On February 14, 2025, the FSRSC approved the amendment to PFRS 17 Insurance Contracts that further defers the date of initial application by an additional two (2) years, to annual periods beginning on or after January 1, 2027. This will provide more time for the insurance industry to fully prepare and assess the impact of adopting the said standard.
On the same date, the FSRSC also approved the issuance of PIC Q&A 2025-01 which aims to provide guidance about the timing of recognition for the cost of plastic packaging diversion activities under the Extended Producer Responsibility Act of 2022.
The FSRSC also adopted the amendments to PFRS 9 and PFRS 7, Contracts Referencing Nature-dependent Electricity that clarify the application of ‘own-use’ requirements for in-scope contracts that reference nature-dependent electricity and expose an entity to variability in an underlying amount of electricity. The amendments related to hedge accounting requirements now allow an entity to designate a contract referencing nature-dependent electricity as the hedging instrument in a hedge of forecast electricity transactions.
The Board of Accountancy (BOA) has approved the foregoing pronouncements as indicated in BOA Resolution No. 04-2025.