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Exciting changes have come

January 2017
Exciting times in accounting in the Philippines
Six Point Expanding Horizons Strategic Plan
Future is NOW
Globalization trends in our midst
Major structural changes ongoing
Forthcoming accounting learning and examination tracks
New expanded Auditors Report
Certificate of Compilation Services in Preparation of FS
High Impact Regulatory Direction
Empowering the SMP
Inspection of offices of CPAs in PP
Governance, Integrity and Ethics
CPD directions
Case Development Program
Internship Program
Stress Management Program
Sectoral, CPA Tracker and IFAC Survey
BoA Publications
Inspection of schools
Summit of Accounting Schools Stakeholders
NFJPIA Collaboration
Strengthening the professional & sectoral organization
BoA Volunteer Program
I am Accountant
Six point Expanding Horizons Strategic Plan

Our game plan to exceed global standards

More than 100 projects ongoing

Be involved
The future is now
Future trends of robotics, artificial intelligence, cloud hosting,
technology tools and applications, data analytics, cyber
security, sustainability and integrated reporting, Block chain,
digitalization, XBRL reporting

Previous learning must be updated

Accountancy leaders should lead the revolution of change

Change in mindset and skills set are required

Do your shareread and learn and be ready


Globalization trends in our midst
ASEAN MRA and the mobile accountant is coming

Bilateral MRAs soon to follow?

Global accountancy bodies and leaders in our doorsteps

Partnerships with ASEAN accountancy regulators

Assistance from global developmental partners

50th ASEAN celebration

WB ROSC
Major structural changes on going

Revisions in accountancy law

Forthcoming accounting learning tracks

New shift in CPA board examinations


Revisions in accountancy law

Revisions referred to Congress on August 2016

Over 20 proposals
- Structural
. Mandate of the Accountancy Regulatory Office and BoA
. Practice of Accountancy
. Accountancy Examination and Program Matters
. Special Provisions
. Penalties and Sanctions
Forthcoming accounting learning and
examination tracks
Four Specialized accounting programs
BS Accountancy
BS Management Accounting
BS Internal Auditing
BS Accounting Information System
Forthcoming accounting learning and
examination tracks
Two Level Licensure Examination
1. Core Licensure Examination for
Certified Accountants
Forthcoming accounting learning and
examination tracks
Two Level Licensure Examination
2. Advanced Licensure Examination
for Certified Public
Accountant and Certified Professional
Accountants
New Expanded Auditors Report
New PSAs on Auditor Reporting Standards (including
providing for information on Key Audit Matters for
some audits) for audits of financial statements for
periods ending on or after December 15, 2015 (BoA
resolution 125-2016)

Intended to increase the transparency and enhance


the information value of the auditors report

BoA has formed Task Force EAR


New Expanded Auditors Report
Mandate of Task Force EAR
1. Establish a virtual Help Desk that will accept and respond queries

2. Maintain website that will provide information and links to established resources

3. Conduct briefings to stakeholders

4. Produce materials (flyers, video, etc.) for dissemination

5. Address implementation and interpretation issues and prescribe resolutions to the BoA for
their final action

6. Monitor the awareness and implementation by online surveys; getting feedback from
stakeholder groups during their events and the CPD events ; etc.

7. Other matters: Revision of audit thresholds, Integrated reporting and Engagement with key
stakeholders

8. Submit a final report to BoA by May 30, 2017

Communication to the task force can be emailed to taskforceear@gmail.com.


Certification of compilation services in
preparation of FS
BoA Resolution 3-2016, PSRS 4410, BIR
Revenue Memorandum Circular 21-2016
and 36-2016 prescribe that CPAs be accredited
with BoA and to sign the Compilation Certificate
CPAs who still have to receive their accreditation
document from the BoA can complete and sign the
Certificate with the notation that their application is still
pending approval in the PRC/BoA
Effective for 2016 financial statements and annual
income tax returns that will be filed with the BIR for tax
filing period in 2017.
Certification of compilation services in
preparation of FS
Preparers of the FS should submit their
companys FS to the auditors not later
than two months after the end of the accounting period.
These measures are intended to enhance the
accountability of the preparers of the FS and tax returns
and correspondingly the reliability of the documents
Auditors have the responsibility to report to BoA those
CPAs/clients who did not comply with the requirements
New Excelsior RTC Manila TRO case # 16-137284 dated
Dec 5, 2016
High impact regulatory directions
Make professional CPAs work better in an environment of fair competition, with
ample opportunities and reasonable government regulations and make the erring
CPAs change their behavior, leave the profession or be sternly sanctioned.

Collaboration among regulators


Taxation of professional
Audit thresholds discussion

QAR full steam ahead

Engagement reporting

Posting list of accredited CPAs


High impact regulatory directions

Project Repeal
More collaboration with other regulators
NOCLAR
Schedule of fines and penalties
Accreditation of Government CPAs
Accreditation of Partners and
professional staff under injunction
Renewal of license and accreditation
will be based on birth month
Empowering the SMPs
Facilitate the enhancement of practice management and
quality assurance procedures and practices

Provide access to networking opportunities

Extend incentives on PRC and BoA transactions

Enhance the competitive environment

Run after erring CPAs


Inspection of offices of CPAs in PP
Prescribed in BoA Resolution 5-2016

Mandates the inspection of offices of CPAs in PP applying


for accreditation

Inspection shall be conducted pursuant to a checklist

Inspector will determine the functionality


of the office and facilities

Streamlining of the process shall soon be implemented


Governance , Integrity and Ethics
Performance Governance Systemwhats next

Integrity Initiativenext steps

Code of Ethicsto be updated

ISO certification of institutions


CPD directions
New law and regulations
Republic Act No. 10912
PRC Resolution No.2016-990
BoA Resolution No. 358-2016

Gradual increase from 60 to 120 units

Shift from thematic to competency framework

Online CPD courses

Monitors and quizzes

Online monitoring of CPD units earned


Accountancy case program
Initiative to integrate case discussion method in ALL
accountancy subjects

Development of local accountancy cases involving


actual industry scenarios and issues

Securing leading foreign accounting


cases
BoA Internship Program
The interns will undergo the following: (1) briefing, (2) training on
BOA work, (3) training on BOA projects, (4) office administrative
work, (5) external work, (6) public relations and information,
(7) research and reporting, (8) posting in partner
organizations; (9) interim and (10) final evaluation and
debriefing, and (10) completion event

The IP of the BoA promises a challenging learning and training


experience for the interns . They will get a chance to interact with the
various stakeholders of the profession and will handle various activities
in the course of their 200 or more hours internship in BoA.

