Chapter 2 The Demands of Global E-Commerce Accounting Areas

• Basic Accounting or Bookkeeping

Changes Taking Place in the Business Environment • Intermediate Accounting
• Global E-Commerce • Cost Accounting
• High Technology • Management Accounting
• Trade Liberalization and Internalization • Auditing
• Government and Non-Profit Accounting
How do Business Firms Address these Challenges • Tax Accounting
• World-Class Product and Service
• Mergers and Partnerships
Professional Regulatory Bodies
• Sustainability
Professional Regulation Commission (PRC)
• This is a government body in charge of regulating
Qualities and licensing the practice of profession.
• Effective Communication Skills Board of Accountancy (BOABOARD)
• Integrity
• It is under the jurisdiction of the PRC and is tasked
• Positive Attitude to set up and promulgate a set of professional
• Competency standards and ethics in the practice of the
• Flexible and Adaptable accounting profession.
• Creative and Innovative
• Critical Mind Philippine Institute of Certified Public Accountants
• Intellectual Skills (PICPA)
• Is now considered integrated National Professional
Organization of Certified Public Accountants in the
Career Opportunities in Accounting Philippines having the basic authority of setting up
• Public Accounting and implementing rules vital to the accounting
• Private Accounting profession.
• Government and Not for Profit Accounting
Securities and Exchange Commission (SEC)
• Research and Education
• It is tasked to safeguard public interest specially
Public Accounting – is a career field open to firms and investors in the capital market.
individual CPAs who offers to the public, for a fee,
Bangko Sentral ng Pilipinas (BSP)
expert services.
• BSP regulates the operations of all banks and
Private Accounting – is another career field where financing institutions tasked to promote and
more accountants are employed than in public maintain peso stability.
accounting because of the huge number of
Bureau of Internal Revenue (BIR)
merchandising, manufacturing or service firms.
• BIR exacts tax and license compliance from people
Government and Not for Profit Accounting – is and business entities earning income.
another field where one works as accountant, auditor,
budget officer or analyst in any processing head of any
of the government agencies, religious organizations,
labor unions, colleges and universities, trade
associations and many others.

Research and Education – is another field where the

accountant assumes the role of researcher, teacher
and reviewer

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International Accounting Standards Code of Ethics

International International
Accounting Standards Accounting Standards The Code of Professional
Conduct identifies two key
Committee (IASC) Board (IASB) elements of ethical behavior:
• International Accounting Standards
• International Financial Reporting Standards
(IFRS)
• Interpretations
Integrity – is a highly
professional Objectivity – requires
characteristic that you to avoid bias and
R.A. No. 9298 requires you to be prejudice and always to
honest, sound, sincere maintain an impartial
and trustworthy. attitude in all matters.

Social Accounting

The bottom line of

success in business
should be the three P’s:

Protecting the
Maximizing of Promoting planet and
owner’s wealth people’s well- preserving its
Conceptual Framework of Accounting or profit being natural
resources

Environmental Accounting
Stakeholders must pressure business firms to
work towards sustainable measures focused on
protection and rehabilitation of the environment:

• Emission of control of chemicals and other

poisonous or harmful pollutants
• Proper waste disposal
• Recycling of scraps and used materials
• Greening of the environment

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