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The Philippine Interpretations Committee (PIC) has approved PIC Q&A 2009-01: Framework, paragraph 23 and PAS 1.23 – Financial statements prepared on a basis other than going concern. The Financial Reporting Standards Council (FRSC) approved the issuance of the Q&A.

The Q&A addresses the issue of whether financial statements that are prepared on a basis of accounting other than a going concern basis, which may sometimes be referred to as a liquidation basis, are in compliance with Philippine Financial Reporting Standards (PFRS). It states that financial statements prepared on a basis other than going concern can be in compliance with PFRS if the financial statements comply with all the requirements of PFRSs, including the relevant PFRS guidance for the measurement of assets, liabilities and equity and recognition of income, expenses, gains and losses.

A copy of the Q&A is posted in the FRSC/PFRS website in the PICPA website, under Interpretations.