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    (Chap1) Introduction

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    Liza Marie
    The document outlines the structure and roles of various organizations involved in setting accounting standards and overseeing the accounting profession in the Philippines. The Philippine Institute of CPAs is the only accredited organization for CPAs in the country. The IFRS Foundation develops principles-based financial reporting standards and raises funds to support the International Accounting Standards Board which develops globally accepted accounting standards. The Financial Reporting Standards Council monitors IASB activities and comments on proposed standards to develop Philippine Financial Reporting Standards.

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    (Chap1) Introduction

    Uploaded by

    Liza Marie
    8 views1 page
    The document outlines the structure and roles of various organizations involved in setting accounting standards and overseeing the accounting profession in the Philippines. The Philippine Institute of CPAs is the only accredited organization for CPAs in the country. The IFRS Foundation develops principles-based financial reporting standards and raises funds to support the International Accounting Standards Board which develops globally accepted accounting standards. The Financial Reporting Standards Council monitors IASB activities and comments on proposed standards to develop Philippine Financial Reporting Standards.

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    The document outlines the structure and roles of various organizations involved in setting accounting standards and overseeing the accounting profession in the Philippines. The Philippine Institute of CPAs is the only accredited organization for CPAs in the country. The IFRS Foundation develops principles-based financial reporting standards and raises funds to support the International Accounting Standards Board which develops globally accepted accounting standards. The Financial Reporting Standards Council monitors IASB activities and comments on proposed standards to develop Philippine Financial Reporting Standards.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    8 views1 page

    (Chap1) Introduction

    Uploaded by

    Liza Marie
    The document outlines the structure and roles of various organizations involved in setting accounting standards and overseeing the accounting profession in the Philippines. The Philippine Institute of CPAs is the only accredited organization for CPAs in the country. The IFRS Foundation develops principles-based financial reporting standards and raises funds to support the International Accounting Standards Board which develops globally accepted accounting standards. The Financial Reporting Standards Council monitors IASB activities and comments on proposed standards to develop Philippine Financial Reporting Standards.

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    of 1

    Philippine Institute of CPA

    -only accredited CPA organization


    -ACPAPP, ACPACI, nACPAE, GACPA

    Council for Accreditation and Quality Control of Practicing, CPAs


    Monitoring Board
    -approve and oversee IFRS Trustee Security and Exchange Commission
    -capital market authorities -audit publicity listed companies
    -gives formal link to trustees and public authorities BSP
    for public accountability of IFRS Foundation -audit banks and financial institutions
    Insurance Commission
    -audit insurance companies
    IFRS Foundation (22) BOA
    -develops FS based in clearly articulated principle -public practice w/ basic requirements
    -raise fund
    Continuing Professional Development
    -inculcation of advancement knowledge, skills and ethical values
    IASB (14)
    -(2001, London) IASC before in a post-licensure specialization after CPA
    -develops and publish a globally accepted high-quality
    accounting standards
    -Mission: develop standards that bring transparency,
    accountability and efficiency to financial markets around
    the world
    -approves interpretation of IFRS made by IFRSIC

    IFRS Interpretation Committee (14)


    IFRS Advisory Council (40) -issue interpretations on the
    application of IFRS and develop
    other minor amendments
    Due Process Handbook
    -guideline for transparent and participatory due process
    issuances

    Principles
    -transparency
    -full and fair consultation
    -accountability

    1. Agenda Consultation
    2. Research Program
    3. Standard Setting Program
    4. Maintenance Program

    Philippine Accountancy Act of 2004 (RA 9298)


    -law governing the practice of Accountancy

    PRC-BOA
    -conducts and administer licensure examinations
    -regulates and supervises the practice profession

    Financial Reporting Standards Council


    -established 2006 by BOA under Implementing Rules and
    Regulation of RA 9298
    -successor of ASC which established by Ph GAAP
    -monitors technical activities of IASB
    -invites comments on exposure drafts of proposed IFRS—PFRS
    -monitors PIC

    Philippine Interpretation Committee


    -FRSC Aug. 2006
    -assists FRSC in establishing and improving the PFRS

    Auditing and Assurance Standards Council


    -PRC recommendation of BOA
    -assists BOA in establishing and promulgating auditing
    standards in PAS

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