Question from Anonymous

August 18, 2014 / 7 ♥ / Reblog this post / Comments

Hello! Ask ko lang sana kung anong topics yung kailangang ifocus for each subject para sa board exam? Naooverwhelm kasi ako sa dami ng dapat aralin pero di ko naman sure kung worth it yung pagspend ko ng time dun sa particular topic. Huhu. Thanks in advance! :)

Lahat worth it aralin. Wag kang mamili kasi no one knows kung ano ang lalabas sa board exam lalo na’t parang nagpapakitang gilas ang bagong BOA. Goodluck!

thejerrynation:

List of COD for Accountancy Education

  • St. Louis University-Baguio 
  • University of San Jose Recoletos-Cebu
  • University of St. La Salle-Bacolod
  • Silliman University-Dumaguete

Centers of Excellence (COEs) and Centers of Development (CODs) are either public or private higher education institutions (HEIs) which have demonstrated the highest degree or level of standard along the areas of instruction, research and extension. They provide institutional leadership in all aspects of development in specific areas of discipline in the various regions by providing networking arrangements to help ensure the accelerated development of HEIs in their respective service areas.

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Reblogged from: thejerrynation · Source: thejerrynation

thejerrynation:

As economies such as China, India and the Middle East grow, so too does the demand for qualified accountants. Tougher trading climates also make the financial insight provided by chartered accountants even more valuable. As the adoption and updating of International Financial Reporting Standards (IFRS) gathers speed, qualified accountants will be needed in increasing numbers to help organisations interpret and apply these complex standards. ICAEW’s ACA qualification is recognized in 170 countries in the world. So if you’re contemplating broadening your horizons and working in pastures new, here are 10 to whet your whistle.

ROMANIA

Since the fall of communism in December 1989, Romania has undergone dynamic changes. The country experienced a boom on the back of accession to the EU in 2007 and, according to the World Bank, the last eight years have seen rapid economic growth. Despite the problems in the eurozone, the former finance minister says Romania has a “very comfortable” financing buffer amounting to €5bn.

In 2005 it adopted IFRS and in 2008 ICAEW launched its ACA qualification in Romania. Former ICAEW president Martin Hagen described accountants and auditors as “crucial for the continuing growth of the Romanian economy.”

The cost of living is currently very low in Romania. Bucharest, its lively capital, is packed with restaurants, cafes, bars, museums and parks. Companies including all of the Big Four, Citibank, Renault and Visa have offices there and most expats in Bucharest work for major European corporations with smaller operations in Romania.

UNITED ARAB EMIRATES

The vibrant UAE is a federation of seven Emirates: Abu Dhabi, Dubai, Sharjah, Fujairah, Ajman, Ras Al Khaimah and Umm Al Quwain. With its liberal business environment, high standard of living, sunny climate, affordable housing and hospitable locals, the UAE continues to attract expats from around the world. The region experienced strong economic growth until the global economic downturn – in 2009, Abu Dhabi had to bail out Dubai to the tune of US$10bn. But its free zones remain attractive to business and companies including Rolls-Royce, BAe Systems and Deloitte have a presence in the UAE.

Companies generally follow IFRS and best industry practices for financial reporting. In terms of job opportunities the emirate is refocusing on its traditional strengths: trade, logistics and tourism. But professional services and advice is also sought by other sectors including banking and financial services, real estate, leisure and hospitality, retail construction, telecoms and energy.

SINGAPORE

Consistently ranked as either the best, cleanest, easiest, efficient or most competitive country in which to work, Singapore’s open immigration policy makes it easy for foreigners to enter the city-state. Its pro-business attitude means that government agencies work closely with the business sector to promote economic growth.

