THE significant increase in the licensure examination for certified public accountants (CPAs) pass rate, to more than 30 percent in 2023-2024 from just over 20 percent in 2022, is a welcome and encouraging development for the profession in the Philippines. The marked improvement not only demonstrates the growing competency and preparedness of our aspiring accountants, but also ensures that a greater number of qualified CPAs are entering the workforce each year. The influx of new CPAs plays a crucial role in meeting the substantial professional demands within the country, strengthening the foundation of our financial systems and contributing to overall economic growth and stability.

While the industry and the profession eagerly anticipate an increase in the number of CPAs in the coming licensure exam years, a pivotal announcement by the United States' National Association of State Boards of Accountancy (NASBA) on July 1, 2024, has created a new avenue for aspiring accountants. The US CPA exam is now available in the Philippines, providing Filipino candidates with a direct pathway to earn a US CPA license without the need to travel abroad. With this significant development, it is essential to delve into the primary reasons behind this initiative and the objectives it aims to achieve.