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Extension of Accreditation of CPAs in Public Practice up to April 30, 2014

Are you one of those who patiently wait for the renewal of your Board of Accountancy (BOA) accreditation and can’t wait to sign auditor’s report on financial statements because your accreditation has expired on December 31, 2014?

Well, it doesn’t matter if you are a solo practitioner or a partner of a firm because here’s a good news for you!

The Professional Regulation Commission (PRC) announces the extension of the period of Accreditation of Individual Certified Public Accountants (CPAs) and Partnerships/Firms. Resolution no. 41(D) series of 2015, issued by the Professional Regulatory Board of Accountancy on March 4, 2015, extends the period of accreditation of all individual CPAs and partnerships/firms engaged in public accountancy until April 30, 2015.

Click here to read more of this post…. Continue reading

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October 2014 CPA Board Exam Results (Passers/School Performance/Topnotchers)

The October 2014 Certified Public Accountant Licensure Examination has yesterday and we are now down to the most awaited part of it – the results. There are at least 11,338 examinees who took the CPA Board Exam. The exam has been conducted in major cities around the Philippines including Manila, Baguio, Cagayan de Oro, Cebu, Davao, Iloilo, Legazpi, Lucena and Tacloban last October 4, 5, 11 and 12, 2014 and finally, the results are out.

Results Announcement

The Professional Regulation Commission (PRC) announces that 4,123 out of 11,137 passed the Certified Public Accountant Licensure Examination given by the Board of Accountancy in the cities of Manila, Baguio, Cagayan De Oro, Cebu, Davao, Iloilo, Legazpi and Lucena this October 2014.

The results were released in three (3) working days after the last day of examination. Continue reading

IAS 16 & 38 Amendment – Revenue-based depreciation not appropriate

A variety of depreciation methods can be used to allocate the depreciable amount of an asset on a systematic basis over its useful life, in accordance with International Accounting Standards (IAS) 16 Property, Plant and Equipment. These methods include the straight-line method, the diminishing balance method and the units of production method.

Straight-line depreciation results in a constant charge over the useful life if the asset’s residual value does not change.  The diminishing balance method results in a decreasing charge over the useful life. The units of production method results in a charge based on the expected use or output. The entity selects the method that most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. That method is applied consistently from period to period unless there is a change in the expected pattern of consumption of those future economic benefits.

Note that revenue-based methods are not included with those that are specifically mentioned under IAS 16, but International Accounting Standards Board (IASB) noted that there are many entities using revenue as basis for depreciation (such as based on sales units, revenue amounts).

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Equity method of accounting in Separate Financial Statements now allowed

Doesn’t this sounds interesting? Equity method of accounting in the separate financial statements are now allowed which will help some jurisdictions move to (International Financial Reporting Standards (IFRS) for separate financial statements, reducing compliance costs without reducing the information available to investors. The International Accounting Standards Board (IABS) define this amendment as a “narrow-scope” amendment that will allow entities to use the equity method to account for investments in subsidiaries, joint ventures and associates in their separate financial statements.

(When used in this article, IFRS and International Accounting Standards (IAS) shall also mean Philippine Financial Reporting Standards (PFRS) and Philippine Accounting Standards (PAS) as Philippines adopt its reporting standards from the international standard-setting bodies)

What are Separate Financial Statements?

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Amendments to PAS 16 and PAS 41 for bearer plants

The requirement of the existing Philippine Accounting Standards (PAS)* 41 Agriculture, is to measure biological assets and agricultural produce at fair value less cost to sell, except for biological assets where fair value cannot be measured reliably, in which case, should be measured at its cost less any accumulated depreciation and any accumulated impairment losses in accordance with PAS 16 Property, Plant and Equipment and PAS 36 Impairment of Assets.  This is based on the principle that the biological transformation that these assets undergo during their lifespan is best reflected by fair value measurement.

What Has Changed?

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July 2014 CPA Licensure Examination Results

The Professional Regulation Commission (PRC) announces that 1,107 out of 5,540 passed the Certified Public Accountant Licensure Examination given by the Board of Accountancy in the cities of Manila, Baguio, Cagayan De Oro, Cebu, Davao, Iloilo and Legazpi last July 2014.

