Board of Accountancy Memo Regarding Topics to be Included in the May 2009 CPA Exams
For all CPA exam-takers in the May 2009 batch, please see this if you have not done so. I hope this is not too late at this point.
Here is the memorandum from BOA (I extracted this from the PDF file (link below) for ease of viewing online) to Schools offering Accountancy and CPA Review Centers informing them about the inclusion of the following to the May 2009 CPA Board exams. The memo was issued in January 2009.
This is all about the Philippine Accounting Standards (PASs), Philippine Financial Reporting Standards (PFRSs), Philippine Standards on Auditing (PSAs), Philippine Standards on Quality Control (PSQCs), Philippine Auditing Practice Statements (PAPSs), Philippine Standards on Review Engagements (PSREs), Philippine Standards on Assurance Engagements (PSAEs) and Philippine Standards on Related Services (PSRSs) that are to be covered in the May 2009 Certified Public Accountants (CPA) Licensure Examination
A. Philippine Accounting Standards (PASs) and Philippine Financial Reporting Standards (PFRSs)
Introduction to PFRS (approved in January 2007)
Preface to PFRSs (approved in January 2007)
Framework for the Preparation and Presentation of Financial Statements (approved in January 2007)
PAS 1 – Presentation of Financial Statements (Revised 2007) (effective January 1, 2009)
Amendment to PAS 1: Capital Disclosures
PAS 2 – Inventories
PAS 7 – Cash Flow Statements
PAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors
PAS 10 – Events After the Balance Sheet Date
PAS 11 – Construction Contracts
PAS 12 – Income Taxes
PAS 16 – Property, Plant and Equipment
PAS 17 – Leases
PAS 18 – Revenue
PAS 19 – Employee Benefits
Amendments to Philippine Accounting Standard 19 Employee Benefits – Actuarial Gain and Losses, Group Plans and Disclosures
PAS 20 – Accounting for Government Grants and Disclosure of Government Assistance
PAS 21 – The Effects of Changes in Foreign Exchange Rates
PAS 23 – Borrowing Costs (Revised 2007) (effective January 1, 2009)
PAS 24 – Related Party Disclosures
PAS 26 – Accounting and Reporting by Retirement Benefit Plans
PAS 27 – Consolidated and Separate Financial Statements
PAS 28 – Investments in Associates
PAS 29 – Financial Reporting in Hyperinflationary Economies
PAS 31 – Interests in Joint Ventures
PAS 32 – Financial Instruments: Disclosure and Presentation
PAS 33 – Earnings per Share
PAS 34 – Interim Financial Reporting
PAS 36 – Impairment of Assets
PAS 37 – Provisions, Contingent Liabilities and Contingent Assets
PAS 38 – Intangible Assets
PAS 39 – Financial Instruments: Recognition and Measurement
Amendments to PAS 39: Transition and Initial Recognition of Financial Assets and Financial Liabilities
Amendments to PAS 39: Cash Flow Hedge Accounting of Forecast Intragroup Transactions
Amendments to PAS 39: The Fair Value Option
Amendments to PAS 39 and PFRS 4: Financial Guarantee Contracts
PAS 40 – Investment Property
PAS 41 – Agriculture
PAS 101 – Financial Reporting Standards for Non-publicly Accountable Entities
Amendment to PAS 101: Change in Effective Date
PFRS 1 – First-Time Adoption of Philippine Financial Reporting Standards
PFRS 2 – Share-based Payment
PFRS 3 – Business Combination
PFRS 4 – Insurance Contracts
PFRS 5 – Non-current Assets Held for Sale and Discontinued Operations
PFRS 6 – Exploration for and Evaluation of Mineral Resources
PFRS 7 – Financial Instruments: Disclosures
Amendment to PFRS 7: Financial Instruments: Disclosures – Transition
PFRS 8 – Operating Segments (effective January 1, 2009)
B. PSQCs, Framework, PSAs, PAPSs, PSREs, PSAEs, PSRSs
Preface to the International Standards on Quality Control, Auditing, Review, Other Assurance and Related Services and Preface to the Philippine Standards on Quality Control, Auditing, Review, Other Assurance and Related Services (effective December 15, 2008)
Philippine Framework for Assurance Engagements
Glossary of Terms [amended by PSA 220 (Revised)]
