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.

Objectives

  • 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.

Members

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.

  • Zaldy Aguirre

    MR. ZALDY D. AGUIRRE, Chairman

    Accounting Firms
    Accounting Consulting Services Lead Partner
    Isla Lipana & Co.

  • Cyril Valencia

    MS. CYRIL JASMIN B. VALENCIA, Member

    Accounting Firms
    Real Estate Sector Leader and Group Assurance Leader for Market Group 1
    SGV & Co.

  • Maria Isabel Comedia

    MS. MARIA ISABEL E. COMEDIA, Member

    Accounting Firms
    Partner & Head of Technical Standards & Quality Control
    Punongbayan & Araullo

  • Ma. Gracia Casals-Diaz

    ATTY. MA. GRACIA CASALS-DIAZ, Member

    Accounting Firms
    Partner
    R.G. Manabat & Co.

  • Jeoffrey Mark Ferrer

    MR. JEOFFREY MARK FERRER, Member

    Accounting Firms
    Partner
    Navarro Amper & Co.

  • Christian Francis Felisimino

    MR. CHRISTIAN FRANCIS FELISIMINO, Member

    Accounting Firms
    Partner & Head of Audit Services
    Roxas Cruz Tagle

  • Lovely Del Amen-Aquino

    MS. LOVELY DEL AMEN-AQUINO, Member

    Accounting Firms
    Partner
    Villaruz, Villaruz & Co

  • Anthony Paño

    MR. ANTHONY D. PAÑO, Member

    Accounting Firms
    Partner in-charge of Quality Assurance
    R.S. Bernaldo & Associates

  • Jerome Antonio Constantino

    MR. JEROME ANTONIO B. CONSTANTINO, Member

    Accounting Firms
    Chairman and CEO
    Constantino & Partners

  • Eduardo Obles

    MR. EDUARDO M. OBLES, Member

    Financial Executives Institute of the Philippines (FINEX)
    Exec. Vice President – FINEX
    Chief Financial Officer – Security Bank

  • Arnel Onesimo Uy

    DR. ARNEL ONESIMO O. UY, Member

    Academe
    Chair of the Technical Committee for Accountancy (CHED)
    Full Professor of Accountancy – De La Salle University

  • Emmanuel Artiza

    ATTY. EMANUEL Y. ARTIZA, Member

    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

  • Ferdinand George Florendo

    MR. FERDINAND GEORGE A. FLORENDO, Member

    Insurance Commission
    Deputy Insurance Commissioner, Financial Examination Group

  • Gervacio Piator

    HON. DR. GERVACIO I. PIATOR Member

    Board of Accountancy
    Member

Organization

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.

Meetings

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.