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How do you know that you’re part of those who are entitled to conditional credits for subjects passed? Below is section 16 of the Philippine Accountancy Act of 2004.
“SEC. 16. Rating in the Licensure Examination. – To be qualified as having passed the licensure examination for accountants, a candidate must obtain a general average of seventy five percent (75%), with no grade lower than sixty-five percent (65%) in any given subject. In the event a candidate obtains the rating of seventy-five percent (75%) and above in at least a majority of subjects as provided for in this Act, he/she shall receive a conditional credit for the subjects passed: Provided, That a candidate shall take an examination in the remaining subjects within two (2) years from preceding examination: Provided, further, That if the candidate fails to obtain at least a general average of seventy-five percent (75%) and a rating of at least sixty-five percent (65%) in each of the subjects reexamined, he/she shall be considered as failed in the entire examination.”
To put it simply, if you have a grade of 75% or above of at least 4 subjects, since the CPA board exam is comprised of seven (7) subjects, you are already considered passed in those subjects. Meanwhile you will have to take up all, not one (1) failing subject at a time, of your failing subjects in the upcoming board exams within a period of two years from date of last exam and you should be able to get an average grade of 75% or more with no grades falling below 65%.
If you passed the removal exam, the initial exam in which you are conditioned and the removal exam will be considered as one complete examination.
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