Effective

PFRS Title Date

First-time Adoption of Philippine Financial Reporting Standards [superseded by
PFRS 1 PFRS 1 (Revised)] 01/01/05
Amendments to PFRS 1: Cost of an Investment in a Subsidiary, Jointly
Controlled Entity or Associate 01/01/09
PFRS 1
(Revised) First-time Adoption of Philippine Financial Reporting Standards 07/01/09
Amendments to PFRS 1: Additional Exemptions for First-time Adopters 01/01/10
Amendment to PFRS 1: Limited Exemption from Comparative PFRS 7
Disclosures for First-time Adopters 07/01/10
Amendments to PFRS 1: Severe Hyperinflation and Removal of Fixed Date for
First-time Adopters 07/01/11
Amendments to PFRS 1: Government Loans 01/01/13*
PFRS 2 Share-based Payment 01/01/05
Amendments to PFRS 2: Vesting Conditions and Cancellations 01/01/09
Amendments to PFRS 2: Group Cash-settled Share-based Payment
Transactions 01/01/10
PFRS 3 Business Combinations [superseded by PFRS 3 (Revised)] 01/01/05
PFRS 3 (Revised) Business Combinations 07/01/09
PFRS 4 Insurance Contracts 01/01/05
Amendments to PFRS 4: Financial Guarantee Contracts 01/01/06
PFRS 5 Non-current Assets Held for Sale and Discontinued Operations 01/01/05
PFRS 6 Exploration for and Evaluation of Mineral Resources 01/01/06
PFRS 7 Financial Instruments: Disclosures 01/01/07
Amendments to PFRS 7: Transition 01/01/07
Amendments to PFRS 7: Reclassification of Financial Assets 07/01/08
Amendments to PFRS 7: Reclassification of Financial Assets - Effective Date
and Transition 07/01/08
Amendments to PFRS 7: Improving Disclosures about Financial Instruments 01/01/09
Amendments to PFRS 7: Disclosures - Transfers of Financial Assets 07/01/11
Amendments to PFRS 7: Disclosures - Offsetting Financial Assets and Financial
Liabilities 01/01/13*
Amendments to PFRS 7: Mandatory Effective Date of PFRS 9 and Transition
Disclosures 01/01/15*
PFRS 8 Operating Segments 01/01/09
PFRS 9 Financial Instruments 01/01/15
Amendments to PFRS 9: Mandatory Effective Date of PFRS 9 and Transition
Disclosures 01/01/15*
PFRS 10 Consolidated Financial Statements 01/01/13*
Amendments to PFRS 10: Transition Guidance 01/01/13*
Amendments to PFRS 10: Investment Entities 01/01/14*
PFRS 11 Joint Arrangements 01/01/13*
Amendments to PFRS 11: Transition Guidance 01/01/13*
PFRS 12 Disclosure of Interests in Other Entities 01/01/13*
Amendments to PFRS 12: Transition Guidance 01/01/13*
Amendments to PFRS 12: Investment Entities 01/01/14*
PFRS 13 Fair Value Measurement 01/01/13*

Philippine Accounting Standards (PASs)

