Deciphering PFRS and DPRS: Understanding Financial Reporting Standards
PFRS and DPRS refer to Philippine Financial Reporting Standards and the Department of Public Works and Highways' Design and Performance Rating System, respectively. PFRS sets guidelines for financial reporting in the Philippines, ensuring transparency and accuracy in financial statements. DPRS, on the other hand, evaluates the performance and efficiency of infrastructure projects undertaken by the Department of Public Works and Highways. Both standards play vital roles in promoting accountability, transparency, and effective management in their respective domains within the Philippine context.
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