Today is July 14, 2020

008 – Small and Medium-sized Entities (SMEs)

Bulletin No.

Subject Matter

Clarification/Details

008

Small and Medium-sized Entities (SMEs)

Under Part I (2)(A)(ii)(b) of the Rule, certain types of SMEs may be exempted from the mandatory adoption of the Philippine Financial Reporting Standard (PFRS) for SMEs and may instead apply, at their option, full PFRS.  SMEs that availed of the exemption and applied the full PFRS are not considered as large and/or publicly-accountable entities, and therefore are not required to file the tabular schedule of all effective standards and interpretations under the PFRS as of year-end, as required under Part I (4)(J) of the Rule.

 

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