welcome to puerto princesa city! t - philippine institute of certified public · pdf...
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T he 70th PICPA Annual National
Convention will be hosted by
PICPA-Southern Tagalog
Region (STaR) on November
25-28, 2015. It will be at the Puerto
Princesa City Coliseum, located in the
heart of Puerto Princesa City, Palawan.
The organizing committee is chaired by
Ms. Ma. Elma I. Ame and collaborated
with the officers of the STaR Region to
map out the plans and programs of the
70th PICPA ANC. Apart from the all-time
favorites Sectoral Fora and Business
Regulators’ Updates, the technical
session topics would include leadership
and cross-culture business etiquettes. All
these are in line with this year’s PICPA
theme: “Sharing Success. Beyond
Welcome to Puerto Princesa City! Borders”. Social activities such as sports,
networking, awards night, and fellowship
activities would be part of the whole
conference. The organizing committee is
working on a fun-filled educational caucus
where participants can bring home their
learning experiences and share to those
who will be missing the event.
2 Accounting Times Vol. 66 No. 2 October 2015
N E W S T I D B I T S
by Dr. Cesar A. Mansibang - Vice President for Operations
APPROVING THE MOA FOR MRA
IMPLEMENTATION
PICPA, together with the Professional
Regulation Commission (PRC) through the
Board of Accountancy and the Commission
on Higher Education (CHED) agreed to
form the ASEAN Monitoring Council (AMC)
to implement the provisions of the ASEAN
Mutual Recognition Arrangement in
Accountancy (MRA) services in mutually recognizing ASEAN Certified
Public Accountants (ACPA) based on three major standards. These
standards relate to the professional qualifications of the CPA to be
reviewed by PRC; the academic qualifications to be reviewed by CHED;
and their practice and experience to be reviewed by PICPA. The
objectives, processes, and procedures were finalized in a Memorandum
of Agreement (MOA) to be signed by the respective leaders of the
institutions.
I represented National President Mr. Dominador Barrion in various
meetings to thresh out and agree on the processes of accreditation.
The target date for the formal signing is on or before December, 2015.
VALIDATING FOR ACCREDITED PROFESSIONAL ORGANIZATION
(APO)
The entire PICPA board stood for the revalidation of PICPA’s status as
the APO last September 12 before the Board of Accountancy led by
Chair Joel Tan Torres. I led the presentation of PICPA’s case as the
APO after which the BOA members asked questions as to the maturity
and readiness of PICPA as the APO of the accountancy profession.
Towards the end of the revalida, a number of position papers to validate
our accreditation were required for submission. In immediate
compliance, these papers were immediately submitted to the BOA a
week after the revalida.
MOVING THE PERFORMANCE GOVERNANCE SYSTEM (PGS)
FOREWARD
The PGS Committee sat in a conference with the evaluators of the
Institute of Solidarity in Asia (ISA) last October 6 to listen to their report
on the strategic readiness of the accountancy profession to be
conferred the INSTITUTIONALIZED category of the PGS after years of
preparation and compliance with the standards. ISA’s executive director
and program managers presented their findings before the Committee.
Discussions and agreements on various matters of the report ensued
with some major issues/findings revisited to attune them with the unique
nature, governance and operations of the profession.
Attending the conference were SEC Commissioner Antonieta F. Ibe,
BOA Chair Joel L. Tan-Torres, and the various members of the PGS
Committee. I submitted a rejoinder on the major issues raised during
the conference in preparation for the revalida which is slated in the
middle of November.
INTEGRATING OR DISINTEGRATING THE PROFESSIONS
A proposed bill on the creation of an Accredited Integrated Professional
Organization (AIPO) as an umbrella of professionals under the
regulatory supervision of the PRC has been presented in a hearing by
the Technical Working Group of the Office of Senator Antonio F.
Trillanes IV as the sponsor. As invited resource persons, President
Barrion and I prepared our position paper and joined the hearing in the
Senate. We said that integration principles are laudable per se, what is
not palatable and pragmatic is the “one size fits all” manner that the bill
proposes to integrate the individual professions. We pointed out that
each profession is unique unto its own including organization impera-
tives, objectives, nature, level of readiness and maturity that such an
“umbrella” approach to achieve integration is contentious. We offered
some recommendations to revise or improve the bill.
