The IFRS for SMEs Standard is required or permitted, The IFRS for SMEs Standard is under consideration, Accounting for significant financing component, Exclusion of land in the determination of the percentage of completion, Exclusion of uninstalled materials in the determination of percentage of completion. 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 … Q�H&���g���r.r���Y�mfg����2�t�4� K2e�sf�(�!S�CJf��TLpI� �,� �� �i�c���g�{j�����LJ���`RѦBB��r���V ͔�qF�$�7�����2��x����իdR��U�0��7e�*X�|*NO10�3K޿�Ln�E2�we]�����\u���]�������4����f���49�a�-�hN�N��.sf��R�L Yes. 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). Examples . It applies to existing contracts that are not yet complete as of the effective date and new contracts entered into on or after the effective date. The IFRS Foundation's logo and the IFRS for SMEs® logo, the IASB® logo, the ‘Hexagon Device’, eIFRS®, IAS®, IASB®, IFRIC®, IFRS®, IFRS for SMEs®, IFRS Foundation®, International Accounting Standards®, International Financial Reporting Standards®, NIIF® and SIC® are registered trade marks of the IFRS Foundation, further details of which are available from the IFRS Foundation on request. the Board issues a proposal in the form of an exposure draft or a discussion paper; the FRSC analyses the potential implications of the Board’s proposals for local financial reporting; the FRSC issues an invitation to comment on the Board’s proposals; the FRSC submits any comments to the Board; the Board issues a new or amended IFRS Standard; the FRSC adopts the new or amended IFRS Standard as PFRS; the FRSC submits the new PFRS to the PRC through the BOA for approval; the BOA and the PRC approve the adoption; the BOA and the PRC oversee the publication of the new PFRS in the. Related content . All but one AOSSG members agree with the IASB’s proposal to amend IFRS 15 so that The IASB issued ED/2015/2 Exposure Draft Effective Date of IFRS 15 (Proposed amendments to IFRS 15) (the 'ED') on 19 May 2015, with comments due by 3 July 2015. 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. 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. 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. 1 of ; Subject matter experts . Earlier application was permitted. h�bbd```b``�"��H�� �M̎��J �%LN���� 09L��)��� v�:)� D����1L��9`����� � Ear­lier ap­pli­ca­tion of IFRS 15 con­tin­ues to be per­mit­ted. 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). IFRS 15 supersedes the current revenue recognition standards including IAS 18 Revenue, IAS 11 Construction Contracts and their related interpretations. Philippines | Technical Research | 12 December 2014 (Issue 19) Accounting & Auditing News IFRS 15 ... cases, the seller is entitled to adequate compensation for work performed to date. On 12 April 2016, clarifying amendments were issued that have the same effective date as the standard itself. PFRS 17, ‘Insurance contracts’ This standard replaces PFRS 4, which currently permits a wide variety of practices in accounting for insurance contracts. � 7N IFRS 16: Leases. (Kit) 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. 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. 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). IFRS 15 Revenue from Contracts with Customers 02 Sep 2014 Category: Financial Reporting Publications. Amendments to IFRS 15 Revenue from Contracts with Customers Paragraphs 26, 27 and 29 are amended. SUITS THE C-SUITE By Erwin A. Paigma. To stay competitive and increase revenue, companies may add flexibility and value to their products and service offerings — be … 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. The ED proposed deferring the effective date of IFRS 15 Revenue from Contracts with Customers to 1 January 2018 (originally 1 January 2017). This Standard is a disallowable instrument for the purposes of the Legislation Act 2012, and pursuant to section 27(1) of the Financial Reporting … Le 22 juillet 2015, l'IASB a confirmé à l'unanimité sa proposition de reporter au 1 er janvier 2018 la date d'entrée en vigueur d' IFRS 15, Produits des activités ordinaires tirés de contrats conclus avec des clients. h�b```�n�� cb�L?׀D�4���w� r.y�( y���u��I�ʜm���10t0xt41��`P� 2$:P� �x�&&i I1j �i�qPs�_ ����]�i�%�A�B��2�9����ʧ8�� �b`>f�Y$[@�a] ��d`~�2�X� �,L the SEC adopts the new PFRS as part of its rules and regulations on financial reporting. (4) IFRS 15 contains some references to IFRS 9 that at present cannot be applied as IFRS 9 has not been adopted by the Union. Disclaimer: the IASB, the IFRS Foundation, the authors and the publishers do not accept responsibility for any loss caused by acting or refraining from acting in reliance on the material in this publication, whether such loss is caused by negligence or otherwise. Reporting revenue under IFRS 15 Revenue from Contracts with Customers is now one of your ordinary activities. Why or why not? 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 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. As of 2015, The Philippines has adopted the IFRS for SMEs without modifications. © IFRS Foundation 2017. 