IMPLEMENTING RULES AND REGULATIONS (IRR)

IN THE CONDUCT OF THE

4
th
SEARCH FOR THE REGIONAL ACCOUNTING
WIZARDS (SRAW)
and
2
nd
JUNIOR ACCOUNTING MASTERS


IRR 1.0 GENERAL GUIDELINES

IRR 1.1 The Search for the Regional Accounting Wizards (SRAW) and Junior Accounting Masters are
open for application to students who are taking up BS Accountancy or any other Accounting-related
course for the academic year 2013-2014 and are bona fide members of the NFJPIA FY 2013-2014.

IRR 1.2 The SRAW is a team competition, in which each team shall be composed of three (3) members who
are at least 3
rd
year BS Accountancy students.

IRR 1.3 The Junior Accounting Masters is a pair competition open to 1
st
year and 2
nd
year students taking
up BS Accountancy or any other Accounting related course (e.g. Management Accounting).

IRR 1.4 The SRAW will cover all CPA Board Exam Subjects. Junior Accounting Masters will cover (1)
Fundamentals of Accounting which includes The Conceptual Framework for Financial Reporting, and
(2) Partnership & Corporation.

IRR 1.5 Each Local Chapter may send a maximum of five (5) teams for the SRAW, and five (5) pairs for the
Junior Accounting Masters.

IRR 1.6 Each Local Chapter (LC) has the prerogative to choose the contestant/s that would best represent
their school.

IRR 1.7 Only the Top 15 qualifiers from the Provincial Eliminations shall advance to the Final Round which
will be held during the 4
th
Annual Regional Convention.


IRR 2.0 QUALIFICATIONS AND REQUIREMENTS

IRR 2.1 To be a qualified contestant, the following requirements must be complied with

A. Duly accomplished application form from the NFJPIA Regional Council

B. Scanned copy of the endorsement letter certifying that he is the official representative of his
respective local chapter signed by the Local Chapters Vice President for Academics/Vice
President for External Affairs and Local Chapter President then noted by their Adviser/ Dean
(one endorsement letter per local Chapter).

C. Scanned copy of registration form in his respective school certifying that he is currently enrolled
in their schools current semester or term.


IRR 2.3 Requirement (A) should be submitted before November 30, 2013 while the other requirements
must be sent to nfjpiar1car.vpacademics1314@gmail.com on or before December 2, 2013.

IRR 2.4 The Regional Vice President for Academics shall NOT accept applications after the required date of
submission of requirements.

IRR 2.5 A registration fee of P150 per SRAW team and P100 per Junior Accounting Masters pair shall be
paid during the registration phase of the Provincial Eliminations.


IRR 3.0 GENERAL CONTEST RULES AND MECHANICS

IRR 3.1 Questionnaire Distributors (QD) shall be composed of the NFJPIA Region 1 and CAR Officers and
Standing Committee for Academics.

IRR 3.2 Contestants must be at the venue at least 15 minutes before the event. When a contestant is not in
his assigned seat once the questionnaires are already distributed, he shall be considered late.
Latecomers shall be disqualified.

IRR 3.3 Contestants must be in corporate/business casual attire during their respective academic
competitions. Failure to be in the said attire should be a ground for disqualification.

IRR 3.4 Any member of the Board of Judges shall be Certified Public Accountants for the purpose of giving
intelligent and independent decision.

IRR 3.5 Any member of the Board of Judges and Question Distributors shall be vested with the power to
give sanction to any contestant he/she have witnessed violating any of the said provisions in this
Implementing Rules and Regulations. The violation called for by the Question Distributor to be valid
and effective must be subject for approval of majority vote of the Board of Judges. But if one of the
members of Board of Judges calls the violation, it is deemed as valid and effective.

IRR 3.6 In case there is a violation called by the authority, announcement of such should be addressed after
announcing the contestants who got the correct answer.

IRR 3.7 The Judge/Board of Judges shall have the sole and exclusive authority to clear or answer any
protest/clarification made by the contestant or respective coach. The Judges/Board of Judges
decision is final and irrevocable.

IRR 3.8 Each Local Chapter is privileged to have one (1) registered coach only per competition. The coach
must register and sign in the provided registration sheet by the Standing Committee for Academics
during the registration phase.

IRR 3.9 The contestant and his registered coach are the only persons who have vested rights to raise
protest and clarification.

IRR 3.10 Before proceeding to the next question, an allotted time of ten (10) seconds will be given for the
contestants to decide whether they want to raise a protest/clarification, to request for new marker,
pen or scratch paper, to change their calculator if it encounters a technical problem, or other
concerns. After the allotted time has elapsed and the quizmaster starts reading the next question,
no more protest, clarification, or concern will be entertained.


IRR 3.11 Any contestant caught cheating will be considered disqualified in the competition.

IRR 3.12 After reading the contest rules and mechanics, contestants are given the chance to raise
question/clarification regarding the said rules and mechanics.

IRR 3.13 In case of any concern, clarification, or protest which is not governed by the Implementing Rules
and Regulations (IRR) of the said provision, the Regional Vice President for Academics shall have
the absolute power to decide, upon consultation to the Board of Judges and/or Regional Adviser, on
matters which she deems necessary to preserve and protect the integrity of the event. Her decision
is final and irrevocable.


IRR 4.0 CONTEST RULES AND MECHANICS- PROVINCIAL ELIMINATIONS

IRR 4.1 Each team/ pair shall use one (1) calculator only. NO other electronic device, including cellular
phones, shall be allowed during the competition proper.

