The Financial Reporting Standards Council (FRSC) formed the Philippine Interpretations Committee (PIC) in August 2006 to assist the FRSC 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 FRSC 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.
- To issue implementation guidance on Philippine Accounting Standards (PAS), Philippine Financial Reporting Standards (PFRSs) and related Interpretations (collectively referred to as PFRSs) adopted by the Financial Reporting Standards Council from accounting pronouncements issued by the International Accounting Standards Board (IASB).
- To comment on exposure drafts of proposed PFRSs and other documents that may be issued for comment by the FRSC.
- To comment on exposure drafts of proposed accounting standards or proposed regulations with accounting relevance that may be issued by government agencies, such as the Securities and Exchange Commission (SEC), Bangko Sentral ng Pilipinas (BSP) and Insurance Commission (IC).
The PIC shall deal with accounting issues of reasonably widespread importance and not issues of concern only to a single entity or small group of entities. It is preferred that accounting issues are coursed through the respective external auditors of companies or through the leadership of professional organizations.
The PIC shall consist of 15 representatives from the following:
- Accounting firms – 9
- Financial Executives Institute of the Philippines (FINEX) – 1
- Academe (with a designated alternate) – 1
- SEC – 1
- BSP – 1
- IC – 1
- Board of Accountancy (BOA) – 1
Membership in the PIC shall be endorsed to and approved by the FRSC. Each member shall serve for a three-year term and may be re-appointed. The re-appointment of a member shall likewise be endorsed to and approved by the FRSC.
MR. ZALDY D. AGUIRRE, Chairman
Accounting Consulting Services Lead Partner
Isla Lipana & Co.
MS. CYRIL JASMIN B. VALENCIA, Member
Real Estate Sector Leader and Group Assurance Leader for Market Group 1
SGV & Co.
MS. MARIA ISABEL E. COMEDIA, Member
Partner & Head of Technical Standards & Quality Control
Punongbayan & Araullo
ATTY. MA. GRACIA CASALS-DIAZ, Member
R.G. Manabat & Co.
MR. JEOFFREY MARK FERRER, Member
Navarro Amper & Co.
MR. CHRISTIAN FRANCIS FELISIMINO, Member
Partner & Head of Audit Services
Roxas Cruz Tagle
MS. LOVELY DEL AMEN-AQUINO, Member
Villaruz, Villaruz & Co
MR. ANTHONY D. PAÑO, Member
Partner in-charge of Quality Assurance
R.S. Bernaldo & Associates
MR. JEROME ANTONIO B. CONSTANTINO, Member
Chairman and CEO
Constantino & Partners
MR. EDUARDO M. OBLES, Member
Financial Executives Institute of the Philippines (FINEX)
Exec. Vice President – FINEX
Chief Financial Officer – Security Bank
DR. ARNEL ONESIMO O. UY, Member
Chair of the Technical Committee for Accountancy (CHED)
Full Professor of Accountancy – De La Salle University
ATTY. EMANUEL Y. ARTIZA, Member
Securities and Exchange Commission
MS. LYN I. JAVIER, Member
Bangko Sentral ng Pilipinas
Policy and Specialized Supervision Sub-Sector
MR. FERDINAND GEORGE A. FLORENDO, Member
Deputy Insurance Commissioner, Financial Examination Group
HON. DR. GERVACIO I. PIATOR Member
Board of Accountancy
The PIC shall have a Chairman who shall be selected and approved by the FRSC from the regular members of the PIC at the time of selection of the Chairman. The PIC shall also have a Secretary who shall be elected by the PIC from among the regular PIC members at the time of election. The FRSC approval is not required for the elected PIC Secretary.
The Chairman shall preside at the PIC meetings. The Secretary shall keep a record of the proceedings of all PIC meetings and shall furnish the FRSC copies of such proceedings.
The PIC shall hold at least 10 meetings (regular and special) in a year. At all meetings of the PIC, a majority of the members will constitute a quorum for the transaction of business.
PIC meetings will be hosted by the members, on a rotation basis.