In 2023, the IFRS foundation updated its trade mark guidelines and now require that the standards issued by the International Accounting Standards Board (IASB) should be referred to as ‘IFRS Accounting Standards’, or ‘Accounting Standards’, if doing so would not create ambiguity. Meanwhile, the standards issued by the International Sustainability Standards Board (ISSB) should be referred to as ‘IFRS Sustainability Disclosure Standards’ which may be shortened to ‘Sustainability Disclosure Standards’ if doing so would not create ambiguity.
To align with the foregoing update, the FSRSC shall now refer to the locally adopted ‘IFRS Accounting Standards’ and ‘IFRS Sustainability Disclosure Standards’ as ‘PFRS Accounting Standards‘ and ‘PFRS Sustainability Disclosure Standards‘, respectively.
Regarding the locally developed and adopted PFRS for Small Entities, the FSRSC shall now refer to it as ‘PFRS for SEs Accounting Standard’.
Illustrative disclosure in the notes to financial statements follows:
The financial statements of the Company have been prepared in accordance with Philippine Financial Reporting Standards (PFRS) Accounting Standards.
(Note: subsequent reference to the locally adopted standards can simply be PFRS Accounting Standards)
Date of Notice: January 22, 2025