New Philippine CPA Board Exam Syllabus PDF

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Download New Philippine CPA Board Exam Syllabus PDF

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New Philippine CPA Board Exam Syllabus The news is true. There have been changes to the CPA Board Exam Syllabus and this was proposed by the Board of Accountancy headed by BoA chairman Joel Tan-Torres last June 20, 2015 and presented during the Accountancy Week Celebration on July 2015. The Revisions 1. Reduction in the number of subjects from seven (7) to six (6) 2. Merging auditing theory and practice into one (1) subject 3. Merging of accounting theory and practice and distributing the pertinent topics in Theory of Accounts, Practical Accounting I, Practical Accounting II to Financial Accounting and Reporting and Advance Accounting 4. Segregating Business Law and Taxation into “Taxation” and “Regulatory Framework for Business Transactions” 5. Renaming Management Services to “Management Accounting and Control” The Catch Since the previous Business Law is now changed to “Regulatory Framework for Business Transactions” expect that Law exam will now include laws and regulations issued by relevant government agencies like the SEC, DTI, etc. In the Management Accounting and Control subject, an emphasis is given on “Control” which means that this too shall be of focus on the subject matter. This topic largely covered in Accounting Information System during undergrad. Date of Effectivity The BOA unanimously recommended to the PRC to implement these changes in the May 2016 CPA Licensure Examination. If you are like me who will take the said exam on that date, there is nothing to worry about, because according to Orlando Calundan’s post about the matter in philcpa.org “On the changes in subjects – We believe that the changes in subjects doesn’t really significantly impact the nature of items given during the exam. Of course there are always something new, like amendments to the accounting and auditing standards, amendments and revision in tax and business laws and regulations that are usually taking place even without changing the subjects.” What are your thoughts about this changes? Leave in the comment below. What Does it Mean to Us? Well, the ones that are really affected are those who will sooner or later take the CPA board exam. But of course, educators will also have significant role in the process since they are the one that actually guides the students and reviewees. On the changes in subjects – We believe that the changes in subjects doesn’t really significantly impact the nature of items given during the exam. Of course there are always something new, like

amendments to the accounting and auditing standards, amendments and revision in tax and business laws and regulations that are usually taking place even without changing the subjects. What’s catchy here are 

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The previous “Business Law” is now changed to “Regulatory Framework for Business Transactions” which deals largely not only with obligations and contracts, negotiable instruments, laws on partnership and corporations, law on sales, but is now expected to include laws and regulations issued by relevant government agencies like the SEC, DTI, etc. Schools should put emphasis on these items as it may appear as ‘something new’ to the students and reviewees. There is now added emphasis on “Control” in the Management Accounting and Control subject. Although control is included in the various discussions in auditing theories, we feel that the move to emphasize this area is a very appropriate move, specially that in real practice, it is one of the most often overlooked or neglected, especially for small business. This subject is also largely covered in “Accounting Information System” subjects in the undergrad.

On the timing of implementation – It’s about time to make these changes, we believe. These updated subjects are the ones that really applicable not just in theory but also in practice. In substance, we believe that there is really no significant impact on the change of subject and the mere fact that these subject were aligned with the current BSA curriculum is an advantage on the part of the future examinees. We are actually expecting even more, since there are emerging practices of accountants today that are not yet detailedly being taught in the undergrad like the preparation of and attestation of Sustainability Reports and Integrated Reports. Although those are partially covered in auditing, there is an emerging need for a more detailed discussion. Well, we can’t really tell unless and until we see the results. Let PRC and BOA make these changes and we’ll take it from there. Are you excited? NEW TOPICS IN CPA BOARD EXAM EFFECTIVE OCT. 2017: ** New topics in TAXATION effective in the October, 2017 CPA licensure examination: 6.0 TAXATION UNDER THE LOCAL GOVERNMENT CODE* 6.1 Scope and different types of local taxes (Limited to Real property tax, local business tax) 6.2 Tax base and tax rates 6.3 Venue and time of filing of tax returns 6.4 Venue and time of payment 7.0 PREFERENTIAL TAXATION* 7.1 Senior Citizens Law*

7.1.1 Exemption from income tax of qualified senior citizens 7.1.2 Tax incentives for qualified establishments selling goods and services to senior citizens 7.2 Magna Carta for Disabled Persons* 7.2.1 Tax incentives for qualified establishments selling goods and services to senior citizens 7.3 Special Economic Zone Act* 7.3.1 Policy and the Philippine Economic Zone Authority (PEZA) 7.3.2 Registration of investments 7.3.3 Fiscal incentives to PEZA-registered economic zone enterprises 7.4 Omnibus Investments Code (Book 1 of Executive Order 226)* 7.4.1 Policy and the Board of Investment (BOI) 7.4.2 Preferred areas of investment 7.4.3 Investments Priority Plan 7.4.4 Registration of investments 7.4.5 Fiscal incentives to BOI registered enterprises 7.5 Barangay Micro Business Enterprises (BMBEs) Act* 7.5.1 Registration of BMBes 7.5.2 Fiscal Incentives to BMBEs 7.6 Double Taxation Agreements (DTA)* 7.6.1 Nature and purpose of DTAs 7.6.2 Manner of giving relief from double taxation 7.6.3 Procedure for availment of tax treaty benefits ** New topics in REGULATORY FRAMEWORK FOR BUSINESS TRANSACTIONS (FORMERLY BUSINESS LAW) effective in the October, 2017 CPA licensure examination: 4.2 Insolvency Law * 4.2.1 Definition of insolvency 4.2.2 Suspension of payments 4.2.3 Voluntary insolvency 4.2.4 Involuntary insolvency 4.3 Corporate Rehabilitation * 4.3.1 Definition of Terms 4.3.2 Stay Order 4.3.3 Receiver 4.3.4 Rehabilitation Plan 4.3.5 Contents of Petition and other types of Rehabilitation 5.2 Bouncing Checks * 5.2.1 Checks without insufficient funds 5.2.2 Evidence of knowledge of insufficient

funds 5.2.3 Duty of Drawee 5.2.4 Credit Construed 6.3 Cooperatives * 6.3.1 Organization and Registration of Cooperatives 6.3.2 Administration 6.3.3 Responsibilities, Rights and Privileges of Cooperatives 6.3.4 Capital, Property of Funds 6.3.5 Audit, Inquiry and Members’ Right to Examine 6.3.6 Allocation and Distribution of Funds 6.3.7 Types and Categories of Cooperatives 6.3.8 Merger and Consolidation of Cooperatives 6.3.9 Dissolution of Cooperatives 7.1 PDIC Law * 7.1.1 Insurable deposits 7.1.2 Maximum liability 7.1.3 Requirements for Claims 7.2 Secrecy of Bank Deposits and Unclaimed Balances Law * 7.3 General Banking Law * 7.3.1 Definition of Banks 7.4 AMLA Law * 7.4.1 Covered transactions 7.4.2 Suspicious transactions 7.4.3 Reportorial Requirement 7.5 The New Central Bank Act * 7.5.1 Legal tender power over coins and note 7.5.2 Conservatorship 7.5.3 Receivership and Closures 7.6 Intellectual Property Law (except provisions under Part 1 (Intellectual Property Office) * 7.6.1 The Law on Patents 7.6.2 The Law on Trademark, Service Marks and Trade Names 7.6.3 The Law on Copyright...