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    PRB CPA Reso2015-275 e PDF

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    stephen ponciano

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    Republic of the Philippines Professional Regulation Commission Manila Professional Regulatory Board of Accountancy Resolution No._275 Series of 2015 ISSUANCE AND PROMULGATION OF THE NEW TABLES OF SPECIFICATIONS (TOS) OF THE SUBJECTS IN THE BOARD LICENSURE EXAMINATION FOR, CERTIFIED PUBLIC ACCOUNTANTS (BLECPA) WHEREAS, Section 9 (h) of Republic Act No. 8991, otherwise known as the PRC Modernization Act of 2000, grants to the Professional Regulatory Boards the power to prepare adopt and issue the syllabi or Tables of Specifications (TOS) of the subjects for examinations, in consultation with the academe; WHEREAS, Section 15 of Republic Act No. 9298, also known as Philippine Accountancy Act of 2004, further grants to the Professional Regulatory Board of Accountancy (Board) the power to revise, exclude or add new subjects in the Board Licensure Examination for Certified Public Accountants (BLECPA), as the need arises; WHEREAS, the Board and the Professional Regulation Commission (Commission) issued Resolution No. 262, Series of 2015, which instituted some changes in the subjects of the BLECPA; WHEREAS, the revisions in the subjects of the BLECPA necessitates as well the institution of changes or modifications in the syllabi and TOS of the revised subjects; WHEREAS, the TOS shall be the basis for the test items to be encoded or inputted in the Test Question Data Bank (TQDB); WHEREAS, the TOS shall include the competencies covering the topical areas and sub- areas, the percentage weights and number of items, as well as the qualification descriptors for Level 6 and Level 7 which is classified as follows: Knowledge, Skills, Values (Remembering and Understanding); Application; and Degree of Independence (Analyzing, Evaluating and Creating), in accordance with the requirements of the Outcome-Based Education (OBE); WHEREAS, the Board conducted consultations with the academe and other stakeholders in the preparation of the TO! WHEREAS, the Board, with guidance of the PRC Consultant for the Test Construction and dn Development, formulated and finalized the TOS of the BLECPA subjects; NOW THEREFORE, the Board RESOLVES, as it is hereby RESOLVED, to prescribe, issue and promulgate the New Table of Specifications (TOS) of the subjects in the BLECPA under Resolution _262_. The TOS for the revised BLECPA subjects shall be attached and made as an integral part of this Resolution as Annex A. My RESOLVED FURTHER, that the TOS herein promulgated shall be applied in the May 2016 BLECPA and the succeeding schedules thereof, Let a copy hereof be published in the Official Gazette or in any newspaper of national circulation and further furnished the U. P. Law Center, Commission on Higher Education (CHED), all universities and schools offering B. S. in Accountancy, Board, Office of the Board Secretary, Records and Management Division, Licensure Office, Rating Division, Regional Offices and such other offices, for information and guidance. P. PAREDES ST., CORNER N. REYES ST, SAMPALOC, MANILA, PHILIPPINES. 1008 P.O. BOX. 2038, MANILA 202 ISSUANC E AND PROMULGATION OF THE NEW TABLES OF SPECIFICATIONS (TOS) OF THE ‘SUBJECTS IN THE BOARO LICENSURE EXAMINATION FOR ACCOUNTANCY Reso No. 275 DONE in the City of Manila this 28th day ofDecembeno15, . TAN-TORRES ‘Chairman GLORIA T. BAYSA CMGocupe Nrce Ghakman ‘ GERARD B. SANVICTORES. SAMUEL B. PADILLA Member lember CONCORDIO aussaor ELISEO A. AURELLADO Mem| Member ARLYN 2 VILLANUEVA Member ATTESTED BY: ew Lo Bontto- ATTY. LOVELIKA T. BAUTISTA Officer-in-Charge Office of the Secretary to the Professional Regulatory Boards APPROVED: (VACANT) i Chairman ahecall ANGELINE T. CHUA CHIACO ‘Acting Chairperson ‘Commissioner DATE OF PUBLICATION IN. THE OFFICIAL GAZETTE WMA Me nate of ereectiviry: 2 2O1Y (0-ACH/O-COMMIVPRB-BOA/LIDIPRBSEC ATCCNDAULTIERILTBISVOImerty TABLE OF SPECIFICATIONS AUDITING QUALIFICATION DESCRIPTORS TOPICSIOUTCOMES The