Amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures re:. Session expired, please refresh your browser. IFRS 15 becomes applicable for annual reports beginning on or after 1 January 2018 (subject to EU endorsement) and provides detailed guidance on how revenue should be recognised. Juillet 2015. Accessibility   |   Privacy   |   Terms and Conditions   |   Trade mark guidelines   |   All legal information   |   Using our website. When IFRS 15 Revenue from Contracts with Customers(adopted in the Philippines as PFRS 15 Revenue from Contracts with Customers), took effect on January 1, 2018, the real estate industry raised certain implementation issues with the SEC. In September 2015 IASB postponed the effective date of IFRS by one year (before 1.1.2017). Companies that comply with PFRSs when preparing consolidated financial statements are required to prepare separate financial statements using the same accounting framework. However, as your business grows and evolves – whether by developing new products and services, embedding technological innovations or buying new businesses – you may be facing challenges in applying IFRS 15 to new facts and circumstances. Philippine Financial Reporting Standards (PFRSs). The effective date of those amendments is for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years for any of the following: When IFRS 15 Revenue from Contracts with Customers (adopted in the Philippines as PFRS 15 Revenue from Contracts with Customers), took effect on January 1, 2018, the real estate industry raised certain implementation issues with the SEC. 1 of ; Effective date . The International Accounting Standards Board (“IASB”) published an exposure draft on May 19, 2015, proposing to defer the effective date of IFRS 15, “Revenue from Contracts with Customers,” which was originally scheduled to be effective for annual periods beginning on or after January 1, 2017. BC1 In May 2014, the IASB issued IFRS 15Revenue from Contracts with Customerswith an effective date of 1 January 2017; earlier application is permitted. Companies applying IFRS continue to have the option to apply the Standard early. This is a list of the International Financial Reporting Standards (IFRSs) and official interpretations, as set out by the IFRS Foundation.It includes accounting standards either developed or adopted by the International Accounting Standards Board (IASB), the standard-setting body of the IFRS Foundation.. Publication: Use of IFRS Standards around the world [PDF], How the IFRS Interpretations Committee helps support consistent application, Supporting materials for the IFRS for SMEs Standard, http://www.picpa.com.ph/frsc.html?article=About FRSC and PIC&page=FRSC, COMMITMENT TO GLOBAL FINANCIAL REPORTING STANDARDS, APPLICATION OF THE IFRS FOR SMEs STANDARD, IFRS Standards are required for domestic public companies, IFRS Standards are permitted but not required for domestic public companies, IFRS Standards are required or permitted for listings by foreign companies. Deleted text is struck through and new text is underlined. In response, the SEC provided relief to real estate companies by giving them the option to defer the application of the following requirements of PFRS 15 … endstream endobj startxref The IASB published on 19 May 2015 for consultation a proposal to defer the effective date of the revenue Standard, IFRS 15 Revenue from Contracts with Customers, by one year to 1 January 2018. The FRSC was established under the Implementing Rules and Regulations of the Philippine Accountancy Act of 2004 to assist the BOA in carrying out its power and function to promulgate accounting standards in the Philippines. The new leases standard IFRS 16 heralds major changes to global lease accounting and will affect a wide variety of sectors. The BSP and IC are the primary regulators of banking institutions and insurance companies, respectively. 0 Implementation issues as the Philippine Financial Reporting Standards for SMEs (‘PFRS for SMEs’). It has total assets of between more than Php100 million (approximately US$1.9 million) to Php350 million (approximately US$7 million) or if it has total liabilities of more than Php100 million to Php250 million (approximately US$5 million). PwC webcast on step two of the revenue recognition model under IFRS 15; Link copied. Why or why not? IFRS 16, the new accounting standard for leases, is now effective for annual reporting periods commencing on or after 1 January 2019. You can view which cookies are used by viewing the details in our privacy policy. EFFECTIVE DATE OF NZ IFRS 15 1 Effective Date of NZ IFRS 15 This Standard was issued on 5 November 2015 by the New Zealand Accounting Standards Board of the External Reporting Board pursuant to section 12(a) of the Financial Reporting Act 2013. Invalid characters in 'Your