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CAT Challenge ExamIf you have graduated from any of the accredited providers, then you will only have to take theCAT Challange Exam.The CAT challenge exam can be take in three levels:Level 1 : Practical AccountingLevel 2: Cost Accounting
Level 3: Taxation and Payroll AccountingTaking the Full CourseIf you didn't finish an accounting course at any of the recognized universities but still want topursue being an Accounting Technician, you will have to take the full course consisting of nine(9) parts with 9 exams.The first six (6) parts of the course will help you qualify to take the CAT challange exam that willpave your way to be an Accounting Technician. The last three (3) exams will consist of the CATchallange exam.
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CAT Level 1: Practical Accounting
Sign up for the CAT Level 1 Program TODAY!
October 13 - November 10, 2012 (10:00 am - 7:00 pm) NIAT HQ, Ortigas, PasigCity
What is the CATLevel 1 Program?
The CAT Level 1 program is designed to nurture the learning process and provide you with well presented and
structured course. The qualification itself has been split into Four modules for ease of learning. Each module
contains set of drills and real-life cases for you to assess how well you are progressing.The Program is also
accredited by the Institute of Certified Bookkeepers in UK; which all CAT Level 1 passers are also eligible to
become Certified Bookkeepers of UK
The Accelerated CATLevel 1 Certification Program Curriculum
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The CAT Level 1 Program is designed to nurture the learning process and provides you with a
well-presented and structured course. The program itself has been split into four modules (plus a
comprehensive review at the end) for ease of learning. Each module contains a set of drills and
real-life cases in order for you to assess how well you are progressing.
The CAT Level 1 exam is fully accredited by the Institute of Certified Bookkeepers UK. Passers
of this exam can apply for Certified Bookkeeper (CB) qualification.
Module 1: Review of BookkeepingSkills
Basic principles of double entry
accounting
Nature and accounting of a
merchandising business and how itdiffers with a service business
Analyze and record transactions in the
accounts such as purchases and sales
Preparation of chart of accounts for a
merchandising and service business
Use of T accounts to analyze
transactions into debit and credit parts
Preparation of trial balance and learn its
purpose
Understanding matching concept relates
to and supports the accrual basis of
accounting
Module 2: Completing the Accounting
Cycle
Adjusting journal entries that will update
the matching process
The use of worksheet as a useful device
for collecting and summarizing data
Preparation of the adjusting and closing
entries from a worksheet
Performing Bank Reconciliation The adjusting and closing entries
Preparation of a post closing trial
balance
Finalizing the multi-step and single-step
income statement, statement of owner's
Module 3: Constructive Accounting
Establishing of Internal Controls to
safeguard assets most specially Cash
Single entry bookkeeping systems
Reconstruction of Incomplete records
Conversion of Cash -basis to accrualaccounting
Correction of Errors
Analysis and Interpretation of Financial
Statements
Module 4: Special Journals
Recording of transactions using sales
journal, cash receipts, purchases
journal, cash payments journal and
general journal
Use of voucher system to control
expenditures, preparation of a voucher
and recording in voucher register
Use of check register and payment
process of the voucher system
Use of combination journal especially for
service enterprises
Module 5: Comprehensive Review
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equity
Balance sheet for a merchandising and
service business
Completing the accounting cycle
Who Should Sit for the Accelerated CATLevel 1 Program?
Only serious applicants need apply. This intensive program is designed to condense three
sessions into a one-day review course. Candidates who are seeking to join the Accelerated CAT
Level 1 certification program must :
Be a Certified Public Accountant (CPA) or
Have at least five (5) years experience in accounting work
NIAT will be offering the Accelerated CAT Level 1 Program just for this year. Grab the
opportunity now while seats are still available!
The Benefits of CATto You
Offer your employer proven specific skills and knowledge.
Advance your career and increase your compensation potential.
Put CAT after your name, giving you the same distinction among bookkeepers that
"CPA" gives to Certified Public Accountants. Enhance your value to your company and clients.
Increase your value to your company or clients Certified Accounting Technicians can
and do take on new responsibilities.
Increase your chances of working overseas where CAT is recognized such as Australia,
New Zealand, United Kingdom, and other Asia-Pacific countries.
