SEC Adopts Latest Financial Reporting Pronouncements

As seen on SEC’s official Facebook Page – The Securities and Exchange Commission (SEC) has adopted the latest financial reporting pronouncements to keep the country’s financial reporting framework aligned with evolving accounting and sustainability reporting requirements.

 

The Commission on July 23 issued SEC Memorandum Circular No. 22, Series of 2026, adopting the new and amended Philippine Financial Reporting Standards (PFRS) and Philippine Interpretations Committee Questions and Answers (PIC Q&A), as part of the Commission’s rules and regulation on financial reporting.

 

The PFRS is the authoritative accounting standard in the Philippines that prescribes the recognition, measurement, presentation, and disclosure requirements for financial statements, while the PIC Q&As provide implementation guidance and interpretative clarifications on the application of the PFRS.

 

Through the memorandum circular, the SEC updates the financial reporting framework by incorporating the latest PFRS, PIC Q&As, and other related financial reporting pronouncements into its rules and regulations.