1ST IAAP IFRS SSS

Practice of Public Accountancy

Involves rendering audit or accounting related services to multiple clients on a fee basis.

Practice in Education/Academe

Employment in an educational institution focusing on teaching accounting, auditing, finance, business law, and taxation.

Practice in Government

Employment or appointment in an accounting professional group within government or government-controlled corporations.

Philippine Financial Reporting Standards (PFRSs)

Standards adopted from International Financial Reporting Standards (IFRSs) by the Financial and Sustainability Reporting Standards Council (FSRSC) in the Philippines.

International Financial Reporting Standards (IFRSs)

International standards consisting of IFRS Accounting Standards, IASs, and Interpretations.

Generally Accepted Accounting Principles (GAAP)

The set of accounting standards and principles accepted in the Philippines, represented by PFRSs.

Financial and Sustainability Reporting Standards Council (FSRSC)

The official accounting standard-setting body in the Philippines created under R.A. 9298.

Board of Accountancy (BOA)

Regulatory board for the practice of accountancy in the Philippines, supervising registration and licensure.

International Accounting Standards Board (IASB)

The accounting standard-setting body responsible for developing and promoting global accounting standards.

Norwalk Agreement

A memorandum of understanding between FASB and IASB to converge U.S. GAAP and IFRSs.