PRC BOA further amended Resolution Nos. 3-2016 and 68-2016

This Accounting Alert is issued to provide information about the recently released Board of Accountancy (BOA) Resolution No. 115-2016, Extending the Deadline in the Filing of Applications for Accreditation of Certified Public Accountants (CPAs) in Commerce and Industry Practice and the Covered Period of the Financial Statements Subject to the Certificate on the Compilation Services Requirement, and Providing for the Review of the Ten Million Peso (P10,000,000.00) Threshold as set Under Resolution No. 03-2016 and 68-2016.

BOA resolved that:

  • the deadline for the filing of application for accreditation of CPAs in Commerce and Industry practice shall be extended to December 31, 2016;
  • the covered period of the financial statements subject to the Certificate on the Compilation Services requirement shall also be extended to December 31, 2016; and,
  • the current amount of the gross sale or revenue threshold which is Ten Million Pesos (P10,000,000.00) shall be further reviewed by BOA, in consultation with the stakeholders.

See attached copy of BOA Resolution No. 115-2016.

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