The Regulatory Framework for Business Transactions (RFBT) is a crucial component of
the Certified Public Accountant (CPA) Licensure Examination in the Philippines. It
encompasses various laws and regulations that govern business transactions, ensuring that future
CPAs are well-versed in legal principles affecting commerce.
Key Areas Covered in RFBT:
1.
Law on Obligations and Contracts: This area delves into the nature and effects of
obligations, including their extinguishment and the general principles of contracts.
Understanding these concepts is fundamental for analyzing legal relationships in
business. citeturn0search0
2.
3.
Law on Partnerships and Corporations: This section examines the formation,
operation, and dissolution of partnerships and corporations, highlighting the rights and
duties of partners and corporate officers. citeturn0search2
4.
5.
Law on Sales, Agency, and Credit Transactions: It covers the legal aspects of sales
contracts, agency relationships, and various credit transactions, including loans and
mortgages. citeturn0search4
6.
7.
Law on Negotiable Instruments: This part focuses on instruments like checks and
promissory notes, emphasizing their negotiation, endorsement, and the liabilities of
parties involved.
8.
9.
Law on Insolvency and Bankruptcy: It addresses the legal procedures for businesses
facing financial distress, including the rights of creditors and debtors.
10.
11.
Law on Transportation and Public Utilities: This section explores regulations related
to the carriage of goods and passengers, as well as the operation of public utilities.
12.
13.
Law on Trusts and Estates: It involves the management and transfer of properties
held in trust and the legal processes concerning estates.
14.
A solid understanding of RFBT is essential for aspiring CPAs, as it equips them with the legal
knowledge necessary to navigate and advise on complex business transactions effectively.
For a more in-depth exploration of RFBT, you might find the following lecture helpful:
videoA Lecture on RFBT Contract by Atty. Nicko Sorianoturn0search7
