A season of learning and unlearning

Upgrade to High-Speed Internet for only ₱1499/month!

Enjoy up to 100 Mbps fiber broadband, perfect for browsing, streaming, and gaming.

Visit Suniway.ph to learn

WITH the annual income tax filing deadline of April 15 now in the rearview mirror, accountants and auditors in the Philippines have entered a crucial phase: the season of learning and unlearning. This period isn’t just about catching up on sleep or taking a much-deserved break; it’s a strategic pivot toward professional development, adapting to evolving regulations and embracing technological advancements that are rapidly reshaping the financial landscape.

For certified public accountants (CPAs) in the Philippines, taking up continuous professional development (CPD) training is not merely an option but a mandatory requirement for renewing their licenses with the Professional Regulation Commission (PRC). This emphasizes the constant need to update skills and knowledge. The post-tax season provides the ideal window to fulfill these requirements and expand their expertise.

Tax laws and accounting standards are in a constant state of change. The period after April 15 is prime time for accountants and auditors to delve into the latest pronouncements and updates on taxes, accounting and audits issued by the Bureau of Internal Revenue, Securities and Exchange Commission, Board of Accountancy and the Philippine Financial and Sustainability Reporting Standards Council. Staying abreast of regulatory changes is paramount and this off-peak season allows us to dedicate focused time to these updates.

The Philippine Institute of Certified Public Accountants (Picpa), Association of Certified Public Accountants in Public Practice (Acpapp) and other accredited CPD training providers play a vital role in facilitating this learning. Picpa and Acpapp chapters nationwide organize a myriad of webinars, seminars and workshops throughout the year with a particular focus on the months following the tax season. These events cover not only tax updates but also explore other critical areas such as financial reporting, audit methodologies, and tax updates.

Perhaps even more significant than learning new regulations is the need to "unlearn" traditional methods and embrace the transformative power of technology. Automation, artificial intelligence and cloud computing are no longer buzzwords but essential tools that are redefining how accounting and auditing tasks are performed. Tasks that were once manual and time-consuming, such as data entry, reconciliation and even initial financial reporting, are now increasingly automated. This frees up accountants to focus on some other activities.

For many seasoned professionals, this means a shift in mindset. The repetitive tasks they once performed are now handled by software, requiring them to unlearn manual processes and instead learn how to leverage those technologies.

While AI adoption is still in its early stages for many, its potential for predictive analytics, fraud detection and automated financial reporting is immense. Professionals are learning to understand how AI can augment their decision-making and provide deeper insights.

The post-tax season is also an opportune time to conduct internal assessments of their own technological infrastructure. Also crucial is the assessment and review of software solutions, identification of bottlenecks from the past season, and exploration of new integrations that can streamline operations for the next cycle. This proactive approach ensures they are ready to meet the demands of an increasingly digital future.

In essence, the period after April 15 is a strategic pause, not a complete halt. It's a time for Filipino accountants and auditors to consolidate their knowledge, shed outdated practices, and equip themselves with the skills and technologies necessary to thrive in a rapidly evolving financial world.

It’s a true season of growth where continuous learning and strategic unlearning become the keys to sustained success in the profession.

Carl F. Martos is partner-in-charge of the La Union branch of Alas, Oplas & Co., CPAs. The views expressed here are his personal opinions and do not necessarily represent those of his firm or the Acpapp.