Which statement describes the Financial Reporting Standards Council (FRSC)?

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Multiple Choice

Which statement describes the Financial Reporting Standards Council (FRSC)?

FRSC is the Philippines’ main body for setting accounting and financial reporting standards. It took over from the former Accounting Standards Council and continues the effort to align Philippine standards with international norms issued by the IASB, resulting in Philippine Financial Reporting Standards. This is why describing FRSC as the successor of ASC and as the entity that carries on converging Philippine PAS with IASB is the best explanation. It’s not a tax regulator, and its scope isn’t limited to corporate governance in state-owned enterprises.

FRSC is the Philippines’ main body for setting accounting and financial reporting standards. It took over from the former Accounting Standards Council and continues the effort to align Philippine standards with international norms issued by the IASB, resulting in Philippine Financial Reporting Standards. This is why describing FRSC as the successor of ASC and as the entity that carries on converging Philippine PAS with IASB is the best explanation. It’s not a tax regulator, and its scope isn’t limited to corporate governance in state-owned enterprises.

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