1

INTRODUCTION

The ASEAN was established in 1967 (1) to accelerate the economic growth, social
progress and cultural development in the region through joint endeavours in the spirit of equality
and partnership in order to strengthen the foundation for a prosperous and peaceful community
of Southeast Asian nations, and (2) to promote regional peace and stability through abiding
respect for justice and the rule of law in the relationship among countries in the region and
adherence to the principles of the United Nations Charter. In 2003, the member countries
agreed to establish an ASEAN Economic Community (AEC) to integrate the regional economy
by 2015 as envisioned in the ASEAN Vision 2020 and the ASEAN Concord II. The AEC
Blueprint envisions the transformation of the ASEAN region into a single market and production
base through the facilitation of the free flow of goods and services (Ledda, 2012).
In pursuit of this objective, the member countries entered into the ASEAN Framework
Agreement on Services (AFAS) as well as the Mutual Recognition Arrangement (MRA) that will
regulate the free flow of services in the member countries. An MRA Framework on Accountancy
Services was signed in 2009. The Framework provides for the free flow of accounting
professional services between the ASEAN member countries. Upon its implementation, a
professional accountant in a member country may apply to be registered as an ASEAN
Chartered Professional Accountant and thus shall be eligible to apply to practice in other
member countries.
Therefore, it is important for an AEC member country to ensure its accounting
professionals attain a certain standard of quality and competency to enable them to practice in
other member countries. They have to equip themselves with the skills and knowledge in the
international accounting standards (Suttipun, 2014). ASEAN Federation of Accountants (AFA)
as the regional organisation for the professional accountancy bodies in South East Asia
recognises the importance of maintaining a respectable level of professional competence within
the profession. By having the right competencies, the quality of the profession can be
maintained, improved, developed, and promoted in order to support the socio-economic
enhancement of the countries within the region (Lim, 2012).
University of Saint Louis has been known as one of the top performing schools
especially in the field of accountancy. The School of Accountancy, Business and Hospitality has
been producing topnotchers and high passing rate of board takers. However, the queston lies
now on whether the accountancy students are equipped with right competencies and
competitive enough to face the opportunities that the Associaton of Southeast Asian Nations
(ASEAN) integration will bring.
Because of this, the researchers seek to find the level of competence of accountancy
students towards ASEAN integration.
 2

Statement of the Problem

The researchers seek to evaluate the level of competencies of accountancy students of

University of Saint Louis (USL).

Specifically it aims to answer the following questions:

1. What is the profile of the respondents in terms of:

a. Sex
b. Academic Status (Regular or Irregular)

2. What are the level of competencies of USL accountancy students?

3. Is there a significant difference between level of competencies when grouped according

to profile?

Significance of the Study

This study will be a significant endeavour in evaluating the accountancy students
towards the ASEAN integration. This study enhances the understanding and knowledge of the
faculty and students in the light of the establishment of AEC.
Through this research, it will give information on the level of competencies that will help
in improving the accountancy program to match the demands of AEC and for the preparation for
international competition. It will also help the students to effectively and competently cope in the
challenges of doing business in an integrated ASEAN region and that they are equipped to learn
by themselves through highly developed research skills.
Furthermore, this study provides evidence on the level of competency of accountancy
students and will provide theoretical basis for future researchers.

LITERATURE REVIEW
Conceptual Framework
Framework for International Education Standards for Professional Accountants (the “Fra
mework”) establishes the concepts that the International Accounting Education Standards Board
(IAESB) uses in its publications. It also provides an introduction to the IAESB publications and r
elated International Federation of Accountants (IFAC) member body obligations.The IAESB’s mi
ssion is to “serve the public interest by strengthening the worldwide accountancy profession thro
ugh the development and enhancement of education.” Enhancing education serves the public in
terest by contributing to the ability of the accountancy profession to meet the needs of decision
makers. Enhancing education through developing and implementing International Education Sta
ndards (IES) should increase the competence of the global accountancy profession, contributing
to strengthened public trust.
The Framework supports the study through the establishment of IES which is one of the
most important standards influencing the development of accounting education to prepare stude
nts to join the accounting profession. Moreover, the IES are created by IFAC to improve and de
velop world accounting education standards. IFAC also aims to create a single standard for its 1
 3

25 member countries which include the AEC countries. The IES sets out standards relating to th
e skill, knowledge, values, attitudes and ethics which accounting students should strive and thu
s seek to increase the competence of accounting professionals.

LITERATURE REVIEW BY THEMES

ASEAN MRA on Accountancy Services

Mutual Recognition Agreement : MRA was established to find out the mutual recognition
in terms of qualifications of those who work in the field of service, especially the professions of
physicians, engineers, and accountants, etc. The objective thereof was to define the mutual
qualifications of education and work experiences in each field of profession by providing
common criteria for work permission in any country (Pichayasupakoon, 2014). The MRA, which
was signed in November 2014, enables accountants with the right skills, qualification and work
experience to be eligible to work in any of the Asean Economic Community (AEC) member
countries. Malaysian Institute of Accountants (MIA) President Datuk Johan Idris said that the
country (Malaysia) should produce more accountants and broaden the talent base. “We should
focus on building careers and develop qualified accountants so they can help propel the
country, moving forward,” he added.
At the regional level, the limited opportunities for professional regulatory boards to
interact with foreign counterparts are mentioned as one deterring factor affecting
implementation rate. Lack of information and insufficient knowledge about the progress of MRA
implementation in other countries tend to slow down the process. More networking activities can
help promote knowledge sharing among the different countries in the region. (Aldaba, 2013)
The implementation of the ASEAN Free Trade Agreement may also lead to
harmonization in education. The members of ASEAN have agreed to a Mutual Recognition
Agreement framework on accountancy services to promote efficiency and quality standards of
the accountancy profession (ASEAN MRA on Accountancy Service 2014). This means that
every nation in ASEAN has to improve their accountancy education to meet the international
standards of accountancy profession and Article Number III (3.5) sets the International
Federation of Accountants (IFAC)’s standards as the benchmark, taking into consideration the
Domestic Regulations of each ASEAN Member State (ASEAN MRA on Accountancy Service
2014)
International Education Standards for Accounting Professionals (IES)
The IES is established by the International accounting Education Standards Board,
which is an independent body setting standards in the area of professional accounting
education. The IES is one of the most important standards influencing the development of
accounting education to prepare students to join the accounting profession, and consists of
eight frameworks, namely (1) the entry requirements into a programme of professional
accounting education; (2) the contents of a professional accounting education programme and
professional skills; (3) professional values; (4) ethics and attitudes; (5) practical experience
requirements for aspiring professional accountants; (6) the assessment of professional
capabilities and competence; (7) continuing professional development; and (8) the competency
requirement for audit t professionals.
 4

