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- Developed in the early 1990’s by Dr. Robert Kaplan and David Norton."The balanced scorecard retains traditional financial measures. But financial measures tell the story of past events, an adequate story for industrial age companies for which investments in long-term capabilities and customer relationships were not critical for success. These financial measures are inadequate, however, for guiding and evaluating the journey that information age companies must make to create future value through investment in customers, suppliers, employees, processes, technology, and innovation."
- The Balanced scorecard is a management system that enables organizations to clarify their vision and strategy and translate them into action.
- Provides an organization with feedback of both the internal business processes and external outcomes, which allows for continuous improvement of strategic performance and results.
- Nerve center of an
enterprise
- The balanced scorecard is
centered on four performance metrics or perspectives:
Ø
Customers
Ø
Internal processes
Ø
Financial
Ø
Learning and growth
- When implemented properly, each one of
these perspectives contains four sub-parts consisting of
Ø
Objectives - what the strategy is to achieve in
that perspective
Ø
Measures - how progress for that particular
objective will be measured
Ø
Targets - refer to the target value that the
company seeks to obtain for each measure
Ø
Initiatives - what will be done to facilitate
the reaching of the target
- The term “scorecard”
signifies quantified performance measures and “balanced” signifies the system
is balanced between:
Ø
Short-term and long term objectives
Ø
Financial and non-financial measures
Ø
Lagging and leading indicators
Ø
Internal and external performance perspectives
- Uses of the balanced
scorecard:
Ø
To set objectives
Ø
To determine measures
Ø
To predict outcomes
Ø
To determine initiatives
Ø
To gain the big picture
- Balanced scorecard is a performance management system that can be used in any size organization.
- Allows management to
measure financial and customer results, operations, and organization potential.
Manila, June 11, 2014 -- The Professional Regulation Commission today announced the new schedules of the subjects in the July 20, 21, 28 and 29, 2014 Board Licensure Examination for Certified Public Accountants (BLECPA).
The new schedule of subjects is as follows:
| FIRST DAY | ||
| JULY 20, 2014 (Sunday) | 8:00 AM - 11:00 AM | AUDITING PROBLEMS |
| 1:00 PM - 4:00 PM | PRACTICAL ACCOUNTING II | |
| SECOND DAY | ||
| JULY 21, 2014 (Monday) | 8:00 AM - 11:00 AM | THEORY OF ACCOUNTS |
| 1:00 PM - 4:00 PM | AUDITING THEORY | |
| THIRD DAY | ||
| JULY 28, 2014 (Monday) | 8:00 AM - 11:00 AM | MANAGEMENT SERVICES |
| 1:00 PM - 4:00 PM | PRACTICAL ACCOUNTING I | |
| FOURTH DAY | ||
| JULY 29, 2014 (Tuesday) | 8:00 AM - 11:00 AM | BUSINESS LAW AND TAXATION |
The new schedule is embodied in Memorandum Order No.2014-03 dated June 9, 2014.
The changes in the schedules of the subjects will be applicable in the BLECPA for July 2014 ONLY.
Source: www.prc.gov.ph
Manila, June 11, 2014 --- The Professional Regulation Commission (PRC) announces that the Board Licensure Examination for Certified Public Accountants (BLECPA) originally scheduled on May 11, 12, 18 and 19, 2014 has been rescheduled to JULY 20, 21, 28 and 29, 2014.
The May 2014 BLECPA was recently postponed due to vacancies in the membership of the Professional Regulatory Board of Accountancy which left only two active members of the seven-member board thereby rendering the Board short of the requirement for a quorum to validly perform its duties and functions, specifically in the formulation and extraction of test items, conduct of the examination proper and releasing of the results.
Meanwhile, with the assumption into office of the new members of the Board (Accountancy), a resolution was issued through Board of Accountancy Resolution No. 01 dated June 9, 2014 rescheduling the new dates of the July 2014 BLECPA.
The CPA licensure exam will be held in the cities of Manila, Baguio, Cagayan De Oro, Cebu, Davao, Iloilo, Legazpi and Lucena.
A photograph of a young mother breastfeeding at her recent graduation ceremony has provoked a storm of online debate and once again brought the contentious issue to the fore.
Despite getting pregnant in her last year at college, Karlesha Thurman, 25, stayed in school and completed her accounting degree.
