Accounting’s new direction: Four key pillars

PICPA TALKS

- MHYCKE C. GALLEGO

“The accounting profession in the Philippines is evolving beyond traditional boundaries—embracing strategy, technology, and governance.”

In today’s dynamic financial landscape, the accounting profession in the Philippines is evolving beyond traditional bookkeeping and financial reporting. It now encompasses strategy, technology, governance, and assurance. This evolution is reflected in the diversity of academic programs recognized by the Commission on Higher Education (CHED), including BS Accountancy, BS Management Accounting, BS Internal Audit, and BS Accounting Information System (AIS). Each program offers a distinct yet interconnected pathway into the accounting profession.

BS Accountancy remains the most recognized and regulated program, serving as the gateway to becoming a Certified Public Accountant (CPA) in the Philippines and, later, an ASEAN Chartered Professional Accountant (ASEAN CPA). It focuses on financial accounting, auditing, taxation, and business law. Graduates are equipped for roles in external reporting, statutory audits, and tax advisory, with an emphasis on technical proficiency and ethical responsibility.

BS Management Accounting emphasizes internal strategic decision-making through cost accounting, budgeting, performance management, and strategic planning. Graduates often pursue roles such as financial analysts, budget officers, and controllers, aligning with global certifications like Chartered Management Accountant (CMA) or Chartered Global Management Accountant (CGMA). This course integrates accounting with business strategy, supporting organizational efficiency and competitiveness. Those with internal roles involving more investment and financing activities often pursue a Chartered Financial Analyst (CFA) qualification.