Back in 2015, the Professional Regulatory Board of Accountancy (PRBOA) issued resolution no. 275, which promulgated the new Tables of Specification (TOS) of the subjects in the CPA Board Exam, in which the exam was formally referred to as the Board Licensure Examination for Certified Public Accountants (CPA).
Among the subjects that have undergone a radical change was Business Law. Previously, it was taken together with Taxation, and was merged under a single board exam subject Business Law and Taxation. Now, the two subjects have been segregated and consequently, the coverage of each subject has been expanded greatly. Taxation now covers a myriad of tax issues that were never or not given extensive coverage before, such as the Taxation under the Local Government Code of 1991, as well as preferential taxation and the Tarriffs and Customs Code.
Taxation's previous partner, Business Law, has taken on the name of Regulatory Framework for Business Transactions (RFBT). As is with the case of Taxation, RFBT now covers more topics, and in the case of a good number of Accountancy graduates, some of the topics have not been touched in their undergraduate years. Among these rather new topics are:
1. Insolvency Law/Financial Rehabilitation and Insolvency Act (FRIA) of 2010 (RA 10142)
2. Corporate Rehabilitation (likewise covered by FRIA)
3. Bouncing Checks Law (BP 22)
4. Securities Regulation Code (RA 8799)
5. Cooperative Code of the Philippines (RA6938/RA9520)
6. PDIC Law (RA 3591)
7. Secrecy of Bank Deposits and Unclaimed Balances Law (RA1405 and Act No. 3936)
8. Anti-Money Laundering Act of 2001 (RA 9160)
9. General Banking Law (RA 8791)
10. New Central Banking Act (RA 7653)
11. Intellectual Property Code of the Philippines (RA 8293)
Good thing is, memory aids and materials that tackle these laws abound and are in fact plentiful in the internet. Later on, I'll share some to you.