IRR 4.2 The Provincial Eliminations shall be simultaneously conducted in three (3) areas namely: Baguio,
Pangasinan and Ilocos on December 8, 2013. The Local Chapters have the prerogative of choosing
which of the three contest venues they will participate in.

IRR 4.3 The Provincial Eliminations shall be composed of three (3) sub-set levels namely: Easy, Average,
and Difficult. The corresponding points, time allotment, and number of questions are as follows:


EASY AVERAGE DIFFICULT
Time Allotment (in seconds) 45 90 120
No. of Items 10 10 10
Corresponding Points 2 3 5


IRR 4.4 All contest venues will simultaneously ask the same questions during the eliminations.

IRR 4.5 Upon signal by the quizmaster, the contestants shall simultaneously open their question slip. A
contestant that opens the question slip prior to the signal of the Quizmaster will be given a zero for
the specific question. The quizmaster will only read a portion of the question once before the
teams are given the GO-signal to commence answering the question.

IRR 4.6 At the end of the time limit, all contestants will be asked to hold up their answer boards.
Contestants with the correct answers could only put down their boards upon the advice of the
quizmaster otherwise they will be penalized with a zero score for the specific question.

IRR 4.7 Late raising of answer boards shall be penalized with a zero score.

IRR 4.8 Protests and queries must be filed by any of the contestants actively participating in the round as
registered with the NFJPIA Region I and CAR Council and brought to the attention of or addressed
to the quizmaster of the concerned site immediately prior to the next question. In case a query has
merit, the question will be completely invalidated.

IRR 4.9 The NFJPIA Region I and CAR Council has the prerogative to penalize any unacceptable behavior of
the contestants via point deductions. Teachers, coaches, school officials, and other team members
NOT currently participating in the specific round are all barred from raising questions.


IRR 4.11 The top three (3) contestants accumulating the highest points in each area shall automatically
qualify for the Finals. The Regional Council shall determine how many contestants are required to
fill the remaining cast to complete a roster of fifteen (15) finalists. All of the remaining contestants
in the competition shall then be ranked based on their scores. The top-scoring contestants shall
then qualify until the roster of fifteen finalists is complete.

IRR 4.12 In case that after the Elimination round, there are teams that tied for the top spot in their area,
these contestants shall be subjected to a Sudden Death using difficult questions. Each contestant
shall be given a point for every question answered correctly. The first to get three (3) points will be
declared the winner of the area and will gain an automatic Final slot. In case that the tie is still not
broken, the contestants shall then race to five points, seven points and so on. The remaining
contestants shall then be ranked provincially, similar to other teams.

IRR 4.13 In case of a tie for the 15
th
slot after all Sudden Deaths in all areas are resolved, such tie shall be
broken under a Provincial Sudden Death Elimination, following the Sudden Death format.

IRR 4.14 Scores shall be tabulated throughout the competition in each provincial site by the Regional VP for
Audit and other Regional Council Officers present. Provincial scores will be fed centrally to the
Baguio site, where they will be tallied by the Regional VP for Audit. Reconciliation will be done
after each round. Questions on the score tally for a particular round should be raised before the
start of the next round. Results at the end of the Elimination Round shall be submitted to the Quiz
Master. The Quiz Master for each provincial site will announce the teams that will advance to the
Finals.

IRR 4.15 Discounts on the 4
th
Annual Regional Convention registration fee shall be awarded as follows:

Champion 75%
2nd Place 50%
3rd Place 25%
The discounts shall apply to each
member of the team




IRR 5.0 CONTEST RULES AND MECHANICS- FINAL ROUND

IRR 5.1 The Final Round shall be held during the Annual Regional Convention.

IRR 5.2 Scores garnered by the participants during the Provincial Eliminations shall revert back to zero.

IRR 5.3 Thirty (30) questions shall be asked in this round. Time allotment, number of questions and
corresponding points and deductions for the Final Round are as follows:


THEORY PROBLEMS
PROBLEMS REQUIRING
COMPUTATIONS
Time Allotment 45 seconds 90 seconds
Number of Items 15 items 15 items
Points per Correct
Answer
5 points 10 points
Deductions per
Incorrect Answer
3 points 5 points


IRR 5.4 There will be a given deduction to a participant who provided a wrong answer even no points were
garnered at the time the question is answered. Simply stated, negative points shall be awarded.

IRR 5.7 The participants are allowed to manipulate their calculator any time after the Quiz Master reads the
first word of the question.

IRR 5.8 The participants should have written their answers before the time allotted has elapsed. They must
raise their answer boards once the quizmaster says so. A participant may opt not to raise his
board in case the team members are not sure of their answers so as not to obtain deductions
for wrong answers. However, no points shall be given to the teams who have correct answers
opted not to raise their boards before the allotted time has elapsed.

IRR 5.9 The top three scorers at the end of the Final round shall be declared as 3
rd
Placer, 2
nd
Placer and
Champion.

Prepared by:




Solomon S. Jimenez III
Regional Vice President for Academics
NFJPIA Region One and CAR
FY 2013-2014
nfjpiar1car.vpacademics1314@gmail.com
0915 724 7007
Noted:


Jenica R. Estigoy
Regional President



John Vicente Balanquit, CPA Renante D. Balocating, CPA, MBA
Regional Adviser Regional Adviser



Mark Oliver B. Castaeda
Regional Adviser