Practice of Accountancy, Defined
Practice of accountancy shall constitute in a person, be it in his individual capacity, or as a partner or staff member in an accounting or auditing firm, holding out himself as one skilled in the knowledge, science, and practice of accounting, and as qualified to render professional services as a certified public accountant; or offering or rendering, or both, to more than one client on a fee basis or otherwise, services such as the audit or verification of financial transactions and accounting records; the preparation, signing, or certification for clients of reports of audit, balance sheets, and other financial accounting and related schedules, exhibits, statements, or reports which are to be used for publication or for credit purposes, or to be filed with a court or government agency, or to be used for any other purpose; the installation and revision of accounting system, the preparation of income tax returns when related to accounting procedures; or when he represents clients before government agencies on tax matters related to accounting or renders professional assistance in matters relating to accounting procedures and the recording and presentation of financial facts or data.
A Certified Public Accountant shall be considered in the practice of his profession, if the nature and character of his employment whether as an officer or employee in a private enterprise or educational institution involves decision-making requiring professional knowledge in the science of accounting or when he represents his private employer before any government agency on tax matters related to accounting, and such employment or position requires that the holder thereof must be a Certified Public Accountant; or if he holds or is appointed to a position in the accounting occupational group in the government or in government-owned or controlled corporations, including those performing proprietary functions, where a civil service eligibility as a Certified Public Accountant is a prerequisite.
Qualification of Board Members
No person shall be appointed a member of the Board of Accountancy unless he:
- Is a citizen of the Philippines;
- Is of good moral character;
- Is a duly registered Certified Public Accountant in the Philippines;
- Has been in the practice of accountancy for at least ten years; and
- Is not directly or indirectly connected with any school, college, or university granting degrees that may qualify graduates with such degrees for admission to the Certified Public Accountant examinations, or with Certified Public Accountant’s Review School or Institute, nor shall have any pecuniary interest in such school, college, university or Certified Public Accountant’s Review School or Institute.
Members of the Board
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| NOE G. QUIÑANOLA | SAMUEL B. PADILLA | GLORIA T. BAYSA | ||
| Chairman | Vice-Chairman | Member |
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| THELMA S. CIUDADANO | GERVACIO I. PIATOR | MARIA TERESITA ZUÑIGA-DIMACULANGAN | ||
| Member | Member | Member |
History
Although accounting has been practiced in the Philippines since the Spanish period and possibly even before, the seeds of Philippine accountancy as a recognized profession were planted on March 17, 1928, when Act No. 3105 was approved by the Sixth Legislature. Entitled 'An Act Regulating the Practice of Public Accounting; Creating the Board of Accountancy; Providing for Examination, for the Granting of Certificates, and the Registration of Certified Public Accountants; for the Suspension or Revocation of Certificates; and for Other Purposes,' the law paved the way for local accountants to do the work which, up to that time was performed by foreign accountants in the country. Since then, both the profession and the body that directly regulates it have grown rapidly.
From 43 registered accountants in 1923, the number of CPAs has grown to over 100,689 by 1999. Many of these professionals have distinguished themselves not only in the field of accountancy itself but in many other areas of human endeavor. To the roster of Philippine CPAs belong such luminaries, past and present, as Jaime Hernandez and Paciano Dizon, the first and second Filipino Auditor Generals of the Commission on Audit; Manuel Villar, Speaker of the House of Representatives; Washington SyCip, past president of the International Federation of Accountants, the only Asian who has held the position and Founder and Chairman of SGV & Co., the leading accountancy firm in the country; Jose W. Diokno, former Senator of the Philippines and Secretary of Justice; Wenceslao Lagumbay and Alberto Romulo, former senators; and Andres Soriano, founder of one of the country’s leading conglomerates. Many others have been cabinet members, heads of government agencies, chairmen and members of corporations and institutions, heads and professors in the academe, and entrepreneurs.
Local accounting firms and partnerships have likewise entered the mainstream of international practice, establishing tie-ups with the Big Five of the accounting world, namely, Arthur Andersen, Price Waterhouse Coopers, Ernst & Young, KPMG, and Deloitte Tohmatsu International. The biggest of the local firms, SGV & Co., was the first to offer services outside the country and initiated the establishment of The SGV Group composed of leading national accounting firms in East and Southeast Asia.