Our position paper for which I was privileged to present before the
hearing was particularly identified as one that is comprehensive by the
TWG. In its stakeholders’ meeting called by the PRC to further discuss
the bill last October 21, our position and recommendations were also
seriously considered for adoption by the other professions.
INTERNATIONALIZING PICPA THROUGH AFA JOINT
CONFERENCE
On December 4-5, the AFA-PICPA International Conference will be held
in Manila as it is its turn to host the annual conference. The theme of
the conference is ASEAN Integration: Opportunities and Challenges for
SMEs and SMPs.
Current AFA President Estelita C. Aguirre has invited international and
regional resource persons to speak on this pressing issue particularly
as the small entrepreneurs and practitioners could bear the brunt of
unbridled integration without regard to their concerns. SMEs and TMPs
are invited to determine whether ASEAN integration is a boon or a bane
for them to be able to capitalize or mitigate its effect on their businesses
and practice. By the way, I was humbled by AFA President Aguirre for
enlisting me in the development of the theme and program and to help
facilitate the experts’ discussions.
COOPERATING WITH MANDALUYONG CITY HALL ON MICRO
BUSINESS TRAINING
President Barrion and I met with the Mayor Benhur Abalos and his staff
in his office in early September to discuss our offering to conduct
accounting seminars for OFWs and small business entrepreneurs of
Mandaluyong to enrich their skills as part of our engagement in social
responsibility. The Mayor was visibly pleased and promised to initiate
and solidify this potential relationship as it is in pursuit of his agenda for
the City. He promised to consider giving a space in the projected
business center which PICPA could use to pursue this initiative.
by: Dr. Cesar A. Mansibang
P R E S I D E N T ’ S C O R N E R
The PGS has institutionalized all of the Accountancy Profession’s actions, plans strategies and targets. Its adherence to the PGS has enabled it to become more directed and focused in its performance resulting to the attainment of significant milestones for the Profession. The 2015 PGS ROADMAP FOR THE INSTITUTIONALIZATION OF PGS in the ACCOUNTANCY PROFESSION is a joint and flagship project of the PRC BOA and the Accredited Professional Organization of the Accountancy Profession which is PICPA together with the four (4) sectoral organizations of the Accountancy Profession – Government Association of Certified Public Accountants (GACPA), Association of Certified Public Account-ants in Public Practice (ACPAPP), Association of Certified Public Accountants in Commerce and Industry (ACPACI) and National Association of Certified Public Accountants in Education (nACPAE) under the guidance of the Institute for Solidarity in Asia (ISA). The Accountancy Profession had already achieved and has been conferred the three (3) stages in the Performance Governance System or PGS pathway of ISA, namely Initiated and Compliant stages in 2008 and the Proficiency stage in 2009. The Accountancy Profession is the only profession among the 42 professions in the Philippines vying for the conferment of the Institutionalized level in the PGS Pathway of Good Governance. The Accountancy Profession through the PGS Committee is currently working on the Institutionalization stage and this requires us to comply with the ten (10) Essential Elements of Good Governance which includes the presence of Breakthrough results and Success stories of the Accountancy Profession, the presence of fully functioning Office for the Strategic Management (OSM) and the Multi-Sectoral Governance Council (MSGC). The challenge now for the Accountancy Profession is to sustain its momentum and to institutionalize the Profession’s gains. The PGS Committee is currently preparing for Revalida in a Public Governance Forum with the guidance and
Congratulations to the National Officers,
Execom, members of the Board, Chapter
Presidents, Officers & members, and all
PICPA members. Accolade also goes to the
various Committees…Sharing your Time,
Talent and Treasure went beyond expecta-
tions. You have accomplished and contrib-
uted much for the good of the Institute and
the Accountancy Profession.
The ANC Committee and the sub-committee
Chairs specially Officers and members of
the PICPA Southern Tagalog Region have
been working so hard to put things together
for the upcoming convention in Palawan.
Gratefulness from the heart may not be
enough for the generosity shared by
everybody.
The QAR committee finished phase 1,2 & 3
of the Voluntary QAR program for SMPs.