At her graduation from Long Beach State University in California last month, she brought along her three-month-old daughter Aaliyah.
After the ceremony, Karlesha was proudly showing off her daughter to friends when Aaliyah became hungry.
Still dressed in her cap and gown, Karlesha decided to feed her baby and a friend, who thought it cool, asked if they could take a picture.
A couple of days ago she posted the photo on the Facebook page, Black Women Do Breastfeed, to support a woman who wrote of getting dirty looks while nursing in public.
‘I did it to show it’s natural, it’s normal, there’s nothing wrong with it,’ Karlesha told Today.
'It’s not disgusting, it’s not a bad thing, it’s not a negative thing. It’s the best thing for my daughter. More people should do it,' she added.
Though Karlesha has since deleted her photo, the Facebook group decided to share the photo as part of their efforts to try and normalize breast-feeding in public.
‘Congratulations, mama!!!! Giving her daughter more gifts than one! Isn't this beautiful?! #normalizebreastfeeding,’ read the caption.
As the photo spread, the Facebook page – and Karlesha - received a lot of support.
'Congratulations to the mom for graduating & putting your baby 1st,' Michelle Spruill wrote on the group’s Facebook page.
'I breast-fed all 3 of my babies. I didn't let my babies starve because of how it would make someone else feel. Good job!'
As well as support, the photo also drew some negative comments as well. Some people though it was inappropriate and that she should have covered up.
'Maybe I still have sleep in my eyes but did U just see a pic of a chick really breastfeeding during middle of her graduation?' tweeted Moderate.
Karlesha, however, has no regrets.
‘I was proud of the fact that not only did I graduate but that I got to share the moment with the one person who is the most important to me and that is my daughter,’ she told Today.
Source (www.dailymail.co.uk)
Manila, April 21, 2014 --- The Professional Regulation Commission announces the postponement of the Board Licensure Examination for Certified Public Accountants (BLECPA) originally set on May 11-12 and 18-19, 2014.
The Board of Accountancy recommended the postponement and rescheduling of the licensure exam due to the vacancies in the board leaving only two active members of the seven-member board therefore rendering the Board short of the requirement for a quorum to validly perform its duties and functions, specifically in the formulation and extraction of test items, conduct of the examination proper and releasing of the results.
PRC Resolution No. 832 series of 2014 sought to indefinitely postpone and reschedule the BLECPA until the new members of the Board have been duly appointed and qualified. Republic Act 9298, otherwise known as the “Philippine Accountancy Act of 2004”, provides that the attendance of four (4) members of the Board shall constitute a quorum to officially transact business.
Sources: www.prc.gov.ph
CASH ACCOUNTING
Cash accounting tracks the actual money coming in and out of your business. In cash accounting, if you get an invoice for something, you don’t record the cost in your books until you’ve paid the invoice. Similarly, when you send an invoice to a customer, you don’t record the sale in your books until you receive the money from the customer.
For example, if you send an invoice on Tuesday, and don’t receive the payment in your account until Thursday, you record the income against Thursday’s date in your books.
ACCRUAL ACCOUNTING
If you use accrual accounting, you record expenses and sales when they take place, instead of when cash changes hands.
For example, if you’re a builder and have sent an invoice for a project you’ve completed, you record the sale in your books even though you haven’t received payment yet.
This way of accounting shows the amounts you owe to people and the amounts owing to you.
PROS AND CONS
Cash Accounting
- a simple system that keeps track of your business’ cash flow
- generally suited to smaller businesses that mostly handle transactions in cash, for example a hairdresser's or a grocery store
- gives you a picture of how much money you have in your till and in your bank accounts.
It doesn’t capture money that is owed to you or money you owe to others.
Accrual Accounting
- more complicated than cash accounting
- better suited to businesses that don’t get paid straight away (for example, architects often provide services that they invoice at a later date)
- a system that tracks your true financial position as it captures money that is owed to you and money you owe others
- helpful if you’re dealing with lots of contracts or large amounts of money.
Accrual accounting is more complicated than cash accounting so you’ll need an in-depth understanding of bookkeeping methods or a professional to help you out.
CHOOSING A METHOD
To work out which method best suits your business, think about:
- the size of your business
- how complicated your business transactions and processes are
- whether you have the resources to manage accrual accounting.
If you aren’t sure, it’s a good idea to talk to a business or accounting professional.
