IMPLEMENTING RULES AND

REGULATIONS

Accounting Varsities
 Version Control

Version Date Prepared Approved Noted by Details

No. by by

1 December Junne John Jerick John Michael Initial

2015 Camela A. T. T. Lava Issue
Mendoza Fernandez CPA,CMA

2 June 2016 Jude Faith John John Michael Annual

B. Bragais Michael R. T. Lava Update
Mujer CPA,CMA

3 April 2017 Maria Kathleen M. Annual

Ar-jane P. Leynes Update
Ilagan

4 May 2018 Mary Antonette J. George Annual

Grace de Dimero Matthew Update
Chavez Macatangay,
CPA

5 June 2019 John Mart Noriel George Annual

Patrick M. Melendres Matthew Update
Tacla Macatangay,
CPA
 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 EXAMINATION
IRR 6.0 LEVEL 2 EXAMINATION
IRR 7.0 LEVEL 3 EXAMINATION
IRR 8.0 LONG-TERM OBJECTIVE
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
IRR 1.0 BACKGROUND

IRR 1.1 Accounting Varsities is an academic program of the National

Federation Junior Philippine Institute of Accountants–Region IV
(NFJPIA-R4). The Accounting Varsity is a pool of quizzers from each
Local Chapter within the region, members of which would be called
Certified Accounting Hawks once they pass the three levels of
exams. The program is subdivided into 8 varsities namely:

1. Varsity of Financial Accounting and Reporting

2. Varsity of Advance Accounting
3. Varsity of Auditing
4. Varsity of Management Accounting and Control
5. Varsity of Regulatory Framework for Business Transaction
6. Varsity of Taxation
7. Varsity of Basic Accounting
8. Varsity of Partnership and Corporation

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 Chapters in easily determining and sending
participants in different academic competitions (local, 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
Licensure Examination.

IRR 3.0 GENERAL GUIDELINES AND ELIGIBILITY

IRR 3.1 Students enrolled in the BS Accountancy Program can be a part of

more than one varsity as long as they are qualified. The table below
summarizes who can take what:

Subject Who can take?

Financial Accounting and Open to all year levels

Reporting
Advance Accounting Open to all year levels

Auditing Open to all year levels

Management Accounting and Open to all year levels

Control
Regulatory Framework for
Open to all year levels
Business Transaction

Taxation Open to all year levels

Partnership and Corporation 1st year and 2nd year level only

Basic Accounting 1st year and 2nd year level only

IRR 3.2 Students who want to be a member of any of the Accounting

Varsities shall always be subjected in STRICT compliance with this
Implementing Rules and Regulation.

IRR 3.3 All bona fide Region IV JPIANs are allowed to take any hawk
examination so long as they are qualified according to the
abovementioned table.

IRR 3.4 The type of module and other benefits that will be given to hawks
will depend on their current level.
IRR 3.5 Accounting Varsity is composed of three levels of examination in
which students must pass to be called a “Certified Accounting
Hawk.”

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 failed the examination in Federation Year 2018-2019
can retake the examination this federation year, 2019-2020.

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

IRR 3.8 Students who have passed a certain level of examination last
federation can pursue the next level of this federation.

IRR 3.9 Passing score in any subject of any level of examination is 65% of
the perfect score.

IRR 3.10 The NFJPIA-R4 is not responsible for any connection problems that
the contestants may encounter during their online examination.
Therefore, contestants are greatly advised to exercise caution
before and while taking the online examinations.

IRR 3.11 To avoid complaints regarding the 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 3.12 The examination dates are as follows:

Level Date

1 September 3-7, 2019

2 October 22-26, 2019

3 January 12, 2020

IRR 3.13 In case of any concern, clarification, or protest regarding any level
examination which is not governed by the Implementing Rules and
Regulations (IRR), the Regional 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:

1. Development of Financial Reporting Framework and Standard-

setting bodies and regulation of the Accountancy Profession
2. Accounting Process
3. Conceptual Framework
4. Presentation of Financial Statements
5. Assets
6. Liabilities
7. Equity
8. Other Topics such as Borrowing Costs, Leases, Income Tax and
Employee Benefits
9. Interim Reporting
10. IFRS for Small and Medium Sized Entities
11. Cash to Accrual

IRR 4.2 Advanced Financial Accounting and Reporting will include the
following specific topics:

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

IRR 4.3 Auditing will include the following specific topics:

1. Fundamentals of Auditing and Assurance Services

2. Introduction to Auditing
3. The Financial Statements Audit
4. Understanding the entity and its environment including its
internal control and assessing the risk of material
misstatements
5. Audit Objectives, Procedures, Evidences and Documentation
6. Completing the Audit/ Post- Audit Responsibilities
7. Reports on Audited Financial Statements
8. Auditing in a Computerized Information Systems (CIS)
Environment
9. Other Assurance and Non- Assurance Services
10. Audit of the Revenue and Receipt Cycle
11. Audit of Expenditure and Disbursement Cycle
12. Audit of Production Cycle
13. Audit of the Financing Cycle
14. Audit of Investing Cycle
15. Audit of Cash Balances

IRR 4.4 Management Advisory Services will include the following specific
topics:

1. Management Accounting
2. Financial Management
3. Management Consultancy
4. Economic Concepts essential to obtaining an understanding of
entity’s business and industry
IRR 4.5 Regulatory Framework for Business Transactions will include the
following specific topics:

1. Law on Business Transactions

2. Contracts
3. Sales
4. Law on Credit Transactions
5. Negotiable Instruments and Bouncing checks law
6. Law on Business Associations
7. Law on Other Business Transactions (PDIC Law, Secrecy of
Bank Deposits and Unclaimed Balances Law, General Banking
Law, AMLA Law, The New Central Bank Act, Intellectual
Property Law)
8. New Corporation Code
9. Cooperatives

IRR 4.6 Taxation will include the following specific topics:

1. Principles of Taxation
2. Tax Remedies
3. Income Tax
4. Transfer Tax
5. VAT Tax
6. Taxation under the Local Government Code
7. Preferential Taxation
8. Tariff and Customs Code
9. Effective Communication to Stakeholders
10. TRAIN Law

IRR 4.7 The Basic Accounting subjects 1 and 2 will include all the topics
present in the books of our freshmen JPIAns.

IRR 5.0 LEVEL 1 EXAMINATION

IRR 5.1 Anyone who shall pass the 1st level examination of this academic
program shall be called “Accounting Hawk Level 1”.
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 varsity 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 5.4 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 6.0 LEVEL 2 EXAMINATION

IRR 6.1 Anyone who shall pass the 2nd level examination of this academic
program shall be called “Accounting Hawk Level 2”.

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 Regional Vice President for Academics to the iCPA
representative. (Note: only those who passed the level 1 exam can
take the level 2 exam)

IRR 6.4 The level 2 examination for each varsity 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 6.5 All level 2 exams are answerable for 1.5 hours only.

IRR 6.6 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 6.7 The Regional Vice President for Academics will set specific dates for
when the online examination for all varsities are open.

IRR 6.8 Level 2 Examination Benefits

IRR 6.8.1 Every Hawk Level 2 of all varsities shall receive a NON-
TRANSFERABLE Discount in registration fee for Academics Big Day.

RANK Discount
(Academics Big Day)
TOP 1 of the level 2
100 %
examination for ALL
ACCOUNTING (free registration fee)
VARSITIES
The rest of
20%
Accounting Hawks
LEVEL 2

IRR 7.0 LEVEL 3 EXAMINATION

IRR 7.1 Anyone who shall pass the 3rd level examination of this academic
program shall be called “Certified Accounting Hawks”.

IRR 7.2 There will be no limitation as to number of students who can take
the examination as long as the students are qualified.

IRR 7.3 Examinees’ names must be in the final list of participants that will
be sent by the Regional Vice President for Academics to the iCPA
representative. (Note: only those who passed the level 2 exam can
take the level 3 exam)

IRR 7.4 The level 3 examination will be conducted as a written exam during
the Academics Big Day.
IRR 7.5 All level 3 exams are answerable for 2.5 hours only.

IRR 7.6 The 100-item examination will include multiple choice questions
(theory and computation- typed) and essay questions.

IRR 7.7 Students must bring their own basic calculator and ballpoint pen on
the actual date of examination. (Strictly no borrowing of calculators
during exam and no erasable pens shall be used)

IRR 7.8 Scratch papers will be provided by the supervising R4

representative.

IRR 7.9 Students should bring their student ID’s on the actual date of
examination.

IRR 7.10 Level 3 Examination Benefits

IRR 7.10.1 Certificate of Recognition will be given to the Certified Accounting

Hawks during the Year End Awards.

IRR 8.0 LONG-TERM OBJECTIVE

IRR 8.1 The performance of all accounting hawks 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 hawks is to take and be certified
in all hawk examinations before they graduate.

IRR 9.0 VIOLATIONS AND SANCTIONS GUIDELINES

IRR 9.1 The above-mentioned Accounting Varsities' Implementing Rules

and Regulations are intended for Regional 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 Varsities
through its strict implementation.
IRR 9.2 Any questions raised by the members of any varsities that are not
included in the IRR shall be subjected to the jurisdiction of the
Regional Vice President for Academics. The decision of the Regional
Vice President for Academics shall be final and irrevocable.

IRR 10.0 ENFORCEMENT OF THE IMPLEMENTING RULES AND

REGULATIONS

IRR 10.1 It shall be the primary duty of the Regional Vice President for
Academics and the Regional Executive Officers to effectively
enforce the provisions of this Implementing Rules and Regulations.
The Regional Vice President for Academics and the Regional
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 Regional Adviser or his duly designated representative shall act
as legal adviser to the Regional Vice President for Academics and
to the Regional 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 Regional 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 regional
council 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 Regional Vice
President for Academics then to be forwarded to the Regional
Executive Officers for discussion, editing and final approval and to
be noted by the Regional Adviser.
IRR 11.4 The Regional Executive Officers shall have the right to debunk any
proposed revisions and amendments submitted to them by the
Regional 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 Regional Executive Officers in which the
Regional 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 Region IV
Executive Board Meeting. Promulgated in the Annual Executive
Meeting held on July 20, 2019.