The program was presented to PRBoA
Chairman Joel Tan-Torres and PRBoA,
CPD Chair Gerard Sanvictores in two
separate occasions. Both were pleased in
the program presented and they expressed
their support to the said program. Chairman
Tan-Torres cited that additional incentives
will be given to Practitioners who will avail of
this VQAR program. Phase 1 was
presented in three conferences, Baguio,
Cebu and Pampanga. Surprisingly, the
participants accepted favorably the program
and are willing to be reviewed. After
presentation to the membership during the
ANC, implementation will commence. We
are seeing compliance to the 1st SMO to
IFAC. All these because of the untiring and
unselfish dedication of the committee at no
cost to PICPA.
The Taxation and Legislation Committee
published the 3rd issue of the Tax Journal
which will be offered at a very reasonable
price. This will be offered too, to the various
schools offering Accountancy programs, a
good reference materials for their students.
A tax forum was held last October attended
by the various members and stakeholders.
The CPD Committee works hand in hand
with the PRBoA CPD Council in the
INSTITUTIONALIZED in 2015
October 2015 Accounting Times Vol. 66 No. 2 3
P G S C O R N E R
September 2, 2015 – PGS Focus Group Discussion with ISA’s ProgramManager, Ms. Lourdes Yalung and Program Coordinator Mr. Jonas Trinidad. From L to R: PICPA Former National President Josefina Chua, AFA President Estelita C. Aguirre, PICPA Vice-President for Operations Dr. Cesar Mansibang, PGS Liaison Director Ma. Asuncion M. Golez, ISA Program Manger Lourdes Yalung, PGS MSGC Chair Hon. Lourdes M. Castillo, SEC Commissioner Hon. Antonieta F. Ibe, Former BOA Vice-Chair Ellen Cabrera, PGS Chair Normita L. Villaruz and ISA Program Coordinator Jonas Trinidad.
enhancement of the CPD requirements of
the profession. They took active participation
in the PICPA-hosted workshop for CPD
toolkit preparation funded by World bank
facilitated by CAPA. The proposed
transition and gradual implementation will
also be presented to the membership during
the ANC.
The CSR Committee also conducted a
Financial Literacy seminar for the Youth, in
coordination with DSLU CSR Program for its
partner communities in Manila.
The Integrity Initiative Advocacy, Faculty/
Students Development, Accountancy
Research Committees developed and
designed training modules which will be
offered and scheduled in the ensuing
months. A seminar on Good Governance
will be offered to MGS at cost in January.
The Chair and members of the International
Committee attended various meetings and
conferences abroad. As an added measure
to realize operational efficiency, the Board
passed a resolution authorizing travels
abroad of only one representative, the
Committee Chair or Co-Chair.
Attuned to our mission and vision and
PICPA scorecards, Chapters and Regions
and the Geographical Officers conducted
various activities, pictures on page 6.
A successful revalida presentation to the
PRBoA was conducted in September for the
Accreditation as APO. We just have to be
very positive and be one in prayer that one
of these days, we can get our certification
from the regulatory body.
The National Accounting Council,
MEF,Cambodia visited the Institute to learn
from us best practices of the Profession
after their visit to the PRBoA.
PICPA’s Presidency entails a gargantuan
task. One must have a wisdom of Solomon
in order to hurdle all the challenges of the
position. Our close coordination with the
various regulatory bodies helps us a lot in
direction of the Institute for Solidarity in Asia (ISA) for the conferment of Institutionalized level in the PGS Pathway. Institute for Solidarity in Asia (ISA) is a non-stock, non-profit, non-government organization that advocates good corporate governance reforms.
The PGS Proponents and Leaders of the Accountancy Profession express its deepest gratitude and appreciation for all the support and cooperation it gets from all CPAs for the Institutionalization of PGS for the Accountancy Profession.
Maraming marami pong Salamat at Mabuhay ang Pinoy CPAs!
4 Accounting Times Vol. 66 No. 2 October 2015
P G S C O R N E R
… continued from page 3
Island of Good Governance Public Governance Forum at the Philippine
International Convention Center, Pasay City.
Below are PGS Grand Video Shoot and PGS interview with BOA Hon, Joel Tan-Torres on separate venues and dates.
