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Republic of the Philippines
COMMISSION ON AUDIT
Commonwealth Avenue, Quezon City
RESOLUTION No. : _, 2020-002
Date: 5 AN, 9 2021
SUBJECT : Adoption of Intemational Public Sector Accounting Standard 41-
Financial Instruments to replace International Public Sector
Accounting Standard 29-Financial Instruments: Recognition and
Measurement
WHEREAS, pursuant to Section 2(2) of Article IX-D of the 1987 Philippine
Constitution and Section 25(4), Chapter 2 of Presidential Decree No. 1445, or the
Government Auditing Code of the Philippines, the Commission on Audit (COA) is mandated
to promulgate accounting and auditing rules and regulations;
WHEREAS, pursuant to COA Resolution No. 2008-012 dated October 10, 2008, the
Public Sector Accounting Standards Board (PSAcSB) was created to assist the Commission
in formulating and implementing public sector accounting standards;
WHEREAS, Intemational Public Sector Accounting Standards (IPSAS), as aligned
with the prevailing international accounting standards, provide quality accounting standards
thereby enhancing the quality and uniformity in financial reporting by Philippine public
sector entities and ensuring accountability, transparency and comparability of financial
information with other public sector entities around the world;
WHEREAS, pursuant to and by virtue of the powers vested in it by the foregoing
laws, the Commission issued COA Resolution No. 2014-003 dated January 24, 2014
adopting 25 IPSASs and Philippine Application Guidance (PAG), be referred to as Phil
Public Sector Accounting Standards (PPSASs), which includes IPSAS 29-Financial
Instruments: Recognition and Measurement;
WHEREAS, the Commission issued COA Resolution No. 2017-006 dated April 26,
2017 prescribing the adoption of additional six PPSASs and Updates on the PPSASs
prescribed through COA Resolution No. 2014-003 dated January 24, 2014 in accordance with
the 2016 Edition of the Handbook of International Public Sector Accounting Pronouncements
published by the International Federation of Accountants;
WHEREAS, in August 2018, the International Public Sector Accounting Standards
Board (IPSASB) issued IPSAS 41-Financial Instruments to establish new requirements for
classifying, recognizing and measuring financial instruments to replace IPSAS 29-Financial
Instruments: Recognition and Measurement, to improve financial reporting for financial
instruments, by addressiig esses in, and reducing the complexity of, the existing
requirements. NOW, THEREFORE, the Commission Proper RESOLVES, as it does hereby
RESOLVE, to adopt IPSAS 41-Financial Instruments which supersedes IPSAS 29-
Financial Instruments: Recognition and Measurement
RESOLVED FURTHER, the Government Accountancy Sector shall prepare
guidelines on the implementation of this Resolution for approval/consideration of the
Commission Proper.
This Resolution shall take effect on January 1, 2019.
Done this Sh day of ndory 00 at Quezon City, Philippines.
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