Question & AnswerQ&A (PROCLAMATION NO. 1333)
This period is declared as the Centenary Year of the Accountancy Profession in the Philippines, commemorating 100 years since the legal recognition of the profession in 1923.
Republic Act No. 9298 or the "Philippine Accountancy Act of 2004" recognizes the importance of accountants in nation-building and declares the State policy to nurture competent and globally competitive professional accountants.
Act No. 3105, passed by the Sixth Philippine Legislature on March 17, 1923, legally recognized the accountancy profession and created the Board of Accountancy.
The Board of Accountancy was given the authority to promulgate rules and regulations, set professional standards for the practice of the profession, and issue certification to qualified public accountants.
The Board of Accountancy, under the Professional Regulation Commission, is responsible for leading the observance of the Centenary Year of the Accountancy Profession.
All agencies and instrumentalities of the National Government, including government-owned or -controlled corporations and state universities and colleges, local government units, non-government organizations, professional associations, and the private sector are encouraged to participate and support the celebrations.
The Act emphasizes developing accountants who are competent, virtuous, productive, well-rounded, qualitative in service, world-class, and globally competitive.
CPAs have contributed immensely to the development of the nation, especially in the fields of business, finance, and trade.