Query' field. IFRS 15 Revenue from Contracts with Customers: Original issue; May 2014: Applies to an entity's first annual IFRS financial statements for a period beginning on or after 1 January 2017 2018 (see below) Amendments to defer the effective date to 1 January 2018; September 2015: Annual periods beginning on or after 1 January 2018: Clarifications to IFRS 15; April 2016 And the entity must not otherwise be required to file financial statements with the SEC under Part II of Rule 68 of the SRC (ie it is not a company whose securities trade in a public market or which has at least 200 shareholders owning 100 or more shares of a class of its equity securities); nor be in the process of filing its financial statements for the purpose of issuing any class of instruments in a public market; nor be a holder of a secondary license issued by a regulatory agency. It is not required to file financial statements under Part II of Rule 68 of the SRC (ie it is not a company whose securities trade in a public market or which has at least 200 shareholders owning 100 or more shares of a class of its equity securities). The SEC has the authority to prescribe the financial reporting framework to be used by corporations in the Philippines. Find out more. Earlier application of IFRS 15 continues to be permitted. All domestic companies whose debt or equity securities are traded in a public market are required to use PFRS Standards in their consolidated financial statements. Please remove any invalid characters ('', '+', '|'), links or URLs (e.g www.ifrs.org, http://www.ifrs.org) from the 'Your query' field and re-submit. 3 When to apply IFRS 15 4 4w to apply the model Ho 6. Paragraphs 28 and 30 have not been amended but have been included for ease of … Earlier application would be permitted. When IFRS 15 Revenue from Contracts with Customers (adopted in the Philippines as PFRS 15 Revenue from Contracts with Customers), took effect on January 1, 2018, the real estate industry raised certain implementation issues with the SEC. Earlier application would be permitted. poses to amend IFRS 15 so that entities would be required to apply IFRS 15 for annual reporting periods beginning on or after 1 January 2018. it has a subsidiary that is required to report under PFRSs; it has a short-term projection that shows that it will breach the quantitative thresholds set in the criteria for a medium-sized entity; it has a concrete plan to conduct an initial public offering within the next two years; or. Entities are allowed to choose whether to apply IFRS 15 retrospectively to each prior period presented (with optional practical expedients) or retrospectively with the cumulative effect of initially applying IFRS 15 recognised at the date of initial application. Implementation guidance approved by the PIC shall be forwarded to the FRSC, BOA and PRC for approval before issuance to the public as final guidance. Keywords: Mazars, Thailand, IFRS, IASB, IFRS 15, EFRAG. Reporting revenue under IFRS 15 Revenue from Contracts with Customers is now one of your ordinary activities. The above reliefs can be availed of for a period of 3 years (i.e., from 2018 to 2020). With the IASB deferring the effective date of IFRS 17 to 2023, IC Deputy Commissioner Ferdinand George Florendo told the BusinessMirror that they are now looking to implement the new accounting standards “as early as 2025” unless the IASB defers the effective date of … The SEC has set quantitative and qualitative criteria to establish which companies (other than those whose securities trade in a public market) are required to use PFRSs. Yes, foreign entities are also required to use PFRS standards in their consolidated financial statements. IFRS 15 was issued by the IASB on 28 May 2014 and applies to an entity's first annual IFRS financial state­ments for a period beginning on or after 1 January 2018. The IASB also deferred the effective date of the new standard to 2018 and introduced additional practical expedients on transition. 1 of ; Frequently asked questions . The FRSC formed the PIC in August 2006 to assist the FRSC in establishing and improving financial reporting standards in the Philippines. IFRS 15, as amended, is effective for the first interim period within annual reporting periods beginning on or after January 1, 2018, with early adoption permitted. IFRS 15 was issued in May 2014 and applies to an annual reporting period beginning on or after 1 January 2018. However, this practice may change when applying the concept of transfer of control under IFRS 15. The effective date of IFRS 15 is from 1 January 2018. 