It slipped into recession in 2009 and the forecast for GDP growth stands between 1% and 3%. But compared with Western economies, growth is robust. Singapore’s vision is to be a leading global accountancy hub for the Asia-Pacific region. The Singapore Financial Reporting Standards are closely modelled after the IFRS. Major industries include manufacturing (particularly electronics, engineering, biomedical sciences and chemicals) and commerce. Many of the major long-term British investors have increased their footprint in Singapore recently, including Barclays, Dyson, HSBC, Rolls-Royce, Shell and Standard Chartered. Development of the IT, bio-medical and tourism sectors are the government’s next priority. 

MALAYSIA

A multi-ethnic, multicultural and multilingual society, Malaysia has become one of the world’s top locations for offshore manufacturing and service-based operations. The capital, Kuala Lumpur, is home to the Bank Negara Malaysia and a hub for finance, real estate, business, arts and media companies. There’s a diverse expat community and lots of expat jobs.

Already a “tiger” economy, Malaysia aims to become a developed country by 2020. In 2010 the country recorded a GDP growth of 7% – one of the strongest showings in the region. However, foreigners are encouraged to take up employment only in areas where there is a shortage of suitably trained Malaysians. CFOs, partners and senior accountants are predicting buoyant demand for qualified accountants over the next five years. Expats speaking a second language will have an advantage, particularly if it is Mandarin or another Asian language.

CHINA AND HONG KONG

No longer an emerging market, Greater China has transformed itself into a global superpower. According to ICAEW’s 2012 Economic insight: Greater China report, average annual growth of 10% for the past three decades means its output has roughly doubled every seven years. Hong Kong’s top spot on the World Economic Forum’s ranking of financial development and Shanghai’s fast growth as an important financial centre in its own right is attracting global corporations to the East. But as James Lee, ICAEW’s representative in Beijing says, there is still an acute shortage of qualified accountants in China. The Ministry of Finance and the Chinese Institute of Certified Public Accountants (CICPA) are working with ICAEW to attract top talent into the accountancy profession. “ICAEW actively encourages contact between Chinese and UK accountancy practice firms,” says Lee. “We promote our members’ expertise to business and ICAEW has a reciprocal recognition agreement with the Hong Kong Institute of Certified Public Accountants (HKICPA).”  

AUSTRALIA

The Australian economy has been ranked as the world’s most resilient for six out of the last eight years and is currently one of the best performing economies in the OECD. But the laid-back lifestyle is also a big draw. With the low cost of living, affordable quality housing, extensive healthcare benefits and one of the best education and social systems in the world, Australia has much to offer.

Key business centres in Australia include Sydney, Melbourne, Brisbane and Perth. Australia is a leading financial centre in the Asia Pacific region and its alliance with markets throughout the region provides business people with a comprehensive range of financial services. As Richard Stokes, contact member for the Institute of Chartered Accountants in Australia says: “Our members continue to find good career challenges and opportunities in Australia as well as enjoying the lifestyle. We have around 3,500 members here and we are ICAEW’s largest group of UK-qualified members based outside the UK. The local economy continues to expand while many other world economies struggle.”

MAURITIUS

"With its warm and sunny climate, beautiful beaches and great golf courses, Mauritius is a nice place to live… and to work as a chartered accountant," says Jacques Pougnet, international liaison partner at BDO in Port Louis. It enjoys a long-established democratic tradition and political stability, while the people are friendly and bilingual (English and French). "Its economy (mainly financial services, tourism, ICT, sugar, textiles) has so far withstood the financial crisis and growth is currently estimated at slightly less than 4%", adds Pougnet. International Financial Reporting Standards (IFRS) have been adopted since 2001.

"The ACA qualification is prestigious and always in demand," says Pougnet. "There are over 10 organisations that are ICAEW authorised training employers. Mauritius is one of the countries with the highest number of ICAEW members in relation to its population."

Professional accountants must be registered with MIPA (Mauritius Institute of Professional Accountants) and non citizens must obtain a work permit.

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MUST-READ!

