PROFESSIONAL REGULATORY BODIES

The practice of the accounting profession is governed by:

 Professional Regulation Commission

 Board of Accountancy
 Philippine Institute of Certified Public Accountants

The financial reports prepared are affected by the rulings and promulgations issued by:

 Securities and Exchange Commission

 Bangko Sentral ng Pilipinas
 Bureau of Internal Revenue

PROFESSIONAL REGULATION COMMISSION (PRC) -government body in charge of regulating and licensing the practice
of a profession like accounting, medicine, engineering, nursing, and the like.

BOARD OF ACCOUNTANCY (BOA-BOARD) -Republic Act 3105 regulated on March 17, 1978, the practice of accounting
by creating the Board of Accountancy. It is under the jurisdiction of the PRC and is tasked to set up and promulgate a set
of professional standards and ethics in the practice of the accounting profession.

PHILIPPINE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS (PICPA) – First established in 1929 to represent the interest
of the Filipino CPAs, regulate the accounting practice, and the CPA Board Exams. It was accredited by the Board and the
Professional Regulation Commission per PRC Accreditation NO.15 dated 2, 1975, and is now considered the integrated
national professional organization of certified public accountants in the Philippines having the basic authority of setting
up and implementing rules vital to the accounting profession.

PHILIPPINE FINANCIAL REPORTING STANDARDS COUNCIL (PFRSC) – Assist in formulating and promulgating standards,
also replaced the Accounting Standards Council (ASC).

PHILIPPINE INTERPRETATION COUNCIL (PIC) – Assist the PFRSC.

Financial Reporting Standards In The Philippines:

 PHILIPPINE FINANCIAL REPORTING STANDARDS (PFRS)

 PHILIPPINE ACCOUNTING STANDARDS (PAS)
 PHILIPPINE INTERPRETATIONS COUNCIL

(PICPA’S Umbrella) Accounting associations representing different accounting fields of specialization:

 NATIONAL ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS IN EDUCATION (NaCPAe) -for the accounting
professors.
 GOVERNMENT ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS (GACPA) -for the government accountants.
 ASSOCIATION OF INTERNAL AUDITORS (AIA) -for all internal auditors.
 ASSOCIATION OF CPAs IN COMMERCE AND INDUSTRY (ACPACI) -all private and public accountants are
members.

(PICPA is represented) WORLD’S MAJOR ACCOUNTING BODIES:

 INTERNATIONAL FEDERATION OF ACCOUNTANTS

 CONFEDERATION OF ASIAN AND PACIFIC ACCOUNTANTS
 ASEAN FEDERATION OF ACCOUNTANTS
SECURITIES AND EXCHANGE COMMISSIONS (SEC) – it is tasked to safeguard public interest specially investors in the
capital market (stocks and bonds)

BANGKO SENTRAL NG PILIPINAS (BSP)- regulates the operations of all banks and financing institutions tasked to
promote and maintain stability.

BUREAU OF INTERNAL REVENUE (BIR)- exacts tax and license compliance from people and business entities earning
income.

INTERNATIONAL ACCOUNTING STANDARDS

 AMERICAN INSTITUTE OF CPAs (AICPA) OF UNITED STATES

 INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
 HING KONG SOCIETY OF ACCOUNTANTS
 INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF SINGAPORE
 INSTITUTE OF CHARTERED ACCOUNTANTS IN AUSTRALIA

INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE (IASC) -a standard unifying body, it has more than 160
professional accounting bodies as members coming from over 115 countries, including the Philippines.

INTERNATIONAL ACCOUNTING STANDARDS (IASB) -took over the IASC.

INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) -the new standards for financial reporting and
measurement.

As early as 1996 the Philippines had already aligned its accounting standards with the:

 INTERNATIONAL ACCOUNTING STANDARDS (IAS)

 INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)
 INTERNATIONAL INTERPRETATIONS COUNCIL