Rounding out a day of blogs on non-US reporting standards, there are significant developments in the Philippines. The Philippines Securities and Exchange Commission has officially adopted the Philippine Financial Reporting Standards (PFRS). These standards are based on IFRS S1 and IFRS S2. The timeline for implementation is also aggressive, with large publicly listed companies being required to apply the standards to fiscal years starting on or after Jan 1, 2026. However, there is a list of reliefs being provided as well, as the disclosure law phases in. Deloitte describes these reliefs in a recent memo stating:
“The following transition reliefs have been included:
- “Permission to disclose information on only climate-related risks and opportunities: one year for Tiers 1 & 2, two years for Tier 3
- Permission to submit the sustainability report after publishing its related financial statement: one year for all tiers
- Permission to omit comparative information: one year for all tiers
- Permission to use method other than GHG Protocol: A Corporate Accounting and Reporting Standard: one year for all tiers
- Permission to omit Scope 3 GHG emissions: two years for all tiers.”
The Philippines marks yet another global jurisdiction transposing the IFRS standards into mandatory disclosures. While much of North America and Europe backpedal and delay disclosures, the rest of the world is moving ahead.
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