Republic of the Philippines

POLYTECHNIC UNIVERSITY OF THE PHILIPPINES

Office of the Vice President for Academic Affairs
COLLEGE OF ACCOUNTANCY & FINANCE

COURSE SYLLABUS and LEARNING PLAN

COURSE TITLE : CONCEPTUAL FRAMEWORK AND ACCOUNTING STANDARDS

COURSE CODE : ACCO 20063

COURSE CREDIT : 3 UNITS

PRE-REQUISITE : ACCO 20043

COURSE : The course is a study of accounting function, its role in society, and the theory that provides the foundation for modern financial reporting. This will
DESCRIPTION include the development of accounting profession and its standards-setting bodies, It will also include an understanding of the Philippine Financial
Reporting Standards and how these standards affects financial accounting and reporting for business entities. This will also include detailed
discussion of conceptual framework, presentation of financial statements in accordance with Philippine Accounting Standard (PAS) 1, cash to
accrual accounting and single entry system and interim and operating segments.

Institutional Learning Outcomes Programs Outcomes Course Outcomes

1. Creative and Critical Thinking BSA and BSMA graduates must demonstrate the
ability to review, interpret, evaluate financial data and
systems in compliance with established policies,
procedures, guidelines, agreements and/or legislation.
He must be able to link data, knowledge and insight
together with different sources and disciplines to make
informed decisions.
2. Effective Communication They should possess active listening skills and the
ability to communicate effectively one’s point of view,
both orally and in writing, at all organizational levels;
be able to explain verbally and/or writing financial,
statistical, administrative matters/policies/procedures/
regulatory matters/audit results at a level appropriate
to the audience and must be able to negotiate
effectively.
3. Strong Service Orientation BSA and BSMA graduates should develop an ability to
Upon completion of the course, the students will be able
to:
a. Learn and appreciate the objectives of financial
statements.
b. Have sound knowledge and understanding of the
overall consideration in the preparation of a
complete set of financial statements.
c. Learn the presentation of interim financials
statements, as well as segment reports, as
compared with the year-end financial statements.
d. Differentiate cash basis from accrual basis of
accounting.
e. Apply the skills in the presentation of a complete
set of financial statements with appropriate
disclosures.
f. To emphasize the need of a high degree of

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4. Passion to Life-Long Learning
5. Sense of Personal and Professional Ethics
6. Sense of Nationalism and Global Responsiveness
7. Community Engagement
8. Adeptness in the Responsible Use of Technology
9. High Level of Leadership and Organization Skills
work in groups, possess skills to participate as member integrity expected from accountants who are
of a team or/and contribute to group effort; be able to preparing the financial statements relied upon by
teach others new skills; be able to work to the various users of accounting information.
satisfaction of the clients; negotiate and work with g. To be equipped with values geared towards
diversity or work well with men and women from becoming socially responsible, morally globally
diverse backgrounds. competitive accountants.
BSA and BSMA graduates must work with the highest
standards of professionalism, to attain higher level of
performance and generally to meet the public interest,
he must conform to the ethical standards of the
profession that include: Integrity, objectivity and
independence, professional competence and due care,
confidentiality, professional behavior and moral values.
BSA and BSMA graduates should possess general
knowledge in gaining and understanding of the
different cultures in the world and developing an
international objective thus, he must possess
competency in English language, adaptability to
foreign business practices, level of trainability and
good capabilities in dealing with foreign partners.
BSA and BSMA graduates should not only be
conversant with IT concepts for business systems but
sound knowledge on internal control in computer-
based systems, development standards and practices
for business systems, management of the adoption,
implementation and use of IT, evaluation of computer
business systems, and managing the security
information.
BSA and BSMA graduates should possess broad base
of knowledge concerning macro-environmental,
economic and industry issues, business process
structures, functions and practices. It includes
knowledge in areas such as economics, quantitative
models and busines statistics, organizational behavior,
internation business, ethics and corporate governance.
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DETAILED LEARNING PLAN