CATLevel 2 Program Syllabus - Cost Accounting
The CAT Level 2 Program is designed to nurture the learning process and provide you with well
presented and structured course. The qualification itself has been split into five modules for easeof learning. Each module contains set of drills and real-life cases for you to assess how well you
are progressing. The Program is also accreditted by the Institute of Certified Management
Accountants (ICMA) in Australia, wherein CAT Level 2 passers are eligible to become a
Registered Cost Accountant.
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Module 1: Understanding ManagementInformation
Appreciate the importance of financial
and non-financial information for
planning, control and decision-making
purposes
Recognize the variety of cost units, cost
centers and profit centers
Differentiate between direct and indirect
costs; fixed and variable costs; period
and product costs; controllable and
uncontrollable costs; avoidable and
unavoidable costs; etc.
Identify cost classification for decision-
making and planning Appreciate cost behaviour patterns
including linear, curvi-linear and step
functions
Appreciate the importance of unit costs
for both financial and management
decision making
Module 2: Accounting for Materials,
Labor, and Overhead Costs
Describe the methods and procedure ofstorekeeping, stocktaking and inventory
control
Explain and illustrate the perpetual
inventory system and its procedures
documentation
Explain and illustrate the methods
available for pricing stores issues and for
inventory valuation
Explain the impact of different
remuneration methods on the cost of
finished goods
Explain and illustrate the problems and
procedures of identifying, analyzing,
allocating and absorbing overhead costs
Explain the different bases for overhead
absorption rates
Compute overhead absorption rate
Module 4: Budgeting for Planning andControl
Identify and apply techniques for
forecasting revenue and expenditures
Prepare operational, cash, and capital
expenditure budgets
Explain the differences between fixed
budgets, flexible budgets and reforecast
Calculate variances and identify their
cases
Explain and illustrate the concept of
zero-based budgeting
Explain the uses and limitations of
standard costing
Identify and determine differentstandards; basic, ideal, attainable and
current standards
Identify and calculate sales and cost
variances
Prepare standard product cost and
analyze different types of variances
between standard and actual product
costs
Identify the significance of, and inter-
relationship between, variances
Module 5: Estimating Costs and
Revenues for Decision-Making
Calculate and explain the usefulness of
contribution margin and contribution
margin ratio
Determine the sales volume required to
earn a desired level of operating income
Identify the purposes of break-even
analysis
Illustrate and determine the margin of
safety
Use Cost Volume Profit (CVP)
relationships to evaluate a new
marketing strategy
Identify assumptions underlying CVP
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Differentiate and calculate plant-wide
overhead rates and departmental
overhead rates
Explain and illustrate the principles and
methods of treatment of under and over-
absorption of overhead costs
Module 3: Accumulating Costs for
Products and Services
Explain the flow and accumulation of
costs when using job costing
Describe the purpose and content of job
cost sheet
Identify appropriate units for
accumulation of control costs
Explain the treatment of profit/loss on
contracts including uncompleted
contracts
Demonstrate the application and
identification of cost units
Explain and determine the equivalent
units and cost per equivalent unit
Demonstrate how costs are assigned to
equivalent units using process costing
Demonstrate cost accounting methods
used in cost processes, process lossesand work in progress
Explain the difference between joint
product and by-product costing
analysis
CATLevel 3 Program Syllabus - Payroll and Taxation Accounting
The CAT Level 3 Program is designed to nurture the learning process and provide you with well
presented and structured course. The qualification itself has been split into three modules forease of learning. Each module contains set of drills and real-life cases for you to assess how well
you are progressing.
Passers of CAT Level 3 are eligible to become either a Certified Accounting Technician of the
Institute of Accounting Technicians in Canada or a Certified Accounting Technician of the
Institute of Certified Management Accountants in Australia.
