The Philippine Financial Reporting Standards Council (FRSC) recently launched its website to provide its visitors a way to learn more about the FRSC, the Philippine Interpretations Committee (PIC), and the three financial reporting frameworks that are used in the Philippines. The new site is accessible through the URL: http://www.pfrsc.org.
The chair of the Council, Wilson C. Tan, said that the visitors will find information about the latest pronouncements and will be able to submit comment letters to the International Accounting Standards Board/IFRS Interpretations Committee on published documents.
This notable initiative will greatly contribute to the advancement of accounting practice in the country. It will certainly benefit the professional accountants and other concerned stakeholders of the accountancy profession.
FRSC was established by the Professional Regulatory Commission under the Implementing Rules and Regulations of the Philippine Accountancy of Act of 2004 to assist the Board of Accountancy in carrying out its power and function to promulgate accounting standards in the Philippines. Its main function is to establish generally accepted accounting principles in the Philippines.