WEEK NO. OF RESOURCES/

TOPIC LEARNING OUTCOMES METHODLOGIES ASSESSMENT
NO. HOURS REFERENCES

1 3 • Orientation on course syllabus;
grading system; class
management policies; required
text book.
After thorough discussion of the topics,
the learner will be able to:
• make the students at ease and eager
to learn;
• relate ACCO 20073 to, ACCO 20043,
ACCO 20053 and ACCO 20093; relate
of ACCO 20073 to higher level
accounting subjects such as Auditing.
• Presentation of the grading Syllabus
system; class management
policies and the rest of the
syllabus.
• Clarification of expectations.

2-3 6 The Need for Financial At the end of the topic, the learner will •Lecture and discussion The Philippine Financial • Oral Recitation
Reporting be able to: • Students to obtain Reporting (2019 ed.) by • Quiz on related
• Describe the purpose of accounting information and researches Robles and Empleo topic.
and financial reporting; taken from the internet and
• Identify the need for information of the other sources about the
users of accounting information; members of the accounting
• Describe the branches of accounting; standard setting bodies and
• Discuss the development of list of standards and
accounting standards and financial interpretations issued by
reporting standards; IASB and FRSC.
• Identify the organizations involved in
the promulgation of the accounting
standards;
• Describe the due process of
developing the international financial
reporting standards; and
• Describe the due process of
developing and promulgating Philippine
Financial Reporting Standards.

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4-6 7.5 The Conceptual Framework for At the end of the topic, the learner will • Lecture and discussion The Philippine Financial • Oral Recitation
Financial Reporting be able to: Reporting (2019 ed.) by • Quiz on related
• State the purpose and status of the Robles and Empleo topic.
Conceptual Framework for Financial
Reporting; Conceptual Framework
• Explain the objective of the general for Financial Reporting
purpose financial reporting and the (2018 version)
information needs of its users;
• Enumerate the qualitative
characteristics of useful financial
information and illustrate their
application;
• Explain what is a reporting entity;
• Illustrate the application of the going
concern assumption and accrual basis
of accounting;
• Define the elements of the financial
statements and explain the criteria for
their recognition and the bases for their
measurement;
• Discuss the concepts applied for
derecognition of assets and liabilities;
• Explain how an entity can effectively
communicate its financial information
through financial statement presentation
and disclosure; and
• Discuss the two concepts of capital
and the two concepts of capital
maintenance.
6-8 7.5 Basis for the Presentation of At the end of the topic, the learner will • Lecture and discussion The Philippine Financial • Oral Recitation
Financial Statements be able to: Reporting (2019 ed.) by • Quiz on related
• Describe the objective of the financial Robles and Empleo topic.
statements;
• Enumerate the components of International Accounting
financial statements and their Standard (IAS) 1
respective uses;
• Describe the hierarchy in the formation
of accounting policies by the
management;
• State and apply the general features in
the presentation of the financial
statements;

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 • Explain the limitations of the financial
statements;
• State the function of the Securities and
Exchange Commissions (SEC);
• Classify the entities based on
applicability of financial reporting
frameworks; and
• Identify the different Philippine
financial reporting frameworks and their
applicability.

9 3 MIDTERM DEPARTMENTAL EXAMINATION

10-14 15 Preparing the Financial At the end of the topic, the learner will • Lecture and discussion The Philippine Financial • Oral Recitation
Statements be able to: • Board illustration Reporting (2019 ed.) by • Quiz on related
• Prepare a properly classified • Problem solving Robles and Empleo topic.
statement of financial position; • Students to obtain audited
• Prepare an income statement and a financial statements of International Accounting
statement of comprehensive income; companies for the prior year Standard (IAS) 1
• Prepare a statement of cash flows;
• Prepare a statement of changes in International Accounting
equity; Standard (IAS) 7
• Identify the information presented in
the notes to the financial statements; International Accounting
and Standard (IAS) 10
• Assess the events after the reporting
period as to whether requiring
adjustments and/or disclosure in the
financial statements.
15-17 9 Change in the Accounting At the end of the topic, the learner will • Lecture and discussion The Philippine Financial • Oral Recitation
Policies, Change in the be able to: • Board illustration Reporting (2019 ed.) by • Quiz on related
Accounting Estimeates and • Describe the reasons for changes in • Problem solving Robles and Empleo topic.
Errors accounting policies and accounting
estimates; International Accounting
• Account in the books of accounts Standard (IAS) 8
changes in accounting policies and
changes in accounting estimates;
• Present in the financial statements the
effects of changes in accounting
estimates;
• Explain the causes of accounting
errors;
• Explain the proper treatment of errors

