documentation All (Throughout the Audit)
The Auditor’s Responsibility to Consider Fraud in an Audit of
PSA 240 Audit Planning
Financial Statements
Consideration of Laws and Regulations in an Audit of Financial
PSA 250 Audit Planning
Statements
PSA 260 Communication with Those Charged with Governance Audit Planning, Completing the Audit
Communicating Deficiencies in Internal Control to Those Charged
PSA 265 Audit Planning, Completing the Audit
with Governance and Management
PSA 300 Planning an Audit of Financial Statements Audit Planning
Identifying and Assessing the Risks of Material Misstatement
PSA 315 Audit Planning, Completing the Audit
through Understanding the Entity and Its Environment
PSA 320 Materiality in Planning and Performing an Audit Audit Planning
PSA 330 The Auditor's Responses to Assessed Risks Audit Planning, Completing the Audit
Audit Considerations Relating to Entities Using Service
PSA 402 Audit Planning
Organizations
PSA 500 Audit Evidence Substantive Testing, Completing the Audit
PSA 501 Audit Evidence – Additional Considerations on Specific Items Substantive Testing, Completing the Audit
PSA 505 External Confirmations Substantive Testing
PSA 510 Initial Audit Engagements-Opening Balances Substantive Testing
PSA 520 Analytical Procedures Audit Planning, Completing the Audit
PSA 530 Audit Sampling Audit Planning, Substantive Testing
Auditing Accounting Estimates, Including Fair Value Accounting
PSA 540 Audit Planning, Substantive Testing
Estimates, and Related Disclosures
PSA 550 Related Parties Audit Planning, Completing the Audit
PSA 560 Subsequent Events Audit Planning, Completing the Audit
PSA 570 Going Concern Audit Planning, Completing the Audit
PSA 580 Written Representations Audit Planning, Completing the Audit
Special Considerations-Audits of Group Financial Statements
PSA 600 Audit Planning, Completing the Audit
(Including the Work of Component Auditors)
PSA 610 Using the Work of Internal Auditors Audit Planning, Substantive Testing
PSA 620 Using the Work of an Expert Audit Planning, Substantive Testing
The Independent Auditor’s Report on a Complete Set of General
PSA 700 Issuance of Audit Report
Purpose Financial Statements
PSA 705 Modifications to the Opinion in the Independent Auditor's Report Issuance of Audit Report
Emphasis of Matter Paragraphs and Other Matter Paragraphs in
PSA 706 Issuance of Audit Report
the Independent Auditor's Report
Comparative Information-Corresponding Figures and Comparative
PSA 710 Audit Planning
Financial Statements
The Auditor's Responsibilities Relating to Other Information in
PSA 720 Audit Planning
Documents Containing Audited Financial Statements
Special Considerations-Audits of Financial Statements Prepared in
PSA 800 Audit Planning
Accordance with Special Purpose Frameworks
Special Considerations-Audits of Single Financial Statements and
PSA 805 Audit Planning
Specific Elements, Accounts or Items of a Financial Statement
PSA 810 Engagements to Report on Summary Financial Statements Audit Planning