The Philippines has adopted IFRS for SMEs. The
standards were effective 1 January this year and will be referred
to as Philippine Financial Reporting Standard for SMEs (PFRS for

In the Philippines, full PFRS, which is nearly
identical to full IFRS, must be applied by listed companies, large
unlisted companies, financial institutions and public

PFRS for SMEs must be used by any other entity
that has:

-Total assets of between PHP3mn and P350mn
($67,000 to $7.8mn); or

– Total liabilities of between PHP3mn and

Entities below those thresholds can choose to
use PFRS for SMEs or another acceptable basis of accounting.