Reblogged from: thejerrynation · Source: thejerrynation

Question from Anonymous

August 16, 2014 / 5 ♥ / Reblog this post / Comments

Balak ko po sana mag review ng dalawang beses bago mag boards. Nag rereview na po ako sa isang review center ngayon. Pero di pa rin ako siguro kung saan mag eenroll sa pangalawa. Karamihan kasi sa mga kaibigan ko ay balak magenroll sa kung saan ako ngayon. Kaya hindi ko alam kung lilipat pa ba ako ng review center or mananatili na lang sa kung saan ako ngayon. Kung kayo po ang nasa position ko, ano ang mas makabubuti?

Mag iisang review school lang ako. at mag aaral ng PINAKA mabuti sa loob ng 6 months <3 

thejerrynation:

Debit and Credit

Columnar notebooks

Brain-whacking terms

Millions of numbers

Struggling calculator

Life long practice

Rushing late night work

UGLY eyebags

UNBALANCED trial balance

Adjusting entries

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(Source: mariannakiling)

Reblogged from: thejerrynation · Source: meeeyoung
August 11, 2014 / 53 ♥ / Reblog this post / Comments

"Yung feelings ko sayo, going concern. It will continue for foreseeable future."

— me while studing finacc3 (via walakomaurlputa)

Reblogged from: walakomaurlputa · Source: walakomaurlputa

thejerrynation:

image

Each year the worlds largest accounting firms grow a little larger. With mergers and acquisitions the never ending competition for global supremacy seems to never end.

With that said, as of 2014, these are the 20 biggest global accounting firms, all things considered.

And the Winner is…

1. Deloitte


It comes as no surprise that Deloitte holds the number one global position. It’s hold on the top spot seems secure for the time being.

Deloitte is located in more than 150 countries, and has over 600 offices in the world. The firm is headquartered in New York City, New York. They have most recently reached the 100-partner milestone when they merged with Curtis Mclean.

Deloitte specializes in audit & assurance, tax, advisory, and risk. They offer a wide range of services that include strategy, financial and technical, and human capital.

2. PwC


Deloitte’s closest competition over the last few years has and continues to be PwC (PricewaterhouseCoopers). PwC comes in as the second largest accounting firm in the world.

PwC has locations in more than 150 countries and more than 750 offices worldwide. Unlike Deloitte, they are headquartered in London.

The firm has most recently merged with Booz & Co, a medium sized consulting firm. The merger was approved on December 23rd, 2013. They offer a wide range of services but they specialize in audit & assurance, tax, and consulting.

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Reblogged from: thejerrynation · Source: thejerrynation

CPA BOARD EXAM RATINGS

August 06, 2014 / 39 ♥ / Reblog this post / Comments

thejerrynation:

I have researched the board exam ratings from May 2005 to July 2014. I cannot anymore retrieve the ratings for exams dated before May 2005.

As you may notice, the highest rating for this period of comparison is Oct 2010 examination with 48.36. The lowest rating goes to the recently concluded July 2104 examination with 19.98

image

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Reblogged from: thejerrynation · Source: thejerrynation
August 05, 2014 / 37 ♥ / Reblog this post / Comments

Reblogged from: icantspel · Source: icantspel

thejerrynation:

The Professional Regulation Commission (PRC) announces that 1,107 out of 5,540 passed the Certified Public Accountant Licensure Examination given by the Board of Accountancy in the cities of Manila, Baguio, Cagayan De Oro, Cebu, Davao, Iloilo and Legazpi last July 2014. The results were released in three (3) working days after the last day of examination.

The National passing rate is 19.98%.

First Takers: 591 (or 20%) passed out of 2,830 examinees
Repeaters: 516 (or 19%) passed out of 2,710 
Total Passers: 1,107 (19.98%) passed out of 5,540

Simply stated, 2 out 10 takers passed the board exam.

What would this low passing rate mean?

Is the relatively low passing rate due to new set of Board of Accountancy?

