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Philippines proposes to adopt IFRS starting in 2005

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02 Oct 2003

The Senate of the Philippines is considering a bill, known as the Philippine Accountancy Act of 2003, that would require that "the Board [Professional Regulatory Board of Accountancy] and the [Professional Regulation] Commission adopt the International Accounting Standards (IAS) and the International Standards on Auditing (ISA) issued or adopted by the International Federation of Accountants (IFAC) as the Philippine accounting and auditing standards with full implementation effective January, 2005. For this purpose, an accounting standard council and auditing standard practices council shall be organized by the Board with the approval of the Commission to determine implementing guidelines and interpretations on the applications of the IAS and ISA subject to the approval of the Board and the Commission." Click to Download (PDF 58k) the proposed law. .

The Senate of the Philippines is considering a bill, known as the Philippine Accountancy Act of 2003, that would require that "the Board [Professional Regulatory Board of Accountancy] and the [Professional Regulation] Commission adopt the International Accounting Standards (IAS) and the International Standards on Auditing (ISA) issued or adopted by the International Federation of Accountants (IFAC) as the Philippine accounting and auditing standards with full implementation effective January, 2005. For this purpose, an accounting standard council and auditing standard practices council shall be organized by the Board with the approval of the Commission to determine implementing guidelines and interpretations on the applications of the IAS and ISA subject to the approval of the Board and the Commission." Click to Download (PDF 58k) the proposed law.

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