REVISED CURRICULUM FOR

BACHELOR OF SCIENCE IN ACCOUNTANCY

COMMISSION ON HIGHER EDUCATION

Presentation Outline

Background of the Project

Objectives of the Study
Methodology
The Highlights of New BSA Curriculum

Summary of Changes

General Education Components

Business Education Components

IT Education Components

Accountancy & Finance Education Components

Q&A

Background of the Project (1)

Legal Basis:
RA 7722 otherwise known as the Higher Education Act of
1994
Presidential Commission on Educational Reform (PCER)
Agenda through the implementation of the Higher
Education Development Project (HEDP)
Technical Working Group (TWG) and Task Forces with
Technical Staff on International Benchmarking and
Curriculum Revision:

benchmark the curricula in identified priority areas

against international standards; and

revise curricula in accordance with competency

standards
3

Research Background (2)

Accountancy is one of the priority areas identified by

CHED

Need to revise minimum curricular requirements for

B.S. Accountancy in 2001 through CHED Memo
Order No. 26, series of 2001

UNCTADs 1999 model curriculum upon which it was

based has already been revised in 2003

Need for strengthening the accounting profession

including training professional accountants due to
major corporate failures

Objectives

Update the existing minimum curricular

requirements for BS Accountancy taking into
consideration:
(a) UNCTADs Global Accountancy Curriculum (Revised 2003); (b)
The 150-Hour Accountancy Curriculum in the US; (c ) Curriculum of
Top Accountancy Schools Worldwide; (d) Core Competencies
Required from Accountancy Graduates as communicated by
Business and Industry; (d) the IFAC International Education
Standards which become mandatory to all IFAC member bodies
effective 2005; and (e) best Practices of Top Accountancy Schools
Worldwide

Develop new policies and standards in accounting

education taking into account:

Methodology

Analysis of documents such as the UNCTAD Global

Accountancy Curriculum (Revised 2003), 150-Hour
Accountancy Curriculum in the US and curricula of
Top Accountancy Schools Worldwide

Workshop proceedings

Dialogues and discussions with the local academe,

industry and professional groups

70% of schools in Accountancy participants in the

public hearing held at
St. Louis University La Union, Regions 1, 2,
CAR
Miriam College NCR, Regions 3, 4, 5
Crown Suite Cebu
Ateneo de Davao University

The New BSA Curriculum

Summary of Changes
Adopts the International Education Standards recently issued by the
International Federation of Accountants

IES 1. Entry requirements to a program of professional accounting education

IES 2. Content of professional education programs

IES 3. Professional skills

IES 4. Professional values, ethics and attitudes

The New BSA Curriculum

Summary of Changes

IES 5. Practical experience requirements

IES 6. Assessment of professional capabilities and competence
IES 7. Continuing Professional Development (CPD): A Program of
Lifelong Learning and Continuing Development of Professional
Competence
IES 8. Competence Requirements for Audit Professionals

The New BSA Curriculum

Summary of Changes
Adopts the Core Competency Framework for Entry to the Philippine
Accountancy Profession issued by the Board of Accountancy (Art.
IV)
Adopts the requirements of the UNCTAD Global Curriculum
Adopts the requirements of the 150-Hour Accountancy Curriculum
in the United States
Considers best practices from top accountancy schools
worldwide
The authorization to open an accountancy program shall be based
upon the recommendation of the Accounting Technical Education
Committee of the Board of Accountancy (BOA), Professional
Regulation Commission (PRC) and the approval of the Commission
on Higher Education (CHED) (Art. II Sec. 7)
The revised minimum curricular requirements for BSA are
prescribed for all schools duly recognized or authorized by the
government to operate the program including state universities and
colleges, and local colleges and universities (Art. II Sec. 9)
9

The New BSA Curriculum

Summary of Changes (continued)
The BSA program shall be administered by a full-time Dean/Chair/
Director, with the following appropriate qualifications:

