SOURCE: https://www.sec.gov.ph/
SEC Adopts Latest Financial Reporting Pronouncements
The Securities and Exchange Commission has adopted the latest financial reporting pronouncements to ensure that the country’s financial reporting framework remains aligned with evolving accounting and sustainability reporting requirements.
On July 23, 2026, the SEC issued Memorandum Circular No. 22, Series of 2026, adopting the latest amendments and new pronouncements under the Philippine Financial Reporting Standards (PFRS) and the Philippine Interpretations Committee Questions and Answers (PIC Q&As). The Circular incorporates these updates into the SEC’s rules and regulations governing financial reporting. The adoption aligns the country’s financial reporting framework with the latest accounting and reporting standards.
The PFRS serves as the authoritative accounting framework in the Philippines, prescribing the recognition, measurement, presentation, and disclosure requirements for financial statements. Meanwhile, the PIC Q&As provide implementation guidance and interpretative clarifications on the proper application of the PFRS.
Through the issuance of the memorandum circular, the SEC further updates and strengthens the country’s financial reporting framework by incorporating the latest PFRS, PIC Q&As, and other relevant financial reporting pronouncements into its existing rules and regulations. This initiative seeks to maintain the continued relevance, consistency, and alignment of Philippine financial reporting practices with evolving global accounting and sustainability reporting standards.
Read the full SEC Press release below