The results were released in three (3) working days after the last day of examination.

The Board of Accountancy is composed of Joel L. Tan-Torres, Chairman; Betty C. Siy-Yap, Vice Chairman; Eliseo A. Aurellado and Gerard B. Sanvictores, Members. Continue reading

Room Assignments – July 2014 CPA Board Exam

Are you ready for the July 2014 CPA Board Exam?  We have brought to you the Schedule of Subjects for the July 2014 CPA Licensure Exam and the new schedule from the time the May 2014 CPA Board exam was postponed.

Alright, so if all is set, do you already know your room assignments? Don’t let not knowing your room assignment hinder your journey to becoming a CPA.  Check your room assignment, and if possible visit it before the examination.

Sadly, the Professionals Regulation Commission just published the room assignments on certain areas, late this week.  But don’t worry, you still have the chance to visit the place so you won’t have a hard time looking for it during the exam. Continue reading

Schedule of Subjects for the July 2014 CPA Licensure Exam

Now that the postponed May 2104 CPA Licensure Exam has been finally rescheduled on July 20, 21, 28 and 29, candidates should take note of the schedules of subjects so that they will go into the battle that they know their opponents.

Schedule of Subjects

On June 11, 2014, the Professional Regulation published in its website the new schedule of subjects is as follows:

FIRST DAY
JULY 20, 2014
(Sunday)
8:00 AM – 11:00 AM AUDITING PROBLEMS
1:00 PM – 4:00 PM PRACTICAL ACCOUNTING II
SECOND DAY
JULY 21, 2014
(Monday)
8:00 AM – 11:00 AM THEORY OF ACCOUNTS
1:00 PM – 4:00 PM AUDITING THEORY
THIRD DAY
JULY 28, 2014
(Monday)
8:00 AM – 11:00 AM MANAGEMENT SERVICES
1:00 PM – 4:00 PM PRACTICAL ACCOUNTING I
FOURTH DAY
JULY 29, 2014
(Tuesday)
8:00 AM – 11:00 AM BUSINESS LAW AND TAXATION

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Postponed May 2014 CPA Board Examination Rescheduled in July

Good news!!! Finally, we already have the new schedule of the postponed May 2014 CPA (Board) Licensure Examination.

Well, I actually don’t know whether it is a good or bad news for those who are taking the exam since we don’t know what you feel about the postponement but nearly half of the survey respondents said that they were glad that it was postponed because they have more time to prepare. We recently informed you in our post that the May 2014 CPA Board Examination was postponed until further notice, and now, it was scheduled this July.

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IFRS 15 – Revenue from Contracts with Customers (final revenue standard)

International Financial Reporting Standards (IFRS) 15 specifies how and when an entity will recognize revenue as well as requiring such entities to provide users of financial statements with more informative, relevant disclosures. The standard provides a single, principles based five-step model to be applied to all contracts with customers.

IFRS 15 was issued in May 2014 and applies to an annual reporting period beginning on or after 1 January 2017.

Philippine Financial Reporting Standards (PFRS) in the Philippines are adopted from the IFRS.  IFRS, when used in this article, also pertains to PFRS as used in the Philippine setting. Continue reading

Philippine Accounting Updates App now available on Andriod

Now, you’ll never miss a single update! Philippine Accounting Updates App is now available for download in Andriod!

CLICK HERE TO ACCESS DOWNLOAD PAGE

Users will now be able to browse updates using their Andriod phones whenever and wherever as long as they are connected.  Just scan the QR code or click download using your smartphone mobile browser, install the app and you are ready to go! Continue reading

May 2014 CPA Board Exam Postponed Indefinitely

We don’t really know what the candidates for the upcoming May 2014 CPA Licensure Examination feel about this, but, it’s true that the Professional Regulation Commission (PRC), through the recommendation of the Board of Accountancy (BOA) postponed the upcoming May 2014 CPA Licensure Examination.

First, let us know how do you feel about it.   Continue reading

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