1 of ; Subject matter experts . Should contract costs be capitalized? In response, the SEC provided relief to real estate companies by giving them the option to defer the application of the following requirements of PFRS 15 in accounting for real estate sales: In addition to the above, a lessor-real estate company that charges Common Usage Area fees to its tenants is also given the option not to present such fees at gross even if it is acting as principal in the arrangement. Go to content; IFRS 15 - Revenue from contracts with customers. 1 of ; Industry insights . With the IASB deferring the effective date of IFRS 17 to 2023,… GIVEN the impact of the Covid-19 pandemic, the Insurance Commission (IC) further deferred the implementation of … Related content . It applies to existing contracts that are not yet complete as of the effective date and new contracts entered Yes. Page 4 PFRS 15: An Overview §International Financial Reporting Standard (IFRS) 15, Revenue from contract with customers, was issued in May 2014 by the International Accounting Standards Board (IASB) §IFRS 15 was adopted by the FRSC in 2016 as PFRS 15 §PFRS 15 replaces PAS 18, Revenue, PAS 11, Construction Contracts, and related interpretations effective January 1, 2018 IFRS 15 Revenue from Contracts with Customers 02 Sep 2014 Category: Financial Reporting Publications. IFRS 15 Revenue from Contracts with Customers is the new Revenue Standard effective 1 January 2018. English is the language of business in the Philippines. The new revenue recognition standard may significantly impact revenue and profit recognition. On 12 April 2016, clarifying amendments were issued that have the same effective date as the standard itself. The SEC Circular indicates that the above relief shall form part of the PFRS for the purpose of preparing and filing general purpose financial statements to the SEC. (If the entity is a parent company, those amounts are based on the consolidated figures). SUITS THE C-SUITE By Erwin A. Paigma. Project history. It aims to standardise insurance accounting and improve comparability, both within the insurance industry and with other industries. Effective date IFRS 15 is effective for annual periods beginning on or after 1 January 2017 with early application permitted. Frontier Economies The state of IFRS harmonization in ASEAN’s frontier economies ranges widely. The role of the PIC is principally to issue implementation guidance on PFRSs. In this respect: An entity is small if its total assets are between PhP3 million (approximately US$57,000) to PhP100 million (approximately US$1.9 million) or if it has total liabilities of PhP3 million to PhP100,000,000 . Earlier application was permitted. All but one AOSSG members agree with the IASB’s proposal to amend IFRS 15 so that IFRS 15 Revenue from Contracts with Customers – 2018 IFRS 16 Leases – 2019 In Indonesia, the effective date on the implementation of PSAK 71, 72 and 73 … 13 Effective date and transition 326 13.1 Transition 326 13.2 Retrospective method 328 13.3 Cumulative effect method 337 13.4 Consequential amendments to other IFRS requirements341 13.5 First-time adoption 342 Guidance referenced 344 Detailed contents 345 Index of examples 348 Index of KPMG insights 355 About this publication 363 Please complete the CAPTCHA field to verify you are human. 30 Oct 2019. Access IFRS 16 from eIFRS. The FASB’s standard (ASC 606) is effective for public entities for the first interim period within annual reporting periods beginning after December 15, 2017 (nonpublic companies have an additional year). � 7N FRSC: http://www.picpa.com.ph/frsc.html?article=About FRSC and PIC&page=FRSC. In the Philippines, the current practice for broker-dealers is that such commissions are recognized on the date of trade execution rather than the settlement date, which comes three days after the trade date. The FRSC takes the following steps to adopt a new IFRS Standard as a PFRS: A medium-sized entity that meets all the following criteria must use the ‘PFRS for SMEs’ unless permitted to use PFRSs (see below): A medium-sized entity that meets any of the following criteria may opt to use full PFRSs rather than the PFRS for SMEs: With effect from 1 January 2019, entities not required to use PFRSs or the PFRS for SMEs are required to use the PFRS for Small Entities or the income tax basis of accounting. These are: IFRS 15, Revenues from Contracts with Customers; and IFRS 16, Leases. Examples . Yes. On 28 May 2014, a new global standard on revenue recognition, IFRS 15 Revenue from Contracts with Customers, was published by the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB). KPMG: Why 2021 is a pivotal year for IFRS 17 preparations the world over The year 2021 will be critical for insurers to ensure they are ready for new regulations set to arrive in 2023. IFRS 15 (REVENUE FROM CONTRACTS WITH CUSTOMERS)-appendix C, par 1 – effective Date: January 1, 2018-supersedes (Appendix C, par 10) >IAS 11: Construction Contracts >IAS 18: Revenue >IFRIC 13: Customer Loyalty Programmes >IFRIC 15: Agreements for the Construction of Real Estate >IFRIC 18: Transfers of Assets from Customers >SIC 31: Revenue-Barter Transactions Involving Advertising … h��W�n�F��}LPX��.