Source: www.business.gov.au
ABSORPTION COSTING
- costing method that includes all manufacturing costs - direct materials, direct labor and fixed factory overhead (FFOH) in the cost of a unit of products.
- treat FFOH as a product cost. It supports Matching Principle and is acceptable for financial reporting and tax purposes.
- inventories is ALWAYS HIGHER than Variable Costing.
- FS Presentation:
Sales
-COGS
Gross Profit
- Expenses
Net Income
VARIABLE COSTING
- also called DIRECT COSTING, includes only variable manufacturing costs - direct materials, direct labor and variable manufacturing/factory overhead (VFOH).
- treat FFOH as Period Cost. It violates Matching Principle.
- FS Presentation:
-Variable Cost
Contribution Margin
-Fixed Cost
Profit
1. CPA REVIEW SCHOOL OF THE PHILIPPINES (CPAR)
Address:
837 F. Cayco Street CPAR Bldg. Sampaloc Manila
Contact Number: (02) 740-7056
2. RESA REVIEW SCHOOL, INC. (RESA)
Address:
5th Floor CMFFI Bldg. 815 R. Papa Street, Sampaloc Manila
Contact Number: (02) 735-9807/734-3989
3. PROFESSIONAL REVIEW AND TRAINING CENTER, INC (PRTC)
Address: 2044 C. M. Recto Avenue, Manila
Contact Number: (02) 733-9344/734-7903
4. ACE-CRC REVIEW SCHOOL, INC.
Address:
3rd Floor C. Villaroman Bldg. 873 P. Campa St. cor, España, Sampaloc 1008
Contact Number: (02) 735-8901 / 735-9031
5. CENTER FOR TRAINING AND DEVELOPMENT, INC. (formerly CRPD)
Address:
Makati Office: 2F G.F. & Partners Bldg. 139 H.V. Dela Costa Street, Makati
Contact Number: (02) 892-9783
Manila-Recto Office: 3F BDO Building (formerly Equitable-PCI Building) 2070 CM Recto
Contact Number: (02) 734-8895
| PFRS | Title | Effective Date |
| PFRS 1 | First-time Adoption of Philippine Financial Reporting Standards [superseded by PFRS 1 (Revised)] |
01/01/05
|
| Amendments to PFRS 1: Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate |
01/01/09
| |
| PFRS 1 (Revised) | First-time Adoption of Philippine Financial Reporting Standards |
07/01/09
|
| Amendments to PFRS 1: Additional Exemptions for First-time Adopters |
01/01/10
| |
| Amendment to PFRS 1: Limited Exemption from Comparative PFRS 7 Disclosures for First-time Adopters |
07/01/10
| |
| Amendments to PFRS 1: Severe Hyperinflation and Removal of Fixed Date for First-time Adopters |
07/01/11
| |
| Amendments to PFRS 1: Government Loans |
01/01/13*
| |
| PFRS 2 | Share-based Payment |
01/01/05
|
| Amendments to PFRS 2: Vesting Conditions and Cancellations |
01/01/09
| |
| Amendments to PFRS 2: Group Cash-settled Share-based Payment Transactions |
01/01/10
| |
| PFRS 3 | Business Combinations [superseded by PFRS 3 (Revised)] |
01/01/05
|
| PFRS 3 (Revised) | Business Combinations |
07/01/09
|
| PFRS 4 | Insurance Contracts |
01/01/05
|
| Amendments to PFRS 4: Financial Guarantee Contracts |
01/01/06
| |
| PFRS 5 | Non-current Assets Held for Sale and Discontinued Operations |
01/01/05
|
| PFRS 6 | Exploration for and Evaluation of Mineral Resources |
01/01/06
|
| PFRS 7 | Financial Instruments: Disclosures |
01/01/07
|
| Amendments to PFRS 7: Transition |
01/01/07
| |
| Amendments to PFRS 7: Reclassification of Financial Assets |
07/01/08
| |
| Amendments to PFRS 7: Reclassification of Financial Assets - Effective Date and Transition |
07/01/08
| |
| Amendments to PFRS 7: Improving Disclosures about Financial Instruments |
01/01/09
| |
| Amendments to PFRS 7: Disclosures - Transfers of Financial Assets |
07/01/11
| |
