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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.