September 2, 2015 – PGS Focus Group Discussion with ISA’s ProgramMan-ager, Ms. Lourdes Yalung and Program Coordinator Mr. Jonas Trinidad. From L to R: PICPA Former National President Josefina Chua, AFA President Estelita C. Aguirre, PICPA Vice-President for Operations Dr. Cesar Mansi-bang, PGS Liaison Director Ma. Asuncion M. Golez, ISA Program Manger Lourdes Yalung, PGS MSGC Chair Hon. Lourdes M. Castillo, SEC Commis-sioner Hon. Antonieta F. Ibe, Former BOA Vice-Chair Ellen Cabrera, PGS Chair Normita L. Villaruz and ISA Program Coordinator Jonas Trinidad.
C O M M I T T E E S’ U P D A T E S
MEMBERSHIP COMITTEE Identifying issues and coming up with solutions to increase the number of PICPA members in good standing (MGS) were among the discussions of the Committee. As their reference, the Committee members accounted for all the MGS in each Chapter and Region as of June, 2015 and they are challenging all Chapters and Regions to increase the member-ship based on the respective scorecard which the Chapter Presidents agreed during the PICPA Annual Planning Conference held at the Development Academy of the Philippines (DAP) last July 2-4, 2015. To further encourage more members to join the Institute, the PICPA National Office offered a Sustaining Life Program.
QUALITY ASSURANCE REVIEW (QAR) The Committee conducted series of meetings discussing the PICPA’s scorecard for the QAR Committee, their action plans, the progress of the action plans, and QAR materials completed by the previous QAR Committee. The current committee members agreed to use the previous QAR materials with two hundred (200) pages which had to be simplified. From the committee members, they created a six-member team to go over the said document. CONTINUING PROFESSIONAL DEVELOP-MENT for the Philippine CPAs to International Standards The current PICPA Continuing Professional Development (CPD) Committee, together with the PRC- Board of Accountancy (BOA) CPD Council, has been doing series of meetings to fast track bringing the CPD for Philippine Accountants at par with the international level. Taking into serious consideration BOA’s Directives for Priority Actions for the CPD Program, PICPA CPD Committee prioritized to act towards the following this year: First, to move the required CPD units for a 3-year period from sixty (60) to one hundred twenty (120) to adhere to IES 7; second, to institution-alize on-line activities for self-directed learning; and third, to fine tune the Competency Framework for the Philippine CPAs. 70th PICPA ANNUAL NATIONAL CONVENTION The 70th PICPA Annual National Convention will be hosted by PICPA-Southern Tagalog Region (STaR) on November 25-28, 2015. It will be at the Puerto Princesa City Coliseum, located in the heart of Puerto Princesa City, Palawan. The organizing committee is chaired by Ms. Ma. Elma Ame and collaborated with the officers of the STaR Region to map out the plans and programs of the 70th PICPA ANC. Apart from the all-time favorites Sectoral For a and Business Regulators’ Updates, the
technical session topics would include leadership and cross-culture business etiquettes. All these are in line with this year’s
PICPA theme: “ Sharing Success. Beyond Borders”. Social activities such as sports, networking, awards night, and fellowship activities would be part of the whole conference. The organizing committee is working on a fun-filled educational caucus where participants can bring home their learning experiences and share to those who will be missing the event.
C H A P T E R S A T W O R K
Induction of PICPA Bulacan officers with Hon. Joel L. Tan-Torres
Induction of Visayas regions and chapters
… continued from page 6
The STaR council supporting the Palawan State University in their accountancy week celebration in Palawan.
October 2015 Accounting Times Vol. 66 No. 2 5
The Board of Accountancy has formulated a six-
point strategy for the accountancy profession.