Competency of accounting students in today’s world is to respond the environmental

changes and stakeholder needs (Black, 2012). In addition, American Accounting Association
(1986) defined the best accounting student’s competencies as “creative thinking, learning to
learn, lifelong learning, and communication skills”. Therefore, the IES are created by the
International Federation of Accounting (IFAC) to improve and develop world accounting
education standards. IFAC also aims to create a single standard for its 125 member countries
which include the AEC member countries. The IES sets out standards relating to the skill,
knowledge, values, attitudes and ethics which accounting students should strive to attain and
thus seek to increase the competence of accounting professionals. However, the IES can be
adapted for use in each country so that they are appropriate in different environments.
It is important for an AEC member country to ensure its accounting professionals attain a
certain standard of quality and competency to enable them to practice in other member
countries. They have to equip themselves with the skills and knowledge in the international
accounting standards. For example, within the AEC member countries, the accounting
professionals are regulated by various international accounting standards, such as the
International Financial Reporting Standards (IFRS), and the International Education Standards
for Professional Accountants (IES). The establishment of the AEC will bring forth challenges for
the accounting professionals. Therefore, accounting students who are the accounting
professionals of the future will have to equip themselves to meet these challenges. (Suttipun,
2014)
Competencies

As stated in the Framework for International Education Standards for Professional

Accountants, the overall objective of accounting education is to develop competent professional
accountants. Competence is defined as the ability to perform a work role to a defined standard
with reference to working environments. To demonstrate competence in a role, a professional
accountant must possess the necessary (a) professional knowledge, (b) professional skills, and
(c) professional values, ethics, and attitudes (part 1, par.11). The definition of competence (a)
emphasizes the ability of individuals to perform to standards expected of professional
accountants, and (b) requires an appropriate level of knowledge, skills, values, ethics, and
attitudes to achieve that competence (part 1, par.14).

Article IV - Section 16 of CHED Memorandum Order No. 03 Series of 2007, the core
competencies for professional accountants identify the knowledge, skill and values considered
necessary to perform effectively in today’s rapidly changing environment. Section 17 states that
Professional knowledge that the BS Accountancy graduate should possess include:
(a) General knowledge
(b) Organizational and business knowledge
(c) Information technology (IT)
(d) Accounting and finance
 5

Section 18, Skills that the BS Accountancy graduate should possess include:
(a) Intellectual
(b) Interpersonal
(c) Communication
Section 19, Values that the BS Accountancy graduate should possess include:
(a) Professional ethics
(b) Moral values

Suttipun (2014) investigates the competencies of Thai accounting students and their
readiness for the AEC, and also tests for the relationships between the students’ competencies
and their level of readiness. The study indicates the level of readiness for AEC is found to be
positively related to the students’ Capability, Knowledge, Ethical, and Relationship
competencies, but not related to the students’ Analysis competency. Kunklaw (2014) also found
a positive relationship between Thai accounting students’ readiness for the AEC and their skill,
but found no relationship to other competencies.

Albrecht and Sack (2000, p. 55) stressed the importance of skill development during
accounting programs and stated that: “Students forget what they memorise. Content knowledge
becomes dated and is often not transferable across different types of jobs. On the other hand
critical skills rarely become obsolete and are usually transferable across assignments and
careers.” Nguyen and Gong (2012) examined accounting reform and the convergence of
Vietnamese accounting standards with the international standards. They found that Vietnamese
accountants have poor competency compared with other AEC countries such as Singapore,
Malaysia, Thailand, and Indonesia.

Hypothesis

In light of this paper, the researches wish to hypothesize that there is no significant difference
between level of competencies when grouped according to profile.

Research Paradigm

Independent Variable Dependent Variable

Students' Profile
a. Sex Level of competence of
Accountancy students
b. Academic status towards ASEAN Integration

The diagram shows the relationship of the independent variables which include
the students’ profile which are sex and academic status and its relationship to the dependent
variable which is the level of competence of Accountancy students towards ASEAN
Integration.
 6

METHODS
The study will use descriptive method to analyse the level of competence of USL
accountancy students. The study will be conducted in University of Saint Louis, Tuguegarao
City. The respondents will be the whole population of 4th year accountancy students. This study
will use a survey questionnaire in which it will consist of two parts. Part I is the profile of the
accountancy students and part II is their level of competence towards AEC which was adopted
from the Framework for International Education Standards for Professional Accountants as
provided by the Commission of Higher Education. Total enumeration will be applied and the
questionnaire will be floated among the respondents.

For the level of competence the item analysis will be used. A modified 5 scale was assigned
to score the 5 categories.
Range Descriptive scale

5 Excellent
4 Above Average
3 Average
2 Below Average
1 Poor

The level of competencies will be measured through the use of mean and to measure for the
significant difference of the level of competence towards ASEAN integration between the 2
groups of respondents, independent sample t- test will be used.

References
1) Abu, N., Albu, N.C., Mădălina G.(2012). Educating Accounting Students in an Emerging
Economy An Analysis of the importance of Stereotypes in Teaching IFRS

2) Albrecht W. , Sack R. (2000). Beyond Albrecht And Sack: A Comparison Of Accounting

Professionals And College Students

3) Aldaba, R. (2012) . AEC 2015: Challenges Affecting Labor Mobility and MRAs on Professional
Services

4) Aring, M. (2015). ASEAN Economic Community 2015: Enhancing competitiveness and

employability through skill development

5) Camacho, L. (2015). The Communication Skills Accounting Firms Desire in New Hires

6) Digabriele, James A. (2008). An Empirical Investigation of the Relevant Skills of Forensic

Accountants.

7) Dill, David D. (2012). Designing the framework conditions for assuring Academic standards:
Lesson learned about professional market and the government regulation of academic quality.
 7

8) Eddy, L.(2011). The effect of Student mobility on student achievement

9) Hayes, Lindsey, Lilleintein, Jennifer (2015). A framework for Coherence: College and Career
Readiness Standards, Multi-Tiered Systems of Support, and Educator Effectiveness.

10) Helm, Christoph (2015). Determinants of Competence Development in Accounting in Upper

Secondary Education

11) International Accounting Education Standards Board. (2013). International Education Standards
(IES).

12) Johnson, Grace F. Halabi, Abdel K. (2011). The Accounting Undergraduate Capstone:
Promoting Synthesis, Reflection, Transition, and Competencies.

13) Kermis, G., Kermis, M. (2015). Professional Presence and Soft Skills: A Role for Accounting
Education

14) Killingley, P. (2015) . Opportunities and Challenges in the Internationalisation of the Philippine
Higher Education Sector

15) Ledda, V. (2012). AEC 2015: Issues and Challenges in Standards and Conformance

16) Macabangun, L. (2014). ASEAN Community Building

17) Margheim, L., Hora, J., Pattison, D. (2015). Educational Competencies That Mid-Sized CPA
Firms Value in Their Professional Accounting Staff

18) Martin, Michael (2015). High-Quality College and Career Ready Assessments VISION

19) Morris, Michael. Maxey, Shirley (2014). The Importance of English Language Competency in
the Academic Success of International Accounting Students.