examinees must be able to: Knowledge, Skills, Values Remembering (30%) Understanding ‘Application (50%) Degree of Independence (20%) 1 Application ‘Analyzing | Evaluating | Creating (fo 14 ‘Auditing Theory SoeaeeSeeraL 1.1.1. Identity and discribe the objectives, nature, elements and types of assurance engagements, Differentiate between assurance and attestation vices 1.4.2 Identity and desoribe the nature, philosophy, and objectives of audit and differentiate among types of audit and auditors 50% 1.21 Describe the audit process. Identify and explain the procedures that comprise pre-engagement, ‘uit planning, supervision and review. al procedures, calculate materiality and assess audit rsks 1.3.1 Identify industry, regulatory and other external including the applicable financial reporting 1.3.2 Identify and describe the basic concepts and ‘elements of internal control and assess and evaluate contol risks 1.3.3 Identity and evaluate risks of material | misstatements due to fraud and errors 14 | Explain the nature and significance of audit evidence 7 2 and describe the different audit procedures and | techniques in gathering evidential matters | 1.5 | 1.5.1 Identify the steps in preparing an audit report. 1 2 Explain the various review and eval procedures that are conducted in preparing the final audit report such as overall analytic review, identification of related party transaction discovery of subsequent events, assessment going concem assumption. 16 identify and describe the elements of an audit 1 2 1 report resulting to an audit opinion 1.6.2 Differentiate between the unqualified and modified auditor's report 41.6.3 Identity matters that influence the auditor's opinion ina modifed auditor's report 1.7 | 1.7.1 Describe the approach in auditing a Computerized 2 2 Information Systems (CIS) environment 1.7.2 Identify and assess intemal control in a CIS environment 1.7.3. Describe computer assisted audit techniques 1.8 | Describe other assurance and non-assurance services 1 zi 1 such as special purpose audit engagements, au component of finan compliance with co summarized financial statements, examination of prospective financial information, engagements to review \ financial statements, perform agreed-upon procedures | egarding financial information, and compila financial information 20 Evidence Accumulation and Ev Substantive Tests of Transactions and 24. Audit ofthe revenue and receipt 2,11 Audit of sales and revenue transactions 2.41.2 Audit of receivable balances 2.1.3 Audit of cash receipt transactions | cash balance rE ‘Audit of expenditure and disbursement cycle 2.1.1 Audit of acquisitions and purchases 2.1.2 Audit of payroll transactions 2.23 Audit of cash disbursement transactions / cash balance Audit of inventory balances trade payable balances of prepaid expenses and accrued 224 225 226 23 Audit of production cycle 23.1 Audit of conversion activites 232 Audit of inventory balances: work:in- process and finished goods 23.3 ‘cost of goods sold balance 24 Audit ancing cycle 24.1 Auditof financing cycle transactions 242 Audit of non-trade liabilty balances 2.4.3 Audit of interest expense and finance cost balances 2.44 _ Audit of equity accounts 1 4 1 7 4 7 35 3 5 0 TOTAL 100% 24 35 4 TABLE OF SPECIFICATIONS TAXATION Qualification Descriptors (L6 and L7) Topics and Outcomes Neat Degree of Independence (20%) Items | Remembering | Understanding | Application Analyzing [Evaluating | Creating ‘The examinees must be able to: [710 PRINCIPLES OF TAXATION 10 7 1 1 ¢ 7 1.1 Describe the nature, scope, lassficaton, and essential characterises a Differentiate tax evasion vs. tax avoidance Determine the situs/olace of taxation in double taxation Describe the organization of the Bureau of intemal Revenue, Bureau of Customs, Local Government Tax Collecting Units, Board of Investments, Phiippine Economic Zone Authorty 20_ TAX REMEDIES m5 | 9 1 z 5 7 ne remedies ofthe government remedies ofthe taxpayer in the expanded jurisdiction ofthe Court of Tax Appeals Fa 2 2 7 i i T 3.1. Identify the taxpayer and tax base ft [3.2 Compute gross income ne es 33 _ Analyze the