The strategic plan as linked to the Expanding
Horizons initiatives are presented below
1. Institute quality and governance measures
Projects: Performance Governance System
Institutionalization, Enhancement of the
Continuing Professional Development and
Accreditation, implementation of ASEAN Mutual
Recognition Arrangement, updated Code of
Ethics, partnership with Integrity Initiative,
Award for Most Outstanding Expanding
Horizon Organization, ACCA partnership,
Governance reform and oversight over the APO
and sectoral organizations, Preparation of
Manuals, Inspection of schools, adoption of the
CAPA Maturity Model, WB Public Expenditure
of Financial Accountability Tool, UNCTAD ISAR
Accounting Development Tool, ACPA
Assessment Tool, introduction of the Doctoral
Program in Accountancy, setting up an e-library
2. Effectively regulate the profession
Projects: QAR implementation, Pro-active
campaign against erring CPAs, Coordination
with other regulators, Streamlining of
administrative investigation process, Posting of
list of CPAs in public practice, promoting Cyber
Security over accountancy platforms, Prescrib-
ing Schedule of fines and penalties, Prescribing
Quality Accreditation Checklist, ocular inspec-
tion of principal place of business, and the
Certificate of FS preparation, Periodic reporting
of accredited CPAs
3. Enhance image and reputation of the
accounting professional
Projects: Project ACCT, News Ledger maga-
zine, Highest Standards Technical Journal,
Debit Credit column in Business Mirror,
Champion CPAs coffee table book, Testimonial
for the Pioneers of the Profession, Project ABC
atbp, Talakayan School Competition,
Accountancy Museum, Building for
Accountancy
4. Enhance stakeholders’ involvement and
cooperation
Projects: Holding of Accountancy Stake-
holders Forum, dialogue with Affiliated
Accountancy Certification Bodies, tie up with
Developmental Partners, involvement in the
Council of Accreditation Regulators, Academic
Industry linkages, CPA for CPA (Revenue audit
of BOC) Project, Providing feedback on K to 12,
TESDA and Cooperative accountancy matters,
Assistance in implementing the Tax Academy
Law, Meetings with Accountancy Regulators of
other countries, Pursue membership in
UNCTAD ISIAR, IFIAR and AARG
5. Institute structural changes
Projects: Review of Accountancy Law, amend
Audit Threshold rules, formation of the
Technical and Secretariat Office, WB Review of
the Standards and Codes Initiative study,
Revision of Accountancy Curriculum and Board
Examination Syllabi, BoA, improvement in the
procedures for CPA oath taking and
Accountancy Week celebration, Stress
Management Project for the CPA examinees,
institute changes in administration of CPA
Board Examination and the new CPA oath
taking
6. Provide communication and assist- ance
mechanisms
Projects: Website, Facebook, Twitter, Sectoral
and Career Tracking Surveys, Internship
Program, Volunteer Program, Information
Technology Project, Notification system
B O A R D O F A C C O U N T A N C Y
Committee on Publication
Ms. Elizabeth T. Eala Chairperson
Ms. Edna T. Barrera Co-Chair
Members: Ms. Marife Sarmiento Ms. Gracia S. Padlan Mr. Mario P. Celemin Mr. Sancho T. Castro
Dr. Jay P. Cabrera
Article Contributors: Ms. Normita L. Villaruz Ms. Maurice C. Sabio
Mr. Eugene V. Villaceran Dr. Cesar A. Mansibang
Chapter Presidents Meet the BOA (from left): Hon. Samuel B. Padilla, Hon. Gloria T. Baysa, with PRC Comm. Yolanda D. Reyes, Hon. Arlyn S. Villanueva, BOA Chair Joel L. Tan-Torres, Hon. Gerard B. Sanvictores, Hon. Eliseo A. Aurellado & Hon. Concordio S. Quisaot.
DOMINADOR A. BARRION PICPA National President FY 2015-2016
SIX (6) POINT STRATEGIC PLAN
P R E S I D E N T ’ S C O R N E R
… continued from page 3
the discharge of the duties and makes life
easier for us in the service to the member.
The Board passed the following resolution
otherwise known as the “Senior Citizens
Program”, in order to welcome back to the folds
of PICPA, CPA Senior Citizens. They will only
pay P3,000 and they become Sustaining Life
Member (SLM). Also an optional program for
newly passed CPAs, to pay P10,000 SLM fee
payable in 6 monthly installments.
We must not forget the reason for our
existence, the members who have put their
trust in us to be servant leaders in this
prestigious organization, thank you and God
bless us all.