Registered Professional Accountant in the Philippines with current PRC

Identification Cards;

Teaching experience of at least five (5) years in the tertiary level, and
preferably, two (2) years of administrative experience; and

Holder of at least a masters degree in business, accountancy, business

education, or educational management (Art. V, Sec. 20)

The Dean/Chair/Director shall have the following added functions:

Ensure adherence to established standards of instruction; and

Initiate curriculum development programs (Art. V, Sec. 21)

10

The New BSA Curriculum

Summary of Changes (continued)
The All faculty teaching accounting and managerial finance courses
should be:

Registered Professional Accountants in the Philippines with current PRC

Identification Cards; and

Holders of a masters degree in business, accountancy, business

education, or educational management.

Provided that any full-time tenured faculty member without a masters degree
shall be provided a period not exceeding five (5) years from the date of the
issuance of this CMO to earn a masters degree (Art. VI, Sec. 22)
The curriculum for the BSA Program puts emphasis on a professional
accounting study that is long and intensive enough to permit students to gain
the professional knowledge required for professional competence. Such
professional accounting education consists of:

accounting, finance and related knowledge;

organizational and business knowledge; and

information technology knowledge and competencies (Art. VII, Sec. 28)

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The New BSA Curriculum

Summary of Changes (continued)
In implementing the minimum curricular standards, certain
important implications should be kept in mind. These are:

The standards are intended to be flexible rather than restrictive. They

provide a general framework within which each institution should design
and develop a curriculum in the context of institutional strength, priorities,
and commitment.

The standards are the minimum required of schools authorized by CHED to

offer the B.S. Accountancy Program. Higher standards are expected to be
implemented by schools with deregulated status and those designated as
Centers of Excellence (COE) and Centers of Development (COD) in
Accountancy Education.

Schools of Accountancy are encouraged to undergo accreditation

preferably within five (5) years after recognition (Art. VII, Sec. 34)

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The New BSA Curriculum

Summary of Changes (continued)
Article VIII, Section 44
Educators delivering professional accounting education programs need to
respond to the changing needs of the international accountancy profession
as well as individual professional accountants. Hence, their teaching
methods should focus on providing students with the tools for self-directed
learning after they become professional accountants. Educators are free to
adopt the methods that work best in their particular cultures. However, they
may need to be trained and encouraged to use a broad range of learnercentered teaching methods that include:

Using case studies, projects and other means to simulate work situations;

Working in groups;

Adapting instructional methods and materials to the ever-changing environment in

which the professional accountant works;

Pursuing a curriculum that encourages self learning so that students learn to learn on
their own and carry out this skill with them after becoming professional accountants;

Using technology and e-learning;

Encouraging students to be active participants in the learning process;

13

The New BSA Curriculum

Summary of Changes (continued)

Using measurement and evaluation methods that reflect the changing

knowledge, skills, and professional values, ethics, and attitudes required of
professional accountants;

Integrating knowledge, skills, professional values, ethics and attitudes

across topics and disciplines to address many-sided and complex
situations typical of professional demands;

Emphasizing problem identification and problem-solving which

encourages identifying relevant information, making logical assessments
and communicating clear conclusions;

Exploring research findings; and

Stimulating students to develop professional skepticism and professional

judgment.

Education programs need to include reflection when students are required

to consider an experience, what went well, what did not work and what
approach should be taken in the future in similar circumstances (Art. VIII,
Sec. 36)

14

The New BSA Curriculum

Summary of Changes (continued)
Section 45
Delivering all of these teaching methods in a purely academic
environment is not the only solution. Integration of education and
practical experience can bring benefits by drawing on work-based
examples to enable students to apply knowledge. A well-designed
program of on-the-job training can deliver many of the required
experiences. Supervisors, mentors and others involved in practical
experience may need to be trained in the most effective way of
planning practical experience (Art VIII, Sec. 37)
Other learning methods include:

