IMPLEMENTING RULES AND

REGULATIONS IN THE CONDUCT OF

JPIAICC Accounting
Corps d’ Elite
(modified JPIA-R4 IMPLEMENTING RULES AND REGULATIONS IN THE CONDUCT OF
Accounting Varsities. Credits to proper owner(s).)

jpia.icct.chapter@gmail.com
 TABLE OF CONTENTS

IRR 1.0 Background

IRR 2.0 Objectives

IRR 3.0 General Guidelines and Eligibility

IRR 4.0 Subject Coverage

IRR 5.0 Level 1 and 2 Examination

IRR 6.0 Level 3 Examination

IRR 7.0 Benefits and Others

IRR 8.0 Long Term Objectives

IRR 9.0 Violations and Sanctions Guidelines

IRR 10.0 Enforcement of the Implementing Rules and Regulations

IRR 11.0 Amendments or Revisions

IRR 12.0 Separability Clause

IRR 13.0 Repealing Clause

IRR 14.0 Effectivity

jpia.icct.chapter@gmail.com
IRR 1.0 BACKGROUND

IRR 1.1 JPIAICC Accounting Corps d’ Elite is a local counterpart of Accounting Varsities,
an academic program of the National Federation Junior Philippine Institute of
Accountants–Region IV (NFJPIA-R4). Same with Accounting Varsity, Accounting
Corps d’ Elite is a pool of quizzers from all ICCT Colleges Foundation, Inc.
Bachelor of Science in Accountancy students who were members of JPIA-ICCT
Colleges, members of which would be called Certified Accounting Aces once they
pass the three levels of exams. The program is sub-divided into 6 Corps d’ Elite
namely:

• Corps d’ Elite of Basic Accounting

• Corps d’ Elite of Accounting for Partnership and Corporation
• Corps d’ Elite of Financial Accounting and Reporting
• Corps d’ Elite of Advanced Financial Accounting and Reporting
• Corps d’ Elite of Auditing
• Corps d’ Elite of Management Accounting Services

IRR 2.0 OBJECTIVES

IRR 2.1 To promote academic excellence among the members of the organization and
help deepen their knowledge in the different CPA board exam subjects and basic
accounting subjects.

IRR 2.2 To allow the members to test their knowledge through a friendly, fun and
competitive atmosphere.

IRR 2.3 To help the participants discover their strengths and be aware of their
weaknesses in different board-related subjects.

IRR 2.4 To help them be retained in the Accountancy program

IRR 2.5 To help the Local Chapter in easily determining and sending participants in
different academic competitions (provincial, regional & national)

IRR 2.6 To strengthen the knowledge of the students in different accounting subjects
that will serve as an early preparation for the CPA Board Exam

jpia.icct.chapter@gmail.com
IRR 3.0 GENERAL GUIDELINES AND ELIGIBILITY

IRR 3.1 All bona fide JPIAICCans for the federation year 2018-2019 can be part of more
than one varsity so long as they are qualified. The table below summarizes who
can take what:

Subject Who can take?

Basic Accounting 3rd year and 4th year JPIAns

Accounting for Partnership and Corporation 3rd year and 4th year JPIAns

Financial Accounting and Reporting 3rd year and 4th year JPIAns

Advanced Financial Accounting and Reporting 4th year JPIAns

Auditing 4th year JPIAns

Management Accounting Services 4th year JPIAns

IRR 3.2 Students who want to be a member of any of the Accounting Corps d’ Elite shall
always be subjected in STRICT compliance with this Implementing Rules and
Regulation.

IRR 3.3 All bonafide JPIAICCans are allowed to take any Ace examination so long as they
are qualified according to the abovementioned table.

IRR 3.4 Benefits that will be given to Aces will depend on their current level.

IRR 3.5 Accounting Corps d’ Elite is composed of three levels of examination in which
students must pass to be called a “Certified Accounting Ace.”

IRR 3.6 Every student is only given one (1) chance per federation year to take the 1st
level examination for a specific subject. Therefore, students who will fail the
examination in Federation Year 2018-2019 can retake the examination next
federation year, 2019-2020.

IRR 3.7 No student can take the next level examination without passing the previous
examination in any subject.

jpia.icct.chapter@gmail.com
IRR 3.8 Passing score in any subject of any level of examination is 75% of the perfect
score.

IRR 3.9 The NFJPIA-R4 is not responsible for any connection problems the contestants
may encounter during their online examination. Therefore, contestants are
greatly advised to exercise caution before and while taking the online
examinations.

IRR 3.10 To avoid complaints about questions the Committee for Academics shall review,
with diligence and prudence, the questions obtained from partnering firms
and/or other partners; hence, any complaints received shall not be entertained.

IRR 3.11 The examination dates are as follows:

Level Date
1 November 10-17, 2018
2 November 20-22, 2018
3 November 24, 2018

IRR 3.12 In case of any concern, clarification, or protest regarding any level examination
which is not governed by the Implementing Rules and Regulations (IRR), the Vice
President for Academics shall have the power to decide for the preservation of
the integrity of this academic program. His decision will always be final and
irrevocable.