The increasing complexity of professional regulation and the developments in the practice of the profession have occasioned the expansion of the Board of Accountancy – from three members (president and two members) under Act No. 3105 in 1923, through six (chairman and five members) under Republic Act No. 5166 ('The Accountancy Act of 1967') in 1967, to seven (chairman and six members) under Presidential Decree No. 692 (The Revised Accountancy Law) in 1975. Under the stewardship of the PRC, the Board of Accountancy discharges its mandate of supervising, controlling and regulating the practice of accountancy with authority and distinction. But over and above its regular functions of standardizing and regulating accounting education, conducting examinations for registering CPAs, and maintaining the rules of the practice, the Board has taken the lead in raising the standards of the profession to a very high level of excellence, as evidenced by the following developments:
- Full computerization of the CPA licensure examinations. The accounting profession was the first among the professions to achieve this, paving the way for the current record two-day release of examination results.
- Upgrading of the quality of accounting education. With the PRC, the Board made representations with the DECS for the adoption of standards for the organization and operation of professional accounting programs leading to the prescription of a common baccalaureate degree – Bachelor of Science in Accountancy. The Board periodically reviews school curricula and syllabi to maintain their relevance, particularly in the area of information technology. It also initiated the continued monitoring of schools’ performance in the CPA examinations and the recommendation of corrective measures, as necessary.
- Regulation of CPA firms and partnerships. To assure compliance of their staff and partners with standards and regulations of the practice, the Board moved for the registration of firms or partnerships of CPAs with both the PRC and the Board of Accountancy.
- Requirement of CPAs in civil service. The Board made representations with the Civil Service Commission to require that only CPAs be appointed as accountants and auditors or to hold allied positions in government.
In 1975, with the accreditation by the PRC of the Philippine Institute of Certified Public Accountants (PICPA) as the bona fide professional organization representing CPAs in the country, the Board has coordinated with PICPA to further strengthen the profession. With PICPA, it has worked for the passage of The Accountancy Act of 1967; the issuance of the Code of Professional Ethics in 1978; the issuance of guidelines in 1987 for the mandatory continuing professional education (CPE) program for CPAs; the integration of the accounting profession completed in 1987; the biennial oathtaking of new CPAs; standards setting for the profession through membership in the Accounting Standards Council and the Auditing Standards Practices Council; and the declaration of the Accountancy Week.
As the global professional environment unfolds, with the onset of the 21st century, accountancy continues its trailblazing efforts. It is the first among the Philippine professions to be included under the World Trade Organization’s (WTO) policy of liberalization of services. This means that Philippine accountants will be freely competing with in the global playing field against accountants from other parts of the world and will be able to hold their own. This is due, in no small measure, to the long and distinguished careers of the country’s accountants, to the linkages that local firms have forged with the world’s biggest accounting firms, and to the integrity with which the Board of Accountancy and the Professional Regulation Commission are now administering a profession that has acquired a global perspective.
