1) Accountancy in the Philippines has grown rapidly since the passage of the Philippine Accountancy Act in 1928, with registered accountants increasing from 1928-1943 to over 188,000 currently.
2) Several important figures in the history of accountancy in the Philippines include Don Vicente Fabella, the first Filipino CPA in the US, Dr. Nicanor Reyes who founded FEU, and Washington SyCip, the only Asian to serve as past president of IFAC.
3) The Professional Regulatory Board of Accountancy oversees the licensure of CPAs and is composed of 1 chairman, 1 vice-chairman, and 6 members who must be natural-born Filipino
1) Accountancy in the Philippines has grown rapidly since the passage of the Philippine Accountancy Act in 1928, with registered accountants increasing from 1928-1943 to over 188,000 currently.
2) Several important figures in the history of accountancy in the Philippines include Don Vicente Fabella, the first Filipino CPA in the US, Dr. Nicanor Reyes who founded FEU, and Washington SyCip, the only Asian to serve as past president of IFAC.
3) The Professional Regulatory Board of Accountancy oversees the licensure of CPAs and is composed of 1 chairman, 1 vice-chairman, and 6 members who must be natural-born Filipino
1) Accountancy in the Philippines has grown rapidly since the passage of the Philippine Accountancy Act in 1928, with registered accountants increasing from 1928-1943 to over 188,000 currently.
2) Several important figures in the history of accountancy in the Philippines include Don Vicente Fabella, the first Filipino CPA in the US, Dr. Nicanor Reyes who founded FEU, and Washington SyCip, the only Asian to serve as past president of IFAC.
3) The Professional Regulatory Board of Accountancy oversees the licensure of CPAs and is composed of 1 chairman, 1 vice-chairman, and 6 members who must be natural-born Filipino
1) Accountancy in the Philippines has grown rapidly since the passage of the Philippine Accountancy Act in 1928, with registered accountants increasing from 1928-1943 to over 188,000 currently.
2) Several important figures in the history of accountancy in the Philippines include Don Vicente Fabella, the first Filipino CPA in the US, Dr. Nicanor Reyes who founded FEU, and Washington SyCip, the only Asian to serve as past president of IFAC.
3) The Professional Regulatory Board of Accountancy oversees the licensure of CPAs and is composed of 1 chairman, 1 vice-chairman, and 6 members who must be natural-born Filipino
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Accountancy in the Philippines March 17, 1928, Act No. 3105 was approved by the Sixth Legislature. Since then the profession has grown rapidly 1928-43 registered accountants 2018-188,203.
Don Vicente Fabella, or VICENTE FABELLA
-Became the first Filipino CPA in the United States (passed the Milwaukee, Wisconsin CPA Board Exams), and founder of Jose Rizal University in 1919.
Dr. Nicanor Reyes
-Founder and first president of FEU (started in 1928 as the Institute of Accountancy which later became the Institute of Accounts, Business and Finance) Mr. FEU died in hero during WWII.
Manuel Villar • Filipino tycoon -Former Speaker of the House of Representatives -Former Senate President -2010 Presidential Candidate of the Nacionalista Party
Washington SyCip -Past president of the International Federation of Accountants -The only Asian who has held the position and Founder and Past Chairman of SGV & Co, the leading accountancy firm in the country.
Jose W. Diokno -Former senator of the Philippines -Former secretary of justice
PHILIPPINE ACCOUNTANCY ACT OF 2004 RA 9298
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Practice of Public Accountancy
-auditing -preparation of FS for public purposes -preparation of ITR -accounting -compilations -agreed-upon Procedures -consultancy/advisories
Practice in Commerce and Industry
- A person involved in decision making requiring professional knowledge in the science of accounting, or when such employment or position requires that the holder thereof be a CPA. Practice in Education/Academe -a person in an educational institution which involve teaching of accounting, auditing, management advisory services, finance, business law, taxation and other technically related subjects: Provided, That members of the Integrated Bar of the Philippines may be allowed to teach business law and taxation subjects Practice in Government -a person who holds, or is appointed to, a position in an accounting professional group in government or in a government owned and/or controlled corporation including those performing proprietory functions, where decision making requires professional knowledge in the science of accounting, or where civil service eligibility as a certified public accountant is a prerequisite. The Professional Regulatory Board of Accountancy and its Composition BOARDO -1 chairman -6 members -1 vice-chairman (1 year) Qualifications: - Must be a natural-born citizen and resident of the Philippines. 3
• Must be a duly registered CPA with at least 10 year of work
experience in any scope of practice of Accountancy • Must be of good moral character and must not have been convicted of crimes involving moral turpitude • Must not have any pecuniary interest, directly or indirectly, in any school,college, university or institution conferring an academic degree necessary for admission to the practice of accountancy or where review classes in preparation for the licensure examination are being offered or conducted, nor shall he/she be a member of the faculty or administration thereof at the time of his/her appointment to the Board • Must not be a Director or Officer of the Accredited National Professional Organization of CPAs at the time of his/her appointment.
