The business landscape is being continuously reshaped by globalization, by advances in technology, by demographic and political shifts, and by transformational innovation and disruptive business models. For accountants, there is a two-fold challenge to this constant reshaping: first, the need to assess the implications of these transformative forces to the business of the organizations they serve; and second, the need to prepare and equip them adequately to address these changes.
In response to the foreseen challenges, the Board of Accountancy increased the continuing profession development (CPD) unit requirements for Certified Public Accountants (CPAs). The Philippines, being a member of the International Federation of Accountants (IFAC), is mandated to comply with and increase the CPD units to 120 from the current 60 CPD units. Over a three-year period, the required CPD units will be increased with increments of 20 units per year starting in 2017.
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