20) Myrna Q. Mallari Myrel M. Santiago (2013). The Research Competency and Interest of
Accountancy Faculty Among State Colleges and Universities in Region III

21) Nassar, M., Al-Khadash, H., &Mah’d, O. (2013). Accounting education and accountancy
profession in Jordan: The current status and the processes of improvement. Research Journal
of Finance and Accounting, 4(11), 107-119.

22) Nguyen, A., & Gong, G. (2012). Vietnamese accounting reform and international convergence
of Vietnamese accounting standards. International Journal of Business and Management, 7(10),
26-37.

23) Pichayasupakoon, T. (2014). The Impact of the ASEAN Economic Community (AEC) on the
Recruitment of Accountants: A Case Study of Listed Firms on the Stock Exchange of Thailand
 8

24) Pohl, S. Gräfe, L., Rose, N. (2015). Undergraduate Accounting Students: Prepared for the
Workplace

25) Stanton, P. (2012). Making or Not Making Environmental Disclosures in Thailand

26) Sudtasan,Tatcha (2014). Modeling the Impact of Skilled Labor Movements in ASEAN Economic
Community Using General Equilibrium Model.

27) Suttipun, M. (2012). The Differences in Corporate Environmental Disclosures on Websites and
in Annual Reports: A Case Study of Companies Listed in Thailand

28) Suttipun M. (2014). The Readiness of Thai Accounting Students for the ASEAN Economic
Community: An Exploratory Study

29) Takeda, C.J. (2015) . ASEAN Integration 2015 and the Philippine Higher Education: Trends and
Challenges

30) The ASEAN Federation Of Accountants (2012).The ASEAN Federation of Accountants (AFA)
training and development analysis

31) Yoon, Sung Wook; Vedd, Rishma; Jones, Christopher Gil (2014). IFRS Knowledge, Skills, and
Abilities: A Follow-up Study of Employer Expectations for Undergraduate Accounting Majors
 9

Appendices

Literature Matrix

Major Delineated Method Data

Complete Objectives, Factors/ Gathering, Major Findings
Bibliography Central Variables Subjects/
Questions, Participants
Main Problems
Abu, N., Albu, Recently, more -Accounting Meta- Findings are linked to the
N.C., Mădălina questions on stereotypes analysis context of emerging
G.(2012) the topics of economies:
Educating accounting -International (1) accounting stereotypes
Accounting education and financial are different than those
Students in an the image of reporting identified in developed
Emerging accountants in standards economies
Economy An society are (2) there is a continuous
Analysis of the raised in the process of change and
importance of international improvement which
Stereotypes in literature. The provides opportunities for
Teaching IFRS stereotypes academia and for
Retrieved from: play an professional bodies
http://connection.e important part (3) stereotypes interact
bscohost.com/c/art in building a with the manner in which
icles/80224254/ed public attitude international standards are
ucating- and in selecting taught, and may impact the
accounting- those who want application of the
students- to become part standards.
emerging- of the
economy-analysis- profession.
importantance-
stereotypes-
teaching-ifrs

Albrecht W. , Sack The purpose of The authors A&S determined that

R. (2000) Beyond this manuscript used a accounting education has
Albrecht And Sack: is to expand on survey frequently been criticized
A Comparison Of the A&S study instrument to for spending too much time
Accounting by closely interview on content mastery and too
Professionals And examining the pre-business little time and effort in
College Students issue of skill and helping students develop
Retrieved from: development— business skills that will enrich their
http://www.javerian specifically, this majors lives and make them
a.edu.co/personale study was currently successful. In this study,
s/hbermude/areac designed to enrolled in the authors have concluded
ontable/particulare determine if the business that accounting students
s/Beyond_Albrect_ skills seen as classes at a agree to the importance of
 10

Sach.pdf most important regional many of the same skills as

by accounting Southern do professionals in the field.
faculty and university. T The problem, therefore,
accounting may not lie with student
practitioners are interest or academic
the same skills content.
deemed
important by
today’s
business
student.
Aldaba, R. (2012) The paper aims -Regulatory Data were To move the
AEC 2015: to identify the Environment gathered implementation of the
Challenges facilitating and through the MRAs forward, there is a
Affecting Labor deterring -MRA use of a need to continue efforts to
Mobility and MRAs factors affecting questionnair improve the process and
on Professional the e. create clear criteria for the
Services implementation labor market test and the
of the ASEAN skill shortage list. The
Mutual paper also suggests the
Recognition formulation of clear rules
Arrangements and guidelines in
(MRAs) in implementing the foreign
professional reciprocity provision,
services strengthening the capacity
encompassing of the Professional
engineering, Regulation Commission as
nursing, the central body
architecture, coordinating the different
surveying, MRA activities, and crafting
medical, dental of a comprehensive and
practice, and strategic framework on
accountancy. MRA implementation.

Aring, M. (2015). The paper The paper concludes that

ASEAN Economic provides an policy priorities that, if
Community 2015: overview of the successfully implemented,
Enhancing training and can help ASEAN reach its
competitiveness education goal of becoming a highly
and employability systems, competitive economic
through skill institutions and region by harnessing its
development policy human resources. In
Retrieved from frameworks in addition to national policies,
http://www.ilo.org/ the ASEAN areas for regional
wcmsp5/groups/pu countries, cooperation among ASEAN
blic/---asia/---ro- including the countries that would help
bangkok/document extent of equity address the various gaps in
s/publication/wcms and inclusion human resources and
_344796.pdf (of women, national skills systems are
youth, rural singled out.
 11

populations,
etc.). And it
presents a
review of recent
quantitative
metrics in public
and private
investment in
education and
training as well
as indicators
related to
staffing and
capacity of
teachers and
trainers.
Camacho, L. How business -Accounting Interviews Results show HR managers
The librarians can students were are looking to hire
Communication assist faculty in conducted individuals that possess
Skills Accounting preparing -Business with human strong oral and written
Firms Desire in accounting communication resource communication skills. HR
New Hires students for (HR) managers also reported
Retrieved from: successful -Business managers that they expect students to
http://web.b.ebsco careers and of education from use these skills to represent
host.com/ehost/det implications for accounting their company well in
ail/detail?sid=93ee librarians to -Career firms to meetings, presentations,
07cc-a841-4ab3- consider in their success determine client appointments, as well
8ccd- library managers’ as print and electronic
fc2d2a585ec6%40 instruction and expectations correspondence.
sessionmgr106&vi other -Employment of future
d=0&hid=128&bda librarianship accounting
ta=JnNpdGU9ZWh activities. -Information graduates.
vc3QtbGl2ZQ%3d literacy
%3d#AN=1104502
59&db=lxh

