This paper examines the levels of competencies and readiness of Philippine Accountancy students for the implementation of the Association of Southeast Asian Nations (ASEAN) Economic Community (AEC) come 2015. It focuses on the implications of the impending establishment of the ASEAN Economic Community by 2015 as specifically governed by rules and regional commitments on free ﬂow services, mutual recognition of qualifications and skills, movement of natural persons, and movement of skilled labor. The result of the study revealed that the level of competencies of the entire group of Accountancy students was “very satisfactory” for job competencies (x̄=2.42), self-competencies (x̄=2.35) and global business competencies ((x̄=2.55). The results on the level of competencies tend to show that Accountancy students have adept knowledge, skills, mindsets, thought patterns and values indicated in job competencies, self-competencies and global business competencies. As to the readiness of Accountancy students in terms of Content Knowledge in Accounting ((x̄=2.42) and Analytical and Reasoning Strategies ((x̄= 2.39) both were rated “ready.” This means that they possess the learning adequacy, skills, eagerness and desire to learn, positive attitudes toward learning situations in both content knowledge in Accounting and analytical or reasoning strategies. When the level of readiness for lifelong learning and techniques and key transition knowledge and skills were surveyed, the participants showed that they were “slightly ready” with a weighted mean of (x̄ = 2.56 and (x̄ = 2.61 respectively. This is an admission of inadequacy of skills, eagerness to learn and positive attitudes toward learning situations specified in lifelong learning techniques, key transition knowledge and skills.