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100-year history of accounting profession in PH told through new coffee table book

The Philippine Institute of Certified Public Accountants launched a book on the history of accountancy in the Philippines. Andrea Taguines, ABS-CBN News

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Andrea Taguines

ABS-CBN News

<div><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/1717051898148Accountancy.jpg" style="width:950px" class="fr-fic fr-dib"/><span id="isPasted" style="color:rgb(51, 51, 51);letter-spacing:normal;orphans:2;text-align:left;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:pre-wrap;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;display:inline !important;float:none">The Philippine Institute of Certified Public Accountants launched a book on the history of accountancy in the Philippines. Andrea Taguines, ABS-CBN News</div>MANILA -- The Philippine Institute of Certified Public Accountants (PICPA) on Thursday launched a coffee table book detailing the 100-year evolution of the accounting profession in the country.Commissioned by the PICPA Foundation, Inc. (PFI), the book, “A Century of Philippine Accountancy”, delves into the stories of pioneering Filipino accountants and highlights the critical role that accountancy played in the aftermath of the 1997 Asian financial crisis.“The financial crisis in the 90s triggered us to be adaptable to the international accounting standards. It triggered us to be more flexible, more dynamic,” said Normita Villaruz, the Co-Chairperson of the PICPA Foundation, Inc. Coffee Table Book Committee.Eugene Mateo, the former Chairman of the Professional Regulatory Board of Accountancy, added that the changes that Filipino accountants implemented after the crisis continue to benefit the Philippine economy until today.“As a result of the financial crisis in 1987, the World Bank and international lenders had conducted an audit of our system and they recommended some amendments to the way we do things, they recommended amendments to our law. And we were able to do all of that,&quot; Mateo said.&quot;All of these things will contribute now to Philippine stability. We can withstand any crisis much better than the other countries because our system, our accountants are more resilient,” he added.The PFI hopes the book will inspire the next generation of CPAs to remain resilient and to keep the profession relevant in the years to come, even with the emergence of new technology.“We are encouraging our accountants to embrace lifelong learning so that they will always be relevant as to the developments in technology. For example, we have AI now, so how can we integrate that into the work of an accountant? Because at this time, we are no longer anymore the mere recorders of financial transactions. We are into advising already, data analysis,” said PFI Chairman Erwin Alcala.Mateo also urged Filipino accountants to continue contributing to the country’s economic development through transparency and integrity in drafting financial statements.“That’s our contribution to nation-building. We prepare credible financial statements as a basis for revenue generation by government and as a basis for investment decisions by local and foreign investors,” he said.“A Century of Philippine Accountancy” was written by award-winning Filipino author Jose Dalisay Jr.

The Philippine Institute of Certified Public Accountants launched a coffee table book detailing the 100-year evolution of the accounting profession in the country.

The Philippine Institute of Certified Public Accountants launched a coffee table book detailing the 100-year evolution of the accounting profession in the country.

Century of accounting profession in PH told through new book

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Century of accounting profession in PH told through new book

Andrea Taguines,

ABS-CBN News

Published May 30, 2024 03:04 PM PHT

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accounting

Philippine Institute of Certified Public Accountants

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