List of Accredited Integrated Professional Organizations (AIPOs) /Accredited Professional Organizations (APOs)
2019
- PIC Q&A 2019-04 Conforming Amendments to PIC Q&As - 2019 Cycle
- PIC Q&A 2019-06 Accounting for step acquisition of a subsidiary in separate FS
- PIC Q&A 2019-07 Classification of Members' Capital Contributions of Non-Stock Savings and Loan Associations
- PIC Q&A 2019-08 Accounting for asset retirement obligation under PFRS 16
- PIC Q&A 2019-09 Accounting for Prepaid Rent or Rent Liability under PAS 17 on Transition to PFRS 16
- PIC Q&A 2019-10 Accounting for variable payments with rent review
- PIC Q&A 2019-11 Determining the current portion of an amortizing loan or lease liability
- PIC Q&A 2019-12 Determining the lease term under PFRS 16
- PIC Q&A 2019-13 Determining the lease term under PFRS 16 for leases that are renewable subject to mutual agreement
2020
- PIC Q&A 2020-01 - Conforming Changes to PIC Q&As - Cycle 2020
- PIC Q&A 2020-02 Conclusion on PIC QA 2018-12E On certain materials delivered on site but not yet installed_FINAL
- PIC Q&A 2020-03 Q&A No. 2018-12-D STEP 3
- PIC Q&A 2020-04 (Addendum to PIC Q&A 2018-12-D) PFRS 15 - Step 3 - Requires and Entity to Determine the Transaction Price for the Contract
- PIC Q&A 2020-05 (Supersedes Q&A 2018-14) PFRS 15 - Accounting for Cancellation of Real Estate Sales
- PIC Q&A 2020-06 PFRS Attachment of reso 14 2021 - Accounting for payments between and among lessors and lessees
- PIC Q&A 2020-07 PAS 12 Accounting for the Proposed Changes in Income Tax Rates under the Corporate Recovery and Tax Incentives for Enterprises Act
2025
- Board Resolution No. 44 (s. 2025) - Adopting The Auditing And Assurance Standards Council Pronouncements As Part Of The Philippine Auditing Standards
- Attachment: IFAC Quality Management - Installment 3 Monitoring and Remediation
- Attachment: IGPS No 001
- Attachment: PSSA 5000
- Attachment: ISSA-5000
- Attachment: International Standard on Sustainability Assurance ISSA 5000
- Board Resolution No. 7 (s. 2025) - Adopting The Auditing And Assurance Standards Council Pronouncements As Part Of The Philippine Auditing Standards
- Board Resolution No. 6 (s. 2025) - Adopting The Auditing And Assurance Standards Council Pronouncements As Part Of The Philippine Auditing Standards
- Joint Resolution No. 001 s2025
- AASC'S PARTICIPATION IN THE DRAFTING OF DENR ADMINISTRATIVE ORDER NO. 2024-04
- Board Resolution No. 4 (s. 2025) - Adopting the Financial and Sustainability Reporting Standards Council (FRSC) Amendments and Pronouncements
- Board Resolution No. 2 (s. 2025) - Amendments To The 2023 Revised Rules and Regulations on The Conduct of An Oversight Into The Quality of Audits of Financial Statements And Operations Of Certified Public Accountant (CPA) Practitioners By The Professional Regulatory Board Of Accountancy (BOA), and Designating The Philippine Institute Of Certified Public Accountants (PICPA) as the Implementing Arm Of The Quality Assurance Review (QAR) Program
- Board Resolution No. 1 (s. 2025) - Renewal of designation of Wilson P. Chan as Chairman of the Financial and Sustainability Reporting Standards Council
2024
- Board Resolution No. 86 (s. 2024) - Renewal of the Designation of Members of the Financial and Sustainability Reporting Standards Council
- Board Resolution No. 85 (s. 2024) - Designation of the Members of the Quality Assurance Review Council
- Board Resolution No. 61 (s. 2024) - Adopting the Financial and Sustainability Reporting Standards Council Amendments and Pronouncements
- Board Resolution No. 58 (s. 2024) - Adopting the Financial and Sustainability Reporting Standards Council Amendments and Pronouncements
- PIC Q&A No. 2024-02: Conforming Changes to PIC Q&As - Cycle 2024
- Amendments to the Classification and Measurement of Financial Instruments (Amendments to PFRS 9 and PFRS 7)
- Subsidiaries without Public Accountability: Disclosures (PFRS 19)
- PIC - Guidance on Financial Reporting
- PIC - Approved Q&As on Philippine Financial Reporting Standards
- Board Resolution No. 56 (s. 2024) - Partial Amendment of Resolution No. 11 (s. 2024)
- Board Resolution No. 54 (s. 2024) - Adopting the Auditing and Assurance Standards Council Pronouncements as Part of the Philippine Auditing Standards
- Board Resolution No. 38 (s. 2024) - Adopting The Financial And Sustainability Reporting Standards Council Pronouncement
