Prof. Patricia M. Empleo, PhD, Dean of the UST-Alfredo M. Velayo College of Accountancy was appointed as member of the Philippine Sustainability Reporting Committee (PSRC), a committee created by the Financial and Sustainability Reporting Standards Council (FRSC). PSRC will provide technical support to the FRSC in the adoption and issuance of guidelines and standards of sustainability reporting in the Philippines.
PSRC is composed of 15 members representing the Bangko Sentral ng Pilipinas, Board of Accountancy, Securities and Exchange Commission, Insurance Commission, Climate Change Commission, Commission on Audit, Organizations of Major Preparers of Financial Statements, and sectoral representatives from the Public Practice and the Academe. Prof. Empleo will sit as the academe representative and shall serve the committee for three years starting 2022 to 2025.
The Financial Reporting Standards Council (FRSC) was established by the Professional Regulatory Commission under the Implementing Rules and Regulations of the Philippine Accountancy of Act of 2004 to assist the Board of Accountancy in carrying out its power and function to promulgate accounting standards in the Philippines. The FRSC’s main function is to establish generally accepted accounting principles in the Philippines.