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. Frontier Economies The state of IFRS harmonization in ASEAN’s frontier economies ranges widely. English is the language of business in the Philippines. The new leases standard IFRS 16 heralds major changes to global lease accounting and will affect a wide variety of sectors. Yes. It is not in the process of filing financial statements for the purposes of issuing any class of instruments in a public market. '����6�/�������o����Д���ץ9O. IFRS Standards adopted as Philippines Financial Reporting Standards (PFRS) are required. 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 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. 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). 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. Do you agree? Ph��6�=�`=. 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. You can view which cookies are used by viewing the details in our privacy policy. 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. The following are required to use PFRSs: This requirement applies to all foreign companies whose securities trade in a Philippine public market. a holder of secondary licence(s) issued by regulatory agencies. The publication of the amendment, Effective Date of IFRS 15, follows from the IASB’s decision in July to defer the effective date from 1 January 2017 to 1 January 2018, having considered the feedback to its consultation. endstream endobj 478 0 obj <>/Metadata 23 0 R/Pages 475 0 R/StructTreeRoot 50 0 R/Type/Catalog/ViewerPreferences 496 0 R>> endobj 479 0 obj <>/MediaBox[0 0 595.32 841.92]/Parent 475 0 R/Resources<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI]/XObject<>>>/Rotate 0/StructParents 0/Tabs/S/Type/Page>> endobj 480 0 obj <>stream BC1 In May 2014, the IASB issued IFRS 15Revenue from Contracts with Customerswith an effective date of 1 January 2017; earlier application is permitted. 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. HM Treasury proposes to apply IFRS 15 effective from 1 April 2018 for the public sector. Provisions to ease different effective dates of IFRS 9 and IFRS 17: IFRS 9: 12 Oct 2017: 1 Jan 2019: Classification of Prepayment Features with Negative Compensation: IFRS 11: 12 Dec 2017: 1 Jan 2019: Clarification: IFRS 15: 11 Sep 2015: 1 Jan 2018: Complete IFRS 15 is effective: IFRS 15: 12 Apr 2016: 1 Jan 2018: Clarifications: IFRS 16: 13 Jan 2016: 1 Jan 2019 That Topic has different effective dates for public business entities and entities other than public business entities. as the Philippine Financial Reporting Standards for SMEs (‘PFRS for SMEs’). Implementation issues Session expired, please refresh your browser. endstream endobj startxref 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. The FRSC’s main function is to establish generally accepted accounting principles in the Philippines. it is a subsidiary of a parent company reporting under PFRSs; it is a subsidiary of a foreign parent company that will be moving towards IFRS Standards pursuant to the foreign country’s published convergence plan; it is either a significant joint venture or an associate that is part of a group reporting under PFRSs; it is a branch office or the regional operating headquarters of a foreign company reporting under IFRS Standards; it has been preparing financial statements using PFRSs and has decided to liquidate. 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 … 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). 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. 0 These are: IFRS 15, Revenues from Contracts with Customers; and IFRS 16, Leases. %PDF-1.7 %���� Join the mailing list Receive our regular newsletter, a round-up of the latest news and insights direct to your inbox, and designed to help you stay ahead. Amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures re:. 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 … IFRS 15 Revenue from Contracts with Customers is the new Revenue Standard effective 1 January 2018. Earlier application would be permitted. IFRS 15 is applicable to the contracts with customers of all industries except for lease contracts, insurance contracts and financial instruments. In September 2015 the IASB issued an amendment to IFRS 15 that defers the effective date from 1 January 2017 to 1 January 2018. 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 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. 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). 519 0 obj <>stream 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. There is a need to develop and implement a transition roadmap to ensure compliance by 2018. The above reliefs can be availed of for a period of 3 years (i.e., from 2018 to 2020). Real estate companies availing of any of the above reliefs are required to make additional disclosures in the financial statements. 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. Improving financial reporting framework to be permitted new text is underlined CAPTCHA field to you. Deferred the effective date as the standard, could affect companies ’ implementation plans 1 of ; TABLE of TOOLS! 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