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Certificate Of Financial Statements – PRC-Board Of Accountancy
Final PRC-BOA Rules on Certificate of Financial Statements (FS) 
The Board of Accountancy (BoA) has signed the rules on Financial Statements (FS) preparation and the requirement for the Certificate of Compilation Services for the preparation of FS and notes thereto (“the Certificate”). BoA Resolution No. 03-2016 dated 19 January 2016 is now posted in the BoA website.The rules provide, among others, the following:


1.     Requirement of the attachment to the annual FS of a Certificate on the compilation services rendered in the preparation of FS and notes to the FS. (Please see Annex A of the attached BoA Resolution for a copy of the Certificate.)


2.     The Certificate shall be prepared only for issuers which/who have gross sales or revenues exceeding ten million pesos (P10,000,000) for a particular accounting year.


3.     The preparation of the FS and disclosure notes is a practice of accountancy in commerce and industry and shall be done only by Certified Public Accountants (“CPAs”).


4.     The reiteration of the rule that CPAs in public practice are prohibited from preparing or assisting in the preparation of FS and disclosure note of their clients which engaged them to render attest services for the same documents.


5.     The CPAs in public practice who violate this prohibition rule shall be subject to stern sanctions by the Board of Accountancy.


6.     The CPAs rendering the compilation services for the preparation of the FS and signing the Certificate shall first be accredited with the Professional Regulatory Board of Accountancy after submitting the necessary application and complying with the Continuing Professional Development (CPD) requirements.


7.     These CPAs should apply for accreditation not later than 29 February 2016  and comply with the CPD requirements not later than 30 June 2016 after signing an affidavit of undertaking to that effect. 

For a complete copy of the resolution, please go to Board of Accountancy website at

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