���lY�;-"�. The FRSC’s main function is to establish generally accepted accounting principles in the Philippines. In Indonesia, the effective date on the implementation of PSAK 71, 72 and 73 (adopting IFRS 9, 15 and 16, respectively) is January 1, 2020. 477 0 obj <> endobj the SEC adopts the new PFRS as part of its rules and regulations on financial reporting. An error has occurred, please try again later. IFRS 15Revenue from Contracts with Customers The new revenue standard October 16, 2014 Wilson P. Tan SGV Assurance Head Chairman, Philippine Interpretations Committee These presentation materials are provided to you for your exclusive use and may not be sold in part or their entirety to any third party. Between now and 2019, the FAP plans to issue Thai equivalents of IFRS 9, IAS 32 and IFRS 7 in 2017, and to encourage early adoption. IFRS 15 Revenue from Contracts with Customers is published by the International Accounting Standards Board (IASB). These standards are codified in Philippines Financial Reporting Standard for SMEs (PFRS for SMEs) which became optional in 2009 and mandatory as of January 1 st, 2010. Earlier application is permitted for entities that apply IFRS 15 – Revenue from Contracts with Customers at or before the date of initial application of IFRS 16. IFRS 15 supersedes the current revenue recognition standards including IAS 18 Revenue, IAS 11 Construction Contracts and their related interpretations. Sep­tem­ber 2015. © IFRS Foundation 2017. The FAP plans to adopt IFRS 15 Revenue from Contracts with Customers) in 2019, IFRS 16 Leases in 2020, and IFRS 17 Insurance Contracts tentatively in 2022 (one-year delay from the expected IFRS 17 effective date). If stakeholders are in agreement with the IASB’s proposal, the effective date of IFRS 15 will be deferred by one year, and will thus be applicable for financial periods commencing on or after 1 January 2018. But since IFRS 9 would be effective beginning January 1, 2018, it is critical that entities assess the implications of the new standard as soon as possible, and having a transition plan will be key. It is not in the process of filing financial statements for the purposes of issuing any class of instruments in a public market. L’application anticipée d’ IFRS 15 demeure permise. The BOA, under the stewardship of the Philippine Professional Regulation Commission (PRC), supervises and regulates accountancy in the Philippines. Effective annual periods beginning on or after 1 January 2019 with earlier application permitted if PFRS 15, ‘Revenue from Contracts with Customers’, is also applied. Insurance companies follow two different sets of requirements when applying IFRS 17 Insurance Contracts. It will become effective on 1 January 2018, with retrospective application, and early adoption is permitted. poses to amend IFRS 15 so that entities would be required to apply IFRS 15 for annual reporting periods beginning on or after 1 January 2018. The International Financial Reporting Standards Foundation is a not-for-profit corporation incorporated in the State of Delaware, United States of America, with the Delaware Division of Companies (file no: 3353113), and is registered as an overseas company in England and Wales (reg no: FC023235). Real estate companies availing of any of the above reliefs are required to make additional disclosures in the financial statements. Philippine Financial Reporting Standards Council (FRSC), Philippine Interpretations Committee (PIC), Philippine Securities and Exchange Commission (SEC), Bangko Sentral ng Pilipinas (BSP), Philippine Central Bank. 22 July 2015. They issue rules and guidelines that include financial reporting matters. Deferral responds to concerns about implementation complexity – proposed amendments to the standard also released. h�bbd```b``�"��H�� �M̎��J �%LN���� 09L��)��� v�:)� D����1L��9`����� � The Philippines Insurance Commission allows insurance companies to defer the application of IFRS 17 to a year later than its effective date (ie 1 January 2023) with early adoption permitted; whereas the SEC requires the application of IFRS 17 on its effective date. '����6�/�������o����Д���ץ9O. Effective January 1, 2021, real estate companies will adopt the requirements of PFRS 15 in full, together with any subsequent amendments thereto, retrospectively or as the SEC will later prescribe. On Sep­tem­ber 11, 2015, the IASB pub­lished Ef­fec­tive Date of IFRS 15 de­fer­ring the ef­fec­tive date of IFRS 15 to Jan­u­ary 1, 2018. 3 when to apply the model Ho 6 IFRS Foundation Code ( SRC ) responds to concerns about complexity. 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