Philippine Accounting Standards (PAS)
PAS 1 - Presentation of Financial Statements
Scope and Application: prescribes the basis and guidelines for the presentation of
general-purpose financial statements
PAS 2 - Inventories
Scope and Application: prescribes the accounting treatment for inventories, regarding the costs
to be recognized as assets and expenses and their measurement
PAS 7 - Statement of Cash Flows
Scope and Application: prescribes the presentation of the statement of cash flows
PAS 8 - Accounting Policies, Changes in Accounting Estimates, and Errors
Scope and Application: prescribes the criteria for selecting, applying, and changing accounting
policies, changes in accounting estimates, and correction of prior period errors.
PAS 10 - Events after the Reporting Period
Scope and Application: prescribes the accounting for, and disclosures of, events after the
reporting period, including the date of authorized issuance of financial statements
PAS 12 - Income Taxes
Scope and Application: prescribes the accounting for income taxes from taxable profits
PAS 16 - Property, Plant, and Equipment
Scope and Application: prescribes the accounting treatment for property, plant, and equipment,
and the recognition for assets and depreciation and its carrying amounts
PAS 19 - Employee Benefits
Scope and Application: prescribes the accounting for employee benefits by employers, except
those under PFRS 2 and PAS 26
PAS 20 - Accounting for Government Grants and Disclosure of Government Assistance
Scope and Application: prescribes the accounting and disclosure of government grants and the
disclosure of other forms of government assistance
PAS 21 - The Effects of Changes in Foreign Exchange Rates
Scope and Application: prescribes the accounting for foreign activities and translating financial
statements into a presentation currency.
PAS 23 - Borrowing Costs
Scope and Application: prescribes the costs directly attributable to the acquisition, construction,
production, or capitalization of a qualifying asset
PAS 24 - Related Party Disclosure
Scope and Application: prescribes the guidelines for identifying related party relationships,
transactions, outstanding balances and commitments, and the disclosures for these items
PAS 26 - Accounting and Reporting by Retirement Benefit Plans
Scope and Application: deals with the accounting and reporting of retirement benefit plans,
except for government social security type arrangements and other employee benefits
PAS 27 - Separate Financial Statements
Scope and Application: prescribes the accounting and disclosures for investments in
subsidiaries, associates, and joint ventures in financial statement preparation
PAS 28 - Investment in Associates and Joint Ventures
Scope and Application: prescribes the accounting for investments in associates and the equity
method for investments in associates and joint ventures
PAS 29 - Financial Reporting in Hyperinflationary Economies
Scope and Application: prescribes the restatement procedures for the financial statements with
the functional currency of a hyperinflationary economy
PAS 32 - Financial Instruments Presentation
Scope and Application: presentation of financial instruments, offsetting, and classifying into
financial assets, liabilities, and equity instruments
PAS 33 - Earnings Per Share
Scope and Application: prescribes the principles in computing and presenting earnings per
share that publicly listed entities must present
PAS 34 - Interim Financial Reporting
Scope and Application: prescribes the recognition and measurement for minimum contents of
an interim financial report
PAS 36 - Impairment of Assets
Scope and Application: ensures that assets are not carried over their recoverable amounts
PAS 37 - Provisions, Contingent Liabilities and Contingent Assets
Scope and Application: prescribes the accounting and disclosure requirements for provisions
contingent liabilities and assets; exceptions are those from executory contracts, unless onerous,
and those under other PFRS
PAS 38 - Intangible Assets
Scope and Application: applies to all intangible assets, except those that are specifically under
other Standards
PAS 40 - Investment Property
Scope and Application: prescribes the accounting and disclosure requirements for investment
property
PAS 41 - Agriculture
Scope and Application: prescribes the accounting and disclosures for agricultural and related
activity
Philippine Financial Reporting Standards (PFRS)
PFRS 1 - First-Time Adoption of Philippine Financial Reporting Standards
Scope and Application: applied to entities that are issuing general-purpose financial statements
for the first time
PFRS 2 - Share-based Payment
Scope and Application: applied to transactions involving the issuance of its equity instruments or
cash based on the value of its equity instruments
PFRS 3 - Business Combinations
Scope and Application: applied to businesses that merge with one or more companies into one;
PFRS 5 - Non-current assets Held for Sale and Discontinued Operations
Scope and Application: prescribes the accounting for assets held for sale, disposal groups, and
discontinued operations
PFRS 6 - Exploration for and Evaluation of Mineral Resources
Scope and Application: addresses the accounting for expenditures on exploration for and
evaluation of mineral resources
PFRS 7 - Financial Instruments: Disclosures
Scope and Application: prescribes the disclosure requirements for financial instruments; it does
not deal with financial instruments under other standards
PFRS 8 - Operating Segments
Scope and Application: applies to the separate or individual, and consolidated financial
statements with a publicly listed parent
PFRS 9 - Financial Instruments
Scope and Application: establishes the classification and measurement of financial assets and
liabilities, except those under other standards
PFRS 10 - Consolidated Financial Statements
Scope and Application: prescribes the principles for the preparation and presentation of
consolidated financial statements
PFRS 11 - Joint Arrangements
Scope and Application: prescribes the principles for financial reporting by parties to a joint
arrangement
PFRS 12 - Disclosure of Interests in Other Entities
Scope and Application: prescribes the minimum disclosure requirements of an entity’s interest in
other entities
PFRS 13 - Fair Value Measurement
Scope and Application: applies to the fair value measurement and disclosures of assets,
liabilities, and equity
PFRS 14 - Regulatory Deferral Accounts
Scope and Application: applied to regulatory deferral account balances from the sale of goods
or services subject to rate regulation; it is only available to first-time adopters
PFRS 15 - Revenue from Contracts with Customers
Scope and Application: prescribes the principles for revenue and cash flows from the entity’s
contracts with customers, except those under other standards
PFRS 16 - Leases
Scope and Application: prescribes the accounting and disclosure needs for leases
PFRS 17 - Insurance Contracts
Scope and Application: pertains to the recognition, measurement, presentation, and disclosure
of insurance contracts by an insurer
