SGV Chairman and Country Managing Partner Wilson P. Tan (WPT) was sworn into office as Chairman of the Financial Reporting Standards Council (FRSC) during the virtual FRSC Special meeting held on 16 February 2022. The oath-taking was administered by Board of Accountancy (BOA) Chairman Noe G. Quiñanola and was attended by other members of the FRSC.
WPT at FRSC oath-taking
In his acceptance speech, WPT thanked the BOA and Assurance Partner Josephine Adrienne A. Abarca (JAA) who served as FRSC Chairman for four years. JAA was also presented with a plaque of appreciation during the event for her invaluable service to the council. She served the FRSC for 10 years.
Meanwhile, Cyril Valencia (CBV), SGV’s Real Estate Sector Leader and a Group Assurance Leader, will now represent the Firm in the Philippine Interpretations Committee (PIC). Cyril has been involved in the PIC for the past four years.
The FRSC primarily establishes and promulgates generally accepted accounting principles (GAAP) in the Philippines based on International Financial Reporting Standards (IFRS). Its Chairman and members are appointed by the BOA. The PIC is the technical body that supports the FRSC through the timely issuance of interpretative guidance on implementation of complex IFRS matters.
Congratulations, WPT and CBV!