C. Philippine Standard on Quality Control (PSQC)
Quality Control for Firms That Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements
Philippine Standards on Auditing (PSAs)
120 – Framework of Philippine Standards on Auditing
200 – Objective and General Principles Governing an Audit of Financial Statements [amended by PSA 700 (Revised)]
210 – Terms of Audit Engagements [amended by PSA 700 (Revised)]
220 – (Revised) Quality Control for Audits of Historical Financial Information
230 – (Revised) Audit Documentation
240 – (Revised 2005) The Auditor’s Responsibility to Consider Fraud in an Audit of Financial Statements
250 – Consideration of Laws and Regulations in an Audit of Financial Statements
260 – Communications of Audit Matters with Those Charged with Governance
300 – (Revised) Planning an Audit of Financial Statements
315 – Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement
320 – Audit Materiality [amended by PSA 240 (Revised 2005)]
330 – The Auditor’s Responses to Assessed Risks
402 – Audit Considerations Relating to Entities Using Service Organizations
500 – (Revised) Audit Evidence
501 – Audit Evidence – Additional Considerations on Specific Items
505 – External Confirmations
510 – Initial Engagements–Opening Balances
520 – Analytical Procedures
530 – Audit Sampling and Other Selective Testing Procedures
540 – Audit of Accounting Estimates
545 – Auditing Fair Value Measurements and Disclosures
550 – Related Parties
560 – Subsequent Events [amended by PSA 700 (Revised)
570 - Going Concern
580 - Management Representations [amended by PSA 240 (Revised 2005)]
600 – Using the Work of Another Auditor
610 – Considering the Work of Internal Auditing
620 – Using the Work of an Expert
700 – (Revised) The Independent Auditor’s Report on a Complete Set of General Purpose Financial Statements
701 – Modifications to the Independent Auditor’s Report
710 – Comparatives
720 – Other Information in Documents Containing Audited Financial Statements
800 – The Independent Auditor’s Report on Special Purpose Audit Engagements [amended by PSA 700 (Revised)]
D. Philippine Auditing Practice Statements (PAPSs)
1000 – Inter-Bank Confirmation Procedures
1000Ph – Audit Evidence – Practical Problems in an Audit of Financial Statements
1001Ph – Guidance in Dealing with “Tentative Financial Statements”
1004 – The Relationship Between Bangko Sentral ng Pilipinas (BSP) and Banks’ External Auditors
1005 – (Revised) The Special Consideration in the Audit of Small Entities
1006 – Audits of the Financial Statements of Banks
1010 – The Consideration of Environmental Matters in the Audit of Financial Statements
1012 – Auditing Derivative Financial Instruments [amended by PSA 220 (Revised)]
1013 – Electronic Commerce – Effect on the Audit of Financial Statements
1014 – Reporting by Auditors on Compliance with International Financial Reporting Standards
E. Philippine Standards on Review Engagements (PSREs)
2400 – Engagements to Review Financial Statements (previously PSA 910)
2410 – Review of Interim Financial Information Performed by the Independent Auditor of the Entity
Philippine Standards on Assurance Engagements (PSAEs)
3000 – (Revised) Assurance Engagements Other Than Audits or Reviews of Historical Financial Information
3400 – The Examination of Prospective Financial Information (previously PSA 810)
Philippine Standards on Related Services (PSRSs)
4400 – Engagements to Perform Agreed-Upon Procedures Regarding Financial Information (previously PSA 920)
4410 – Engagements to Compile Financial Information (previously PSA 930)
Revised Code of Ethics for Professional Accountants in the Philippines
(effective June 30, 2008)
Rules on Advertising and Promotion for the Practice of Accountancy in the Philippines (effective August 9, 2008)
Rules and Regulations for the Accreditation of Accounting Teachers (effective June 20, 2008)
Actual BOA Memorandum is here: http://www.pinoycpareviewer.com/BOA-Memo-for-May-2009-Exams.pdf
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