Statutory reporting

The Philippine Financial Reporting Standards (PFRS) or Philippine Accounting Standards (PAS) is the new set of Generally Accepted Accounting Principles (GAAP) issued by the Accounting Standards Council (ASC) to govern the preparation of financial statements. These standards are patterned after the revised International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS) issued by the International Accounting Standards Board (IASB).

Financial institutions shall comply in all respects with the provisions of PFRS/PAS. Use Infor Localization Services Statutory Reporting to generate the audited financial statements and the financial statements for prudential reporting.

This country-specific report is available:

• Philippines GL Transaction Report