Tuesday, March 31, 2015

Top 5 certifications to increase your market value

Photo owned by ISACA. Visit www.isaca.org for more information

Einstein once said that, "Intellectual growth should commence at birth and cease only at death". College education is not enough in a fast-changing and technologically-advanced civilization we currently live. Most people would agree that education through school and colleges will not guarantee you financial security and personal fulfilment.

Various researches and studies show that obsolescence rate of several jobs-- both in the blue-collar and white-collar area are at an increasing pace. News in every part of the globe shows unemployment problems as quite rampant. This fact is enough to urge you to increase your technical know-how and advance in your playing field.

As business professionals facing the increasing challenges brought by advancements in technology and its implications on risk management, CPAs and other accounting professionals must upgrade their skillset to stay abreast with these challenges and create new possibilities for innovation.

These are the top lists of highly-recognized certifications that would fuel up the market value of CPAs as business professionals:

1. Certified in Risk and Information Systems Control (CRISC)

Photo owned by ISACA
CRISC Certification is offered by an independent, non-profit global association focusing in information systems, ISACA. The organization was previously called Information Systems Audit and Control Association (which actually is the spelled out name of ISACA). CRISC is geared towards IT Risk Management. Its aim is to train IT and business professionals to understand business risks related to IT and its impact to the whole organization and the implementation of appropriate IS controls. CRISC landed as no.1 top-paying Certification, based from the survey conducted by globalknowledge.com, with an average annual pay of $120,000.00.

Read more about CRISC at www.isaca.org

2. Certified Information Security Manager (CISM)

Also offered by ISACA, CISM Certification focuses on systems security management. Professionals who possess this certification focuses on security strategy. Similar with CRISC Certification, CISM is also one of the highest paid certification earning an average annual pay of $118,348.00. The certification requires at least five years of experience in IS, with at least three of those as a security manager.

Read more about CISM at www.isaca.org

Sunday, February 22, 2015

Leaflets Series: Reviewer in Inventories

The accounting principles and concepts in the accounting for inventories are covered by the Philippine Accounting Standards (PAS) 2 Inventories. The main focus of the Standard is to require entities to measure their inventories at the lower of cost or net realizable value (NRV). Once again, the accounting concept of conservatism is emphasized here.

Furthermore, the Standard also provides rulings as to the initial measurement (which should be at cost) and the subsequent measurement of inventories. There are various acceptable methods of determining cost and these includes Specific Identification, First-in First-Out (FIFO) and the Weighted Average Cost.

If you want to access the detailed content of IAS 2, you can visit the official website of the IFRS foundation through www.ifrs.org . On the other hand, if you are the type of person who hates detailed content and wants to access directly the main points provided by this Standard, you can browse www.iasplus.com which is updated regularly by Deloitte Global Services Limited which is a member of Deloitte Touche Tohmatsu Limited.

Anyway, provided in the link below is a scanned copy of the review material used during our CPA Review Sessions. The material is outlined as follows:

1. TOA.1205 Lecture Notes - which provides summarized content of the PAS 2 Inventories.
2. TOA.1205B Practice Drill - which provides multiple choice questions tailored based on the outlined flow of IAS 2.
3. TOA.1205CD Classroom Drill - which provides multiple choice questions that are usually covered during the actual CPA Board Examinations.
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