P I C P A A N D I T S C H A P T E R S A T W O R K
6 Accounting Times Vol. 66 No. 2 October 2015
NATIONAL OFFICE
CHAPTER ACTIVITIES
Thanksgiving Mass
Inductions
PICPAtanim
Student Participation
Social Involvement
RR No. 9-2015 Issued on September 2,
2015 amends Section 9 of RR No. 7-2014
prescribing the affixture of internal
revenue stamps on imported and locally
manufactured cigarettes and the use of
the Internal Revenue Stamp Integrated
System (IRSIS)
RR No. 10-2015 Issued on September 21,
2015 prescribes the use of non-thermal
paper for all Cash Register Machines
(CRMs)/Point-of-Sales (POS) Machines
and other invoice/receipt generating
machine/software. All new business
registrants with CRM/POS/other similar
machines/software with built-in printer for
their transactions shall use non-thermal
paper only. The regulation specifies the
staggered implementation based on
subject machines registration dates. (see
also RR no. 12-2015 for related
regulations)
RMC No. 30-2015 Implements strict non-
issuance of Provisional Permit To Use
cash register machines/point-of-sale
machines/receipting softwares to
prospective / new users
RMC No. 36-2015 Prescribes the
mandatory one-time submission of
Inventory List of all Cash Register
Machines, Point of Sales Machines,
Special Purpose Machines and/or any
other similar machines
RMO No. 21-2015 Prescribes the
guidelines and procedures on data
matching process of POS/CRM/SPM/ and/
or other similar machines generating
receipts/invoices in compliance with RMC
Nos. 30-2015 and 36-2015
RMC No. 64-2015 Reiteration on the
lnformation Reflected on Receipts /
lnvoices / Other Commercial lnvoices
Generated from Cash Register Machine
(CRM)/point-of. Sale (POS) Machines /
Software receipts / invoices / other
commercial invoices generated from Cash
Regis te r Machines /Poin t -o f -Sa le
machines / software
RMC No. 68-2015 Mandates the
accreditation of all Cash Register
Machines, Point-of-Sale machines and
other sales machines/receipting software
at the BIR National Office
RMC No. 56-2015 Clarifies the provisions
on the submission of Monthly Electronic
Sales (eSales) Report via the eSales
Reporting System
RR No. 5-2015 Amends RR No. 6-2014
and imposes penalties to taxpayers
mandatorily covered by eFPS or eBIR-
Forms who failed to file tax returns under
the electronic systems of the BIR
RMC No. 58-2015 Announces the
availability of Electronic BIR Forms
(eBIRForms) Package Version 5.1
RMC No. 63-2015 Informs taxpayers
regarding the updated version of the eBIR
Forms Terms of Service Agreement
RMC No. 59-2015 Announces the
availability of Update of Exemption of
Employees Data Entry. Module in the filing
of BIR Form No. 230 (Certificate of
Update of Exemption and of Employers
October 2015 Accounting Times Vol. 66 No. 2 7
and Employees' Information) and 2305
Batch File Validation Module Digest
RR No. 11-2015 Amends Sections 2 and
7(6) of Revenue Regulations (RR) No.
7-2010, as amended by RR No. 8-2010
which implements the tax privileges of RA
9994 (Expanded Senior Citizens Act of
2010) and prescribes the guidelines for
the availment thereof
RR No. 13-2015 Amends further the
provisions of Section 2.57.2 of Revenue
Regulations (RR) No. 2-98, as amended
by RR No. 7-2015 Relative to the lncome
Payments on Locally Produced Raw
Sugar and Other Matters (See also RR
4-2105, 6-2015, 7-2015 and 8-2015)
RMC No. 40-2015 Clarifies the nature and
extent of the agricultural cooperative being
the producer of sugar for exemption from
advance VAT and Percentage Tax
purposes pursuant to Section 5(b)(c) of
RR No. 8-2015
U P D A T E S f r o m t h e B U R E A U O F I N T E R N A L R E V E N U E
2015-2016 SUSTAINING LIFE MEMBERSHIP (SLM) PROGRAMS
RBM Resolution No. 2015-2016 -06-02, The Senior Citizen Program
PICPA members ages 60 years old and above may avail of the Sustaining Life Membership Program and pay only P3,000 SLM fee.
RBM Resolution No. 2015-2016-06-03, SLM program for NEWLY Passed
CPAs
An optional program of SLM offered to the NEWLY passed CPAs, where the new CPA may avail of the SLM program fee of P10,000, payable in 6 months. If the new CPA is already registered with PICPA, the initial payment of P1,000 shall be deducted from the P10,000 SLM fee and the remaining P9,000 will be payable in 6 months.
RBM NO, 2015-2016 09-06
“BE IT RESOLVED, AS IT IS HEREBY RESOLVED that as for SLM campaign revision, every member who wants to avail of this program should pay a minimum of P1,000.00 for all his/her arrears plus a one-time SLM amount based on the age bracket where the member belongs to.