IRR 4.0 SUBJECT COVERAGE

IRR 4.1 Financial Accounting Reporting will include the following specific topics:

• Development of Financial Reporting Framework and Standard- setting

bodies and regulation of the Accountancy Profession
• Accounting Process
• Conceptual Framework
• Presentation of Financial Statements
• Assets
• Liabilities
• Equity
• Other Topics such as Borrowing Costs, Leases, Income Tax and Employee
Benefits
• Interim Reporting
• IFRS for Small and Medium Sized Entities
• Cash to Accrual

jpia.icct.chapter@gmail.com
IRR 4.2 Advanced Financial Accounting and Reporting will include the following specific topics:

• Partnership Accounting
• Corporate Liquidation
• Joint Arrangements (PFRS 11)
• Accounting for Home Office, Branch and Agency Transactions
• Accounting for Business Combination (PFRS 3)
• Separate Financial Statement (PAS 27)
• Consolidated Financial Statements (PFRS 10)
• Foreign Currency Transactions
• Translation of Foreign Currency Financial Statements (PAS 21/PAS 29)
• Not-for-Profit Organizations
• Government Accounting- General Fund
• Other Special Topics such as accounting for insurance contracts by
insurers (PFRS 4) and accounting for build, operate and transfer (IFRIC 12)
• Cost Accounting

IRR 4.3 Auditing will include the following specific topics:

• Fundamentals of Auditing and Assurance Services

• Introduction to Auditing
• The financial statements audit
• Understanding the entity and its environment including its internal control
and assessing the risk of material misstatements
• Audit objectives, Procedures, Evidences and Documentation
• Completing the audit/ Post- Audit Responsibilities
• Reports on Audited Financial Statements
• Auditing in a Computerized Information Systems (CIS) Environment
• Other Assurance and Non- Assurance Services
• Audit of the Revenue and receipt cycle
• Audit of expenditure and disbursement cycle
• Audit of production cycle
• Audit of the financing cycle
• Audit of investing cycle
• Audit of Cash Balances
IRR 4.4 Management Advisory Services will include the following specific topics:

• Management Accounting
• Financial Management
• Management Consultancy
• Economic Concepts essential to obtaining an understanding of entity’s
business and industry

jpia.icct.chapter@gmail.com
IRR 4.5 The Basic Accounting subjects 1 and 2 will include all the topics present in the
books of our freshmen JPIAICCans.

IRR 5.0 LEVEL 1 and 2 EXAMINATION

IRR 5.1 Anyone who shall pass the 1st level examination of this academic program shall
be called “Accounting Ace – Elite”.

IRR 5.2 There will be no limitation as to number of students who can take the
examination as long as the students are qualified.

IRR 5.3 The level 1 examination for each Corps d’ Elite will be conducted online through
the help our partner, iCPA. All of the basic information regarding the students
who will take this exam will be given to iCPA for control purposes.

IRR 5.4 All level 1 exams are answerable for 1 hour only.

IRR 5.5 The 40-item multiple choice examination will be composed of theory-typed
questions and pure- computation questions depending on the nature of the
subject.

IRR 5.6 Anyone who shall pass the 2nd level examination of this academic program shall
be called “Accounting Ace – Master”.

IRR 5.7 There will be no limitation as to number of students who can take the
examination as long as the students are qualified.

IRR 5.8 Examinees’ names must be in the final list of participants that will be sent by the
Vice President for Academics to the iCPA representative. (Note: ONLY THOSE
WHO PASSED THE LEVEL 1 EXAM CAN TAKE THE LEVEL 2 EXAM)

IRR 5.9 The level 2 examination for each Corps d’ Elite will be conducted online through
the help of one of our major partners, iCPA. All of the basic information
regarding the students who will take this exam will be given to iCPA for control
purposes.

IRR 5.10 All level 2 exams are answerable for 1.5 hours only.

jpia.icct.chapter@gmail.com
IRR 5.11 The 50-item multiple choice examination will be composed of theory-typed
questions and pure-computation questions depending on the nature of the
subject.

IRR 5.12 The Vice President for Academics will set specific dates for when the online
examination for all Corps d’ Elite are open.

IRR 6.0 LEVEL 3 EXAMINATION

IRR 6.1 Anyone who shall pass the 3rd level examination of this academic program shall
be called “Certified Accounting – Grandmaster” except top 3 Accounting Aces
(refer to IRR 7 for reference).

IRR 6.2 There will be no limitation as to number of students who can take the
examination as long as the students are qualified.

IRR 6.3 Examinees’ names must be in the final list of participants that will be sent by the
Vice President for Academics to the iCPA representative. (Note: ONLY THOSE
WHO PASSED THE LEVEL 2 EXAM CAN TAKE THE LEVEL 3 EXAM)

IRR 6.4 JPIAICC officers along with a NFJPIA-R4 representative will conduct the level 3
examination for each varsity in which their members will take. The time schedule
will be based on the internal agreement of the Vice President for Academics and
the President.

IRR 6.5 All level 3 exams are answerable for 2 hours only.