The CPA Examinations
All applicants for registration for the practice of accountancy shall be required to undergo a licensure examination to be given by the Board in such places and dates as the Commission may designate subject to compliance with the requirements prescribed by the Commission in accordance with Republic Act No. 8981. Qualifications of Applicants: -Filipino citizen -Is of good moral character -Holder of the degree BS Accountancy conferred by a school, college, academy or institute duly recognized and/or accredited by the CHED or other authorized government Office. •Has not been convicted of any criminal offense involving moral turpitude.
Required documents: • Certificate of Live Birth in NSO/PSA • Marriage contract in NSO/PSA for married female applicants 4
• College diploma w/ date of graduation and Special Order Number •
Baccalaureate TOR w/ date of graduation and Special Order Number • NBI Clearance • Other documents that the BoA may require
Scope of Examination -Financial Accounting and Reporting - Taxation -Regulatory Frameworks for Business Transactions -Advanced Financial Accounting and Reporting -Management Advisory Services - Auditing Rating in the Licensure Examination -Gen. average of 75% -No grade lower than 65% in any given subject
Conditional: -Gen. average of 75% and above in at least majority (4) subjects. -Take the remaining subjects within 2 years from the preceeding examination -Gen. ave. of 75% with no grade lower than 65% in each subject reexamined.
Failing Candidates to take Refresher course
-Failed in two complete CPA Board Examinations - Submit evidence that he/she enrolled and completed at least 24 units of subject given in the licensure examination. -Such refresher course shall be offered only by an educational institution granting a degree of BS Accountancy 5
Philippine Institute of Certified Public Accountants
(Professional organization)
ACCOUNTING STANDARDS COUNCIL
8 members PICPA-4 SEC-1 CB-1 PRC-1 FINEX - 1
FINANCIAL REPORTING STANDARDS COUNCIL
15 members 1 chairman BOA-1 SEC-1 BSP-1 BIR-1 COA-1
Major org, of preparers and users of FS-1
NACPAE -2 ACPACI-2 ACPAPP-2 6
GACPA-2
Core Competencies Frameworks for Accountants
(Knowledge skills Values)
Knowledge -General -Organizational and Business -Information Technology(IT) Accounting
Ethics -is concerned with right and wrong and how conduct should be judged to be good or bad, it is about how we should live our lives and, in particular, who we should behave towards other people. It is therefore relevant to all forms of human activity.
Ethical Dillema -is a situation in which there is no obvious right or wrong decision but rather a right or wrong answer. 7
Child labor - To remain competitive, a company decided to use cheaper lumber in the ladders it sells; although this may, in some instances, cause injury. -A staff is asked to take part in a clandestine investigation of the personal life of an employee. - A superior directs a subordinate not to hire a qualified individual because he is "not his(superior) type" - A human resource manager must lay off a staff who desperately needs the income and the staff is without any good alternative job option -Having privileged or insider information which can surely help the trusted staff earn a significant amount of money from the stock Market.
ETHICAL REASONING -Analyze the consequences -Analyze the actions -Make a decision
White collar crime
Whistle blowing Conflict interest Fiduciary responsibilities Sexual harassment Discrimination Sarbanes oxley act Code of ethics for professional accountants in the Philippines 8
Professional Accountant
- An individual who holds a valid certificate issued by the Board
of Accountancy(i.e. CPA), whether he/she be in public practice, industry, commerce, the public sector or education -Satisfy the needs of an individual client/employer and act in the public interest.
Fundamental Principles -Integrity -Objectivity -Professional Competence and Due Care -Confidentiality -Professional Behavior 9
