Resolution #262, Series of 2015.

“REDUCED THE NUMBER OF THE BLECPA

SUBJECTS THAT ARE INCLUDED IN THE SCOPE OF THE BOARD LICENSURE
EXAMINATION FOR CERTIFIED PUBLIC ACCOUNTANT FROM SEVEN (7) TO SIX
(6)”
--which effective on march 9, 2016

Pursuant to the provisions of Republic Act No. 9298, otherwise known as the Philippine
Accountancy Act of 2004, the Board has the power to revise, exclude or add new subjects in
licensure examination as the need arises.

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
The BoA unanimously recommended to the PRC to implement these changes in the May 2016
CPA Licensure Examination.

Resolution #358, Series of 2016. “INCREASING THE REQUIRED CONTINUING

PROFESSIONAL DEVELOPMENT (CPD) UNITS FROM SIXTY (60) TO ONE HUNDRED
TWENTY (120) CREDIT UNITS WITHIN A COMPLIANCE PERIOD OF THREE (3)
YEARS FOR ALL CERTIFIED PUBLIC ACCOUNTANTSAND CHANGING THE
THEMATIC AREAS TO COMPETENT AREAS.”

--which shall effect fifteen (15) days after its full complete publication in the
Official Gazette or in a newspaper of general circulation in Philippines

Board Resolution No. 59, Series of 2012, entitled “Clarifications and Amendments on the Rules
and Regulations on Continuing Professional Education and Accreditation of CPAs in Public
Accountancy and Accounting Education”, changed the term Continuing Professional Education
(CPE) to Continuing Professional Development (CPD) and required 60 credit units of CPD which
may be earned by an individual professional in any three years preceding year of application for
accreditation for the practice of public accountancy and accounting education.

Section 2. Thematic Areas of CPA activities shall be changed to Competence Areas. Thematic
Areas of CPD activities shall be changed to Competence Areas in order to align with the
International Education Standards. It shall be divided into three major categories: (a) Technical
Competence, (b) Professional Skills, and (c) Professional Values, Ethics & Attitudes, and which
shall include the ff. areas, with the corresponding required verifiable units starting 2017:
Section 3. Required CPD Credit Units within a Compliance Period. All CPAs regardless of
areas/sector of practice, shall be required to comply with the one hundred twenty (120) CPD
credit units within a compliance period of three (3) years, and which shall be implemented in
phases as follows:
Resolution #02, Series of 2016. “REQUIRING THE SUBMISSION OF
ENGAGEMENT REPORTS BY INDIVIDUAL CERTIFIED ACCOUNTANT, FIRMS AND
PARTNERSHIPS OF CERTIFIED PUBLIC ACCOUNTANTS ENGAGED IN THE
PRACTICE OF PUBLIC ACCOUNTANCY ”

--which shall effect fifteen (15) days following the completion of its publication
publication in the Official Gazette or in a newspaper of general circulation in
Philippines.