The Philippines has fully adopted the International Financial Reporting Standard in 2005. The Philippine Financial Reporting Standards/Philippine Accounting Standards (FRPS/PAS) are the new set of Generally Accepted Accounting Principles issued by the Accounting Standards Council of the Philippine Institute of Certified Public Accountants (PICPA). Adoption of the FPRS/PAS is effective annual financial reporting period beginning 1 January 2005.

PICPA is a member of the ASEAN Federation of Accountants.