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Module 1: Payroll Accounting
Payroll computation whether on daily,
weekly, semi monthly, and/or monthly
basis
Computation of Withholding Taxes due,
SSS Premium due, Phil Health, and
other deductions
Recording of payroll and present them to
the corresponding financial statements
Implementation of necessary internal
control measure in payroll processing
Module 2: Business Income Taxation
General Principles of Taxation Income Tax Rules for business and
practice of profession
Sources of Income, allowable business
expenses and personal exemptions
Minimum Corporate Income Tax,
Improperly Accumulated Earnings and
Gross Income Tax for Corporations
Preparation of Quarterly Income Tax
return (BIR Form 1702Q) and Annual
Income Tax Return (BIR Form 1702)
Compliance requirements such askeeping Books of Accounts and its
preservation
BIR registration requirements and
issuance and printing of receipts, sales
or commercial invoice
Module 3: Business Taxes: ValueAdded Taxes and Percentage Taxes
Concept and Scope of Value Added
Taxes and Tax Exempt transactions
VAT on Sale of Goods or Properties,
Services, Use of Lease of Property and
Importation of Goods
Input and Output Taxes and
Computation of VAT Payable
Compliance requirements, Withholding
and Remittance of VAT
Rates and Bases of Percentage Tax
Withholding of Percentage Taxes and
Expanded Withholding Percentage
Taxes/li> Monthly Remittance of VAT and Other
Percentage Taxes
Program Objectives
Designed for accountants, financial managers, auditors and other professionals, such as bankers
and investment advisers, who want to develop their knowledge and understanding of IFRS.Participants on the Diploma course will also gain and benefit from attaining a working knowledge
of IFRS, the DipIFRS aims to:
Develop expertise in the application of accounting concepts under the International
Financial Reporting Standards;
Create avenues of international mobility through the credential DipIFRS; and
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Provide an opportunity to candidates of taking their accounting skills to highly advanced
level and be able to progress within various accounting support roles as IFRS specialists.
To Whom Does IFRS Apply?
The DipIFRS program provides a detailed review of all significant technical IFRS requirements. It
includes case studies, examples, exercises, coverage of IFRSs, and interactive hands-on
participation from the participants. This comprehensive workshop helps participants to acquire the
tools necessary to understand and apply IFRS and prepare IFRS financial statements. The
program includes the latest pronouncements, and participants are brought up-to-date on all
topics.
This program is ideal for individuals at all levels within an organization who need to have detailed
knowledge of IFRS. In essence, it is an opportunity to transfer a crucial new skill set to those
responsible for making accounting decisions and preparing, reviewing or approving IFRS financial
statements. The program is generic and does not focus on any one particular industry.
The DipIFRS program answers questions such as:
What are the current and likely future requirements of IFRS?
What is the probable impact of adopting such requirements?
How are IFRS recognition and measurement rules applied?
What are the requirements for presentation of IFRS financial statements and related
disclosures?
Where can up-to-date information about IFRSs be obtained?
How can complex or unique situations be researched?
Program Syllabus
The DipIFRS course is structured into six (6) modules covering all the standards and its latest
pronouncements. The course comprises of six (6) class room lecture sessions spread over two
(2) months.
Essence of IFRS
IFRS and the economic crisis
What are the issues?
o The Framework theory
vs. practice
o The issue of fair value
Lessons from the latest compliance
Module 5: Specialized Industries and othersituations
Accounting and reporting by retirement
benefit plans (IAS 26)
Insurance and contracts (IFRS 4)
Exploration for and Evaluation of
Mineral Resources (IFRS 6)
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issues
The IASBs work programme and
convergence
The IFRS for SMEs is this the
way ahead?
