The document summarizes revisions made to the Philippine CPA Licensure Examination, including: - Reducing the number of exam subjects from seven to six by merging some topics and separating others. - Distributing topics from Theory of Accounts, Practical Accounting Problems 1 and 2 to two new subjects. - Separating the previous Business Law and Taxation subject into individual Taxation and Regulatory Framework subjects. - Adding additional topics to the Taxation and Regulatory Framework subjects. - Providing tables outlining the topics covered, weights, and number of items for each revised subject.

1. Revisions in the Board Licensure
Examination for Certified Public
Accountants
Prepared by
Ferdinand C. Importado CPA, MBA

2. Contents
• Background or rationale for the revision.
• Current subjects (seven subjects) and the revised subjects (six subjects).
• Highlights of the revisions.
• Additional topics for Taxation and Regulatory Framework for Business
Transactions.
• BOA Resolution 114 Series of 2016.
• Table of Specifications.

3. Background
• The Philippine CPA Licensure Examination (PCPALE) has not
been changed over the past 40 years.
• On June 20, 2015, The Board of Accountancy (BOA) proposed
to the Professional Regulatory Commission (PRC) the revision
of the PCPALE.
• Section 15 of Republic Act 9298 (The Accountancy Law)
allows amendments the PCPALE by the BOA subject to the
approval of the PRC.
• Effective May 2016.

4. Current Subjects
• Theory of Accounts
• Practical Accounting Problems 1
• Practical Accounting Problems 2
• Management Services
• Auditing Theory
• Auditing Problems
• Business Law and Taxation

5. Revised Subjects
• Financial Accounting and Reporting
• Advanced Financial Accounting and Reporting
• Management Advisory Services
• Auditing
• Taxation
• Regulatory Framework for Business Transactions

6. Revisions
• Reduction of the subjects from 7 to 6 subjects.
• Merging theory and practice (problems) Financial Accounting and
Reporting and Auditing.
• Distributing Theory of Accounts (TOA), Practical Accounting Problems
1 and 2 (Prac. 1 & 2) between Financial Accounting and Reporting (FAR)
and Advanced Financial Accounting and Reporting (AFAR).
• Segregating Business Law and Taxation (BLT) into Taxation and
Regulatory Framework for Business Transactions.
• Renaming Management Services (MS) to Management Advisory Services.

7. Conceptual Revisions
Theory of Accounts
Practical Accounting Problems 1
Practical Accounting Problems 2
Management Services
Auditing Theory
Auditing Problems
Business Law and Taxation
Financial Accounting and
Reporting
Advanced Financial Accounting
and Reporting
Management Advisory Services
Auditing
Taxation
Regulatory Framework for
Business Transactions

8. Additional Topics for Taxation
• Taxation under the Local Government Code
• Preferential Taxation
- Senior citizen Law, Magna Carta for Disabled Persons,
Special Economic Zone Act, Omnibus Investments Code
Book I of Executive Order 226, Barangay Micro Business
Enterprises Act, Double Taxation Agreements
- Tariff and Customs Code

9. Additional Topics for Regulatory Framework
for Business Transactions
• Insolvency Law
• Corporate Rehabilitation
• Bouncing Checks
• Cooperatives
• PDIC Law
• Secrecy of Bank Deposits
and Unclaimed Balances Law
• General Banking Law
• AMLA Law
• The New Central Bank Act
• Intellectual Property Law

10. BOA Resolution 114 Series of 2016
• Inclusion of the following topics in the Board Licensure
Examination for Certified Public Accountants (BLECPA):
• Effective communication to stakeholders,
• Code of Ethics for Professional Accountants in the
Philippines,
• Philippine Accountancy Act of 2004,
• Board Resolution No. 71 Series of 2004.