- Board Resolution No. 37 (s. 2024) - Adopting the Auditing and Assurance Standards Council Pronouncements as Part of the Philippine Auditing Standards
- Board Resolution No. 34 (s. 2024) - Renewal of the Designation of Members and Designation of New Members to the Financial and Sustainability Reporting Standards Council
- Board Resolution No. 27 (s. 2024) - Suppletory Guidelines on the Implementation of Board Resolution No. 53 (s. 2022)
2023
- Board Resolution No. 58 (s. 2023) - Adopting The Financial And Sustainability Reporting Standards Council Amendments And Pronouncements
- Board Resolution No. 57 (s. 2023) - Revised Rules and Regulations on the Conduct of an Oversight into the Quality of Audits of Finalcial Statements and Operations of Certified Public Accountants Practitioners by the Professional Regulatory Board Accountancy, and Designating the Philippine Institute of Certified Public Accountants (PICPA) as the Implementing Arm of the Quality Assurance Review (QAR) Program
- Board Resolution No. 55 (s. 2023) - Adoption Of The 2021 Edition Of The International Ethics Standards Board For Accountants (IESBA) International Code Of Ethics For Professional Accountants, Including The International Independence Standards, As The Code Of Ethics For Professional Accountants In The Philippines (2021 Edition), And Prescribing Amendments Thereto
- Board Resolution No. 16 (s. 2023) - Adoption Of The 2020 Edition Of The International Ethics Standards Board For Accountants (IESBA) International Code Of Ethics For Professional Accountants, Including The International Independence Standards As The Code Of Ethics For Professional Accountants In The Philippines (2020 Edition), And Prescribing Amendments Thereto
- Board Resolution No. 09 (s. 2023) - Adopting Financial and Sustainability Reporting Standards Council Amendments and Pronouncements
- Board Resolution No. 13 (s. 2023) - Adopting the Financial and Sustainability Reporting Standards Council (FSRSC) Amendments and Pronouncements
- Amendments to PFRS 9 Financial Instruments, PAS 39 Financial Instruments: Recognition and Measurement, PFRS 7 Financial Instruments: Disclosures, PFRS 4 Insurance Contracts and PFRS 16 Leases, Interest Rate Benchmark Reform—Phase 2
- Amendments to PAS 1 Presentation of Financial Statements, Non-current Liabilities with Covenants
- PIC Q&A No. 2019-01 (Amended August 2022): Accounting for Service charges under PFRS 15, Revenue from Contracts with Customers
- PIC Q&A No. 2022-05: Accounting by a Representative Office of Remittances from its Foreign Head Office
2022
- Board Resolution No. 53 (s. 2022) - Harmonization of the Guidelines on the Accreditation of Certified Public Accountants Engaged in Public Practice and Education Practice and the Issuance of Additional Guidelines Thereon
- Board Resolution No. 46 (s. 2022) - Resolution Adopting the Financial Reporting Standards Council (FRSC) Amendments and Pronouncements
- Board Resolution No. 44 (s. 2022) - Adoption of the International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards for the General Purpose Financial Statements and Renaming Financial and Sustainability Reporting Standards Council (FRSC) to Financial and Sustainability Reporting Standards Council (FSRSC)
- Board Resolution No. 29 (s. 2022) - Increasing The Membership And Designating New Members Of The Financial Reporting Standards Council
- Board Resolution No. 30 (s. 2022) - Reverting to the Six (6) Subjects in the Licensure Examination for Certified Public Accountants (LECPA) Under Board Resolution No. 262 (s. 2015); Renaming of the Subject Title "Management Advisory Services" to "Management Services"; and Adopting the Revised Syllabi and Tables of Specifications for the Six (6) Subjects in the LECPA Stating October 2022
- Board Resolution No. 11 (s. 2022) - Issuance of Frequently Asked Questions for the Revised Partner Rotation Provisions of the Code of Ethics for Professional Accountants in the Philippines
- Board Resolution No. 24 (s. 2022) - Resolution Adopting the Financial Reporting Standards Council Amendments and Pronouncements
2021
- Board Resolution No. 01 (s. 2021) - Ratification of Applications for the Accreditation as Accounting Teachers Approved by the Board Focal Person for the Month of November 2020
