The Financial and Sustainability Reporting Standards Council (FSRSC) was established by the Professional Regulatory Commission (PRC) under the Implementing Rules and Regulations of the Philippine Accountancy Act of 2004 to assist the Board of Accountancy (BOA) in carrying out its power and function to promulgate accounting standards in the Philippines. The FSRSC’s main function is to establish generally accepted accounting principles in the Philippines.

The FSRSC is the successor of the Accounting Standards Council (ASC). The ASC was created in November 1981 by the Philippine Institute of Certified Public Accountants (PICPA) to establish generally accepted accounting principles in the Philippines. The FSRSC carries on the decision made by the ASC to converge Philippine accounting standards with international accounting standards issued by the International Accounting Standards Board (IASB). The FSRSC has full discretion in developing and pursuing the technical agenda for setting accounting standards in the Philippines. Financial support is received principally from the PICPA Foundation.

The FSRSC monitors the technical activities of the IASB and invites comments on exposure drafts of proposed IFRSs as these are issued by the IASB. When finalized, these are adopted as Philippine Financial Reporting Standards (PFRSs). The FSRSC similarly monitors issuances of the International Financial Reporting Interpretations Committee (IFRIC) of the IASB, which it adopts as Philippine Interpretations. PFRSs and Philippine Interpretations approved for adoption are submitted to the BOA and PRC for approval.

Our relationship with the PIC

The FSRSC formed the Philippine Interpretations Committee (PIC) in August 2006 to assist the FSRSC in establishing and improving financial reporting standards in the Philippines. The role of the PIC is principally to issue implementation guidance on PFRSs. The PIC Members are appointed by the FSRSC and include accountants in public practice, the academe and regulatory bodies and users of financial statements. The PIC replaced the Interpretations Committee created by the ASC in 2000.

 

Stakeholders

Our stakeholders include preparers, auditors, regulators, investors, advisors, and the general public.

Members

The FSRSC consists of a Chairman and members who are appointed by the BOA and include representatives from the BOA, Securities and Exchange Commission (SEC), Bangko Sentral ng Pilipinas (BSP), Bureau of Internal Revenue (BIR), Commission on Audit (COA), Financial Executives Institute of the Philippines (FINEX), and PICPA.

  • Wilson Tan

    MR. WILSON P. TAN, Chairman

    Chairman and Managing Partner
    SGV & Co

  • Samuel Padilla

    MR. SAMUEL B. PADILLA, Member

    Board of Accountancy
    Member

  • Emilio Aquino

    MR. EMILIO B. AQUINO, Member

    Securities and Exchange Commission
    Chairman

  • Emmanuel Artiza

    MR. EMMANUEL Y. ARTIZA, Alternate Representative

    Securities and Exchange Commission
    General Accountant

  • Lyn Javier

    MS. LYN I. JAVIER, Member

    Bangko Sentral ng Pilipinas
    Assistant Governor
    Policy and Specialized Supervision Sub-Sector

  • Beverly Milo

    MS. BEVERLY S. MILO, Member

    Bureau of Internal Revenue
    Director II, Head Revenue Executive Assistant
    Large Taxpayer Service – Excise Group

  • Carmelita Antasuda

    MS. CARMELITA O. ANTASUDA, Member

    Commission on Audit
    Director IV, Local Government Sector

  • Lito Martin

    Mr. Ferdinand George A. Florendo, Member

    Insurance Commission
    Deputy Insurance Commissioner
    Financial Examination Group

  • Lito Martin

    Mr. Michael Jerome D. Inoncillo

    Insurance Commission
    IC Division Manager
    Brokers and Insurance Pools Division

  • Gema Cheng

    MS. GEMA O. CHENG, Member

    Financial Executives Institute of the Philippines
    Executive Vice President – Chief Operating Officer, Chief Financial Officer and Treasurer
    House of Investments, Inc.

  • Michael Roxas

    MR. MICHAEL D. ROXAS, Member

    PICPA – Public Practice
    Chairman and CEO
    Roxas Cruz Tagle and Co.

  • Gina Detera

    MS. GINA S. DETERA, Member

    PICPA – Public Practice
    Partner and Ethics and Business Conduct Leader
    Isla Lipana & Co.

  • June Cheryl Cabal-Revilla

    MS. JUNE CHERYL A. CABAL-REVILLA, Member

    PICPA – Commerce and Industry
    EVP, Chief Financial Officer and Chief Sustainability Officer
    Metro Pacific Investments Corporation

  • Joselito Diga

    MR. JOSELITO G. DIGA, Member

    PICPA – Commerce and Industry
    Group Chief Finance Officer
    United Health Group

  • Ester Ledesma

    MS. ESTER F. LEDESMA, Member

    PICPA – Academe/Education
    Dean, School of Accountancy
    St. Scholastica’s College

  • Henly Pahilagao

    DR. HENLY PAHILAGAO, Member

    PICPA – Academe/Education
    Director, College of Accounts & Business
    Far Eastern University

  • Teresita Angeles

    MS. TERESITA M. ANGELES, Member

    PICPA – Government
    Director III, Assistant Commissioner
    Client Support Service
    Bureau of Internal Revenue

  • Lito Martin

    MR. LITO Q. MARTIN, Member

    PICPA – Government
    Director IV
    International Audit and Relations Office
    Commission on Audit