ACCOUNTING IN Bernardo,

Vincent Rey
THE PHILIPPINES A.
PRE-HISPANIC ERA
Trading with neighboring countries like
Chinese, Malay, Indians, Japanese etc.
Barter of goods
Smooth internal and external exchange and
existence of self-sufficiency in pre-colonial
times
PRE-HISPANIC ERA
PRE-HISPANIC ERA
SPANISH PERIOD
SPANISH PERIOD
SUP! WANT
SOME JESUS?
SRSLY
BRUH?
SPANISH PERIOD
Introduction of the single entry
AMERICAN PERIOD
SUP! WANT SOME
CHOCOLATES?

NAH, IM GOOD
WE ALREADY
GOT JESUS.
AMERICAN PERIOD
The introduction of double entry in 1898
The new system which gained wide acceptance in
the United States and subsequently in the Philippines
was refined from the Italian system by the British
practitioners, who greatly influenced accounting prac
tice in the Far East. It is significant to note that
Philippine accounting practice varies slightly from
other far eastern countries, due to its having American
influence aside from British.
ACCOUNTING IN THE
PHILIPPINES
In 1916, the college of liberal arts in University of the
Philippines offered courses in economics with addition
of accounting only then that the accounting and
bookkeeping developed in the country.
Then commercial schools like Jose Rizal College and
University of Santo Tomas followed the trend and
taught accounting and bookkeeping.
Only in 1923 that accounting was acknowledged as a
legal profession by passing Act No. 3105 on March 17,
1923.
ACT NO. 3105
The law created the Board of Accountancy vested
with authority to promulgate rules and regulations, to
set professional standards for the accounting
profession practice and to issue certified public
accountant certificates to those who have qualified in
accordance with the requirements of the law either by
a waiver of the certified public accountant examination
or after passing the same.
ACT NO. 3105
The first Board of Accountancy was composed of
Chairman W. W. Larkin, who worked out for the
passage of the law, Domingo T. Dikit and Felix
Tiongson, members.
the law paved the way for local accountants to do the
work which, up to that time was performed by foreign
accountants in the country. Since then, both the
profession and the body that directly regulates it have
grown rapidly.
from three members (president and two members)
under Act No. 3105 in 1923, through six (chairman and
five members) under Republic Act No. 5166 ('The
Accountancy Act of 1967') in 1967, to seven (chairman