QAU Memo No. 18, s2021 : SEC Updates
AMENDMENT TO SEC MEMORANDUM CIRCULARS NO. 14, SERIES OF 2018,
NO. 3, SERIES OF 2019, NO. 4, SERIES OF 2020 and NO. 34, SERIES OF 2021
TO CLARIFY TRANSITORY PROVISION
To: All Concerned
The Commission on various dates has issued the following MCs relative to the pronouncements by the Philippine Interpretations Committee (PIC) and International Financial Reporting Interpretations Committee (IFRIC) on the implementation of PRFRS 15, Revenue from Contract with Customers:
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MEMORANDUM CIRCULAR |
RULE/GUIDELINE |
DATE ISSUED |
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SEC MC No. 14, Series of 2018 |
Deferral of the application of the provisions of PIC Q&A No. 2018-12 with respect to the accounting for significant financing component, and the treatment of uninstalled materials and land in the calculation of the percentage of completion (POC) for a period of three (3) years. |
29 October 2018 |
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SEC MC No. 3, Series of 2019 |
Deferral of PIC Q&A 2018-12(H) on Accounting for Common Usage Service Area (CUSA) Charges and PIC Q&A 2018-14 on Accounting for Cancellation of Real Estate Sales until December 31, 2020. |
08 February 2019 |
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SEC MC No. 4, Series of 2020 |
Deferral of the Implementation of IFRIC Agenda Decision on Over Time Transfer of Constructed Goods [Philippine Accounting Standards (PAS) 23-Borrowing Cost] for the Real Estate Industry until December 31, 2020. |
21 February 2020 |
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SEC MC No. 34, Series of 2020 |
Deferral of PIC Q&A 2018-12 and IFRIC Agenda Decision on Over-Time Transfer of Constructed Goods (PAS 23- Borrowing Cost) for the Real Estate Industry for Another Period of Three (3) Years or Until 2023. |
17 December 2020 |
In connection to this, the Commission in its meeting, resolved the following:
- Approved the amendment to the transitional provisions in the above MCs that allows company to apply the provisions of the PIC and IFRIC pronouncements in either full retrospective approach or modified retrospective approach.
- Approved the option for companies to halt availing the above reporting reliefs whether in full or in part.
The aforementioned approvals aim to enable companies to fully comply with PFRS 15 and revert to reporting in full PFRS.
Issued July 8, 2021.
MC No. 08, S2021, MC No. 14, S2018, MC No. 03, S2019, MC No. 04, S2020, and MC No. 34, S2020
EXTENSION ON SUBMISSION OF FORMS/NOTICES PURSUANT TO MEMORANDUM CIRCULAR NO. 28, SERIES OF 2020
To: All Concerned
Please be informed that the Commission has extended the deadline for Corporations, Partnerships, and Individuals under the jurisdiction and supervision of the Commission to comply with SEC Memorandum Circular No. 28, series of 2020, without penalty, until August 31, 2021.
You may file the forms/notices of the MC 28, s. 2020 online through the email platform MC28_S2020 [at] sec [dot] gov [dot] ph.
Filing of the forms/notices beyond August 31, 2021 shall be considered as non-compliant and will be subject to penalty in the amount of P10,000.00.
For your guidance.
Effective July 15, 2021.
MC No. 28, s 2020: https://www.sec.gov.ph/mc-2020/mc-no-28-s-2020/
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QAU Memo is the official publication of R.S. Bernaldo & Associates to keep the Firm’s professional staff informed of the issues affecting the practice. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. The Firm cannot be held liable for any losses suffered as a result of reliance upon information contained in this memo. This is a property of R.S. Bernaldo & Associates. Reproduction of any material included in the memo should be subject to the approval of the Editorial Board. R.S. Bernaldo & Associates is a member firm of the PKF International Limited family of legally independent firms and does not accept any responsibility or liability for the actions or inactions of any individual member or correspondent firm or firms. Comments and suggestions are welcome. |
Editorial Board
Partner | Head of QAU/ anthony [dot] pano [at] rsbernaldo [dot] com
Assistant Quality Assurance Manager/ Quality Assurance Leader rose [dot] lorilla [at] rsbernaldo [dot] com
Senior Auditor/ Assistant Quality Assurance Leader charmaine [dot] deguzman [at] rsbernaldo [dot] com
Quality Assurance Associate/ Engagement Quality Control babyjoy [dot] bautista [at] rsbernaldo [dot] com
Quality Assurance Associate/ Ethics Leader sandae [dot] delatorre [at] rsbernaldo [dot] com
Quality Assurance Associate/ Learning and Training Leader janna [dot] pacis [at] rsbernaldo [dot] com
Quality Assurance Associate/ Consultation Leader yvesmichael [dot] anadon [at] rsbernaldo [dot] com
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