Digabriele, James To investigate -Forensic Conducted a The increasing demands in

A. (2008) An whether views sciences nationwide the current regulatory,
Empirical of the relevant survey on a legal, and business
Investigation of the skills of forensic -Forensic random environments should
Relevant Skills of accountants accounting sample of stimulate accounting
Forensic differ among 1,500 programs to emphasize and
Accountants. forensic -Expert accountinga embrace forensic
Retrieved from accounting evidence cademics, accounting.
http://web.b.ebsco practitioners, forensic The results indicate that
host.com/ehed/det accounting - Accounting accounting practitioners and
ail/detail?sid=39e4 academics, and -Study & practitioners, academics agree that
fd97-ff33-4531- users of teaching and users of critical thinking,
952e- forensic forensic unstructured problem
4d765e3ef472%40 accounting -Litigation accounting solving, investigative
sessionmgr104&vi services. support services. . flexibility, analytical
 12

d=1&hid=116&bda Universities and services proficiency, and legal

ta=#AN=33525360 colleges are knowledge are important
&db=trh currently -Investigations skills of forensic
considering accountants.
adding forensic - Fraud Users of forensic
accounting accounting services rated
courses to their - Adult deductive analysis as less
curriculum. education important than did
academics; however, both
groups agreed with
practitioners, who viewed
deductive analysis as
important.
The groups did not differ on
oral communication, written
communication, or
composure rankings.
These results show that
some skills are relevant and
important to the outcome of
forensic accounting
education. Educators can
use these skills as a guide
to direct academic
curriculum with the proper
outcome objective.
There were no significant
differences.
.
Dill, David D. To design as -Academic Adaptation The ultimate goal of
(2012) Designing policy standards of rigorous, external quality assurance
the framework framework that evaluative should be for universities
conditions for effectively -Academic methodology themselves to become
assuring Academic balances the quality conforming genuine "learning
standards: Lesson forces of state, assurance to social organizations" in which
learned about market, and the -Higher scientific each institution of
professional academic Education standards of academic standards
market and the profession to policy evidence. demonstrably involves: a
government assure The external "culture if evidences"
regulation of academic -State reviews all utilizing accepted canons of
academic quality. standards in regulation strongly scholarly inquiry; effective
Retrieved from universities. emphasize peer accountability for the
http://web.a.ebsco -Market development quality of academic
host.com/ehed/pdf regulation within programs and the validity of
viewer/pdfviewer?s universities unit- level academic
id=9b76a033-5f61- -Professional of a "culture decision making; and the
406b-afe2- regulation of evidence" systematic identification
65bc4a4d6bdf%40 for assuring and dissemination of best
sessionmgr4001&v -Collective and practice for improving
id=0&hid=4204 Action improving teaching and student
academic learning in all subject fields.
 13

standards
through
progress
monitoring,
feedback
and
encouragem
ent of
experimentat
ion.

Eddy, L. This research -Mobility This study Findings revealed that

(2011) study sought to used a mobile students performed
The effect of determine the -Student quantitative below non-mobile students,
Student mobility on effect of Mobility design; low-income status affected
student mobility on student mobile students negatively,
achievement academic -Academic records were and mobility level of the
Retrieved from: achievement. Achievement obtained for school attended had a
http://uknowledge. Specifically, the mobility negative effect on the
uky.edu/cgi/viewco research -Low-Income data, and academic achievement of
ntent.cgi?article=1 focused on Status criterion its students.
180&context=grad mobility’s effect referenced
school_diss on students -School test scores
classified as Mobility Level in
low-income and mathematics
the effect of -Achievement and
school mobility Gaps language
level on arts were
academic utilized to
achievement of measure
its students. academic
achievement
.
Hayes, Lindsey, Improving -College To outline a Multi-tiered Systems of
Lilleintein, Jennifer instructional Readiness framework Support (MTSS), such as
(2015) A quality to for Response to Intervention
framework for enhance -Career coherence (RTI) and Positive
Coherence: educational Readiness that supports Behavioral Supports
College and outcomes for states in (PBIS), are crucial to early
Career Readiness students. Our -Academic connecting identification of learning
Standards, Multi- framework Standards initiatives by and behavioral challenges
Tiered Systems of suggests three capitalizing and timely intervention for
Support, and distinct -Teacher shared goal: students at risk for poor
Educator opportunities to Effectiveness improving learning outcomes.
Effectiveness. strengthen instructional
http://www.eric.ed. coherence and -Response to quality to
gov/contentdeliver alignment Intervention enhance
y/servlet/ERICServ across the educational
let?accno=ED5580 initiatives: (1) -Behavior outcomes for
28 Create a shared Modification students.
focus (2) Create The
 14

better -At risks framework

instructional Students suggests
supports for three distinct
students (3) -Educational opportunities
Create better Change to
professional strengthen
learning -Educational coherence
supports for Quality and
teachers alignment
-Alignment across the
(Education) initiatives.

-Professional
Development
Helm, C. (2015) Given the lack -Competence By means of As expected, student
Determinants of of research on development three-level intrinsic motivation and
Competence predictors of Accounting models academic self-concept were
Development in students’ involving related to competence in
Accounting in learning -Three-level repeated accounting. Contradictory
Upper Secondary success in multilevel measureme to correlation analysis, time
Education vocational analysis with nts, we spent on learning in class
Retrieved from: domains, the repeated analysed was not significantly related
http://ervet- present study measurements data from to competence
journal.springerop aims to identify 487 students development at any
en.com/articles/10. determinants of (74 % hierarchical level of the
1186/s40461-015- student -Determinants female; age multilevel analysis. practice.
0022-8 competence of academic t0: M = 14.40
growth in the achievement years, SD =
subject 0.74) from
Accounting. -Vocational Austrian
education commercial
upper
secondary
schools in
grades 9
through 11.
International This study is to -Professional -qualitative Adopting international
Accounting determine the Accounting, technique standards will assist Saudi
Education extent of -SOCPA Arabia in entering into
Standards Board. compliance with -IES mutual recognition
(2013). the International -IFRS agreements with other
International Education -Accounting PAOs as international
Education Standards (IES) Education standards allow
Standards (IES). in the Kingdom benchmarking to take
Retrieved from: of Saudi Arabia. place.
http://jbsq.org/wp- Saudi Arabia
content/uploads/20 plans to
14/06/June_2014_ transition to the
2.pdf International
Financial
Reporting
 15

Standards
(IFRS) over the
next five years.
Johnson, Grace F. Focus on - Accounting In this study we found that
Halabi, Abdel K. accounting - Capstone accounting capstones were
(2011) capstone -Competency closely linked with the
The Accounting courses, - competencies identified in
Undergraduate discovering that Undergraduate the AICPA Core
Capstone: these are used curriculum Competency Framework.
Promoting to promote The close link between
Synthesis, personal and what is taught in the
Reflection, functional skill capstone and the
Transition, and development in competencies needed to
Competencies. 8 areas: work as an accounting
Retrieved from research, professional is a major
http://web.b.ebsco problem advantage of capstone
host.com/ehed/det solving, critical courses. The four
ail/detail?sid=d524 thinking, accounting capstone
489f-58db-40ca- reflection, courses reviewed all
be3b- synthesis, highlighted the involvement
abf730f766f7%40s teamwork, of the profession and how
essionmgr120&vid communication, this assisted students and
=1&hid=116&bdat and faculty in presenting their
a=#AN=61460059 professional courses. This finding has
&db=trh orientation. major implications for
These skills are institutions that are yet to
targeted as they offer an accounting
prepare capstone or are considering
students to adopting such a course.
enter the Although there may be
accounting some variety as to how a
profession and capstone is presented (i.e.,
make research course, internship,
connections service learning,
with the experiential project, or
business personal reflection.
environment.
These skills
track closely
with the
competencies
identified in the
American
Institute of
Certified Public
Accountants
Core
Competency
Framework.
Kermis, G., A case can be Accounting, Assessment Technical skills are
Kermis, M. (2015) made that Personality of needs necessary but not sufficient
 16