| Amendments to PFRS 7: Disclosures - Offsetting Financial Assets and Financial Liabilities |
01/01/13*
| |
| Amendments to PFRS 7: Mandatory Effective Date of PFRS 9 and Transition Disclosures |
01/01/15*
| |
| PFRS 8 | Operating Segments |
01/01/09
|
| PFRS 9 | Financial Instruments |
01/01/15
|
| Amendments to PFRS 9: Mandatory Effective Date of PFRS 9 and Transition Disclosures |
01/01/15*
| |
| PFRS 10 | Consolidated Financial Statements |
01/01/13*
|
| Amendments to PFRS 10: Transition Guidance |
01/01/13*
| |
| Amendments to PFRS 10: Investment Entities |
01/01/14*
| |
| PFRS 11 | Joint Arrangements |
01/01/13*
|
| Amendments to PFRS 11: Transition Guidance |
01/01/13*
| |
| PFRS 12 | Disclosure of Interests in Other Entities |
01/01/13*
|
| Amendments to PFRS 12: Transition Guidance |
01/01/13*
| |
| Amendments to PFRS 12: Investment Entities |
01/01/14*
| |
| PFRS 13 | Fair Value Measurement |
01/01/13*
|
Philippine Accounting Standards (PASs)
| PAS | Title | Effective Date |
| PAS 1 | Presentation of Financial Statements [superseded by PAS 1 (Revised)] |
01/01/05
|
| Amendment to PAS 1: Capital Disclosures |
01/01/07
| |
| PAS 1 (Revised) | Presentation of Financial Statements |
01/01/09
|
| Amendments to PAS 1: Puttable Financial Instruments and Obligations Arising on Liquidation |
01/01/09
| |
| Amendments to PAS 1: Presentation of Items of Other Comprehensive Income |
07/01/12*
| |
| PAS 2 | Inventories |
01/01/05
|
| PAS 7 | Statement of Cash Flows1 |
01/01/05
|
| PAS 8 | Accounting Policies, Changes in Accounting Estimates and Errors |
01/01/05
|
| PAS 10 | Events after the Reporting Period2 |
01/01/05
|
| PAS 11 | Construction Contracts |
01/01/05
|
| PAS 12 | Income Taxes |
01/01/05
|
| Amendments to PAS 12 - Deferred Tax: Recovery of Underlying Assets |
01/01/12
| |
| PAS 14 | Segment Reporting [superseded by PFRS 8] |
01/01/05
|
| PAS 16 | Property, Plant and Equipment |
01/01/05
|
| PAS 17 | Leases |
01/01/05
|
| PAS 18 | Revenue |
01/01/05
|
| PAS 19 | Employee Benefits [superseded by PAS 19 (Amended)] |
01/01/05
|
| Amendments to PAS 19: Actuarial Gains and Losses, Group Plans and Disclosures [superseded by PAS 19 (Amended)] |
01/01/06
| |
| PAS 19 (Amended) | Employee Benefits |
01/01/13*
|
| PAS 20 | Accounting for Government Grants and Disclosure of Government Assistance |
01/01/05
|
| PAS 21 | The Effects of Changes in Foreign Exchange Rates |
01/01/05
|
| Amendment: Net Investment in a Foreign Operation |
01/01/06
| |
| PAS 23 | Borrowing Costs [superseded by PAS 23 (Revised)] |
01/01/05
|
| PAS 23 (Revised) | Borrowing Costs |
01/01/09
|
| PAS 24 | Related Party Disclosures [superseded by PAS 24 (Revised)] |
01/01/05
|
| PAS 24 (Revised) | Related Party Disclosures |
01/01/11
|
| PAS 26 | Accounting and Reporting by Retirement Benefit Plans |
01/01/05
|
| PAS 27 | Consolidated and Separate Financial Statements [superseded by PAS 27 (Revised)] |
01/01/05
|
| PAS 27 (Revised) | Consolidated and Separate Financial Statements [superseded by PAS 27 (Amended)] |
07/01/09
|
| Amendments to PAS 27: Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate[superseded by PAS 27 (Amended)] |
01/01/09
| |
| PAS 27 (Amended) | Separate Financial Statements |
01/01/13*
|
| Amendments to PAS 27 (Amended): Investment Entities |
01/01/14*
| |
| PAS 28 | Investments in Associates [superseded by PAS 28 (Amended)] |
01/01/05
|
| PAS 28 (Amended) | Investments in Associates and Joint Ventures |
01/01/13*
|
