The Philippine Securities and Exchange Commission has updated its official financial reporting framework to incorporate the latest Philippine Financial Reporting Standards and related pronouncements.
Under SEC Memorandum Circular No. 22, Series of 2026, the regulator has formally integrated updated accounting standards, Philippine Interpretations Committee guidance, and international sustainability reporting directives into its regulatory rules.
The comprehensive updates include the adoption of IFRS S1 and IFRS S2, establishing standard requirements for sustainability and climate-related disclosures. The circular also introduces PFRS 18 and PFRS 19, alongside amendments to financial instrument classifications under PFRS 9 and PFRS 7.
Developed by the Philippine Financial and Sustainability Reporting Standards Council and approved by relevant professional boards, these standards govern how financial statements are recognised, measured, and presented across the Philippines.