Professional accounting Traits identified by for a successful accounting

Presence and Soft educators have the career that includes an
Skills: A Role for a responsibility -Interpersonal profession in individual's selection,
Accounting to help prepare Competence a series of retention and advancement.
Education students to interviews An incremental laboratory
Retrieved from: make the -Cooperation and experience was designed to
http://web.b.ebsco transition from consideratio create an environment for
host.com/ehost/det unfocused high -Emotional ns of the soft skill development that
ail/detail?sid=d740 school seniors Intelligence professional does not diminish the
badb-2d5d-41c6- to contributing development attention to accounting
b16c- members of a - Job Skills literature. theory and technical
4d1a450a5c9c%4 professional The lab development. The
0sessionmgr104&v service team. It -Time experience mandatory experience was
id=0&hid=128&bda is incumbent Management includes: (1) added to two required
ta=JnNpdGU9ZWh upon Professional accounting classes starting
vc3QtbGl2ZQ%3d accounting Motivation, in the spring of sophomore
%3d#AN=EJ10563 educators to (2) year.
46&db=eric prepare Emotional
students to be Intelligence,
competitive in (3) Soft Skill
the unfolding Developmen
economic t, (4) Career
future. Skills, and
(5) Time
Managemen
t.
Killingley, P. The report The This report was
(2015) provides an methodology commissioned by the
Opportunities and analytical comprised British Council to identify
Challenges in the insight into the desk opportunities, challenges
Internationalisation higher research as and ways forward for the
of the Philippine education well as a internationalisation of
Higher Education system in the scoping visit higher education (IHE) in
Sector Retrieved Philippines and to the the Philippines.
from its readiness to Philippines
https://www.british engage that involved
council.ph/sites/def internationally. a wide range
ault/files/opportunit of
ies_and_challenge consultation
s_in_the_internatio meetings
nalisation_of_philip with higher
pine_higher_educa education
tion_sector.pdf agencies
and
organisation
s.
Kunklaw, R. (2014) This study aims -International Questionnair Comparative studies of
The Readiness of to investigate Education es were factors influencing
Accounting factors Standards, used to accounting education
Professionals influencing Thai collect data development and readiness
toward ASEAN accounting -competency, of ASEAN accounting
 17

Economic education students in other ASEAN

Community. development -Thai countries will be studied in
Retrieved from: and the accounting the near future.
http://repo.uum.ed readiness of students
u.my/15950/1/P20. Thai accounting
pdf students for the
forthcoming
ASEAN
Economic
Community
(AEC). The
study also tests
for a possible
correlation
between the
factors
influencing
accounting
education and
the readiness of
Thai accounting
students.
Ledda, V. (2012) The ASEAN -ASEAN The The survey results show
AEC 2015: Issues standards and Economic MidTerm that the Philippines is
and Challenges in conformance Community Review of committed to aligning
Standards and measures aim the AEC national standards with
Conformance to harmonize -ASEAN Blueprint set international benchmarks
Retrieved from: national Economic out surveys and has achieved
http://pascn.pids.g standards, Community and a significant progress in most
ov.ph/files/AEC_St technical Blueprint scorecard sectors through measures
andards_and_Conf regulations, and mechanism that include the amendment
ormance.pdf conformity to assess of the relevant laws and
assessment each regulations. While the
procedures to country’s Philippines remains
achieve progress in committed to the AEC and
connectivity the the AEC Blueprint,
among similar implementati challenges to
regulatory on of implementation remain,
institutions in standards including adequate funding
the region and and and support. The way
to facilitate conformance forward for standards and
trade. in eight key conformance in the
areas, Philippines lies in capacity
including building and strengthening
automotive regulatory institutions.
and rubber-
based
products,
electrical
and
electronic
 18

equipment,
cosmetics,
medical
devices,
pharmaceuti
cal products,
prepared
foodstuff,
and
traditional
medicine
and health
supplement
sectors.
Macabangun, L. Promoting -Advancing Basing on The growth of
(2014) ASEAN education and prioritizing the ASCC online/distance education
Community networking in education Blueprint, provides broader access to
Building Retrieved various levels of the following education but opens the PH
from: educational programs higher education sector to
http://pacu.org.ph/ institutions and and projects stiff competition.
wp2/wp- continue led/supporte
content/uploads/20 university d by the
14/07/ASEAN- networking and Commission
Community- enhance and were
2015.pdf support student classified
and staff under the
exchanges and ASCC action
professional lines.
interactions.
Margheim, This study -Accounting, Mid-sized Results indicate that
L., Hora, examined the Corporations firms were technical accounting skills
J., Pattison, D. educational defined in are very important to mid-
(2015) competencies -Job Skills this study to sized firms, but that their
Retrieved from: mid-sized include all of relative importance
Educational accounting firm -Promotion the non-Big decreases as individuals
Competencies partners value (Occupational) 4 national are considered for higher
That Mid-Sized in their firms, the level positions. On the other
CPA Firms Value professional -Interpersonal large hand, the importance of
in Their staff when Competence regional communication, leadership,
Professional making CPA firms, and interpersonal skills
Accounting Staff promotion -Leadership, and several grows all the way through
Retrieved from: decisions to Communicatio large local the partner promotion
http://web.a.ebsco senior, n Skills firms. Over decision.
host.com/ehost/det manager, and 1,380
ail/detail?sid=972b partner. -Decision partners
97ac-df9a-4056- Making received two
b97d- -Surveys mailings of a
efc89851063c%40 survey
sessionmgr4005&v - Education instrument
id=0&hid=4214&bd Work and usable
ata=JnNpdGU9ZW Relationship responses
 19

hvc3QtbGl2ZQ%3 were
d%3d&preview=fal -Educational received
se#AN=EJ105853 Attainment from 699 of
3&db=eric those
-Participant partners.
Characteristics The paper
summarizes
-Gender the
competencie
s the
respondents
indicated
were
important to
be promoted
in their firms.
In addition,
the study
summarizes
demographic
characteristi
cs of those
mid-sized
accounting
firm partners
and the
advantages
they
perceive of
working for a
mid-sized
accounting
firm.
Martin, Michael Adopting higher -College To adopt Assessments matter in
(2015) High- subject matter Readiness higher education. Testing is
Quality College or content subject nothing new; tests have
and Career Ready standards -Career matter or been around as long as
Assessments. aligned with the Readiness content school itself.
re:VISION demands of -State standards
Retrieved from college and Standards aligned with
http://www.eric.ed. career and the demands
gov/contentdeliver adopting new -Academic of college
y/servlet/ERICServ assessments to Standards and career.
let?accno=ED5593 measure the The vital
95 attainment of - Educational next step is
them. Writing adopting
Evaluation new
assessment
-Skill Analysis s to measure
the
- Educational attainment of
 20