Working in groups and in-office environments;

Integration of professional knowledge, professional skills, and professional

values, ethics and attitudes across topics and practice in problem solving;
and

Reflection and post-implementation work reviews as a means of learning

(Art VIII, Sec. 38)
15

The New BSA Curriculum

Summary of Changes (continued)
The Commission shall be constrained to take appropriate action
regarding the operation of any school of accountancy if any of the
aforementioned minimum curricular requirements are not met.
Further, poor performance of the graduates in ten (10) CPA Board
Examinations within a period of five years could lead to the gradual
phase-out and eventual closure of the schools accountancy
program in accordance with CHEDs policies and procedures. (Art.
IX, Sec. 56).

16

The New BSA Curriculum

Reiterated Policies:
Universities and colleges offering the BSA program should adopt a
selective admission policy. Applicants for admission should be
screened on the basis of their college entrance examinations, high
school class standing/grade point average, interviews, and other
appropriate means (Art IX, Sec. 41).
Students should be allowed to continue in the BSA program only by
maintaining a satisfactory grade level as stated in the school
retention policy. To ensure that grades are a fair measure of
academic performance, the following measures should be taken:

Final departmental examinations of sufficient length and complexity should

be required in all accounting, managerial finance, CPA Board-related
courses, and preferably, in all business core subjects.

All examinations should be properly supervised and proctored.

Grading should be based on a definite and uniform policy specifying the

weights for periodic quizzes, formal examinations, recitations, and other
factors used in determining final grades.

The integrity of final grades should be protected (Art. IX, Sec. 43)
17

The New BSA Curriculum

Reiterated Policies:
General education components of the curriculum are preferably
taken in the first two years of the curriculum. Accounting and other
CPA Board-related courses, when taken for the first time, shall be
offered only during the regular term.

18

CMO 26, series of 2001 vs. proposed new curriculum

CMO 26, series of 2001

Proposed new curriculum

General Education
Components

51

General Education
Components

Business Education
Components

54

Basic Business Core -24

Accountancy Education

69

51

Business Education Core 18

42

Information Technology Core

Accounting & Finance

Education

94

Sub-total

174

Sub-total

196

PE/NSTP

14

PE/NSTP

14

Total

188

Total

Increase of 22 units

19

210

Breakdown of 22 additional units

New courses:
Calculus for Business

Humanities (Elective)

Microeconomic Theory and Practice

Good Governance and Corporate Responsibility

Internship or Thesis

Accounting Synthesis

Increase in units of the following courses:

Fundamentals of Accounting, Part II

Assurance Principles, Professional Ethics and Good

Governance (formerly Auditing Theory)

Total

22

20

General Education Components

Goal of GE: A Liberally Educated Accountant

Why liberally educated accountant?

A liberally educated accountant is someone who:
can think and write clearly, effectively and critically
has a critical appreciation of how to gain knowledge and understand
the universe, society and himself
has a broad knowledge of other cultures and other times
has some understanding of and experience in thinking
systematically about moral and ethical problems
has achieved depth in some field of knowledge

21

General Education Components

No change in GE components

Follows the General Education and legislated courses prescribed by CHED

Memorandum No. 04, series of 1997

However, there are two additional courses or six (6) additional units
of General Education courses for the BSA Program

Form part of the Accounting & Finance Education Component of the

curriculum

Calculus for Business (3 units)

Humanities Elective (3 units)

22

General Education Components (no change)

Humanities Cluster:
Communication Skills, Part I

Communication Skills, Part II

Sining ng Pakipagtalastasan

Pagbasa/Pagsulat sa Ibat Ibang Disiplina

Philippine Literature

Introduction to Philosophy with Logic & Critical Thinking

Art, Man and Society

Math/Science Cluster:
College Algebra

Mathematics of Investment

23

General Education Components (no change)

Physical Science

Biological Science

Fundamentals of Computer Software with Applications

Social Sciences Cluster:

Philippine History with Politics and Governance

Society and Culture with Family Planning

General Psychology

Introduction to Economics With Land Reform and Taxation

Life and Works of Rizal

Total

51

24

Business Education Components

Goal of BE: The CPA as a Total Business Advisor
Knowledge of business structure and economic concepts (now a part of
the CPA Licensure Examination)
1. Business structure
2. Economic concepts

Business cycles and reasons for business fluctuations

Economic measures and reasons for changes in the economy, such as

inflation, deflation, and interest rate changes

Market influences on business strategies, including selling, supply chain,

and customer management strategies

Implications to business of dealings in foreign currencies, hedging and

exchange rate fluctuations

3.Financial management
4.Information technology (IT) implications in the business environment
5.Planning and measurement

25

Business Education Components

The Business Education (BE) in the CMO follows the BE of the New
Innovative BSBA Curriculum CHED Minimum Curricular
Requirements presented at Century Park Hotel on December 2, 2005
except for Accounting

The BSBA curriculum has 6 units of Accounting: Financial Accounting 1

and Financial Accounting 2

New BSA curriculum has 12 units of Fundamentals in Accounting instead of

just six (6) as proposed by the BSBA program

Additional two courses (or a total of 6 units) in Business Education:

Microeconomic Theory and Practice (3 units) Required by the
UNCTAD Global Curriculum
Good Governance and Corporate Responsibility (3 units) Also
required by the UNCTAD Global Curriculum

26

Business Education Components

Basic Business Core:

Minimum
Prescribed
Units

Principles of Management and Organization

Human Behavior in Organization

Principles of Marketing

Fundamentals of Accounting, Part I

Technical Writing for Business

Basic Finance

Fundamentals of Programming and Database Theory &

Applications

Sub-total

24

27

Business Education Components

Business Education Core:

Minimum
Prescribed
Units

Fundamentals of Accounting, Part II

Law on Obligations and Contracts

Income Taxation

Microeconomic Theory and Practice

Good Governance and Social Responsibility

Sub-total

18

Total

42

28

Information Technology (IT) Education Components

IES requires an IT component of the curriculum

In CMO # 26, this component

Accountancy Education

IT has transformed the role of the professional

accountant

was

part

of

CPA not only uses information systems and

exercises IT controls skills but also plays an
important role as part of a team in the
evaluation, design and management of systems

Goal of IT Education : equip students with skills to

use IS and exercise IT controls skills and play an
important role in the evaluation, design and
management of IS

29

Information Technology (IT) Education Components

Includes the
competences:

following

subject

areas

and

General knowledge of IT

IT control knowledge

IT control competences

IT user competences

One of, or a mixture of, the competences of, the roles

of manager, evaluator or designer of information
systems

30

Information Technology (IT) Education Components

Minimum
Prescribed
Units
IT Concepts and Systems Analysis and Design

Accounting Information Systems

Auditing in a CIS Environment

Total

31

Accountancy & Finance Education Components

Increase in units in two courses in Accountancy

Education:
Fundamentals of Accounting, Part II (from 3 to 6
units)
Assurance Principles, Professional Ethics and
Good Governance (formerly Auditing Theory)
(from 3 to 6 units)

Additional two courses:

Internship or Thesis in Accounting (3 units)
Synthesis (1 unit)

32

Accounting and Finance Education Components

Goal: provide students with core technical

foundation essential to a successful career as
professional accountants
Additional GE and BE courses:

Minimum
Prescribed
Units

Calculus

Humanities Elective (Fine Arts (Visual and

Performing Arts), World Culture or Foreign
Language)

Business Statistics

Financial Management II

Quantitative Techniques in Business

Macroeconomic Theory and Practice

Production and Operations Management

Business Policy and Strategy

Sub-total

21
33

Accounting and Finance Education (continued)

