On March 11, 2022, the Financial Reporting Standards Council (FRSC) discussed and approved the issuance of the following Philippine Interpretations Committee (PIC) pronouncements:

  1. PIC Q&A No. 2022-01: PAS 1 Use of Going Concern Basis by an Absorbed Entity in a Merger Transaction. This Q&A addresses the issue of whether the use of going concern basis in the preparation of financial statements remains appropriate for an entity that will be absorbed in a merger transaction.
  2. PIC Q&A No. 2022-02: Amendment to PAS 1 Accounting Policy Disclosures. This Q&A addresses how a Philippine entity applies the amendments to IAS 1 and IFRS Practice Statement 2 regarding the disclosure of accounting policies. This Q&A also includes other examples of material accounting policies that illustrate the application of the amendments to IAS 1 and the four-step materiality process to accounting policy information.