Practices outcomes
and equity.
-Educational
Morris, M., Maxey, -To investigate -Academic Each of the Given the explosive growth
S. (2014) the information success questions in master of accountancy
The Importance of content of two addressed in programs, the increased
English Language commonly used -Admission this study is hiring by CPA firms from
Competency in the admission tests, tests structured to those programs, and the
Academic Success namely the measure the tremendous increase in
of International Graduate -Information total applications from
Accounting Management content information international students to
Students. Admission Test content and these programs, it is more
http://web.a.ebsco and the Test of -International the important than ever to
host.com/ehost/det English as a Accounting incremental understand the information
ail/detail?sid=2592 Foreign Students information content of the graduate
8f79-c491-4155- Language content of admission tests for optimal
970a- (TOEFL). -Skills the GMAT student selection. This
ae7f3f541f17%40s -Which total assessment (or TOEFL) study used actual data for
essionmgr4005&vi score provides test relative 120 international students,
d=30&resultId=16 the best signal to that who applied to and then
&theDisplayFormat of academic contained in successfully completed one
=CitationAndFullT success? the TOEFL of two master of
ext&ReturnUrl=%2 (or GMAT) accountancy programs, to
52fehost%252fres and study the relationship of
ults%252fresultlist undergradua admissions tests to
%253fsid%253d25 te GPA of academic success. The
928f79-c491-4155- the results indicate that the
970a- applicants. TOEFL total score and
ae7f3f541f17%254 The component scores are
0sessionmgr4005 methodology more highly associated with
%2526vid%253d3 used to academic success than the
0%2526resul investigate GMAT total score and
each component scores. When
question is controlling for
based on the undergraduate GPA and
comparison other admission test
of three scores, the TOEFL exam is
separate the only admission test that
regression yields statistically significant
models incremental information
content about academic
success. This result holds
whether considering the
writing components only,
the English language
competency components
only, the total scores, or the
components of each
admission test. In contrast
to a recent call to eliminate
TOEFL scores from
 21

admission requirements
(Patterson et al., 2007), this
study suggests that if
admission officers were to
eliminate one of the tests
for international applicants,
it should not be the TOEFL.

Mallari, M. The objective of -research Data were The level of research

Santiago, M this study is to competencies gathered interest of accountancy
The Research provide -accounting through the faculty of SUCs differs from
Competency and information association use of a each other. The highest
Interest of needed to solve questionnair level of interest is that of
Accountancy managerial e. strong interest for ethics
Faculty problems. It is and governance and
Among State a disciplined international issues. There
Colleges and process for are accountancy faculty
Universities in conducting an members who have no
Region III inquiry of a interest on assurance and
Retrieved: management attestations, accounting
http://sibresearch.o dilemma education and taxation and
rg/uploads/2/7/9/9/ regulation.
2799227/riber_k13
-015_51-66.pdf

Nassar, M., Al- This study aims -Accounting A The important factors for
Khadash, H., & to identify the Education questionnair the improvement of
Mah’d, O. (2013). problems that e had been accounting education and
Accounting are obstructing -Accounting designed the accounting profession
education and the Profession and in Jordan include the lack of
accountancy development of distributed to qualified accounting
profession in accounting (73) instructors, the lack of local
Jordan: The education and accounting accounting textbooks and
current status and the accounting instructors in the lack of research which
the processes of profession in Jordan. is relevant for the country's
improvement. Jordan and to environment and needs.
Research Journal identify
of Finance and strategies and
Accounting, 4(11), techniques that
107-119. can be effective
in improving
accounting
education and
the accounting
profession in
Jordan.
Nguyen, A., & This paper -international Vietnamese accounting
Gong, G. (2012). studies convergence standards system still
Vietnamese international different from international
accounting reform convergence of -Vietnamese accounting, because only
and international Vietnamese Accounting use the contents in
 22

convergence of accounting Standards accordance with actual

Vietnamese standards. (VAS) conditions in Vietnam; in
accounting Firstly, the accordance with the level of
standards. paper -International economic development, the
International summarizes of Accounting political regime, legal
Journal of the process of Standards system, cultural, social;
Business and Vietnam's (IAS) accordance with the level of
Management, accounting Vietnamese accountants.
7(10), 26-37. reform, second -International
Retrieved from: analysis Financial
http://www.ccsenet differences Reporting
.org/journal/index.p between Standards
hp/ijbm/article/view Vietnamese (IFRS)
File/15097/11394 accounting
standards and -accounting
International reform
accounting
standards.
Pichayasupakoon, This research -ASEAN Survey According to the study and
T. (2014). The aims to analyze Economic analysis of Mutual
Impact of the the essence of Community Recognition Agreement
ASEAN Economic the Mutual (MRA), it was found that the
Community (AEC) Recognition -ASEAN Free objective of the said MRA
on the Recruitment Agreement Trade framework was to
of Accountants: A (MRA) in the Accountants encourage cooperation in
Case Study of field of terms of services among
Listed Firms on the accounting ASEAN members, and to
Stock Exchange of profession in enhance their efficiency
Thailand Retrieved ASEAN and competitiveness.
from Economic
http://www.journal. Community
su.ac.th/index.php/ (AEC) that
suij/article/viewFile impacts the
/428/444 accounting
profession in
Thailand and to
survey the
knowledge and
understanding
of public listed
firms on the
agreement, as
well as their
attitude toward
workforce
mobility among
countries in the
AEC and the
accountant’s
qualification
before and after
 23

the AEC.
Pohl, S. Gräfe, L., This paper aims Foreign Data Areas determined as
Rose, N. to explore and Countries, gathered requiring further
Undergraduate investigate Accounting, from 357 UK development within the
Accounting student Job Skills, undergradua programme to better meet
Students: perceptions as Undergraduate te perceived required skills of
Prepared for the to what generic Students, accounting accountants are those of
Workplace skills they Student degree team working, oral
Retrieved from: considered Attitudes, Skill graduates communication,
http://web.b.ebsco were important Development, were used to interpersonal and career
host.com/ehost/det for accountants Teamwork, develop planning and interviewing
ail/detail?sid=4440 and to what Communicatio insights into skills. Conclusions drawn
b666-3870-4048- extent these n Skills, Oral perceived are only from a student
9235- skills were Language, relevance of perspective and do not
2c8390cffc13%40s developed by Career current skills reflect wider stakeholder
essionmgr107&vid their Planning, development perspective.
=0&hid=128&bdat programme of Interpersonal and provided
a=JnNpdGU9ZWh study. Relationship, a basis for
vc3QtbGl2ZQ%3d Employment development
%3d#AN=EJ10594 Interviews, s of the
15&db=eric Transfer of programme
Training, to better
Statistical meet student
Analysis, skills
Student development
Surveys, in
Questionnaires preparation
, Qualitative for them
Research, being
Interpersonal accountants.
Competence,
Mentors,
Higher
Education,
Postsecondary
Education
Stanton, P. (2012). This study -Environmental A Overall, the results of this
Making or Not investigated disclosures - questionnair study accord with the
Making why companies Annual reports e was used, findings of previous studies
Environmental make or do not -Thailand, divided into with factors related to legal
Disclosures in make stakeholder three obligations, investors’ right
Thailand Retrieved environmental theory sections: to information, and
from disclosures and reasons for community concerns being
http://ijbssnet.com/ whether making rated more important.
journals/Vol_3_No stakeholder disclosures
_9_May_2012/9.p theory can of
df explain environment
voluntary al
environmental information,
reporting reasons for
practice in not making
 24

