Lyndell T.

Montecillo
BSA 5103

BOA FORUM AND PFRS UPDATES

Summary:

The discussion in the forum talked about the updates on CPA Licensure
Examinations.There are rules and regulations that had been discussed and important
issues that are relevant for the current and future events.There are certain topics that are
discussed and given clarifications effective beginning May 2019 CPA Licensure
Examination. There are some changes for Taxation like the Documentary Stamps and
Excise Tax which contains 3% each for the proposed changes. Effective communication
for taxation has been removed. Changes in Regulatory Framework and Business Tax
had also been discussed during the seminar. Insolvency Law, New Central Bank, and
General Banking Law topics is proposed for deletion. However, proposed
topics/subtopics effective May 2019 are Securities and Regulation Code, SRC rule 68,
Code of Corporate Governance, and SEC Circulars and Issuances for
Corporations.There are also additional proposed topics or changes in Cooperatives,
Data Privacy Act, E-Commerce, AMLA, and Ease of Doing Business.
New topics on special concerns to be included in the CPA Licensure Examination
are Globalization, Digital and Information Technology, Governance and Ethics and
Regulatory Requirements and Considerations. Discussion for result of CPA Licensure
Examination (PASS, FAIL, CONDITIONAL) had also been discussed. There are new
programs for accountancy namely, Bachelor of Science in Accountancy, Bachelor of
Science in Accounting Management, Bachelor of Science in Internal Auditing and
Bachelor of Science in Accounting Information Systems. The seminar also conducted a
question and answer portion for clarifications and questions of attendees.

Experience:

Some topics discussed in the seminar are exciting. Students and CPAs who
attended the seminar were eager to learn about the updates and to know some
important issues. The question and answer portion of the seminar was helpful in order
for us to be clarified about some issues. Questions are answered and given relation to
specific scenarios and events in order to explain it further. The presentation prepared by
the speaker was also helpful because I was able to take down helpful information that
are valuable and relevant.
It is important not only to talk but also to provide visuals in order for the listener to
understand more about the topics being discussed. Attendees are very cooperative and
attentive in the seminar. It was also and advantage for us students to be able to attend in
that seminar because we gained ideas and knowledge about current and future events
so we can understand fully the changes that happened before and today and be more
prepared for the examinations.

Thoughts/Opinions/Reactions:

I’m glad I attended the seminar for BOA Forum and PFRS Updates because I gained
not only an experience but also more knowledge about our future incoming board exam.
The discussion was focused on rules about the current and future board exams. It talked
about some past issues, how it was resolved and how it will be resolved in the future if
that same or other related scenario will occur again in the future. My thoughts about the
seminar are that school institutions and colleges should also be updated in accordance
of the updates made by the BOA. It will help us, students, to more competent and ready
for the board exam because in that case, we will be more prepared. Studies also in the
undergrad should be in accordance with the updates.
 If there are changes in PFRS, those changes should be applied in the discussion.
Also, there are three results after taking the board exam - pass, fail, conditional. It was
given emphasized on how these results will be derived and what the requisites are for
getting those results. I also agree with the application of old and new regulations. For a
particular issue like the TRAIN Law VS NIRC, it is more practical that students should
know both regulations. It is for them to know what to apply in a particular scenario. Since
we are on a transition period, it is important for us to know both than to focus on the
TRAIN Law only This seminar had given us clarifications and ideas about the current and
future events. Seminar like this should be conducted often for other clarifications,
questions and additional information.