1.

Notes:
 instead of six it should be 12
3. Notes:
 Promulgation is a function of BOA
 FRSC is created to help BOA Promulgate accounting standards in the Philippines
 b. Auditing and Assurance Standards Council
 c. Education Technical Council (Performed by BOA for now)
 d. Continuing Professional Education Council (CPEC), now Continuing Professional
Development Council (CPDC)
4. Notes:
 PICPA will nominate, BOA will recommend, PRC will appoint.
 d. SEC is the one who prescribes what framework should be used under its jurisdiction.
5. Notes:
 FRSC Composition
 1 Chairman (Any scope of accounting practice)
 5 Government Agencies (BOA, SEC, BSP, COA, and BIR)
 1 Major Organization of Financial Statements Preparers and Users (FINEX or
Financial Executives Institute of the Philippines)
 8 APO (PICPA)
 2 - Public Practice
 2 - Commerce and Industry
 2 - Academe or Education
 2 - Government
 Total of 15 members
7. Notes:
 B, C, and D choice are Sectoral Organizations
8. Notes:
 IRR of RA 9298
 Composition of Auditing and Assurance Standards Council
 1 Chairman (Must be from Public Practice sector)
 4 Government Agencies (BOA, SEC, BSP, and COA)
 1 Public Practice Organization (Association of CPAs in Public Practice or
ACPAPP)
 9 Accredited Professional Organization of CPAs (APO) or PICPA
 6 - Public Practice
 1 - Commerce and Industry
 1 - Academe or Education
 1 – Government
 Total of 15 members
 BOA Reso No.22 s. 2020
 Composition of Auditing and Assurance Standards Council
 1 Chairman (Must be from Public Practice sector)
 5 Government Agencies (BOA, SEC, BSP, COA, and Insurance
Commission)
  1 Public Practice Organization (Association of CPAs in Public Practice or
ACPAPP)
 11 Accredited Professional Organization of CPAs (APO) or PICPA
 9 - Public Practice
 1 - Commerce and Industry
 1 - Academe or Education
 Total of 18 members
9. Notes:
 Bureau of Internal Revenue is only represented by FRSC
 Insurance Commission is only represented by AASC
 Besides BSP, BOA, SEC, and COA are also a member of both FRSC and AASC
14. Notes:
 Composition of Philippine Interpretations Committee (PIC)
 4 Government Agencies (BOA, SEC, BSP, Insurance Commission)
 1 from Financial Statements Preparers and Users (FINEX or Financial
Executives Institute of the Philippines)
 1 Academe
 9 from Accounting Firms
 Total of 15
15. Notes:


FRSC PIC AASC

BOA YES YES YES
SEC YES YES YES
BSP YES YES YES
COA YES NO YES
BIR YES NO NO
IC NO YES YES
19. Notes:
 B. Accountability
 C. Efficiency
22. Notes:
 IASB Geographical Composition
 4 from ASIA/ Oceania Region
 4 from Europe
 4 from America (South and North)
 1 from Africa
 1 from Any area
27. Notes:
 Financial Accounting Standards Board (FASB) (US standard setting body)
 International Accounting Standards Board (IASB) (International standard setting body)
 Norwalk agreement is a “Memorandum of Understanding” in the US
29. Notes:
 PICPA Geographical Area
  Luzon Geographical
 Northern Luzon
 Central Luzon
 Southern Tagalog
 Bicol
 Metro Manila Geographical
 Metro Manila Region
 Visayas Geographical
 Eastern Visayas
 Western Visayas
 Mindanao Geographical
 Northern Mindanao
 Southern Mindanao

 Board of Accountancy (PICPA)

 Financial Reporting Standards Council (FRSC)
 Auditing and Assurance Standards Council (AASC)
 Philippine Financial Reporting Standards (PFRSs)
 Philippine Interpretations Committee (PIC)
 International Accounting Standards Board (IASB)
 Philippine Institute of Certified Public Accountants (PICPA)