AS a member of the International Organization of Securities Commission (IOSCO), the Securities and Exchange Commission (SEC) complies with IOSCO's principles for securities regulation, which requires financial statements to be prepared in accordance with internationally accepted accounting standards. In line with this, the Commission issues financial reporting rules consistent with international accounting standards and their subsequent amendments, as adopted by the Philippine Financial Reporting Standards (PFRS) Council and approved by the Board of Accountancy and the Professional Regulation Commission.
On Aug. 11, 2016, the Commission approved the adoption of PFRS 15, providing the Revenue from Contracts with Customers, which was made effective for annual reporting periods beginning on or after Jan. 1, 2018. The related Philippine Interpretations Committee (PIC) Questions and Answers (Q&As) and Interpretation were likewise adopted as part of the Commission's rules on financial reporting.
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