Effective
PAS Title Date
PAS 1 Presentation of Financial Statements [superseded by PAS 1 (Revised)] 01/01/05
Amendment to PAS 1: Capital Disclosures 01/01/07
PAS 1 (Revised) Presentation of Financial Statements 01/01/09
Amendments to PAS 1: Puttable Financial Instruments and Obligations Arising
on Liquidation 01/01/09
Amendments to PAS 1: Presentation of Items of Other Comprehensive Income 07/01/12*
PAS 2 Inventories 01/01/05
PAS 7 Statement of Cash Flows 1 01/01/05
PAS 8 Accounting Policies, Changes in Accounting Estimates and Errors 01/01/05
PAS 10 Events after the Reporting Period 2 01/01/05
PAS 11 Construction Contracts 01/01/05
PAS 12 Income Taxes 01/01/05
Amendments to PAS 12 - Deferred Tax: Recovery of Underlying Assets 01/01/12
PAS 14 Segment Reporting [superseded by PFRS 8] 01/01/05
PAS 16 Property, Plant and Equipment 01/01/05
PAS 17 Leases 01/01/05
PAS 18 Revenue 01/01/05
PAS 19 Employee Benefits [superseded by PAS 19 (Amended)] 01/01/05
Amendments to PAS 19: Actuarial Gains and Losses, Group Plans and
Disclosures [superseded by PAS 19 (Amended)] 01/01/06
PAS 19 (Amended) Employee Benefits 01/01/13*
PAS 20 Accounting for Government Grants and Disclosure of Government Assistance 01/01/05
PAS 21 The Effects of Changes in Foreign Exchange Rates 01/01/05
Amendment: Net Investment in a Foreign Operation 01/01/06
PAS 23 Borrowing Costs [superseded by PAS 23 (Revised)] 01/01/05
PAS 23 (Revised) Borrowing Costs 01/01/09
PAS 24 Related Party Disclosures [superseded by PAS 24 (Revised)] 01/01/05
PAS 24 (Revised) Related Party Disclosures 01/01/11
PAS 26 Accounting and Reporting by Retirement Benefit Plans 01/01/05
Consolidated and Separate Financial Statements [superseded by PAS 27
PAS 27 (Revised)] 01/01/05
 Consolidated and Separate Financial Statements [superseded by PAS 27
PAS 27 (Revised) (Amended)] 07/01/09
Amendments to PAS 27: Cost of an Investment in a Subsidiary, Jointly
Controlled Entity or Associate[superseded by PAS 27 (Amended)] 01/01/09
PAS 27 (Amended) Separate Financial Statements 01/01/13*
Amendments to PAS 27 (Amended): Investment Entities 01/01/14*
PAS 28 Investments in Associates [superseded by PAS 28 (Amended)] 01/01/05
PAS 28 (Amended) Investments in Associates and Joint Ventures 01/01/13*
PAS 29 Financial Reporting in Hyperinflationary Economies 01/01/05
Disclosures in the Financial Statements of Banks and Similar Financial
PAS 30 Institutions [superseded by PFRS 7] 01/01/05
PAS 31 Interests in Joint Ventures [superseded by PFRS 11] 01/01/05
PAS 32 Financial Instruments: Disclosure and Presentation 01/01/05
Financial Instruments: Presentation 01/01/07
Amendments to PAS 32: Puttable Financial Instruments and Obligations Arising
on Liquidation 01/01/09
Amendment to PAS 32: Classification of Rights Issues 02/01/10
Amendments to PAS 32: Offsetting Financial Assets and Financial Liabilities 01/01/14*
PAS 33 Earnings per Share 01/01/05
PAS 34 Interim Financial Reporting 01/01/05
PAS 36 Impairment of Assets 01/01/05
Amendments to PAS 36: Recoverable Amount Disclosures for Non-Financial
Assets 01/01/14*
PAS 37 Provisions, Contingent Liabilities and Contingent Assets 01/01/05
PAS 38 Intangible Assets 01/01/05
PAS 39 Financial Instruments: Recognition and Measurement 01/01/05
Amendments to PAS 39: Transition and Initial Recognition of Financial Assets
and Financial Liabilities 01/01/05
Amendments to PAS 39: Cash Flow Hedge Accounting of Forecast Intragroup
Transactions 01/01/06
Amendments to PAS 39: The Fair Value Option 01/01/06
Amendments to PAS 39: Financial Guarantee Contracts 01/01/06
Amendments to PAS 39: Reclassification of Financial Assets 07/01/08
Amendments to PAS 39: Reclassification of Financial Assets - Effective Date
and Transition 07/01/08
Amendments to PAS 39: Embedded Derivatives 06/30/09
Amendment to PAS 39: Eligible Hedged Items 07/01/09
PAS 40 Investment Property 01/01/05
PAS 41 Agriculture 01/01/05
Financial Reporting Standards for Non-publicly Accountable
PAS 101 Entities [superseded by PFRS for SMEs] 01/01/05
Amendment to PAS 101: Change in Effective Date [superseded by PFRS for
SMEs] 01/01/05
 1 As a result of the changes in terminology made by PAS 1 in 2007, the title of PAS 7 was changed
from Cash Flow Statements to Statement of Cash Flows.
2 As a result of the changes in terminology made by PAS 1 in 2007, the title of PAS 10 was changed
from Events after the Balance Sheet Date to Events after the Reporting Period.

Effective
Annual Improvements to PFRSs Date
Improvements to PFRSs (Approved in 2008)
Amendments to PAS 1, PAS 16, PAS 19, PAS 20, PAS 23, PAS 27, PAS 28, PAS 29, PAS 31,
PAS 36, PAS 38, PAS 39, PAS 40, PAS 41 01/01/09
Amendments to PFRS 5 07/01/09
Improvements to PFRSs (Approved in 2009)
Amendments to PFRS 2, PAS 38, Philippine Interpretation IFRIC–9, Philippine Interpretation
IFRIC–16 07/01/09
Amendments to PFRS 5, PFRS 8, PAS 1, PAS 7, PAS 17, PAS 36, PAS 39 01/01/10
Amendment to PAS 18, Appendix 05/27/09
Improvements to PFRSs (Approved in 2010)
Amendments to PFRS 3, Transition requirements for amendments to PAS 21, PAS 28 and PAS 31
made as a result of PAS 27 (Revised) 07/01/10
Amendments to PFRS 1, PFRS 7, PAS 1, PAS 34, Philippine Interpretation IFRIC–13 01/01/11
Annual Improvements to PFRSs 2009-2011 Cycle
Amendments to PFRS 1, PAS 1, PAS 16, PAS 32 and PAS 34 01/01/13*

Philippine Accounting Standards

The Philippine Accounting Standards (PAS) along with the Philippine Financial
Reporting Standards (PFRS) are the current set of Generally Accepted Accounting
Principles (GAAP) in the Philippines. They were issued by the Accounting
Standards Council (ASC) to govern the preparation of financial statements. They are
based from the International Accounting Standards (IAS) which was adopted by
the Philippine Financial Reporting Standards Council (PFRSC) and subsequently
approved by the Securities and Exchange Commission.

