Impact of Change of Naming Convention of Accounting Standards on Report of Independent Auditor
Description
On January 22, 2025, the Philippine Financial and Sustainability Reporting Standards Council (FSRSC) has announced in its website that the locally adopted ‘IFRS Accounting Standards’ and ‘IFRS Sustainability Disclosure Standards’ shall now be referred to as ‘PFRS Accounting Standards’ and ‘PFRS Sustainability Disclosure Standards’, respectively. Regarding the locally adopted ‘IFRS for SMEs Accounting Standard’, the FSRSC shall now refer to it as ‘PFRS for SMEs Accounting Standard’.
The Auditing and Assurance Standards Council (AASC) recognized that the changes made to the naming convention of Accounting Standards affect the Report of Independent Auditor and thus, has approved on February 24, 2025 AASC Alert No. 001, Series of 2025 Impact of Change of Naming Convention of Accounting Standards on Report of Independent Auditor in order to provide guidance to external auditors.
Date
February 2025