Professional Regulatory Board of Accountancy was composed & headed by Joel L. Tan-Torres as Chairman, together with the board of members; Gerard B. Sanvivtores, Betty C. Siy-yap, and Eliseo A. Aurellado.  All of the new members of the BOA have been part of the largest professional services firm in the country, SGV & Co. (a member practice of EY).  Aside from Gerard B. Sanvictores, who is currently a partner at SGV & Co., all had part way from SGV & Co. and already have their own role in various companies.

“Nagpapakitang-gilas”

Some said that BOA is trying to make a statement on the first exam they conducted. Perhaps, BOA wants to convey that they will become stricter as to CPA Board Examinations and they are pretty much serious in producing top notch CPAs for the country.  Or are they trying to impress the public that the CPA board exam is still the one of the hardest licensure examination in the country?

Back to the old days

Could this mean that the passing rates will be back to 10-20 percent? Back to the old days, this 19.98% passing rate is considerably high already.  Almost 20% passing rate was already considered a generous number. During the recent years, the national passing rate did not fall below 30%. Back to 90s, only 12-15% of the takers passed the board exam. Would this become a new trend for passing rates? This has yet to be seen on the next examinations.

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Reblogged from: thejerrynation · Source: thejerrynation

THE HIT AND MISS

August 04, 2014 / 45 ♥ / Reblog this post / Comments

thejerrynation:

When I was scanning the list of performances by school, I was quite surprised with the results of the recently concluded JULY 2014  CPA Board Exam. 

The usually top performing school, University of Sto Tomas, got a modest passing rate of 39.88%. Only 65 of 163 passed the exams. Still this is above the national passing rate which is 19.98. 

PUP-Sta Mesa’s result is also unusual. 300 of 388 failed the exam. They got a below national passing rate of 14.43. In a good note, PUP produced two board exam topnotchers (7th and 9th). One from Sta Mesa and the other is from Sto Tomas-Batangas.

Far Easter University- Manila got a below the national passing rate of 16.67. 38 out of 48 failed the said exam.

The only school included in the top performing school is De La Salle University- Manila. They got a 90.67 passing rate. 68 out of 75 takers passed the exam. In order to qualify as a top performing school, the number of examinees should be 50 and above, and the passing rate is at least 80%.

The Professional Regulation Commission (PRC) said 1,107 examinees passed out of the 5,540 who took the July 2014 board exams in the cities of Manila, Baguio, Cagayan de Oro, Cebu, Davao, Iloilo and Legaspi.

Please see here the complete list of performances by school.

The list of top 10 examinees is also interesting. The top 1, Rommel Edusma, came from the school which probably the first time you will hear of. He hailed from Asian Development Foundation College. He is also the first topnotcher (Top 10) of the said school. Edusma topped the 2014 CPA Licensure Exams with a rating of 94.57 percent. His school got a 25% passing rate. Only him passed the exam out of four takers.

Read his inspiring story here.

It’s also notable that there are four San Bedans in the top 10. 

image

 

Read more about the low passing rate this year.

Reblogged from: thejerrynation · Source: thejerrynation

Question from Anonymous

August 03, 2014 / 1 ♥ / Reblog this post / Comments

May nagpapatanong lang po. "Never pa ako nagbayad ng income tax ko. Almost 2 years din yun. Pero yung sa ibang bansa ka naman di ba eh hundi na yun kasama? So paano ako magbabayad sa bir if ever na kukuha na nga ako ng tin number ko? Ano yung dapat kong ideclare?"

If non-resident citizen ka (or simply yun mga OFWs na nagwowork overseas), you don’t need to pay taxes in the Philippines kung ang income mo is from the other country and not in the Philippines. Sabi nga, non-resident citizens are taxed within the Philippines only. Pero kung may business siyang minamaintain sa Philippines while abroad, yun need niyang magdeclare ng Income Tax, kasi galing na sa Pilipinas yun income niya.

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