Thailand. such
disclosures,
and
demographic
details.
Sudtasan,Tatcha This paper - ASEAN The study Inward skilled labor
(2014) Modeling investigates the Economic uses KS- movement into Thailand in
the Impact of impact of skilled Community CGE model the telecommunication
Skilled Labor labor - Computable originated by sector leads to the
Movements movements in general Suriya and increasing income of
in ASEAN Econo ASEAN equilibrium Sudtasan in engineers and related
mic Community U Economic model 2013 [3] and skilled workers in the
sing General Community - Economic modifies the country. This yields the
Equilibrium Model. (AEC) on impact model to suit positive impact on the
nationwide - Labor the problem. economy due to the
http://web.a.ebsco economy of movement It forms increasing income of the
host.com/ehost/det Thailand using - three middle class while costs of
ail/detail?sid=2592 Computable Telecommunic matrices: XP production do not increase
8f79-c491-4155- General ation industry = much. The inward skilled
970a- Equilibrium Y. Matrix X labor movements of all 8
ae7f3f541f17%40s model. It mainly represents occupations will even yield
essionmgr4005&vi focuses on the the domestic around 20 times more
d=31&resultId=4&t labor movement economy, P positive impacts on the Thai
heDisplayFormat= in represents economy. The movement of
CitationAndFullTex telecommunicat the skilled labor in AEC is
t&ReturnUrl=%252 ion industry. endogenous propoor to the Thai
fehost%252fresults The model price, economy when it boosts the
%252fresultlist%25 consists of two and Y income of the poor more
3fsid%253d25928f steps. First, it represents than that of the rich.
79-c491-4155- figures out the the net
970a- impact of the external
ae7f3f541f17%254 skilled labor income.
0sessionmgr4005 movement in
%2526vid%253d3 telecommunicat
1%2526resultId%2 ion sector
53d_resultId_ among AEC
member
countries.
Second, it
includes the
impact of skilled
labor
movements in 8
occupations
that are allowed
by the AEC
agreement.
Suttipun, M. This study -Environmental Sampling This study did not look at
(2012). The investigates the disclosures method was the quality of environmental
Differences in corporate -Annual used. disclosures, focusing only
Corporate environmental reports, on quantitative information.
 25

Environmental disclosure website Further research is needed

Disclosures on practices of -Thailand, the to investigate the obligatory
Websites and in companies on stock and non-obligatory factors
Annual Reports: A the Stock exchange of motivating top management
Case Study of Exchange of Thailand to provide, or not provide,
Companies Listed Thailand in environmental disclosures
in Thailand annual reports in their annual reports and
Retrieved from and websites. websites.
http://www.ccsenet
.org/journal/index.p
hp/ijbm/article/view
File/16155/12453
Suttipun, M. (2014) This exploratory Accounting The This study finds that the
The Readiness of study Students, description accounting students’
Thai Accounting investigates the ASEAN of the Ethical, Knowledge,
Students for the competencies Economic research Capability, and Relationship
ASEAN Economic of Thai Community, design used competencies are at the
Community: An accounting Thailand in this study high level, while their
Exploratory Study students and is separated Analysis competency is
Retrieved from: their readiness into three only at the moderate level.
http://ajba.um.edu. for the AEC, parts, The level of students’
my/filebank/publish and also tests sample readiness for the AEC is
ed_article/7141/AJ for the selection indicated to be at the
BA%207(2)- relationships and data medium high level. The
Suttipun.pdf between the collection, results of the regression
students’ dependent analysis show a significant
competencies and positive relationship
and their level independent between the accounting
of readiness. variables students’ Capability,
used in the Knowledge, Ethical and
study, and Relationship competencies,
data and the level of their
analysis readiness for the AEC.
including the
equations
used in the
study.
Takeda, C.J. Goal Standards -Educational Semi- The support and assistance
(2015) ASEAN or Social -Quality structured for developing qualifications
Integration 2015 Construction? Assignments Interviews and tools for quality
and the Philippine The simplistic -Protocol assurance, evaluation, and
Higher Education: and notions of Analysis accreditation (e.g.
Trends and the standard -Academic methodologies, procedures,
Challenges deny Standards standards, benchmarks),
Retrieved from: necessarily -Quality studies and surveys
http://www.mseuf.e elusive and Control envisaged at system level,
du.ph/administrato academic will require a
r/components/com nature of complementation of support
_jresearch/files/pu academic from policy makers as well
blications/ASEAN standards as political and education
%20Integration%2 which are leaders for their effective
 26

02015%20and%20 continuously transposition at higher

the%20Philippine constructed by education institutions level.
%20Higher%20Ed academic There is also a need to
ucation.pdf communities; conduct and initiate
Securing massive faculty
Academic development programs to
Standards; upgrade and retool faculty
Academic members in more than one
standards in thousand institutions of
practice higher learning all over the
country. Finally, the
national qualifications
framework and the higher
education programs should
be in accordance to the
demands of stakeholders
and our national vision for
development, and should
provide measures for
quality assessment.
The ASEAN and ASEAN The The ASEAN Federation of
Federation of professional Federation of feedback Accountants training and
Accountants (AFA) development Accountants from the development analysis
training and needs within AFA findings reveal a continued
development the profession members demand for broad technical
analysis in the AFA was knowledge and business
(A RESEARCH region; collected skills. There is also a high
PROJECT • Directly through an degree of consistency
COMMISSIONED capture the online across ASEAN in the topics
BY THE ASEAN challenges and consultation. selected as relevant
FEDERATION OF issues facing Further training and development
ACCOUNTANTS) AFA member discussions areas.
Retrieved from: bodies with with the
http://www.aseana regards to respondents
ccountants.org/file training and also took
s/ASEAN_Training professional place post-
_and_Developmen development; online
t_Analysis_Report. • Explore the consultation
pdf future state of s to validate
accountancy some of the
training and findings from
profession the surveys.
development All primary
and training and
within ASEAN; secondary
• Provide AFA
recommendatio members
ns to set up a were invited
platform linking to provide
AFA member feedback.
training support
 27