deductions from gross income accounting periods aeai| i accounting methods ra relum preparation and fing and tax payments i 37 Analyze withholding taxes (at source, expanded or creditable withholding tax, final withholding taxes and withholding tax on government payments | 38 _ Determine compliance requirements [EO_TRANSFER TAXES | 1 1 2 5 1 1 4.41 Describe, analyze and compute estate tax . [42 Describe, analyze and compute donors tax '50_VALUE ADDED TAX (VAT AND PERCENTAGE TAX) 2 2 gpenrae (a 1 ] 51 analyze and compute value added tax 52 analyze and compute percentage t 6.0_ TAXATION UNDER THE LOCAL GOVERNMENT CODE" a 7 2 1 61 Describe and apply the scope and different types of local taxes (limited to Real property tax, local business tax) L 6.2 _ Identify the tax base and tax rates | 63 Determine the venue and time of iing of tax returns | 6.4 __ Determine the venue and time of payment_ 7.0__ PREFERENTIAL TAXATION* 40 7 4 vi 4 4 7.1 _ Describe, analyze and apply the Senior Citizens Law “1.2 Describe, analyze and anol the Maana Carta for Disabled Persons | [7.3 Describe, analyze and apply Special Economic Zone Act__ 7.4 Describe, analyze and apply the Omnibus Investments Code (Book! of Executive Order 226) 7.5 Desenbe, analyze and apply the Barangay Micro Business Enterprises (BMBEs) Act 76 Des 1nd appiy the Doubl ments (OTA TARIFFS AND CUSTOMS CODE 84 the functions of the Bureau of Customs I 82 the functions ofthe Tariff Commission 83 apply and evaluate the nature of tariff and customs duties 84 ine the basis of assessment of duty 8.5 Identify the documents required for importation of goods 8.6 _ Identify the documents required for export of goods 13.0 EFFECTIVE COMMUNICATION TO STAKEHOLDERS, ™ ‘to be effective October 2017 board examination TABLE OF SPECIFICATIONS REGULATORY FRAMEWORK FOR BUSINESS TRANSACTIONS (ha 208 Weight i Nevet Qualification Descriptors (L6 and L7) : jin Tone and Outcomes ar We [aos vanes mcm) | REHEY [oes otsepesre o) Crane Remembering | Understanding | Application | Analyzing | Evaluating The oxines mst be bat: OCT ON BUSES TRANGAGTON (aacia| a z re BLIGATIONS Describe the sourees of ot Enumerate and explain the defferent kinds of ot 711.3 _eniify the spectc circumstances affecing obligations in general 1.1.4 Explain the duties of abigor in obigation to do or not do 1.15 Enumerate and explain the GROUNDS for the extinguishment of obligations 15% 15 5 Tt _Expan the concepls and cassicaton Decribe the elements and stages 712.3 Differentiate freedom from contract and imitation Identify the persons bound Explain consent and is requisites Describe the object and cause of contracts Enumerate and explain the consideration of contracts jes of contracts ‘and interpretation of contracts 1.3.4 Explain the nature, forms and requisites 1.3.2 Distinguish eamesi money from option money 713.3 Explain the rghis/obigalons ofd vendor and vendee 7134 Descibe warranties in relation o consumer laws 7.35 _ Explain instalment sales, igh and remedies of parties [20 LAW ON CREDIT TRANSACTIONS. Identify the obligations and rights of mortgagor and mortgagee (effect of pactum commissorium) 215 Decibe the modes of exsiinguishment (BLE INSTRUMENTS o% Explain abnormal negotiable instuments, [40 LAW ON BUSINESS ASSOCIATIONS 1% Decrbe the elements and kinds 4.1.3 Explain the formalities required 4.14 Identify the rules of management “41.5. Explain the dstibution of profits and losses 41.6 Explain the sharing oflosses and abies 444.7 Decribed themodes and retirement requirements 44.8 Identify ited partnership [2 corrorarons 30% 21 Desorbe te nalure and classes of corporation 42.2. Decrbe the ncorpotation and organization of Private Corporation 4.2.3, Enumerate the powers of a corporation 4.26 Describe the powers, duties, 427 Distinguish majority and mi 428 Decrbe the By-Laws 4.29 Explain the meetings “4.2.10 Explain corporate reorganization “42.11 Deere non-stock corporation olution and liquiition “42.14 Desaribe the Kinds and availabilty of corporate books TOTAL TABLE OF SPECIFICATIONS REGULATORY FRAMEWORK FOR BUSINESS TRANSACTIONS (Qctober 2017) Topics and Outcomes