Business Law and Taxation

Minimum
Prescribed
Units

Law on Business Organizations

Law on Negotiable Instruments

Sales, Agency, Labor and Other Commercial

Laws

Business and Transfer Taxes

Sub-total

12

34

Accounting and Finance Education (continued)

Minimum
Prescribed
Units
Financial Management, Part I

Financial Management, Part II

Financial Accounting and Reporting, Part I

Financial Accounting and Reporting, Part II

Financial Accounting and Reporting, Part III

Cost Accounting and Management

Management Accounting, Part I

Management Accounting, Part II

Management Consultancy

Advanced Financial Acccounting & Financial

Reporting, Part I

Advanced Financial Acccounting & Financial

Reporting, Part II

Accounting for Governmental, Not-for-Profit

Entities & Specialized Industries

35

Accounting and Finance Education (continued)

Minimum
Prescribed
Units
Assurance Principles, Professional Ethics and
Good Governance

Practical Auditing

Internship or Thesis in Accounting

Synthesis

Total

94

36

Other Changes in the New BSA Curriculum

Changed Speech and Oral Communications with

Technical Writing: Business and Accounting
Applications

Enhanced the 4th Law course to include Labor law

and Overview of Omnibus Investment Code, Foreign
Investments Act, Retail Trade Liberalization Law

Law on Business Organizations to include overview

of Securities Act

Three additional
Accounting Part II

Change in the nomenclature of some courses

Increased number of units in Auditing Theory

Required Internship or Thesis

Required Accounting Synthesis Course

units

37

for

Fundamentals

of

Important Change: Internship or Thesis

Internship
An applied academic experience conducted under joint faculty and
employer supervision
Requires a minimum of one semester and will include a minimum of
160 contact hours
May be in the areas of accounting, external audit, internal audit, or
tax.
Each internship assignment shall meet the following requirements:

Be substantial and practical, including analysis, evaluation, and application

of business, accounting, and auditing concepts;

Be subject to periodic documentation of progress and review by both the

employer and the Accountancy Program Chair or Dean; and

Culminate in a final evaluation prepared by the employer and a final course

grade awarded by the Accountancy Program Chair/Dean.

38

Important Change: Internship or Thesis

Thesis
A capstone course where students are required to use knowledge
obtained from previous accounting and finance courses including
research skills
Introduces students to research of current issues in accounting and
finance using various online databases.
Students learn applied research for solving complex accounting and
reporting issues including both financial and tax accounting cases
Formal defense of results of research is required

39

Important Change: Synthesis

A one unit course that provides an integrating framework and
experiences for understanding the roles of accountants, their
functions, and how they fit within the context of business and the
larger environment
Students will acquire knowledge and develop the skills necessary to
be effective in organizations and to learn general principles associated
with their profession as accountants
A paper integrating the concepts taught in all courses is required.
Students exhibit knowledge of these concepts by making an
informed decision on a current accounting/financial issue
The course is designed to cultivate students' ability to make strategic
decisions logically based on multidimensional analyses of corporate
structure, strategy, finance, and so forth

40

Conclusion

New curriculum

Retains the important changes that we introduced

four years ago in CMO 26, series of 2001

Seeks to produce an accountant who is liberally

educated, a total business advisor (not a narrow
accounting specialist), ethical and technically adept
with the latest accounting and auditing standards

Will make our future CPAs globally competitive

Skills comparable to CPAs in other countries

Will enable them to take the CPA exams in

other countries

Considered:
(a) UNCTADs Global Accountancy Curriculum (Revised 2003);
(b) The 150-Hour Accountancy Curriculum in the US;
(c ) Curriculum of Top Accountancy Schools Worldwide;
(d) Core Competencies Required from Accountancy Graduates as
communicated by Business and Industry;
(d) the IFAC International Education Standards which become
mandatory to all IFAC member bodies effective 2005; and
(e) best Practices of Top Accountancy Schools Worldwide
41

Questions?

42