Deferred Application of IFRIC 15 in PFRS

The Financial Reporting Standards Council adopted the same deferral on November 17, 2008.
This ensures consistency in the application of accounting standards related to real estate construction agreements.

Entities required to adopt Philippine Financial Reporting Standards (PFRS) must observe specific transitional measures:
- Application of IFRIC 15 is required for annual periods starting on or after January 1, 2012.
- Entities that opt to apply IFRIC 15 prior to 2012 must disclose such early application.
- Changes to accounting policies due to IFRIC 15 must be accounted for retrospectively in accordance with PAS No. 8.
- Entities desiring to explicitly comply with International Financial Reporting Standards (IFRSs) must apply IFRIC 15 for annual reporting periods beginning on or after January 1, 2009.

The resolution provides companies clarity on when and how to apply IFRIC 15 in their financial statements.
Emphasizes the importance of transparent disclosure for early adoption.
Aligns Philippine financial reporting with international standards while allowing transitional flexibility.

The notice is issued by the Philippine Securities and Exchange Commission (SEC) through the Commission En Banc.
The resolution was officially adopted on December 5, 2008, signed by Chairperson Fe B. Barin.
Serves as a regulatory guidance for companies engaged in real estate construction regarding accounting treatment of agreements.