About the Philippine Accountancy Act

Proposed Amendments

• Redefine the practice of accountancy in accordance with current trends in the practice of the profession.
• Expressly provide that the BOA has the exclusive oversight over the registration and the practice of accountancy in the Philippines.
• Legitimize the creation of Standard Setting Bodies and to justify the appropriation of 35 funds to carry out its functions.
• Give emphasis to the relationship of the Professional Regulation Commission – Board of Accountancy (PRC-PBOA) with the Commission on Higher Education (CHED) and other government agencies in regulating educational institutions which are offering Accountancy program and for this purpose the creation of the Education Technical Council (ETC)
• Amend the requirements for admission to the licensure examinations for Certified Public Accountants to give Filipino citizens who are graduates of foreign schools the chance to take the examination. Further, congress envisions that requiring an examinee to undergo professional experience before taking the licensure examination would give him/her a greater chance of passing the licensure examination. Also, this would be a major step of improving the national passing percentage of the licensure examination.

• Allowing accountancy graduates of foreign schools to become CPAs;
• Requiring a candidate for the board exam to have a prior two years of work experience;
• Requiring the exam takers to obtain a numerical rating of at least 75% in each subject in order to pass the licensure exam;
• Removing “conditional status”. Instead, it only becomes “passed” or “failed”;
• Reporting of the results of the exam shall not contain any numerical rating;
• Prohibiting the publication of the top performing examinees;
• Automatic registration to the integrated professional organization of CPAS upon passing
• Implementing a strict no mandatory CPD no license renewal policy.
  

Public Consultation