Best Accounting Principles Observed by the Top 5 Firms in the Philippines

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Accounting is a systematic and comprehensive recording of transactions pertaining to a business; it also refers to the summarizing, analyzing and reporting these transactions (Investopedia, N.D.). This statement particularly refers to accounting being the soul and heart of the corporate world, because without accounting there would be no transaction and if without transaction, there would be no business to operate and money to generate. Accounting is based on such practices that would enable the users to be competitive with full honesty and integrity. The Generally Accepted Accounting Principles or GAAP is the basis of the accounting practices observed by accountants all over the world. This rulebook is said to impose regulations and standards on all accounting procedures, so that the transactions will be dealt genuinely and efficiently.

The demand of an accountant is not only felt by the world but by the country as well. Accountants are truly needed in the business industry, that’s why accounting firms are established to provide quality accounting services to the businesses all over the country. According to an iMoney Philippines, accountants belong to the top 5 in demand jobs in the Philippines. This statement also signifies the demand of accounting firms in the country. With this kind of demand, businesses or firms have the urgency to fight for the top spot in order to distinguish their firm to a whole lot of firms that have the same field of profession (Marketing Theory, 2006).

The top 5 accounting firms in the country are continuously fighting over the top spot of being the best accounting firm in the country. According to Audit Hotel Program Rate, the ranking are as follows, SGV & Co, Manabat Delgado Amper & Co, Isl...

... middle of paper ...

...– The Problem with Communication, The CPA Journal, chapter 2, p. 80

Prim offW. Grey R. Tucciarone J. Client-centered professional financial planning overcoming challenges and getting opportunities for the profession. The CPA Journal 2007, chapter 3, pp. 10-14

Stangeland Kristi CPA, Effective website for CPAs: Grow your practice and profits. The CPA Journal 2007, p. 17

Stangeland Kristi. Vital feedback for CPA firms, The CPA Jounal 2007, p. 13

Online Resources

Punongbayan & Araullo – The firm.

http://www.punongbayan_araullo.com/pnawebsite/pnahome.nst/section_docs/cd29312_30_5_03

BDO Alba Romeo & Co.

http://www.bdo.net.ph/

Isla Lipana & Co.

http://www.pwc.com/ph/en.

Manabat Delgado Amper & Company

https://www.deloitte.com/view/en_PH/ph/index.htm

SGV & Co. Philippines|Ernst & Young| Quality in Everything we do. Retrieved from

http://www.sgv.ph/aboutUS

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