The Philippine Securities and Exchange Commission has incorporated the latest Philippine Financial Reporting Standards, interpretative guidance and related pronouncements into its financial reporting rules. The update includes the adoption of IFRS S1 on sustainability-related financial disclosures and IFRS S2 on climate-related disclosures, as endorsed by the Philippine Sustainability Reporting Committee. The pronouncements also cover PFRS 18 on financial statement presentation and disclosure, PFRS 19 for subsidiaries without public accountability, and amendments addressing financial instrument classification and measurement, nature-dependent electricity contracts and the initial application of PFRS 17. Additional guidance addresses bundled contracts, electronic transfer settlements, extended producer responsibility costs, management commentary and other implementation matters.

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