Accounting Synthesis

ACCOUNTING SYNTHESIS Background: The Philippine Philippine wa le a!!ec"ed a!!ec"ed #$ "he Aian Aian and "he recen" recen" glo#al glo#al !inancial !inancial crii crii "han o%e o"her  coun"rie in "he region& largel$ due due "o #e""er !inancial %anage%en" arrange%en"' (oreo)er& accoun"anc$ accoun"anc$ i an eli"e and repec"ed repec"ed pro!eion' pro!eion' Howe)er& Howe)er& "he "ud$ conduc"ed conduc"ed #$ "he Aian Aian *e)elop%en" *e)elop%en" Bank re)ealed re)ealed a range range o!  iue "ha" need a""en"ion i! accoun"anc$ i "o %ain"ain i" high "a"u and i! "he Philippine i "o ucce!ull$ a""rac" in)e"%en"' +uali!$ing a a CPA in"erna"ionall$ ha !our "age: acade%ic& e,perience& e,a%ina"ion and con"inuing  pro!eional educa"ion -CPE.' The Philippine CPA "i"le %ee" in"erna"ional "andard and regional nor% on "he acade%ic acade%ic "age "age #u" !all hor" hor" on "he o"her "age' "age' There There are "hree poi#le poi#le i%plica i%plica"ion "ion' ' /ir"& /ir"& "he recen"l$ recen"l$ e"a#lihed In"erna"ional /edera"ion o! Accoun"an" -I/AC. Co%pliance Co%%i""ee will #e re)iewing %e%#er   #od$ co%pliance wi"h I/AC I/AC guideline guideline and "andard in "he ne," !ew $ear' PICPA will ha)e "o e,plain de)ia"ion' de)ia"ion' The I/AC co%pliance co%%i""ee i reponi#le !or reco%%ending ac"ion "o I/AC0 Board and Council when %e%#er #odie !ail "o co%pl$ wi"h guideline and "andard' Second& In"erna"ional S"andard o! Accoun"ing and 1epor"ing -ISA1. e%#ark on a pro2ec" "o #ench%ark  CPA 3uali!ica"ion !ro% around "he world' The 4grade5 gi)en "o a coun"r$ CPA 3uali!ica"ion will #e #aed on co%pliance wi"h in"erna"ional in"erna"ional guideline and and prac"ice' Thi grade will direc"l$ direc"l$ a!!ec" "he in"erna"ional in"erna"ional "anding and "ran!era#ili"$ o! CPA "i"le' Third& a a condi"ion o! %e%#erhip& I/AC %e%#er #odie are re3uired "o co%pl$ wi"h guideline and "andard' In "hi repec"& I/AC I/AC ha iued guidance on "he procedure "o #e !ollowed when agreeing on %u"ual recogni"ion o! 3uali!ica"ion' 3uali!ica"ion' I" appear "ha" "he Philippine 6TO GAT GATS S and Aia Paci!ic Econo%ic Econo%ic Coopera"ion -APEC. nego"ia"ion "ra"eg$& in rela"ion "o accoun"anc$ er)ice i "o conclude (u"ual 1ecogni"ion Agree%en" -(1A.' Under I/AC guideline %e%#er #odie %u" "ake educa"ion& e,a%ina"ion and e,perience re3uire%en" in"o accoun" when nego"ia"ing nego"ia"ing (1A' A a igni!ican" e,por"er e,por"er o! accoun"anc$ er)ice& "he Philippine appear "o  #e a" a nego"ia"ing ad)an"age' The legali"$ o! an$ (1A "ha" "he Philippine conclude wi"h o"her ASEAN coun"rie %igh" #e open "o challenge& !ro% o"her APEC and 6TO %e%#er& #aed on "he 3uali"$ o! CPA licenure  procedure' In order "o crea"e an en)iron%en" "ha" will ena#le CPA licenure "andard "o #e raied& i" i reco%%ended "he in"roduc"ion o! -a. prac"ical e,perience re3uire%en" !or CPA licenure& -#. a wri""en co%ponen" "o "he CPA licenure e,a%ina"ion& -c. %anda"or$ CPE a a condi"ion o! licene renewal& and -d. pro)iional CPA CPA "i"le' "i"le' a. Introduce an Experience Prerequisite for the CPA Title The a#ence o! a prac"ical7e,perience prere3uii"e !or CPA licenure doe no" accord wi"h in"erna"ional "andard or regional nor%' Philippine accoun"an" can #e licened a CPA wi"hou" e)er ha)ing worked in accoun"anc$' The e!!ec"i)e and !air i%ple%en"a"ion o! "hi re3uire%en" in "he Philippine en)iron%en" poe o%e clear challenge8 challenge8 i%ple%en"a" i%ple%en"a"ion ion and %oni"orin %oni"oring g arrange%e arrange%en" n" will need "o #e )er$ care!ull$ deigned' deigned' I" i reco%%ended "ha" peci!ied prac"ical e,perience #e in"roduced a a prere3uii"e re3uire%en" !or "he CPA "i"le' b' Address CPA Licensure Examination Issues In"erna"ional guideline reco%%end "ha" a igni!ican" co%ponen" o! a CPA e,a% hould #e wri""en& #u" "he Philippine CPA licenure e,a%ina"ion i en"irel$ %ul"iple choice' Thi approach wa "aken deli#era"el$ "o %ini%i9e eriou 4leakage5 pro#le% in "he e,a%ina"ion procei" ha #een e,"re%el$ e!!ec"i)e in "hi ene' The "enion  #e"ween %ini%i9ing leakage and preparing preparing high 3uali"$ e,a%ina"ion i alo re!lec"ed re!lec"ed in "he 3uali"$ o! e,a%ina"ion 3ue"ion' E,a%iner indi)iduall$ indi)iduall$ prepare one ec"ion each& #u" "he o"her e,a%iner do no" re)iew "heir e!!or"' The (icroo!" cer"i!ica"ion approach pro)ide a ucce!ul e,a%ple o! how "echnolog$ can #e e%plo$ed "o enure "ha" in"egri"$ i %ain"ained while e,a%inee are prac"icall$ "e"ed' Thi repreen" an upda"ed approach "o "ha" ued !or  "he co%pu"eri9ed CPA licenure e,a%ina"ion' I" i reco%%ended "ha" op"ion !or re"ruc"uring "he CPA licenure e,a%ina"ion #e in)e"iga"ed wi"h "he o#2ec"i)e o! -i. in"roducing a wri""en co%ponen" in"o "he e,a%ina"ion8 and -ii. i%ple%en"ing 3uali"$ re)iew o)er e,a%ina"ion 3ue"ion e""ing'

