PRC Issues New Resolution Effective March 1, 2019

Professional Regulatory Commission (PRC) recently issued a new resolution amending relevant provisions of the Continuing Professional Development (CPD) Act of 2016 (R.A. 10912), following the constraints to carry out the mandate of the purpose of the CPD Act of 2016.

Under the PRC Resolution 2019-1146 which took effect last March 1, 2019, CPD is still a mandatory requirement for the renewal of PRC licenses of all registered professionals, however significant provisions specifically applies for CPAs during the “transition period” under the new IRR:

• Professionals working overseas shall not be covered by the CPD requirement
• Newly licensed professionals shall not be covered by the CPD requirement for the first renewal cycle after obtaining their license.
• CPD councils shall reduce the required CPD units to a minimum which shall not be more than 15 CPD units

The transition period will last “after all the antecedents had been met, upon the recommendation of the CPD councils through their respective Boards and approved by the Commission,” according to the PRC Resolution.

Following therefore the amendment of the CPD Law, BoA has to come up with a new operational guidelines during the transition period. The last issued BoA Resolution was issued on July 20, 2017, known as BoA Resolution 2017-254, thereby providing the operational guidelines to implement the CPD Law.

To learn more about the details of the latest CPD, you can download PRC Resolution 2019-1146 by clicking on the link below.