Module 1
Accounting Policies changes in
accounting
estimates and errors (IAS 8)
Events after the balance sheet
date (IAS 10)
Related Party Disclosures (IAS 24) First-time adoption of IFRS (IFRS
1)
Interim financial reporting (IFRS
34)
Module 2: Income Statement Profit &
Loss Account
Revenue (IAS 18)
The effects of changes in foreignexchange rates (IAS 21)
Employee benefits (IAS 19)
Borrowing Cost (IAS 23)
Accounting for government grants
(IAS 20)
Income taxes/ current tax/ deferred
tax (IAS 12)
Discontinuing operations (IFRS 5)
Earnings per share (IAS 33)
Module 3: Balance Sheet
Property plant and equipment (IAS
16)
Investment property (IAS 40)
Agriculture (IAS 41)
Financial reporting in hyper inflationary
economies (IAS 29)
Module 6
Accounting for Financial Instruments
IAS 39 and 32 & IFRS 7
Financial instruments
disclosure and presentations (IAS 32)
Financial Instruments recognition and
measurement (IAS 39)
Financial instruments disclosure and
presentations (IAS 32) Financial Instruments: Disclosures
(IFRS 7)
Share based payment (IFRS 2)
The Role of IFRS in the Economic Crisis
Workshop on the details
The Principles
The Necessary arithmetic
Identifying financial Instruments Recognizing and de-recognition
Measurement
o Initial
o Fair Value
o Impairment
Derivatives
o Embedded Derivatives
Hedge Accounting
o Hedge effectiveness
Presentation and disclosure
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Intangible Assets (IAS 38)
Impairment of assets (IAS 36)
Inventories /Stock (IAS 2)
Constructions contracts / Long
term WIP (IAS 11)
Leases off balance sheet finance
(IAS 17)
Provisions, contingent liabilities
and contingent assets (IAS 37)
Module 4: Statement of Cash Flow
Accounting for Groups and Investments
Business Combinations (IFRS 3) Consolidated and separate
financial statements (IAS 27)
Accounting for investments in
associate (IAS 28)
Financial reporting of interests in
joint ventures (IAS 31)
Operating Segments / Segments
reporting (IFRS 8)
Reminders on 2011 start of the year tax requirements
There are a number of information returns and other compliance
requirements for taxpayers in the first 30 days or so of every
year. There are penalties imposed on non-compliance. We are
issuing this reminder to ensure that you wont miss them.
1. Annual Information Return of Income Taxes Withheld on
Compensation (BIR Form 1604-CF)
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BIR Form 1604CF should be submitted on or before January 31,
2011 together with the Alphabetical List (Alphalist) of Employees.
Employers with less than 10 employees should prepare and submit
the alphalist in hard copy while those with 10 or more employees
should submit the alphalist in soft copy using 3.5-inch floppy
diskette, together with the manually prepared alphalist, as
required by some RDOs. EFPS filers are required to submit the
alphalist in soft copy, regardless of the number of their
employees, thru e-submission/e-attachment. A new data entry and
validation module (version 3.4) is already available which can be
dowloaded in the BIR website to comply with the BIR file formats.
2. Employees Withholding Statements (BIR Form 2316)
BIR Form 2316 for TY 2010 should be issued on or before January
31, 2011 to all employees, including those who qualify as minimum
wage earners (MWE). For employees who do not qualify for
substituted filing such as those with concurrent or successive
employer during TY 2010, the certification at the bottom should
not be signed by both the employer and employee. In such case,BIR Form 2316 should be attached to the ITR that the employee
will file on April 15, 2011.
3. Registration of manual books of accounts
Registration of manual books of accounts is required before said
books are used. However, if manual books of accounts is previously
registered and the pages are not yet fully exhausted, there is noneed to re-register or re-stamp provided portions pertaining to a
particular year should be labeled or marked by the taxpayer.
Registration of new set of manual of books of accounts shall be at
the time when all pages have been exhausted.
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4. Submission of books of accounts
This includes submission of computerized books of accounts and
permanently bound computer generated/loose leaf books of
accounts.
A. Loose-leaf books of accounts
The deadline for submission of loose-leaf bound books of accounts
for taxable year ending December 31, 2010 is on January 15,
2011
B. Computerized books of accounts
The submission deadline for computerized books of accounts and
other accounting records in CD-R, DVD-R, or other optical media
for CY ending December 31, 2010 is on January 30, 2011.
5. Inventory list
The annual inventory list for taxpayers whose accounting period
ended on December 31, 2010 should be submitted on January 30,
2011.
6. List of regular suppliers for Top 20,000
This is required to be submitted on a semestral basis by Top
20,000 corporations covering their purchases of goods and services
from all their regular local/resident suppliers as well as non-regular
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suppliers for single purchases of P10,000. The deadline for the list
for the second semester of TY 2010 is February 01, 2011.
7. Annual registration fee
The P500 annual registration fee should be paid on or before
January 31, 2011 using BIR Form 0605 at the authorized agent
bank (AAB) within the RDO where the business or branch is
registered. For eFPS taxpayers, BIR Form 0605 should be e-filed
and e-paid. Late payment of registration fee is subject to 25%
surcharge, 20% interest and P200 penalty.
8. Renewal of LGU registration
This covers payment of local business tax (LBT), mayors permit
fee, and other fees and charges imposed b y LGUs. Due date is
January 20, 2011. The LBT may be paid in installment within the
first 20 days of each quarter.