Accredited CPAs in Commerce and Industry as of May 3, 2017
Accredited CPAs in Commerce and Industry as of December 1, 2016
DEADLINE FOR FILING OF APPLICATION FOR ACCREDITATION FOR CPAs IN COMMERCE AND INDUSTRY EXTENDED TO DECEMBER 31, 2016
Due to persistent demand from the various stakeholders, PRC and BoA isssued Resolution No. 2016-115 extending the deadline for the filing of the application for accreditation for CPAs in Commerce and Industry to December 31, 2016. The deadline was previously set on April 30, 2016 pursuant to BoA Resolution 2016-68.
In addition the new resolution provided the following:
- the period of the Financial Statement that shall be covered by the requirement of the submission of the Certificate of Compilation Services is now December 31, 2016 and subsequent periods
2. the gross sales threshold of the covered companies/persons that shall be subject to the requirements of the pertinent resolutions shall be adjusted after consultations with the affected stakeholders.
“We have decided to extend the deadline for the application filing and the coverage of the Financial Statements due to the various clamor from the affected stakeholders. However, the PRC will continue to process the applications that have been filed,” said Chairman Joel Tan-Torres
“The applicants will have more time to complete their CPD requirements until December 31, 2016. This extended deadline will apply to both those with pending applications and those who will be filing within the year,” said Chairman Tan-Torres.
“We would like to get comments on the gross sales threshold of entities which will be subject to the requirement of CPA preparers of Financial statements and the submission of the Certificate. A number have already suggested that this threshold should be increased. We would like to get feedback on this which can be emailed to email@example.com, mailed to the Board of Accountancy in PRC Sampaloc, or communicated during the dialogues that will be held in connection with the revision of the Accountancy Law,” said Chairman Tan-Torres.
This resolution will be published in Philippine Star on April 27, 2016.
ACCREDITATION FORMS AND LIST OF REQUIREMENTS RELEASED
BOA GUIDELINES PROVIDE ADDITIONAL RULES ON CPA ACCREDITATION AND CERTIFICATE OF COMPILATION SERVICES
The BoA issued Resolution 68-2016 prescribing additional rules on the CPA in Commerce and Industry Accreditation and the preparation of the Certificate of Compilation Services prescribed in BoA Resolution 03-2016.
The more important guidelines include the extension of the deadline for the submission by the CPA of their accreditations for accreditation to April 30, 2016; the imposition of the deadline for filing of accreditation applications of one month from date of hiring/severance, in the case of new CPAs being employed and CPAs being separated; the provision of a deadline of two months from the end of the accounting period for the completion of the preparation of the Financial Statements for submission to the external auditor; the responsibility of the external auditor to advise the BoA of violations of their client/s on the requirements of the various resolutions within a month after the completion of the audit engagement, and the provision of penalties for certain violations of the guidelines.
BoA Resolution No 68-2016 was published in the Philippine Star on March 23, 2016
BIR CLARIFIES EFFECTIVITY OF SUBMISSION OF CERTIFICATE OF FS PREPARATION
Upon the advise of the Board of Accountancy, the Bureau of Internal Revenue has issued RMC 36-2016 clarifying that the submission of the Certificate of Compilation Services for the Preparation of Financial Statement (“Certificate”) by the CPA shall be applicable only for the Financial Statements that will be submitted for fiscal year ending June 30, 2016 and subsequent periods. This Certificate was required to be prepared and submitted by the CPAs of companies or other establishments which gross revenues exceeding P10 million for the accounting period in BoA Resolution No 03-2016. This Certificate will NOT be required for the income tax filing due on or before April 15, 2016.
PTR REQUIREMENTS FOR ACCREDITATION ADDRESSED BY BOA
The Board of Accountancy recently issued two issuances pertaining to the Professional Tax Receipt (PTR) that is being required for submission in the accreditation of CPAs. Presently, PTRs are being required as attachments to the accreditation applications of CPAs in public practice, teachers and commerce and industry.
Under the guidelines issued by BoA, the PTRs to be submitted can either be secured from the place of work/practice or place of residence of the CPA. Likewise, the BoA clarified that CPAs in government applying for accreditation as teachers in state universities and colleges are not required to submit the PTR since the Local Government Code exempts them from getting the PTRs.
“This guidelines and action of the BoA will clarify the procedures for all CPAs applying for accreditation and give relief to our government CPAs,” said Chairman Joel Tan-Torres
LATEST VERSION OF Q&A ON CERTIFICATION COMPILATION RULES RELEASED
This nine (9) page Question and Answer posted here reflects the latest rules and requirements prescribed in BoA Resolution 03-2016 and other amendatory Resolutions (to be released within the week) on the Preparation of Compilation Services on the Preparation of Financial Statements and the Responsibilities of the External Auditor and CPA in Commerce and Industry relative thereto.
This supersedes the earlier Q &A released last January 27, 2016
FORMS FOR ACCREDITATION OF CPAs IN COMMERCE AND INDUSTRY NOW AVAILABLE
Pursuant to BoA Resolution No. 2016-3, CPAs who are required to sign the Certificate of compilation services for the FS preparation are required to be accredited as a CPA in Commerce and Industry. Annex C of said resolution provides the requirements for the accreditation.
The application form and the Integrity Pledge are among the documents required to be submitted. These forms are now available. The forms posted in this FB and in the BoA website at boa.com.ph can be downloaded and used in the application for accreditation.
The deadline for filing the applications with the PRC/BoA is on February 29, 2016.
For further details, refer to BoA Resolution 2016-3 and the Q &A on this matter. The two are now posted in boa.com.ph. Questions can also be emailed to firstname.lastname@example.org.
PICPA NATIONAL SUPPORTS BOA RESOLUTION 3-2016, BUT….
Read the full text of its position of PICPA National on the recently issued BoA Resolution 3-2016 dealing on the submission of the CPA Certificate on Preparation of Financial Statements PICPA National sent to the BoA and other stakeholders this position paper on January 26, 2016
The BoA appreciates said position letter and considered favorably the request contained in said letter to revise the FS period coverage (see page 3 of position paper).
The BoA acknowledges the enlightened perspective and manner that PICPA National has responded to this initiative of the accountancy profession. Other major organizations have also expressed their support of this initiative and resolution.
This is an example of how the various stakeholders can work as a team in worthwhile endeavors
Congratulations to all of us.
The PIPCA position paper is posted in its Facebook and website. This is also posted in the boa FB Professional Regulatory Board of Accountancy and website boa.com.ph.