| PAS 29 | Financial Reporting in Hyperinflationary Economies |
01/01/05
|
| PAS 30 | Disclosures in the Financial Statements of Banks and Similar Financial Institutions [superseded by PFRS 7] |
01/01/05
|
| PAS 31 | Interests in Joint Ventures [superseded by PFRS 11] |
01/01/05
|
| PAS 32 | Financial Instruments: Disclosure and Presentation |
01/01/05
|
| Financial Instruments: Presentation |
01/01/07
| |
| Amendments to PAS 32: Puttable Financial Instruments and Obligations Arising on Liquidation |
01/01/09
| |
| Amendment to PAS 32: Classification of Rights Issues |
02/01/10
| |
| Amendments to PAS 32: Offsetting Financial Assets and Financial Liabilities |
01/01/14*
| |
| PAS 33 | Earnings per Share |
01/01/05
|
| PAS 34 | Interim Financial Reporting |
01/01/05
|
| PAS 36 | Impairment of Assets |
01/01/05
|
| Amendments to PAS 36: Recoverable Amount Disclosures for Non-Financial Assets |
01/01/14*
| |
| PAS 37 | Provisions, Contingent Liabilities and Contingent Assets |
01/01/05
|
| PAS 38 | Intangible Assets |
01/01/05
|
| PAS 39 | Financial Instruments: Recognition and Measurement |
01/01/05
|
| Amendments to PAS 39: Transition and Initial Recognition of Financial Assets and Financial Liabilities |
01/01/05
| |
| Amendments to PAS 39: Cash Flow Hedge Accounting of Forecast Intragroup Transactions |
01/01/06
| |
| Amendments to PAS 39: The Fair Value Option |
01/01/06
| |
| Amendments to PAS 39: Financial Guarantee Contracts |
01/01/06
| |
| Amendments to PAS 39: Reclassification of Financial Assets |
07/01/08
| |
| Amendments to PAS 39: Reclassification of Financial Assets - Effective Date and Transition |
07/01/08
| |
| Amendments to PAS 39: Embedded Derivatives |
06/30/09
| |
| Amendment to PAS 39: Eligible Hedged Items |
07/01/09
| |
| PAS 40 | Investment Property |
01/01/05
|
| PAS 41 | Agriculture |
01/01/05
|
| PAS 101 | Financial Reporting Standards for Non-publicly Accountable Entities [superseded by PFRS for SMEs] |
01/01/05
|
| Amendment to PAS 101: Change in Effective Date [superseded by PFRS for SMEs] |
01/01/05
|
1 As a result of the changes in terminology made by PAS 1 in 2007, the title of PAS 7 was changed from Cash Flow Statements toStatement of Cash Flows.
2 As a result of the changes in terminology made by PAS 1 in 2007, the title of PAS 10 was changed from Events after the Balance Sheet Date to Events after the Reporting Period. |
| Annual Improvements to PFRSs |
Effective Date
|
| Improvements to PFRSs (Approved in 2008) | |
| Amendments to PAS 1, PAS 16, PAS 19, PAS 20, PAS 23, PAS 27, PAS 28, PAS 29, PAS 31, PAS 36, PAS 38, PAS 39, PAS 40, PAS 41 |
01/01/09
|
| Amendments to PFRS 5 |
07/01/09
|
| Improvements to PFRSs (Approved in 2009) | |
| Amendments to PFRS 2, PAS 38, Philippine Interpretation IFRIC–9, Philippine Interpretation IFRIC–16 |
07/01/09
|
| Amendments to PFRS 5, PFRS 8, PAS 1, PAS 7, PAS 17, PAS 36, PAS 39 |
01/01/10
|
| Amendment to PAS 18, Appendix |
05/27/09
|
| Improvements to PFRSs (Approved in 2010) | |
| Amendments to PFRS 3, Transition requirements for amendments to PAS 21, PAS 28 and PAS 31 made as a result of PAS 27 (Revised) |
07/01/10
|
| Amendments to PFRS 1, PFRS 7, PAS 1, PAS 34, Philippine Interpretation IFRIC–13 |
01/01/11
|
| Annual Improvements to PFRSs 2009-2011 Cycle | |
| Amendments to PFRS 1, PAS 1, PAS 16, PAS 32 and PAS 34 |
01/01/13*
|
| * | For BOA/PRC Approval |
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