Shortage of Accountants in the Philippines

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Posted by geemiz | Posted in Accounting News | Posted on 18-01-2011

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Sen. Manny Villar who is also an accountant has filed a resolution addressing a shortage of accountants in the Philippines. According to Resolution 224 the shortage of accountants in the Philippines is due to citing reports that Philippine CPAs are leaving the country in droves to work abroad.

Below is a copy of Resolution 224

    FIFTEENTH CONGRESS OF THE
    REPUBLIC OF THE PHILIPPINES
    First Regular Session

    SENATE

    p, ~, Res, No, ~24

    INTRODUCED BY SENATOR VILLAR

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Definition of Accounting

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Posted by geemiz | Posted in Theory of Accounts | Posted on 08-11-2010

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Accounting has many definitions and among the very common definition of accounting is it is a system that provides quantitative information about finances and preparing the financial reports of an entity. But different Agencies have its definition of Accounting.

According to the Accounting Standards Council accounting is a service activity. Its function is to provide quantitative information, primarily financial in nature, about economic entities, that is intended to be useful in making economic decisions.

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