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The 95th anniversary year celebration and commemoration of the accountancy profession is on full steam. The Board of Accountancy (BOA) has already organized four learning events, implemented the Asean Mutual Recognition Arrangements (MRA) and launched the Search for Ms. CPA Diamond Ambassadress of Goodwill (Ambassadress of Goodwill) since the anniversary year started this 2018. For your information, the diamond is the gem stone for 95 years celebratory events and the results of the search for the Ambassadress of Goodwill shall be announced during the oath taking of the new CPAs at the Philippine International Convention Center (PICC) on July 10, 2018.
These are just some of the many activities that have taken place in line with Proclamation 464 issued by President Duterte declaring the period of March 17, 2018, to March 16, 2019, as the Year for the Celebration of the 95th year anniversary of the BOA. The theme for this celebration is “95 years of invaluable service to the Philippines and the global accounting community.”
The year 2018 started with a bang, with the BOA organizing on January 3 an “Integrated Reporting for SMEs” speak up by Paul Thompson at the PICC. Paul is a director of the European Federation of Accountants and Auditors for SMEs. This was followed by my talk on “Expanding Horizons updates and forward directions.”
On January 11 the memorandum of agreement (MOA) between the Professional Regulation Commission, BOA and the Philippine Institute of Certified Public Accountants (PICPA) was signed to establish the Monitoring Committee (MC) to implement the Asean MRA. With the MC in place, the processing for the applications to become an Asean Chartered Professional Accountant (ACPA) commences. For details, go to this link: https://boa.com.ph/prc-and-boa-ready-for-mra-implementation/. All CPAs should take this opportunity to qualify for this prestigious title of ACPA and garner the many advantages and benefits from such.
Also on the same day of the MOA signing, I led the discussion with various PICPA members on the Monitoring Group Consultation Paper on “Strengthening the Governance and Oversight of the International Audit-Related Standard Setting Boards in the Public Interest.” The MG is a grouping of global securities and accounting regulators which provides oversight in the operations of standard setting bodies, such as the International Auditing and Assurance Standards Board. We were able to submit our comments to this paper in January.
A forum on “Future is Now” was held at the PICC on March 22, with various speakers and panelists featured. Some of the speakers included March Chau, regional manager of CPA Australia, who was part of the panel that discussed “Digital disruptions impact on the accountancy profession” and Chun-wee Chiew, regional head of Policy-Asia Pacific, ACCA, who talked on “ Trust and Ethics in the Digital Age.” I also talked and dwelled on the topic, “Philippine Accountancy in the Age of Future is Now.”
A symposium, entitled “The Accounting Profession—Then, Now and the Future,” was conducted at the National University on May 21, with Institute of Management Accountant President Jeffrey Thomson speaking on “Becoming future ready—it starts with you.” In that forum, I talked on “Accountancy Now and the future…Time of Joy…Time of Disruption.”
The rest of the BOA members and I have been busy speaking in and attending events here and abroad. It is evident that the important themes that we should be discussing in the accountancy area are those pertaining to globalization and digital technology developments. We should be conscious of what are happening in the global accountancy community, including issues involving governance and ethical behavior, professional skepticism, integrated thinking and reporting, empowering the small and medium practice, and others. On the digital technology phase, we should be aware of current and emerging developments affecting our profession and business, including artificial intelligence, cloud-based solutions, blockchain technology, data analytics, cybersecurity and risks, and several others. These are important and exciting topics that will be discussed in various events for our 95th anniversary year.
To my fellow CPAs and accountants, get on board now on our diamond anniversary bandwagon and be involved in our many activities and festivities.
Joel L. Tan-Torres is the chairman of the Professional Regulatory Board of Accountancy. He is a Certified Public Accountant who placed No. 1 in the May 1979 CPA Board Examinations. He served as Commissioner of the Bureau of Internal Revenue from 2009 to 2010.
This column accepts contributions from accountants, especially articles that are of interest to the accountancy profession, in particular, and to the business community, in general. These can be e-mailed to boa.secretariat.@gmail.com.