Due to persistent demand from the various stakeholders, Professional Regulations Commission (PRC) and Board of Accountancy (BoA) isssued Resolution No. 2016-115 extending the deadline for the filing of the application for accreditation for CPAs in Commerce and Industry to December 31, 2016. The deadline was previously set on April 30, 2016 pursuant to BoA Resolution 2016-68.
In addition the new resolution provided the following:
- the period of the Financial Statement that shall be covered by the requirement of the submission of the Certificate of Compilation Services is now December 31, 2016 and subsequent periods
- the gross sales threshold of the covered companies/persons that shall be subject to the requirements of the pertinent resolutions shall be adjusted after consultations with the affected stakeholders.
“We have decided to extend the deadline for the application filing and the coverage of the Financial Statements due to the various clamor from the affected stakeholders. However, the PRC will continue to process the applications that have been filed,” said Chairman Joel Tan-Torres
“The applicants will have more time to complete their CPD requirements until December 31, 2016. This extended deadline will apply to both those with pending applications and those who will be filing within the year,” said Chairman Tan-Torres.
“We would like to get comments on the gross sales threshold of entities which will be subject to the requirement of CPA preparers of Financial statements and the submission of the Certificate. A number have already suggested that this threshold should be increased. We would like to get feedback on this which can be emailed to email@example.com, mailed to the Board of Accountancy in PRC Sampaloc, or communicated during the dialogues that will be held in connection with the revision of the Accountancy Law,” said Chairman Tan-Torres.
This resolution will be published in Philippine Star on April 27, 2016.
Downloadable files of the resolution are posted in the PRC and BoA websites.
Notice: This article is published in cooperation with the Board of Accountancy Secretariat and permission was obtained to post this article in this website.