Philippines : Financial Reporting Standards Council (FRSC) has operated since 2005 (B.E.2548) in order to bring IFRS to enforce in the country. This development has been supported by the supervising agencies such as the Professional Regulations Commission (SEC), which allows the international standards to use in the preparation of financial statement for businesses in the country. Philippines called Financial Reporting Standards Equivalent with IFRS as Philippine Financial Reporting Standards (PFRS) and Philippine Accounting Standards (PAS). However , FRSC selected Philippine Interpretations Committee (PIC) to interpret PFRS. At present, the FRSC has issued Financial Reporting Standards equivalent with the new issue of IFRS which effected in 2009 (B.E.2552).