40 years old and below P15,000 + P1,000 = P16,000 41 to 50 years old P10,000 + P1,000 = P11,000 51 to 59 years old P 7,000 + P1,000 = P 8,000 60 and above P 3,000 = P 3,000
PHILIPPINE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS (A Non-stock, Non-profit Organization)
STATEMENTS OF ASSETS, LIABILITIES AND FUND BALANCES
PICPA NATIONAL OFFICE ONLY
As of September 30, 2015 and September 30, 2014
September 30 September 30
2015 2014
ASSETS
Current Assets Note
Cash & cash equivalents 1 Php 14,285,553 Php 12,463,150
Receivables - net 2 4,095,447 3,218,857
Publications and supplies inventories - net 3 331,974 925,754
Prepaid expenses and other current assets 4 1,951,851 642,153
Deffered tax asset 5 374,535 374,535
Total Current Assets 21,039,360 17,624,449
Non-Current Assets
Property and equipment - net 6 71,094,473 74,086,281
Special funds 16 28,207,907 25,870,273
Long-term investment 7 14,385,019 11,185,019
Available-for-sale investment 8 - 2,078,000
Other non-current assets 9 632,961 969,981
Total Non-current Assets 114,320,361 114,189,554
TOTAL ASSETS Php 135,359,721 Php 131,814,003
LIABILITIES AND FUND BALANCES
Current Liabilities
Accounts payable and accrued expenses 10 Php 14,616,946 Php 11,128,096
Unearned rental income 11 749,070 713,400
Retirement liability 12 1,117,987 1,117,987
Total Current Liabilities 16,484,003 12,959,483
Non Current Liabilities
Funds held in trust 13 13,999,875 13,976,996
Rental deposit 14 380,250 380,250
Total Non-current Liabilities 14,380,125 14,357,246
TOTAL LIABILITIES 30,864,128 27,316,728
Fund Balances
General Fund 15 76,934,194 79,290,213
Special Fund 16 28,207,907 25,870,273
Unrealized gain on available-for-sale invest-ment
17 223,704 207,001
Unrealized actuarial loss 18 (870,213) (870,213)
TOTAL FUND BALANCES 104,495,593 104,497,274
TOTAL LIABILITIES AND FUND BALANCES
Php 135,359,721 Php 131,814,003
- -
STATEMENT OF REVENUE AND EXPENSES
PICPA National Office Only
For the quarter ended September 30, 2015 & September 30, 2014
September 30 September 30
2015 2014
REVENUES Note
CPE Seminar fees 19 Php 4,890,913 Php 2,217,109
Membership dues 20 2,208,743 843,631
AWC receipts 21 1,365,597 2,195,183
Rental Income 22 561,802 535,050
Activities and committees income 23 415,765 151,954
Entrace and other fees 24 315,308 117,142
Rental and seminar share from chapters 25 186,270 447,230
Interest and dividends 26 149,302 129,565
Donations and solicitations 27 11,500 -
Sale of books 28 14,100 4,400
Total Revenues Php 10,119,300 Php 6,641,264
EXPENSES
Salaries and employees' benefits 29 Php 1,403,611 Php 1,319,300
Meetings, conferences & other activities 30 2,547,205 2,590,139
CPE seminar expenses 31 1,915,548 798,185
Depreciation 32 934,235 1,013,965
Board Expenses 33 311,316 571,787
IFAC membership 39 454,491 826,563
Communication, light and water 34 439,273 548,625
Outside services 35 310,048 187,845
Supplies 36 235,511 47,438
Taxes and licenses 37 112,420 105,120
Insurance 38 99,946 84,950
CAPA membership 39 86,703 -
SSS, PhilHealth, HDMF and other contribution
40 67,833 49,828
Accreditation Fee 41 56,000 49,048
Advertising 42 32,568 528
Repairs and maintenance 43 29,256 69,244
AFA membership 39 20,960 -
Transportation and travel 44 14,597 72,994
Presidents' Expenses 45 - 150,279
Miscellaneous 46 7,818 60,075
Total Expenses Php 9,079,340 Php 8,545,914
Excess of (Expenses over revenues) Revenues over expenses before income tax
Php 1,039,960 Php (1,904,650)
Income Tax Expense - -
Excess of (Expenses over revenues) Revenues over expenses after income tax
Php 1,039,960 Php (1,904,650)