c' Introduce Mandatory Continuing Professional Education PICPA uppor" "he in"roduc"ion o! %anda"or$ CPE re3uire%en" which in"erna"ional guideline re3uire' I" i reco%%ended "ha" -i. %anda"or$ CPE re3uire%en" #e in"roduced "hrough ena#ling legila"i)e change8 and -ii. ai"ance #e pro)ided "o deign and i%ple%en" appropria"e procedure !or %oni"oring CPE co%pliance' Preen"l$& "he CPE i onl$ %anda"or$ !or accredi"a"ion in "he Board o! Accoun"anc$' d. Introduce Proisional CPA Title In"erna"ional prac"ice i !or CPA "i"le "o #e iued onl$ a!"er candida"e ha)e co%ple"el$ %e" acade%ic& prac"ical e,perience& and licenure e,a%ina"ion re3uire%en"' In "he period #e"ween %ee"ing "he acade%ic re3uire%en" and recei)ing "he !ull CPA licene& accoun"an" are accorded pro)iional "a"u' The$ are no"& howe)er& allowed "o ign audi" repor" or under"ake cer"ain o"her ac"i)i"ie' I" i reco%%ended "ha" PICPA and BOA e"a#lih a pro)iional CPA "i"le !or "hoe who %e" acade%ic re3uire%en" and are gaining precri#ed prac"ical e,perience' !equired" Prepare a position paper on the issues raised to qualify as a CPA internationally.

;. Baed on "he !ollowing ou"line . I' In"roduc"ion A' In"roduce "he "opic in a %a,i%u% o! < en"ence onl$' B' Aer" "he "hei -$our )iew o! "he iue. II' Your Argu%en" A' Aer" poin" =; o! $our clai% ;' Gi)e $our opinion >' Pro)ide uppor" B' Aer" poin" => o! $our clai% ;' Gi)e $our opinion >' Pro)ide uppor" C' Aer" poin" =< o! $our clai% ;' Gi)e $our opinion >' Pro)ide uppor" *' Aer" poin" =? o! $our clai% ;' Gi)e $our opinion >' Pro)ide uppor" III' Concluion A' 1e"a"e $our argu%en" >' The poi"ion paper %u" #e li%i"ed "o T6O page onl$& ingle paced' <' Top and #o""o% %argin %u" #e ;58 ide %argin %u" #e @5' ?' T$pe i9e %u" #e ;> poin"8 "$pe !on" %u" #e Ti%e New 1o%an ' Include a co)er page - !or%a" like "ha" o! reearch propoal co)er page. ' *o no" include an$ orna%en"a"ion o! an$ kind& i'e'& !lag& colored header& decora"i)e #order& e"c' There hould  #e no"hing "o di"inguih a paper8 "he !ocu i "o #e on "he con"en" o! "he paper' ' E%ail $our poi"ion paper "o dr#fbogacia$yahoo.com on or before March %& '()* not later than *pm'