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This subject covers the candidates knowledge of the concepts and principles in advanced financial
accounting and reporting and the application of theseaccounting concepts including techniques and
methodology to problems likely to be encountered in practice. Candidates should know and
understand problems involving accounting of special transactions and their effects and presentation
in the financial statements including among others: accounting for partnerships, corporate
liquidation, joint arrangements, revenue recognition, home office and branch/principal and agency
transactions,business combinations and consolidations, foreign currency transactions and
translations, not-for-profit organizations, including government accounting and cost accounting and
treatment and presentation of consolidated financial statements,. Also, a working knowledge of the
standards related to these special topics is expected of the candidates.
Suggested improvements to align the BSA curriculum to the revised accounting board subjects:
Subject matter
Faculty Development
1. The professors must have an experience in practice regarding the subject.
2. The professors must take CPE units from seminars about the updates related to the subject.
3. The HR department must assess the effectivity of teaching and credibility of the professor.
1. Since AFAR is more on applications rather than theories, students must always be given
problems and exercises that they may also encounter in the board exam and in practice.
2. Let them have the Practical Accounting 2 as the main guide for all the problems they will
answer.
3. The books must always be the latest edition so the students will be aware of the changes.