Professional Regulatory Board of Accountancy Resolution No. 312-16

October 20, 2016

PROFESSIONAL REGULATORY BOARD OF ACCOUNTANCY RESOLUTION NO. 312-16

USE OF BIRTH MONTH OF INDIVIDUAL CERTIFIED PUBLIC ACCOUNTANTS (CPAs) OR DATE OF REGISTRATION WITH THE SECURITIES AND EXCHANGE COMMISSION (SEC) OF CPA FIRMS OR PARTNERSHIP AS REFERENCE POINT IN COMPUTING THE THREE (3) YEARS VALIDITY PERIOD OF THE ACCREDITATION

WHEREAS, Section 9 (g) of Republic Act 9298, otherwise known as the "Philippine Accountancy Act of 2004," states that one of the powers and functions of the Professional Regulatory Board of Accountancy (Board) is to monitor the conditions affecting the practice of accountancy and adopt such measures, including promulgation of accounting and auditing standards, rules and regulations and best practices as may be deemed proper for the enhancement and maintenance of high professional, ethical, accounting and auditing standards;

WHEREAS, Annex "B" of Board Resolution No. 71, Series of 2004, as amended, or the Rules and Regulations in the accreditation of Certified Public Accountant (CPAs) in the practice of public accountancy provides that the validity of the Certificate of Accreditation shall expire on December 31 of the third (3rd) year following its approval;

WHEREAS, Resolution No. 88, Series of 2008, as amended, or the Rules and Regulations in the Accreditation of Accounting Teachers provides for the validity of the Certificate of Accreditation for a period of three (3) years from the date of its issuance;

WHEREAS, Board Resolution No. 3, Series of 2016, as amended, or the Rules and Regulations in the Accreditation of CPAs in Commerce and Industry Practice provides that the Certificate of Accreditation shall be valid for three (3) years;

WHEREAS, pursuant to Republic Act No. 6511, entitled "An Act Amending Republic Act Numbered Four Hundred Sixty-Five, Entitled An Act to Standardize the Examination and Registration Fees Charged by the National Examining Boards, and for Other Purposes," the Commission issued Circular No. 85-01 dated January 8, 1985 which calls for a new system in the renewal of the Professional Identification Cards (PICs) on the birth month of the professional concerned;

WHEREAS, the Board finds it more practical to synchronize the validity period of the Certificates of Accreditation with the PICs of individual CPAs or the date of registration with the SEC in the case of CPA Firms or Partnerships;

NOW, THEREFORE, the Board RESOLVED, as it now RESOLVES, to use as reference point the birth month of individual CPAs or the date of registration with the Securities and Exchange Commission (SEC) of CPA Firms or Partnerships for purposes of computing the three (3) years validity period of their Certificates of Accreditation.

FURTHER RESOLVED, that applicants for the renewal of their respective accreditations are enjoined to file their applications therefor at least three (3) months prior to the expiration of their accreditations. CAIHTE

This Resolution shall take effect after fifteen (15) days following its full and complete publication in the Official Gazette or in a newspaper of general circulation in the Philippines.

Let a copy hereof be furnished the Philippine Institute of Certified Public Accountants (PICPA), and other relevant private organization/associations of accountants for information.

Done in the City of Manila, Philippines, this 20th day of October 2016.

(SGD.) JOEL L. TAN-TORRESChairman

(SGD.) GLORIA T. BAYSAVice-Chairman

(SGD.) GERARD B. SANVICTORESMember

(SGD.) SAMUEL B. PADILLAMember

(SGD.) CONCORDIO S. QUISAOTMember

(SGD.) ARLYN S. VILLANUEVAMember

(SGD.) ELISEO A. AURELLADOMember

Attested by:

(SGD.) ATTY. LOVELIKA T. BAUTISTAOfficer-in-Charge

Approved by:

(SGD.) TEOFILO S. PILANDO, JR.Chairman

(SGD.) ANGELINE T. CHUA CHIACOCommissioner

(SGD.) YOLANDA D. REYESCommissioner

Published in the Official Gazette, Vol. 113, No. 2, Page 303 on January 9, 2017.