When you first open your small business, you may be doing the majority of the accounting yourself. This may be particularly true if you are operating as primarily a service business or a contractor. You may be using accounting software or you may be using a paper method to track your expenses and income. However, you may benefit from hiring an accountant to do your taxes for you. Many accountants will work for several small business owners, which means you do not need to hire someone full-time.
Are You Spending More Time on Your Finances than Your Business?
Section 10. The degree program described herein shall be called Bachelor of Science in Accounting Technology (BSAT).
Section 11. The BSAT program may be offered in a separate School of Accountancy or in a Department of Accountancy in the Colleges or Schools of Business.
Section 12. The primary goal of accounting education is to produce competent professional accountants capable of making a positive contribution over their lifetimes to the profession and society in which they work. In the face of increasing changes that they will meet later as professional accountants, it is essential that students develop and maintain an attitude of learning to learn, to maintain their competence later as professional accountants.
Republic of the Philippines OFFICE OF THE PRESIDENT COMMISSION ON HIGHER EDUCATION CHED MEMORANDUM ORDER (CMO) No. ________ Series 2006
SUBJECT : MINIMUM CURRICULAR REQUIREMENTS FOR BACHELOR OF SCIENCE IN ACCOUNTING TECHNOLOGY (BSAT) X—————————————————————————————————X In accordance with the pertinent provisions of Republic Act (RA) No. 7722, otherwise known as the “Higher Education Act of 1994,” and for the purpose of locally adopting the International Education Standards in Accounting Education as prescribed by the International Federation of Accountants with the end view of keeping standards in accounting education in the country comparable with the requirements of the global workplace, the following rules and guidelines are hereby adopted and promulgated by the Commission:
The Financial Reporting Standards Council who replaces the Accounting Standards Council is composed of a chairman which is appointed by the Board of Accountancy and it includes representatives from the Board of Accountancy (BOA), Securities and Exchange Commission (SEC), Bangko Sentral ng Pilipinas (BSP), Financial Executives Institute of the Philippines (FINEX), Commission on Audit (COA) and Philippine Institute of Certified Accounatnts (PICPA)
Below are list of the Financial Reporting Standards Council
Chairman
Mr. David L. Balangue Former Chairman and Managing Partner, SGV Co.
Members
Board of Accountancy
Ms. Ma. Elenita B. Cabrera Vice Chairman Board of Accountancy
Secure and accomplish an Action Sheet Form from the Professional Regulation Commission (PRC) Customer Service Center (CSC).
Step 2
Submit the Action Sheet form in any processing window together with the following:
Original and photo/xerox copies of Transcript of Records with Special Order and Date of Graduation
With SCANNED PICTURES AND WITH REMARKS โFOR BOARD EXAMINATION PURPOSES ONLYโ .View Res.2004-2000 .(Graduates of government schools and institutions/programs accredited by recognized accredited agencies under the FAAP are exempted from SO [B]). Graduates of New Schools/degree Programs must submit School Recognition and/or Permit to operate.
The standards being used in practicing the accountancy profession in the Philippines is not created by ordinary individuals. They are not just mere suggestions by any businessman or any politician, but they are created by a set of body made by the Professional Regulation Commission (PRC).
The Accounting Standards Council (ASC) is responsible in establishing and improving accounting standards that will be generally accepted here in the Philippines but now the Accounting Standards Council is being replaced by the Financial Reporting Standards Council.
Following the rule is the basic concept. If one just follows every rule then there is no need for a jury. Every professional has its own rules to follow and these are called its โCode of Ethicsโ. Certified Public Accountant in the Philippines has its own Code of Ethics that must be followed with all of an accountants mind and heart.
Grounds for proceedings against a Certified Public Accountant.
Any of the following shall be sufficient ground for proceeding against a Certified Public Accountant:
To become a Certified Public accountant is not just as simple as one click. Being a graduate with a Bachelors degree in Accountancy does not make you an accountant either but it is just a door for a new journey. To become a CPA one must take a CPA licensure exam and this is true not just in the Philippines but also in other countries.
Below are the requirements needed for a person to be able to take the Philippine CPA Licensure Exam.