- Board Resolution No. 02 (s. 2021) - Ratification of Applications for the Accreditation of Individual Certified Public Accountants (Cpas), Firms and Partnerships in the Practice of Public Accountancy Approved by the Board Focal Person for the Month of November 2020
- Board Resolution No. 03 (s. 2021) - Enrolling The Additional Partner Of J. A. Lamboso And Co. In The Practice Of Public Accountancy
- Board Resolution No. 04 (s. 2021) - Ratification of Applications for the Accreditation of Individual Certified Public Accountants (Cpas), Firms and Partnerships in the Practice of Public Accountancy Approved by the Board Focal Person for the Month of December 2020
- Board Resolution No. 05 (s. 2021) - Ratification of Applications for the Accreditation as Accounting Teachers Approved by the Board Focal Person for the Month of December 2020
- Board Resolution No. 06 (s. 2021) - Enrolling the Additional Partners of Sycip, Gorres, Velayo & Co. in the Practice of Public Accountancy
- Board Resolution No. 07 (s. 2021) - Ratification of Applications for the Accreditation as Accounting Teachers Approved by the Board Focal Person for the Month of January 2021
- Board Resolution No. 08 (s. 2021) - Ratification of Applications for the Accreditation of Individual Certified Public Accountants (CPAs), Firms and Partnerships in the Practice of Public Accountancy Approved by the Board Focal Person for the Month of January 2021
- Board Resolution No. 09 (s. 2021) - Enrolling the Additional Partner of Ramon F. Garcia & Company in the Practice of Public Accountancy
- Board Resolution No. 10 (s. 2021) - Enrolling the Additional Partners of Sycip, Gorres, Velayo & Co. in the Practice of Public Accountancy
- Board Resolution No. 11 (s. 2021) - Ratification of Applications For The Accreditation of Schools to Offer Refresher Course Pursuant to Resolution no. 46 (s.2020) Approved by the Board Focal Person for the Month of February 2021
- Board Resolution No. 12 (s. 2021) - Enrolling The Additional Partner Of Constantino And Partners in the Practice of Public Accountancy
- Board Resolution No. 13 (s. 2021) - Ratification of Applications for the Accreditation of Schools to Offer Refresher Course Pursuant to Resolution No. 46 (S. 2020) Approved by the Board Focal Person for the Month Of March 2021
- Board Resolution No. 14 (s. 2021) - Philippine Interpretations Committee (PIC) Queations and Answers (Q&As) 2019 and 2020
- Board Resolution No. 15 (s. 2021) - Resolution Redesigning the Chairman and Six(6) Members to the Financial Reporting Standards Council and Designating Two (2) Two New Members Hereto
- Board Resolution No. 16 (s. 2021) - Resolution to Make an Official Representation with the Office of the President of the Philippines for the Signing of a Presidential Proclamation Declaring the Period March 17,2022 to March 17, 2023 as the Centenary Year of the Accountancy Profession and the Board of Accountancy and the Adoption of the Centennial Logo and Theme for Its Year-long Anniversary Celebration
- Board Resolution No. 17 (s. 2021) - Enrolling the Additional Partner of Roxas, Cruz, Tagle and Co. in the Practice of Public Accountancy
- Board Resolution No. 18 (s. 2021) - Ratification of Application for the Accreditation of School to Offer Refresher Course Pursuant To Resolution No. 46, (S. 2020) Approved by the Board Focal Person for the Month Of May 2021
- Board Resolution No. 19 (s. 2021) - Enrolling the Additional Partner of PDAC and Co. in the Practice of Public Accountancy
- Board Resolution No. 20 (s. 2021) - Adoption of the Auditing and Assurance Standards Council (AASC) Pronouncements as Part of the Philippine Auditing Standards
- Board Resolution No. 22 (s. 2021) - Ratification Oof Application for the Accreditation as Accounting Teachers Approved by the Board Focal Person for the Month of February 2021
- Board Resolution No. 23 (s. 2021) - Ratification of Applications for the Accreditation of Individual Public Accountants (CPAs), Firms and Partnerships in the Practice of Public Accountancy Approved by the Board Focal Person for the Month of February 2021
- Board Resolution No. 24 (s. 2021) - Ratification Of Applications for the Accreditation of Individual Public Accountants (CPAs), Firms and Partnerships in the Practice of Public Accountancy Approved by the Board Focal Person for the Month of March 2021
- Board Resolution No. 25 (s. 2021) - Ratification of Applications for the Accreditation as Accounting Teachers Approved by the Board Focal Person for the Month of March 2021
