The Board of Accountancy (BoA) approved the extension of the deadline of February 29, 2015 for the filing of the application for accreditation by CPAs in Commerce and Industry (C&I) in its meeting last February 11, 2016. The accreditation of CPAs in C&I is required in BoA Resolution 3-2016.
“The deadline for filing the accreditation application is extended to April 30, 2016. The Board took into consideration the various requests for more time to comply with the accreditation where various reasons were cited, including the concurrent workload on the tax filing and closing of Financial Statements by most CPAs working in companies; and the various issues that have been raised in the implementation of this Resolution,” said Chairman Joel Tan-Torres.
“We are also pleased in the way the Resolution is proceeding after its issuance. There have been several feedback on suggestions on how to improve the measures required. A large number of CPAs have acknowledged the benefits that will arise and are ready to comply. Though, the measures will involve additional costs, effort and time on the part of the CPAs, a big number have expressed their willingness to comply with the expectation that this will be good for the profession in general, and to them, in particular,” said Chairman Tan-Torres.
“We will be coming up soon with announcements on how to improve the implementation based on comments that we have received. These will include simplification of the requirements for accreditation, refinements in the processing of application and other improvements,” said Chairman Tan-Torres.
The other deadlines and provisions of Resolution 3-2016 remain effective, unless specifically revised by issuances from the BoA.
We previously written articles related to this and can be read thru the following links:
- BOA Resolution passed requiring CPA FS preparers to submit certificate
- Q&A clarifying certain matters on CPA certification on compilation services
- Forms for Accreditation of CPAs in Commerce and Industry
Notice: This article is published in cooperation with the Board of Accountancy Secretariat and permission was obtained to post this article in this website.
