THE Board of Accountancy (BOA) recently issued Resolution No. 115, relative to its required accreditation of certified public accountants (CPAs) and the compilation services certificate.
To give more time for CPA’s to comply, the BOA resolved to grant the following extensions:
a. For the filing of application for accreditation of CPAs, the deadline will be extended to Dec. 31, 2016 from the last April 30, 2016 deadline set;
b. For the financial statements subject of the certificate on the compilation services, the covered period will be extended to Dec. 31, 2016 from the previous covered period ending June 30, 2016.
In addition, the BOA resolved to review the current amount of the gross sale or revenue threshold set which is P10 million to avoid any prejudice to small and medium sized accounting firms.
Noteworthy is the fact that there was no extension given for the compliance of the continuing professional development (CPD) requirements. Thus, we can safely assume that the original deadline of June 30, 2016 still persists.
Please be guided accordingly.