11. Weights in BLECPA
Subjects Theoretical Problem Solving
Financial Accounting and Reporting 30% 70%
Advanced Financial Accounting and Reporting 30% 70%
Management Advisory Services 30% 70%
Auditing 50% 50%
Taxation 30% 70%
Regulatory Framework for Business Transaction 70% 30%

12. Financial Accounting and Reporting
Topics Weight Items
Development of Financial Reporting
Framework and Standard Setting Bodies,
Regulation of the Accountancy Profession
2.86% 2
Accounting Process 2.86% 2
Presentation of Financial Statements 14.28% 10
Financial Assets 14.28% 10
Non-Financial Assets 21.43% 15
Financial and Non-Financial Liabilities 10.00% 7

13. Financial Accounting and Reporting
Topics Weight Items
Equity 14.28% 10
Borrowing Costs, Leases , Income Tax and
Employee Benefits
8.57% 6
Interim Reporting 2.86% 2
Small and Medium-Sized Entities 5.71% 4
Cash to Accrual 2.86% 2
100.00% 70

14. Advanced Financial Accounting and
Reporting
Topics Weight Items
Partnership Accounting 14.28% 10
Corporate Liquidation 5.71% 4
Joint Arrangements (PFRS 11) 5.71% 4
Revenue Recognition 14.28% 10
Accounting for Home Office, Branch and
Agency Transactions
5.71% 4
Accounting for Business Combination (PFRS 3) 5.71% 4

15. Advanced Financial Accounting and
Reporting
Topics Weight Items
Separate Financial Statement (PAS 27) 7.14% 5
Consolidated Financial Statements (PFRS 10 ) 7.14% 5
Foreign Currency Transactions 5.71% 4
Translation of Foreign Currency Financial
Statements (PAS 21/PAS 29)
5.71% 4
Not – for – profit organizations 2.86% 2
Government Accounting – General Fund 2.86% 2

16. Advanced Financial Accounting and
Reporting
Topics Weight Items
Other special Topics 2.87% 2
Cost Accounting 14.28% 10
100.00% 70

17. Management Advisory Services
Topics Weight Items
Management Accounting 50.00% 35
Financial Management 40.00% 48
Management Consultancy 4.29% 3
Economic Concepts essential to obtaining an
understanding of entity’s business and industry
5.71% 4
100.00% 70

18. Auditing
Topics Weight Items
Auditing Theory 50.00% 35
Evidence Accumulation and Evaluation –
Substantive Tests of Transactions and Balances
50.00% 35
100.00% 70

19. Taxation
Topics Weight Items
Principles of Taxation 10.00% 7
Tax Remedies 12.50% 9
Income Taxation 20.00% 14
Transfer Taxes 15.00% 10
Value Added Tax (Vat And Percentage Tax) 17.50% 12

20. Taxation
Topics Weight Items
Taxation Under The Local Government Code* 5.00% 4
Preferential Taxation* 10.00% 7
Tariffs And Customs Code 5.00% 3
Effective Communication to Stakeholders 5.00% 4
100.00% 70
*Effective October 2017 Board Examinations

21. Regulatory Framework for Business
Transactions
Topics Weight Items
Obligations 15.00% 15
Contract 15.00% 15
Sales 10.00% 10
Pledge, Real Mortgage and Chattel Mortage 6.00% 6
Negotiable Instruments 9.00% 9
Partnership 15.00% 15
Corporations 30.00% 30
100.00% 100

22. Regulatory Framework for Business
Transactions – October 2017
Topics Weight Items
Obligations 10.00% 10
Contract 10.00% 10
Sales 7.00% 7
Pledge, Real Mortgage And Chattel Mortage 3.00% 3
Insolvency Law 5.00% 5
Corporate Rehabilitation 5.00% 5
Negotiable Instruments 4.00% 4

23. Regulatory Framework for Business
Transactions – October 2017
Topics Weight Items
Bouncing Checks 3.00% 3
Partnership 10.00% 10
Corporations 20.00% 20
Cooperatives 10.00% 10
PDIC Law 3.00% 3
Secrecy of Bank Deposits and Unclaimed
Balances Law
2.00% 2

24. Regulatory Framework for Business
Transactions – October 2017
Topics Weight Items
General Banking Law 2.00% 2
AMLA Law 2.00% 2
The New Central Bank Act 2.00% 2
Intellectual Property Law (except provisions
under Part 1 Intellectual Property Office)
2.00% 2
100.00% 100

25. Sources
Board of Accountancy presentations
For the complete list of the syllabi and the tables of
specifications, please proceed to http://boa.com.ph/cpa-exam/