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REPUBLIC OF HE PHILIPPINES

PROFESSIONAL REGULATION COMMISSION

CPA EXAM TO BE REVISED

The Board of Accountancy (BoA) last June 20, 2015 unanimously decided to propose to the Professional Regulatory
Commission (PRC) the revision of the subjects covered by the CPA Licensure Examination. The subjects included in
the Board examination have been in place for decade and are now long due for revision to take into account the
requirements of the current times. The Accountancy Law (Republic Act No. 9298, Sec. 15) allows amendments to the
CPA examinations by the PRC Board of Accountancy subject to the approval of the Commission.
The subjects that we recommend to be included in the CPA Board examination are:
1.
2.
3.
4.
5.
6.

Financial Accounting and Reporting


Advanced Accounting
Management Accounting and Control
Auditing
Taxation
Regulatory Framework for Business Transactions

The highlights of this change include:


1.
Reduction in the number of subjects from seven(7) to six(6)
2.
Merging auditing theory and practice into one (1) subject
3.
Merging accounting theory and practice and distributing the pertinent topics in Theory of Accounts, Practical
Accounting I, Practical Accounting II to Financial Accounting and Reporting, and Advanced Accounting
4.
Segregating Business Law and Taxation into Taxation and Regulatory Framework for Business Transactions
5.
Renaming Management Services to Management Accounting and Control
A mapping or matching of the subjects in the currently prescribed BS Accountancy (BSA) curriculum with the topics
that will be covered by the six subjects being recommended was done by BoA. This mapping exercise indicates that
there is a 100% match indicating that [the] all of the revised subjects proposed for the Board examination are [all]
covered and taught in the current BSA. This should be expected since the subjects in the revised CPA examinations
are a rationalized and integrated version of the old for a better linkage between theory and practice. Essentially, this
would conform with the new outcomes-based approach in education.
Hence, the accounting students who will complete the BSA should have the requisite knowledge and skills to take the
Board examination consisting of these revised subjects.
The BoA unanimously recommended to the PRC to implement these changes in the May 2016 CPA Licensure
Examination.
The following will be done to implement the recommendations:
1.
Prepare the PRC Resolution for the revision of subjects
2.
Finalize the syllabus and Table of Specifications for the six subjects
3.
Coordinate with the appropriate office/s in PRC to implement the changes
4.
Prepare the problems for the test bank for the six subjects
5.
Address the transitory requirements (ie., existing test banks, conditional examinees, etc.)
6.
Conduct a public awareness and consultation with the various stakeholders (ie., the CHED, Accounting
schools, students, JPIA, PICPA, review centers, etc.)
FOR DISSEMINATION. FOR MORE INFORMATION, CONTACT boa.secretariat@gmail.com
JUNE 22, 2015.

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