Given below is the complete list of Philippine Accounting Standards along with the links
to the PDF files which you could download and save to your computer or smartphone.
Study them well and know them by heart. Simply scroll down and and click on the links
to download the Philippine Accounting Standards that you need.
 Effective
PAS Title
Date

Presentation of Financial Statements [superseded by PAS 1

PAS 1 01/01/05
(Revised)]

Amendment to PAS 1: Capital Disclosures 01/01/07

PAS 1 (Revised) Presentation of Financial Statements 01/01/09

Amendments to PAS 32 and PAS 1: Puttable Financial Instruments

01/01/09
and Obligations Arising on Liquidation

Amendments to PAS 1: Presentation of Items of Other

07/01/12*
Comprehensive Income

PAS 2 Inventories 01/01/05

PAS 7 Cash Flow Statements 01/01/05

PAS 8 Accounting Policies, Changes in Accounting Estimates and Errors 01/01/05

PAS 10 Events after the Balance Sheet Date 01/01/05

PAS 11 Construction Contracts 01/01/05

PAS 12 Income Taxes 01/01/05

Amendments to PAS 12 – Deferred Tax: Recovery of Underlying

01/01/12
Assets

PAS 14 Segment Reporting [superseded by PFRS 8] 01/01/05

PAS 16 Property, Plant and Equipment 01/01/05

PAS 17 Leases 01/01/05

PAS 18 Revenue 01/01/05

PAS 19 Employee Benefits 01/01/05

 Amendments to PAS 19: Actuarial Gains and Losses, Group Plans
01/01/06
and Disclosures

PAS 19 (Amended) Employee Benefits 01/01/13*

Effective
PAS Title
Date

Accounting for Government Grants and Disclosure of Government

PAS 20 01/01/05
Assistance

PAS 21 The Effects of Changes in Foreign Exchange Rates 01/01/05

Amendment: Net Investment in a Foreign Operation 01/01/06

PAS 23 Borrowing Costs [superseded by PAS 23 (Revised)] 01/01/05

PAS 23 (Revised) Borrowing Costs 01/01/09

PAS 24 Related Party Disclosures [superseded by PAS 24 (Revised)] 01/01/05

PAS 24 (Revised) Related Party Disclosures 01/01/11

PAS 26 Accounting and Reporting by Retirement Benefit Plans 01/01/05

Consolidated and Separate Financial Statements [superseded by

PAS 27 01/01/05
PAS 27 (revised)]

PAS 27 (Revised) Consolidated and Separate Financial Statements 07/01/09

Amendments to PFRS 1 and PAS 27: Cost of an Investment in a

01/01/09
Subsidiary, Jointly Controlled Entity or Associate

PAS 27 (Amended) Separate Financial Statements 01/01/13*

PAS 28 Investments in Associates 01/01/05

PAS 28 (Amended) Investments in Associates and Joint Ventures 01/01/13*

PAS 29 Financial Reporting in Hyperinflationary Economies 01/01/05

Disclosures in the Financial Statements of Banks and Similar

PAS 30 01/01/05
Financial Institutions [superseded by PFRS 7]

PAS 31 Interests in Joint Ventures 01/01/05

PAS 32 Financial Instruments: Disclosure and Presentation 01/01/05

Financial Instruments: Presentation 01/01/07

Amendments to PAS 32 and PAS 1: Puttable Financial Instruments

01/01/09
and Obligations Arising on Liquidation

Amendment to PAS 32: Classification of Rights Issues 02/01/10

Amendments to PAS 32: Offsetting Financial Assets and Financial

01/01/14*
Liabilities

PAS 33 Earnings per Share 01/01/05

PAS 34 Interim Financial Reporting 01/01/05

PAS 36 Impairment of Assets 01/01/05

PAS 37 Provisions, Contingent Liabilities and Contingent Assets 01/01/05

PAS 38 Intangible Assets 01/01/05

PAS 39 Financial Instruments: Recognition and Measurement 01/01/05

Amendments to PAS 39: Transition and Initial Recognition of

01/01/05
Financial Assets and Financial Liabilities

Amendments to PAS 39: Cash Flow Hedge Accounting of Forecast

01/01/06
Intragroup Transactions

Amendments to PAS 39: The Fair Value Option 01/01/06

 Amendments to PAS 39 and PFRS 4: Financial Guarantee Contracts 01/01/06

Amendments to PAS 39 and PFRS 7: Reclassification of Financial

07/01/08
Assets

Amendments to PAS 39 and PFRS 7: Reclassification of Financial

07/01/08
Assets – Effective Date and Transition

Amendments to Philippine Interpretation IFRIC–9 and PAS 39:

06/30/09
Embedded Derivatives

Amendment to PAS 39: Eligible Hedged Items 07/01/09

PAS 40 Investment Property 01/01/05

PAS 41 Agriculture 01/01/05

Financial Reporting Standards for Non-publicly Accountable

PAS 101 01/01/05
Entities [superseded by PFRS for SMEs]

Amendment to PAS 101: Change in Effective Date 01/01/05