The Financial Reporting Standards Council (FRSC) has approved for issuance PIC Q&A 2009-02: PAS 39.AG71-72 – Rate used in determining the fair value of government securities in the Philippines, which was approved by the Philippine Interpretations Committee (PIC), the interpretative arm of the FRSC.

The PIC Q&A provides guidance in applying PAS 39, Financial Instruments: Recognition and Measurement, based on market data published by the Philippine Dealing & Exchange Corp., or PDEx, when determining the fair value of government securities in the Philippines.

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