The PSRC assists the Financial and Sustainability Reporting Standards Council (FSRC) and the Philippine Regulatory Board of Accountancy, as the latter exercises its mandate to promulgate financial reporting standards in the Philippines.

According to GEP, sustainability reporting “broadly involves the disclosure of a company’s environmental, social, and governance goals and communicating the company’s progress and efforts to reach those goals.” Such reports include both financial and non-financial aspects, particularly its impact on the environment and society. The technical working group of which Yabut is heavily involved in guidance formulation that will later on assist local firms in ensuring not just compliance, but long-term sustainability and positive impact to the environment and society.

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Dean Empleo delivered a lecture entitled “Evaluating School’s Poor Performance in the Licensure Examination for CPAs: What Could Have Gone Wrong and What Could Have Been Done”. She started her presentation by comparing the LECPA passing rates with that of the licensure examination passing rates of engineering, nursing, medicine, and other related fields. Then, she enumerated the different stakeholders in the LECPA such as the students and graduates, the teachers, the program managers, the higher educational institutions, the review centers, the professional organizations, and the regulators such as the Commission on Higher Education and the Board of Accountancy, and identified what these stakeholders should have done for the accounting education in the Philippines. In the end, Dean Empleo called for the accounting teachers to reflect upon their roles as formators of the future accounting practitioners.

Meanwhile, Yabut talked about “The Life of an Accounting Teacher: Life-long Learning, Life-long Leading”. The session envisioned for the participants to reflect on the paradoxes pertinent to their roles as leaders, learners and teachers. In his lecture, Yabut linked the tasks of educators as leaders to the Paradox of Tasks and Relationships, as learners to the Paradox of the Expert and the Amateur, and as teachers to the Paradox of the Person and the System. He also emphasized that as leader one should be mindful, as learner one should be humble, and as teacher one should be systems thinker.

The accounting teachers conference is the annual gathering of all accounting educators from all over the country. This year, the theme of the conference is The Learned Accounting Teachers: Inspired by the Past, Creating Value in the Present, Shaping a Sustainable Future.

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Dean Empleo delivered a lecture entitled “Succession Planning: The Making of an Accounting School Administrator.” In her lecture, Prof. Empleo enumerated the required competences and skills, the tasks, and the benefits and the disadvantages of being an accounting program administrator. She also discussed when to initiate a succession plan, the dos and don’ts of executing a succession plan, and gave advice to the potential accounting school administrators.

Meanwhile, Yabut spoke on the topic Leadership and Governance in Our Current Context, which is characterized as Volatile, Uncertain, Complex and Ambiguous (VUCA) and later became Brittle, Anxious, Non-linear and Incomprehensible (BANI) and Complex, Ambiguous, Faster, Fragmented, Erratic, Interconnected, Needy, Anxious, Technology-enabled, Exponential, and Disrupted (CAFFEINATED). In his discussion, Mr. Yabut shared tips on how to lead effectively in a VUCA, BANI or CAFFEINATED world: to integrate, to be present and humble, to continue learning both as individuals and organizations, and to become adaptive. 

Dean Empleo and Mr. Yabut were two of the five speakers of the joint education summit, alongside Hon. Ma. Teresa Dimaculangan of the Board of Accountancy who spoke about improving school’s performance in the CPA licensure examination; Ms. Editha Peralta of Polytechnic University of the Philippines who spoke about Business Continuity; and Mr. Asser Tamayo of the Review School of Accountancy who spoke about Taxation for Individuals.

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Mr. Yabut was recognized for his achievements as an accounting educator at an early stage of his career, providing significant contributions to the education sector as a faculty and as an administrator of an accountancy degree-granting institution and a reviewer in CPA review school, and for his active involvement in PICPA’s programs and projects.

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The final round’s panel of judges were composed of representatives from the Philippine Competition Commission, Philippine Stock Exchange, and Isla Lipana & Co./PwC Philippines. The competition is the first mergers and acquisitions competition in the Philippines for university students. This year’s champion is the team from the Ateneo de Manila University.

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