Published December 22, 2020, 5:30 AM The Securities and Exchange Commission (SEC) is giving real estate companies more time to assess implementation issues amid the COVID-19 pandemic by further deferring the application of certain accounting rules until 2023. The Commission said it decided to defer the application of Philippine Interpretation Committee Question and Answer (PIC Q&A) No. 2018-12 with respect to the accounting for significant financing component and the exclusion of land in the calculation of the percentage of completion. The real estate industry will likewise have three more years to comply with the International Financial Reporting Standards (IFRS) Interpretations Committee’s Agenda Decision on over time transfers of constructed goods under Philippine Accounting Standards (PAS) 23-Borrowing Cost.