SEC updates rulebook as sustainability reporting gains ground
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The Securities and Exchange Commission (SEC) has updated its financial reporting rulebook to incorporate the latest accounting and sustainability disclosure standards, requiring companies under its supervision to align their financial statements with evolving global reporting requirements.
In SEC Memorandum Circular No. 22, Series of 2026, issued on 23 July, the regulator adopted new and amended Philippine Financial Reporting Standards (PFRS) and Philippine Interpretations Committee Questions and Answers.
Key feature
A key feature of the update is the adoption of IFRS S1, which sets general requirements for sustainability-related financial disclosures, and IFRS S2, which establishes climate-related disclosure standards, as endorsed by the Philippine Sustainability Reporting Committee.
The SEC also adopted PFRS 18 on the presentation and disclosure of financial statements and PFRS 19, which streamlines disclosure requirements for subsidiaries without public accountability.
Also included are amendments to PFRS 9 and PFRS 7 covering the classification and measurement of financial instruments and contracts referencing nature-dependent electricity, as well as amendments to PFRS 17 on the date of initial application.