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 corrected in the comparative period
financial statements; and
• Present the effects of the correction of
a prior period error in the current year
comparative financial statements.

18 3 FINAL DEPARTMENTAL EXAMINATION

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REFERENCES (Reading Materials)

 CIRC HF 5635 W37 2014, Warren, Carl S., Financial Accounting, 13th ed., 2014
 CIRC HF 5635 F56 2013, William, Jan R., Financial & Managerial Accounting: The basis for business decisions, 16th ed., 2013
 CIRC HF 5635 F5313 2013, William, Jan R., Financial Accounting, 15th 3d. 2013
 REF HF 5626 1594 W55 2013, Wiley 2012 intrepretation and application of international financial reporting standards, Bruce Mackenzie, 2013
 Robles, Nenita S. and Empleo, Patricia M., The Intermediate Accounting, Volume 3, 2017 Edition, Millennium Books Inc.
 Robles, Nenita S. and Empleo, Patricia M., The Philippine Financial Reporting. 2019 Edition, Millennium Books Inc.
 International Accounting Standards and International Financial Reporting Standards

GRADING SYSTEM
Class Standing 70%
Quizzes 70%
Assignments, recitation 10%
Seatwork, files, notebook 10%
Attendance, right conduct 10%
Departmental examination 30%
Total 100%

Final Grade = (1st Grading Period + 2nd Grading Period)

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ATTENDANCE

The allowed number of absences for students enrolled in ACCO 20073 with twice-a-week meeting is four (4). Request for excused absences or waiver of absences must be
presented upon reporting back to class. Special examinations will be allowed only in special cases, such as prolonged illness. It is the responsibility of the student to monitor
his/her own tardy incidents and absences that might accumulate leading to a grade of “FA,” (Failed due to Absences). It is also his/her responsibility to consult with the teacher,
chair or dean should his/her case be of special nature.

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ACADEMIC HONESTY

All BSA and BSMA students are expected to be academically honest. Cheating, lying and other forms of immoral and unethical behavior will not be tolerated. Any student found
guilty of cheating in examinations will (at a minimum) receive a grade of 5.0 in the said test.

Prepared by the Committee on ACCO 20063 Syllabus Revision:

NENITA S. ROBLES JOSEFINA Y. MAURICIO NOEL A. BERGONIA

Member Member Chair

Reviewed by:

MARIETTA M. DOQUENIA GLORIA A. RANTE

Chairperson, Basic Accounting Chairperson, Higher Accounting

Recommending approval by:

LILIAN DE LA MERCED-LITONJUA
Dean

Approved by:

DR. MANUEL M. MUHI

Vice President for Academic Affairs

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Student’s Copy

I have read the course syllabus and I understand that I have to comply with the requirements of the course and the expectations from me as a student of ACCO 20063 during the
First Semester of SY 2019-2020. I am fully aware of the consequences of non-compliance with the above-mentioned requirements and expectations.

Printed name and signature of student

Date

---------------------------------------------------------------------------------------------------------------------------
Teacher’s Copy

I have read the course syllabus and I understand that I have to comply with the requirements of the course and the expectations from me as a student of ACCO 20063 during the
First Semester of SY 2019-2020. I am fully aware of the consequences of non-compliance with the above-mentioned requirements and expectations.

Printed name and signature of student

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 Date
Effective School Year 2019-2020