Contents

1. Laws
2. Accounting Standards
3. Official Codes and Guidelines

1. Laws

Securities Regulation Code
The Securities Regulations Code (SRC) was enacted on December 1, 2000 and is implemented by the Securities and Exchange Commission. Amendments to Rules 68 and 68.1 of the SRC came into effect November, 2005.

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2. Accounting Standards

Philippine Financial Reporting Standards
The Philippine Institute of Certified Public Accountants established the Accounting Standards Council (ASC) in 1981, which is responsible for setting accounting standards in the country.

Philippines has so far adopted all the International Financial Reporting Standards without modification as of 2005 for all entities with public accountability. Non-publicly accountable entities have been given a two-year deferral (until 2007) and are permitted to use Philippines accounting standards that were in effect in 2004.

This site while giving all the standards does not offer links to explain what the standards encompass.

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3. Official Codes and Guidelines

Philippines Code of Corporate Governance (July 2009)

In July, 2009 the Philippines Securities and Exchange Commission (SEC) released its "Revised Code of Corporate Governance" (SEC Memorandum Circular No. 6, 2009).
The new Code is a combination of mandatory and voluntary best practices, and consists of 12 articles that address a number of issues, including:

• Composition of the Board;
• Qualifications of Directors;
• Responsibilities, Duties and Functions of the Board; and
• Internal Control Responsibilities of the Board.

Philippine Guidelines on Independent Directors (November 2002)
In late November 2002, the Philippines Securities and Exchange Commission (SEC) published a set of guidelines on the nomination and election of independent directors (SEC Memorandum Circular No. 16, 2002).

Philippines Code of Corporate Governance (April 2002)

In early April, 2002 the Philippines Securities and Exchange Commission (SEC) released its first "Code of Corporate Governance" (SEC Memorandum Circular No. 2, 2002).

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