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)