- Board Resolution No. 26 (s. 2021) - Ratification of Applications for the Accreditation of Schools to Offer Refresher Course Pursuant to Resolution No. 46 (S. 2020) Approved by the Board Focal Person for the Month of July 2021
- Board Resolution No. 27 (s. 2021) - Enrolling the Additional Partner of Layug, Reaño and Associates in the Practice of Public Accountancy
- Board Resolution No. 28 (s. 2021) - Ratification of Applications for the Accreditation as Accounting Teachers Approved by the Board Focal Person for the Month of April 2021
- Board Resolution No. 29 (s. 2021) - Ratification of Applications for the Accreditation of Individual Certified Public Accountants (Cpas), Firms And Partnerships in the Practice of Public Accountancy Approved by the Board Focal Person for the Month of April 2021
- Board Resolution No. 30 (s. 2021) - Resolution Adopting the Financial Reporting Standards Council (FRSC) Amendments and Pronouncements
- FRSC Property Plant and Equipment: Proceeds before Intended Use (Amendments to PAS 16)
- FRSC Onerous Contracts - Cost of Fulfilling a Contract (Amendments to PAS 37)
- FRSC Reference to the Conceptual Framework (Amendments to PFRS 3)
- FRSC COVID Related Rent Concessions Beyond 30 June 2021 (Amendments to PFRS 16)
- FRSC Amendments to PFRS 17, Insurance Contracts
- FRSC Disclosure of Accounting Policies (Amendments to PAS 1 and PFRS Practice Statement 2)
- FRSC Classification of Liabilities as a Current or Non-corrent (Amendments to PAS 1)
- FRSC Definition of Accounting Estimates (Amendments to PAS 8)
- FRSC Deffered Tax Related to Assets and Liabilities Arising from a Single Transaction (Amendments to PAS 12)
- FRSC Annual Improvements to PFRS Standards 2018-2020
- PIC Guidance on Financial Reporting 2021
- Accountancy Board Resolution No. 33 (s. 2021) - Ratification of Application for the Accreditation of School to Offer Refresher Course Pursuant to Resolution No. 46 (S. 2020) Approved by the Board Focal Person for the Month of August 2021
- Accountancy Board Resolution No. 40 (s. 2021) - Ratification of Application for the Accreditation of School to Offer Refresher Course Pursuant to Resolution No. 46 (S. 2020) Approved by the Board Focal Person for the Month of September 2021
- Board Resolution No. 44 (s. 2021) - Suspending the Release and Publication of Topnotchers for the October and December 2021 Licensure Examination for Certified Public Accountants
2021
- Board Resolution No. 11 (s. 2021) - Ratification of Applications for the Accreditation of Schools to Offer Refresher Course Pursuant to Resolution no. 46 (s.2020) Approved by the Board Focal Person for the Month of February 2021
- Board Resolution No. 13 (s. 2021) - Ratification of Applications for the Accreditation of Schools to Offer Refresher Course Pursuant to Resolution No. 46 (S. 2020) Approved by the Board Focal Person for the Month Of March 2021
- Board Resolution No. 18 (s. 2021) - Ratification of Application for the Accreditation of School to Offer Refresher Course Pursuant To Resolution No. 46, (S. 2020) Approved by the Board Focal Person for the Month Of May 2021
- List of Accredited Schools Qualified to Offer the Refresher - January to December
- Accountancy Board Resolution No. 26 (s. 2021) - Ratification of Applications for the Accreditation of Schools to Offer Refresher Course Pursuant to Resolution No. 46 (S. 2020) Approved by the Board Focal Person for the Month of July 2021
- Accountancy Board Resolution No. 33 (s. 2021) - Ratification of Application for the Accreditation of School to Offer Refresher Course Pursuant to Resolution No. 46 (S. 2020) Approved by the Board Focal Person for the Month of August 2021
- Accountancy Board Resolution No. 40 (s. 2021) - Ratification of Application for the Accreditation of School to Offer Refresher Course Pursuant to Resolution No. 46 (S. 2020) Approved by the Board Focal Person for the Month of September 2021
2020
List of Accredited Schools Qualified to Offer the Refresher - January 2021 to March 2025
List of Accredited Schools Qualified to Offer the Refresher - January 2021 to September 2022
List of Accredited Schools Qualified to Offer the Refresher - January to December 2021
List of Accredited Schools Qualified to Offer the Refresher Course - January to December 2021