FSRSC updates its reference to locally adopted standards as ‘PFRS Accounting Standards’ and ‘PFRS Sustainability Disclosure Standards’

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 adopted ‘IFRS for SMEs Accounting Standard’, the FSRSC shall now refer to it as ‘PFRS for SMEs Accounting Standard’.