IRR 6.6 The 50-item examination will include multiple choice questions (theory and
computation- typed) and essay questions.

IRR 6.7 Students must bring their own calculator and ball pen on the actual date of
examination. (STRICTLY NO BORROWING OF CALCULATORS DURING EXAM AND
NO ERASABLE PENS SHALL BE USED)

IRR 6.8 Scrap papers will be provided by the supervising R4 representative.

IRR 6.9 Students should bring their student ID’s on the actual date of examination.

jpia.icct.chapter@gmail.com
IRR 7.0 EXAMINATION BENEFITS AND OTHERS

IRR 7.1 Top 3 Accounting Aces (per subject) will be ranked as follows:

Ranking Title
3rd Accounting Ace – Epic
2nd Accounting Ace – Legend
1st Accounting Ace – Mythic

IRR 7.2 Certificate of Recognition will be given to all Certified Accounting Aces (Elite to
Mythic).

IRR 7.3 All Accounting Aces – Grandmaster will receive special prizes.

IRR 7.4. All Accounting Aces – Epic to Mythic will receive medals, additional prizes and will
be given opportunities to represent JPIA ICCT Colleges Chapter to various
National and Regional academic events.

IRR 8.0 LONG-TERM OBJECTIVE

IRR 8.1 The performance of all accounting Aces who already graduated and will be
taking the CPA board exam can be assessed and will serve as key indicator in
continuing this academic program.

IRR 8.2 The main goal of non-graduating Aces is to take and be certified in all Ace
examinations before they graduate.

IRR 9.0 VIOLATIONS AND SANCTIONS GUIDELINES

IRR 9.1 The abovementioned Accounting Corps d’ Elite Implementing Rules and
Regulations are intended for Vice President for Academics and related persons
upon issuing a request. These people shall maintain the relevance and reliability
of the implementing rules and regulations for Accounting Corps d’ Elite through
its strict implementation.

jpia.icct.chapter@gmail.com
IRR 9.2 Any questions raised by the members of any Corps d’ Elite that are not included
in the IRR shall be subjected to the jurisdiction of the Vice President for
Academics. The decision of the Vice President for Academics shall be final and
irrevocable.

IRR 9.3 A member who will be caught cheating, in any form, will be removed from all the
Corps d’ Elite he/she is a member of. (NOTE: He/She can no longer take any
examination and no longer be a member of any of the Corps d’ Elite.)

IRR 10.0 ENFORCEMENT OF THE IMPLEMENTING RULES AND REGULATIONS

IRR 10.1 It shall be the primary duty of the Vice President for Academics and the
Executive Officers to effectively enforce the provisions of this Implementing
Rules and Regulations. The Vice President for Academics and the Executive
Officers have the sole right to interpret the contents of this Implementing Rules
& Regulations and their decision shall be binding and irrevocable.

IRR 10.2 The JPIA Adviser or his duly designated representative shall act as legal adviser to
the Vice President for Academics and to the Executive Officers. He/she shall
render legal assistance as may be necessary in carrying out the provisions of this
Implementing Rules and Regulations.

IRR 11.0 AMENDMENTS OR REVISIONS

IRR 11.1 The Executive Officers shall be vested with the exclusive power to revise and
amend the Implementing Rules and Regulations.

IRR 11.2 Any amendments or revisions to this Implementing Rules and Regulations may
be proposed by any member of the JPIAICC assembly upon a written request of
such member, stating the reasons thereto.

IRR 11.3 Any request for amendments and revisions as well as proposed amendments
must initially be reviewed by the Vice President for Academics then to be
forwarded to the Executive Officers for discussion, editing and final approval and
to be noted by the Adviser.

jpia.icct.chapter@gmail.com
IRR 11.4 The Executive Officers shall have the right to debunk any proposed revisions and
amendments submitted to them by the Vice President for Academics, which are
deemed unnecessary. The final decision on any inclusions and exclusions to this
Implementing Rules and Regulations must be determined by a majority vote of
all Executive Officers in which the Vice President for Academics is included.

IRR 11.5 Amendments to particular provisions in this Implementing Rules and Regulations
shall be allowed provided that such amendments will be communicated to
stakeholders at least two weeks before it could take effect.

IRR 12.0 SEPARABILITY CLAUSE

IRR 12.1 If any clause, provision, paragraph or part of this Implementing Rules and
Regulations shall be declared unconstitutional or invalid, such judgment shall not
affect, invalidate, or impair any other part hereof, but shall be merely confined
to the clause, provision, paragraph or part directly involved in the controversy in
which such judgment has been rendered.

IRR 13.0 REPEALING CLAUSE

IRR 13.1 Any rule and regulation or resolution or part/s inconsistent with the provisions of
this Implementing Rules and Regulations are hereby repealed or modified
accordingly.

IRR 14.0 EFFECTIVITY

IRR 14.1 This Implementing Rules and Regulations shall take effect immediately after its
presentation and approval from the JPIAICC Executive Board Meeting.
Promulgated in the _________________ held last __________, 2018.

jpia.icct.chapter@gmail.com