Qualification Descriptors (L6 and L7) No. of ‘Application (60%) Degree of Independence (20%) Remembering Understanding | Application | Analyzing [Evaluating] Creating “The examinees must be able to: oe Fo LAW ON BUSINESS TRANSACTIONS T_ OBLIGATIONS 3 5 Tri] Explan the nature, forms and requisites “1.2. Distinguish eamest money from option money 1.3 Explan the rghts/obigatons ofd vendor and vendee 114 Describe warranties in relation to consumer laws 7:15 Explain instalment sales, ights and remedies of parties [ez conrmer 21 Explain The concepis and dassiicaton the elements and stages Differentiate freedom om contract and imitation 7124 Identify the persons bound 712.5 Explain consent ands requisites 712.8. Describe the object and cause of contacts "12.7 Enumerate and explain the consideration of contacts 1.28 Explain the formalities of contracts 7129. Explain reformation and interpretation of contacts 71210, Kdentfy, explain and differentiate defective contracts [a sates Ta1_ Explain the nature, forms and requistes ish eames! money from option money 7 righis/abigations ofd vendor and vendee 7135 Explain instalment sales rights and remedies of parties Rees [20 LAW ON CREDIT TRANSACTIONS 2: PLEDGE, REAL MORTGAGE AND CHATTEL MORTGAGE 3% 211 Bean the nature requaes fies and third persons: jaons and rights of pledgor and pledge 2:14 lenlly te obfgaions and rights of mortgagor and morigagee (effect of pactum commissorum) 2:15 , Dectbe the modes of exsfinguishment ZZ INSOLVENCY LAW. 22.1 Describe Ghinsolvency 22.2. Describe suspension of payments 22.3, Describe and explain voluntary insolvency 723_ CORPORATE REHABILITATION 23.1 Describe and Define terms 232 Identify te grounds for stay order 23:3 Describe the dutes ofthe receiver 234 Describe the contents ofthe Rehabilitation Plan 23.5 Describe the contents of Petition and other types of Rehabiitatons [30_ NEGOTIABLE INSTRUMENTS AND BOUNCING CHECKS LAW, 3.4_ NEGOTIABLE INSTRUMENTS 311 Desaibe the negotabity of nstuments 3412 Explain abnormal negotiable instuments| 32_ BOUNCING CHECKS 321_Desotbe hecks wihout Msuficent finds 322 ently te Evidence of knowlege of nsuicent funds expan Creat Conatued [£0 _LAW ON BUSINESS ASSOCIATIONS 41 PARTNERSHIP 10% XP Distngiush the nature from corporation “414 dently the rules of management “4.15 Explain the distribution of profits and asses 416 Explain the sharing of osses andi 4417 Dectbed themodes and retirement 418 Identify imted partnership “42.1 Desorte the nalure and classes of corporation 422 Decribe the incorpotation and organization of Private Corporation 423, Enumerate the powers ofa corporation 4.24 enify the Board of Directors/Corporate Officers 429 Explain the meetings 42.10 Explain corporate reorganization 42.11 Dectibe non-stock corporat 12 modes of dissolution and Fquiiion 4.2.13 Identiy foreign corporations ‘4.2.14, Describe the kinds and availabilty of corporate books 42.15 Describe the 5 and protection of investors 4.2 16 ldenify SEC Circulars and issuances “43_COOPERATIVES F317 Desorbe Organization and Regtratn of Cooperatves 432, Explain Administration “433 Dectbe the responsbilies, Rights and Privileges of Cooperaives 434 435, Exdain Audit, Inquity and Members’ Right to Examine 436 Describe Allocation and Distibution of Funds S “437_Enumrerate the Types and Calegores of Cooperalves ger and consoldation of Cooperatives ‘43 Explain dissolution of cooperaives [50_LAW ON OTHER BUSINESS TRANSACTIONS ‘5_PDIG LAW 511 Explain Insurable Deposits '52_SECRECY OF BANK DEPOSITS AND UNCLAIMED BALANCES LAW 5.2.1 Explain the secresy of bank deposits 522 Explain Unclaimed Balances 33 _ GENERAL BANKING LAW 551 53.2_Desoribe and explain diflrent kinds ofoans 54 AMLALAW ‘3a, Describe covered transactions 5.4.2. Desorbe suspicious transactions 5.4.3 Enumerate reportorial requirements 55 THE NEW CENTRAL BANK ACT legal tender power over coins and notes in Conservatorship 55.3 Explain Receivership and Closure ‘55 INTELLECTUAL PROPERTY LAW (EXCEPT PROVISIONS UNDER PART |INTELLECTUAL PROPERTY OFFICE) '56.1_Explain the law on patents 2% 5.6.2. Explain the law on trademark, service