(through
trainers,
learning
materials and
products,
studies and
researches, etc)
to a
transnational
training network
to address all
the issues
involved in the
development
and deployment
of flexible,
accessible,
cost-effective
training
materials and
programmes
• Recommend
what needs to
be done to
meet the
current and
future training
and education
needs of the
profession,
including
priorities in
terms of training
needs and
resources
required for
implementation
• Support the
capacity
building across
the AFA
member bodies
and ensure a
consistent and
scalable
training and
professional
development
infrastructure in
each of their
markets and
 28

greater cross-
border
collaboration.
Yoon, Sung To identify what - Convergence Survey This research presents a
Wook; Vedd, it will take for - Employer Instrument follow-up study to an earlier
Rishma; Jones, students to expectations and Sample survey on key IFRS student
Christopher Gil become IFRS- - IFRS Selection learning objectives, their
(2014) IFRS ready, this - U.S. GAAP relative importance, and
Knowledge, Skills, research - strategies for incorporating
and Abilities: A continues a Undergraduate them into the
Follow-up Study of multiyear accounting undergraduate accounting
Employer exploration into curriculum curriculum. In the 2008
Expectations for key IFRS study, the survey frame
Undergraduate student learning was narrowly defined as
Accounting Majors objectives, their employers who have hired
Retrieved from: relative or intended to hire four-year
http://web.a.ebsco importance, and accounting undergraduates
host.com/ehed/det strategies for from a large urban public
ail/detail?sid=fd2fa incorporating university located in the
e3c-b5fc-4d9a- them into the greater Los Angeles
aab4- undergraduate metropolitan area for full-
a604a78004c6%4 accounting time employment
0sessionmgr4004 curriculum.
&vid=4&hid=4209 Survey results
&bdata=#AN=EJ1 suggest
024555&db=eri employer
expectations
have evolved.
 29

Variable Matrix

Conceptual Tag (CT)/Variable Lexical Definition Operational Definition

ASEAN Integration Association of Southeast Association of Southeast
Asian Nations (ASEAN) is a Asian Nations (ASEAN) is a
political and economic political and economic
organization of ten Southeast organization of ten Southeast
Asian countries. It was formed Asian countries. It was formed
on 8 August 1967 by on 8 August 1967 by
Indonesia, Malaysia, the Indonesia, Malaysia, the
Philippines, Singapore, and Philippines, Singapore, and
Thailand. Since then, Thailand. Since then,
membership has expanded to membership has expanded to
include Brunei, Cambodia, include Brunei, Cambodia,
Laos, Myanmar (Burma) and Laos, Myanmar (Burma) and
Vietnam. It aims to have Vietnam. It aims to have
coalesce and share in the coalesce and share in the
responsibility of strengthening responsibility of strengthening
the economic and social the economic and social
stability of the region. stability of the region.
ASEAN Economic The end-goal of ASEAN The end-goal of ASEAN
Community (AEC) economic integration is the full economic integration is the full
realization of an ASEAN realization of an ASEAN
Economic Community, Economic Community,
wherein the region will be wherein the region will be
transformed “into a single transformed “into a single
market and production base, a market and production base, a
highly competitive region, a highly competitive region, a
region of equitable economic region of equitable economic
development, and a region development, and a region
fully integrated into the global fully integrated into the global
economy.” economy.”
International Education International Education International Education
Standards Standards is intended to Standards is intended to
protect the public interest by protect the public interest by
both establishing fair and both establishing fair and
proportionate entry proportionate entry
requirements—which help requirements—which help
those individuals considering those individuals considering
professional accounting professional accounting
education make appropriate education make appropriate
career decisions—and career decisions—and
ensuring that requirements for ensuring that requirements for
entry to professional entry to professional
accounting education are not accounting education are not
misrepresented. misrepresented.
International Financial International Financial International Financial
Reporting Standards (IFRS) Reporting Standards (IFRS) Reporting Standards (IFRS)
 30

are designed as a common are designed as a common

global language for business global language for business
affairs so that company affairs so that company
accounts are understandable accounts are understandable
and comparable across and comparable across
international boundaries. international boundaries.
Mutual Recognition Framework arrangements Framework arrangements
Arrangements (MRA's) established in support of established in support of
liberalizing and facilitating liberalizing and facilitating
trade in services. It aim to trade in services. It aim to
facilitate mobility of facilitate mobility of
professionals/skilled labor in professionals/skilled labor in
ASEAN. ASEAN.
Competencies Competence is defined as the An ability or skill
ability to perform a work role
to a defined standard with
reference to working
environments.
 31

Questionnaire
Dear respondent,

We would like to conduct a survey regarding ʺThe Level of Competence of USL

Accountancy Students Towards ASEAN Integrationʺ. Your contribution in our undertaking will be
much appreciated.

Part I. Student’s Profile

Sex: Female ( ) Male ( )

Academic Status: Regular ( ) Irregular ( )

Part II. List of Competencies (To measure Level of Competence)

The following statements are based from the Framework for International Education Standards
for Professional Accountants and as provided by CHED. Please put a check mark on what level
do you assess yourself in terms of your competencies. The following is your legend:

5 = Excellent
4 = Above Average
3 = Average
2 = Below Average
1 = Poor
Professional Knowledge
5 4 3 2 1
A. General Knowledge
1. Competency in the English Language
2. Adaptability to foreign business practices
3. Knowledge on dealing with foreign partners
4. Knowledge on different cultures in the world
B. Organizational and Business Knowledge
1. Knowledge in Economics
2. Knowledge in Quantitative Methods and Business
Statistics
3. Knowledge in Organization Behavior
4. Knowledge in Marketing and Operations
Management
5. Knowledge in International Business, Ethics and
Corporate Governance
C. Information Technology (IT) Knowledge
1. Knowledge on computer business systems
2. Knowledge on managing the security of information

5 4 3 2 1
D. Accounting and Finance Knowledge
1. Knowledge in IFRS/PFRS
2. Knowledge in auditing standards
3. Knowledge in cost accounting and latest concepts
 32

in management accounting
4. Knowledge in recent tax laws and business and
commercial laws
5. Knowledge in corporate finance and the Philippine
capital markets
6. Knowledge in professional ethics and
environmental accounting and reporting.

Professional Skills
5 4 3 2 1
A. Intellectual
1. Analysis
2. Problem solving
3. Strategic/ Critical Thinking
B. Interpersonal
1. Ability to work in groups
2. Works well with men and women from diverse
backgrounds
3. Negotiation skills and working with diversity
4. Persuasive, confident and diplomatic
5. Discreet, open minded and patient
6. Capable for hard work and able to respond well to
pressure
C. Communication
1. Ability to communicate effectively one’s point of
view orally
2. Ability to communicate effectively one’s point of
view in writing
3. Ability to justify one’s position
4. Ability to deliver impressive presentations and to
persuade and convince others

Professional Values, Ethics and Attitudes

5 4 3 2 1
A. Professional Ethics
1. Integrity
2. Objectivity and Independence
3. Professional competence and due care
4. Confidentiality
5. Professional behavior
B. Moral Values
1. Ability to discern between what is morally right or
wrong