Question & AnswerQ&A (PRC BOARD OF ACCOUNTANCY Resolution NO. 04)
P.D. 692, otherwise known as The Revised Accountancy Law, empowers the Board of Accountancy to determine and prescribe the minimum requirements for admission to the CPA examinations.
Candidates must be holders of the degree of Bachelor of Science in Commerce or its equivalent from any institution of learning recognized by the government.
DECS recognized the Bachelor of Science in Accountancy (BSA) as the only equivalent course for admission to the CPA licensure examination.
The order was issued to gradually phase out the Accounting major in the Bachelor of Science in Commerce, Bachelor in Business Administration, and Bachelor of Science in Business Administration courses and adopt the Bachelor of Science in Accountancy as the new course.
It was initially implemented during the school year 1990-1991, and the Accounting major was expected to be totally phased out by the end of the school year 1993-1994.
The DOJ affirmed the authority of the Commission and the Board of Accountancy to deny admission to candidates who do not possess the Bachelor of Science in Accountancy degree as provided in DECS Order No. 5, s. 1990.
Yes, they can retake the CPA examination under the same conditions imposed for qualifying in the initial examinations taken.
Applicants who are holders of a Bachelor of Science in Accountancy degree under DECS Order No. 5, s. 1990, and graduates of Accounting Major courses as of 31 December 1994.
It becomes effective fifteen (15) days following its publication in the Official Gazette or a newspaper of general circulation.
It ensures that all relevant institutions and individuals are informed and guided by the new admission requirements for the CPA licensure examination.