marks and trade names Explain the law on copyright 0 0 TOTAL EI TABLE OF SPECIFICATIONS FINANCIAL ACCOUNTING AND REPORTING Topics/Outcomes, The examinees must be able to: | Weight No. of items Qualifications Descriptors (LE and L7) Knowledge, Skills, Values | Application (Ks (30%) (50%) Degree of Independence (20%) Remembering Understanding | Application ‘Analyzing Evaluating creating nt of Financial Reporting Framework and Standard Setting Bodies, of the Accountancy Profession 2.86% Identity the functions of the IASB or the FRSC. Accounting Process 2.86% 24 Adjusting Entries 2.1.1 Apply accrual basis for adjusting entries (accrual or deferral) 2 Accounting Cycle 2.2.1 Mustrate the accounting cycle 3.0 Presentation of Financial Statements 14.29% 3A. Conceptual Framework 3.1.1__Describe the basic objective of nancial statements characteristics of financial information uish the elements of financial statements. capital from physical capital 32. Presentation of Financial Statements 3.2.1 Describe any of the general features of financial statements (TOA) 3.2.2 Compute current and non-current assets iabilties and non-current liabilities 3.3.4 Compute profit from continuing operations. 3.3.5 Compute revenues, expenses, or profit or loss from discontinued operations 3.3.6 Compute cash flows from operating, investing or financing actwvities 6 SA 3.37 Distinguish adjusting events from non-adjusting evens after the reporting period 40. Financial Assets 14.28% 10 44 Cash and Cash Equivalent 4.1.1. Describe the nature and measurement of cash and cash equivalents 4.1.2 Reconcile bank balance and book balance of cash 4. Loans and Receivables ( Financial Assets at amortized Cost) 4.2.1 Describe the nature and classificaton on the financial statements of receivables 4.2.2 Measure trade receivables and long-term receivables. 43, Investments in Debt Instruments and investments in Equity Instruments 4.3.1__Identfy the nature of financial assets included in the classification Financial Assets at Fair Value through Profit or Loss 4.3.2 Formulate entries for recognition, measurement and disposal of Equity ‘Securities at Fair Value through Other Comprehensive Income 4.3.3 Apply the business model test for classifying nancial assets at Fair Value through Other Comprehensive Income (Debt Securities) 4.3.4 Descrive the nature of debt investments that are classified as Held to Maturity Securities (old IAS) or at Amortized Cost (new IFRS) 4 Investments in Associates 4.4.1 Describe the equity method of accounting for investment in associate. 4.4.2 _ Apply the equity method of accounting for investment in associates. 45 Basic Derivatives (excluding Hedge Accounting) 4.5.1 Describe the basic understanding of derivatives. 4.5.2 Formulate the basic entries for recognition, measurement of derivatives 50 Non-Financial Assets 21.43% 54 Inventories 5.1.1 Describe the nature of inventories using the definition of IAS 2 5.1.2 Compute the cost of inventories based on FIFO, weighted average ‘specific identification method. qee 5.1.3 _Apply the lower of cost and net realizable value for measurement of inventories or cost of goods sold 5.1.4 Use estimating procedures (average retail inventory or gross profit method in measuring inventories shortage or loss from catastrophe. 52. Property, Plant and Equipment 5.2.1. Describe the nature of property, plant and equipment and the applicable I recognition principles for initial recognition, measurement and, derecognition 5.22 Determine the initial recognition bas's for PPE acquired for cash purchase. ‘exchange, deferred payment, self construction or donation 5.2.3 Apply an appropriate depreciation method to measure carrying value “of property, plant and equipment. 5.2.4 Evaluate whether an item of PPE is impaired 53. Investment Property 5.3.1. Describe the nature of investment property 5.3.2 Apply the measurement principles applicable to investment property 54 Intangibles | 5.4.1. Desonbe the nature of intangible assets and the applicable recognition principles for initial recognition, measurement and

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