PFRS 4 will not affect cash flow of GSIs

COMPLIANCE with the Philippine Financial Reporting Standards (PFRS) 4 will not affect the cash flow or funding situations of government social institutions or GSIs, according to Finance Secretary Carlos Dominguez 3rd.

During a press briefing on Friday, Dominguez said one of the standards under PFRS 4, which provides guidelines on the correct financial accounting of insurance contracts, is to book and report social benefit liabilities or SBLs.