NEW Rules on Certificate of 2015 FS preparation

For the CPA's out there, tsk tsk tsk, agad agad?!? My Gawd! Di ko pa nga na re-renew license ko, actually di pa nga ako nakapag change status from single to married, may ganito na? Agad agad talaga????
       

Final PRC-BOA Rules on Certificate of Financial Statements (FS) Preparation Take Effect for 2015 FS

21 January 2016

The Board of Accountancy (BoA) has signed the rules on Financial Statements (FS) preparation and the requirement for the Certificate of Compilation Services for the preparation of FS and notes thereto (“the Certificate”). BoA Resolution No. 03-2016 dated January 19, 2016 is now posted in the BoA website and has been disseminated to the various sectoral organizations, including PICPA, ACPAPP, ACPACI and NACPAE.

The rules provide, among others, the following:

1.     Requirement of the attachment to the annual FS of a Certificate on the compilation services rendered in the preparation of FS and notes to the FS. (Please see Annex A of the attached BoA Resolution for a copy of the Certificate.)

2.     The Certificate shall be prepared only for issuers which/who have gross sales or revenues exceeding ten million pesos (P10,000,000) for a particular accounting year.

3.     The preparation of the FS and disclosure notes is a practice of accountancy in commerce and industry and shall be done only by Certified Public Accountants (“CPAs”).

4.     The reiteration of the rule that CPAs in public practice are prohibited from preparing or assisting in the preparation of FS and disclosure note of their clients which engaged them to render attest services for the same documents.

5.     The CPAs in public practice who violate this prohibition rule shall be subject to stern sanctions by the Board of Accountancy.

6.     The CPAs rendering the compilation services for the preparation of the FS and signing the Certificate shall first be accredited with the Professional Regulatory Board of Accountancy after submitting the necessary application and complying with the Continuing Professional Development (CPD) requirements.

7.     These CPAs should apply for accreditation not later than February 29, 2016 (Please see Annex C of the attached BoA Resolution for the list of requirements.) and comply with the CPD requirements not later than June 30, 2016 after signing an affidavit of undertaking to that effect. (Please see Annex B of the attached BoA Resolution for a copy of the affidavit.)

8.     The rules shall apply for the FS pertaining to year 2015.

Questions on the implementation of this resolution can be emailed to boa.secretariat@gmail.com