Financial Reporting Standards Council

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Posted by geemiz | Posted in Accounting Guidelines | Posted on 11-11-2010

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The standards being used in practicing the accountancy profession in the Philippines is not created by ordinary individuals. They are not just mere suggestions by any businessman or any politician, but they are created by a set of body made by the Professional Regulation Commission (PRC).

The Accounting Standards Council (ASC) is responsible in establishing and improving accounting standards that will be generally accepted here in the Philippines but now the Accounting Standards Council is being replaced by the Financial Reporting Standards Council.

As mentioned above the Professional Regulation Commission has created a body that functions to support the Board of Accountancy the agency authorized by law to promulgate rules and regulations that affects the practice of the accountancy profession in carrying its powers and functions and this is in accordance with R.A. Act No. 9298 the “Philippine Accountancy act of 2004” the law that regulates the practice of accountancy in the Philippines.

Composition of the Financial Reporting Standards Council

There are 15 members that composed the Financial Reporting Standards Council

The chairman must have an experience or is currently a senior accounting practitioner. The 14 members or representatives must come from the following agency or group.

1 – from the Board of Accountancy
1 – from the Securities and Exchange Commission
1 – from Bangko Sentral ng Pilipinas
1 – from the Bureau of Internal revenue
1 – from the Commission on Audit
1 – from the major organization of preparers and users of financial statements

Individuals from the accredited national professional organization of CPAS:
2 – from the Public Practice
2 – from the Commerce and Industry
2 – from the Academe or Education
2 – from the Government

All members of the Financial Reporting Standards Council (FRSC) including the chairman shall have a term of 3 years and is renewable for another term.

Meet geemiz


Geezelle Maningo - A Cebu based travel blogger and the other half of GeeMiz Travel blog. She has been traveling around the Philippines and Asia since 2010 with her husband. A casual trekker/hiker since 2017 and has been blogging since 2008. A digital marketer during workdays and a bookworm on lazy days - she co-founded Cebu Book Club.

Comments (4)

gerly alos said on 22-06-2011

i need the names of the FRSC members

Reply
geemiz said on 30-06-2011

Hi Gerly,

You may want to visit The Complete List of the Financial Reporting Standards Council

Reply
cJ said on 07-08-2013

If FRSC is the successor of ASC, what agencies/organizations were represented in ASC?

Reply
ernie z. orbe said on 13-03-2017

i need to be updated, the latest & new application of pfrs reporting in the philippines.

Reply

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