The FSRSC’s main function is to establish generally accepted accounting principles in the Philippines. Through the FSRSC, the country is actively maintaining the standards of its accounting bodies. The broad objective of which is the development and enhancement of a well-coordinated, global accountancy profession functioning under harmonized standards.
The FSRSC sets forth the following additional objectives:
- To promote and maintain high professional and ethical standards among accountants;
- To advance the science of accounting;
- To develop and improve education in accountancy;
- To encourage good relations among accountants, and
- To protect the public office of Certified Public Accountant granted by the Republic of the Philippines.
As a vested governmental organization created by the PRC, the FSRSC
- Has full discretion in developing and pursuing the technical agenda for setting accounting standards in the Philippines.
- Monitors the technical activities of the IASB and invites comments on exposure drafts of proposed IFRSs as these are issued by the IASB.
- Monitors the issuance of the International Financial Reporting Interpretations Committee (IFRIC) of the IASB, which it adopts as Philippine Interpretations–IFRIC. PFRSs and Philippine Interpretations–IFRIC approved for adoption are submitted to the BOA and PRC for approval.
In addition, FSRSC ensures that new accounting standards and issuances are posted timely on its website for the information and guidance of preparers and users of the financial statements and the general public.
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