Their internship will be credited for their academic requirements.


BoA Internship Program

Interns will receive a daily allowance that will be given at the end
of each week. Interns will also receive an Intern Kit consisting of an
intern identification card, customized shirt, folder, stationery kit,
and BOA directory.

At the end of the IP, the intern will be evaluated and rated, and
will receive a Certificate of Completion if the intern is able
to satisfactorily complete the IP

Undergraduate student of MM accounting school belonging to the


top 20%, familiarity with MS Office applications, proficient in
communication, can work independently
Stress Management Program

A joint project between the BoA, The Board of Psychologist


and their respective APOs

Intended to assist the examinees of CPA Board Examinations

Involves the briefing on stress management


by psychologists of reviewees in CPA review
centers and schools
Sectoral Surveys
Three sectoral surveys (AE, PP, and CI) being conducted by the
BoA since 2015

Provided inputs to the various initiatives of the BoA, including


the revisions of the Accountancy Law

PICPA and other organizers


of events are encouraged to
conduct the survey

Survey is accessible in
AE - https://www.surveymonkey.com/r/CPASurveyAE
PP - https://www.surveymonkey.com/r/CPASurveyPP
C I - https://www.surveymonkey.com/r/CPASurveyCI
CPA Career tracking project
14 November 2016

In collaboration with
We asked new CPAs from the last 5 batches

Profile: 4,076 respondents (as of 14 Nov 2016)


Male: 36% Female: 64%
Male: 242 Female: 357

Jul 2014: Oct 2014: May 2015: Oct 2015: May 2016:
291 307291
July batch: 922 1,208
October 1,348
batch: 273

0% 20% 40% 60% 80% 100%

~76% of respondents schools are from NCR, Regions 3 and 4a


NCR: Central Calabarzon:
48% Luzon: 12% 13%

Accumulated result of survey data as at 14 Nov 2016 on responses of Jul/Oct 2014, May/Oct 2015 and May 2016 CPA batches
IFAC Surveys and Discussion Papers for comments
IAASB Public Survey to Inform Its Work Plan for 20172018 at
http://www.surveygizmo.com/s3/2942908/fd0963388e87

IAASB Working Group Paper on Supporting Credibility and Trust in


Emerging Forms of External Reporting: Ten Key Challenges for Assurance
Engagements at http://www.ifac.org/publications-resources/discussion-
paper-supporting-credibility-and-trust-emerging-forms-external

IAASB Discussion Paper, Exploring the Demand for Agreed-Upon


Procedures Engagements and Other Services, and the Implications for the
IAASBs International Standards at http://www.ifac.org/publications-
resources/discussion-paper-exploring-demand-agreed-upon-procedures-
engagements-
and?utm_medium=social&utm_source=facebook&utm_campaign=web_sh
are#.WEGAAS42-OU.facebook
IFAC Surveys and Discussion Papers for comments
IFAC Global SMP Survey 2016 at http://ifac.global-smp-survey-
2016.sgizmo.com/s3/

IAASB Consultation paper on Exploring the Growing Use of Technology in


the Audit, with a Focus on Data Analytics at
http://www.ifac.org/publications-resources/exploring-growing-use-
technology-audit-focus-data-analytics#
Inspection of schools
Over 500 accounting schools

Over 300 have zero CPA exam passing percentage

BoA mandate to inspect quality of accounting education

Over 70 schools inspected in 2016

Rectification of deficiencies shall be the


focus in 2017
Summit of Accountancy School Stakeholders
Gathering of stakeholders and decision makers of the
accountancy school sector

Information on developments must be disseminated

Key stakeholders must be able to respond ASAP

Exchange ideas on how to support each other


New accountancy tracks
Requirements of the industry
Demands of the present and future
NFJPIA Collaboration
Accountancy Team Extemporaneous Speaking
Tournament (AtTEST)

Happy Pencil Art Competition


Strengthening of professional & sectoral organization
Advocacy of national and local issues
Strengthen governance practices
Follow rules
Transparency
PGS---Whats next?
BoA oversight
Train the trainors for CPD courses
Become an accredited CPD provider
E-news updates of members
Expanded directory of members
Networking and job/interns matching
Permanent secretariat/office
Assistance in transactions with regulatory offices
Technical Help desk
Dissemination of information and projects
Financial sustainability
Participation in surveys and global initiatives
Secure CHED endorsement
Adopt a chapter or sector organization
More chapters and membership
BoA Volunteer Program

Be aware of what is happening

Communicate these to your colleagues

Volunteer
For more information:
http://www.prc.gov.ph
July batch: 289 October batch: 258

http://boa.com.ph

www.facebook.com/professional
NCR: 46.1%

regulatory board of accountancy

boa.secretariat@gmail.com
An exciting and inspiring video

July batch: 289


I am Accountant
October batch: 258

View in YouTube at
https://www.youtube.com/watch?v=9VgtWslzGP8
NCR: 46.1%

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