AC 1101 Conceptual Frameworks and Accounting Standards

I. Course Orientation (1.5 hour)

a. USC Vision and Mission Statement.
b. SBE and Department of Accountancy Aims.
c. Duties and responsibilities of a student.
d. Classroom rules and policies.
e. Expectations from the subject and the teacher.
f. Course Overview – PAS, PFRS, Concept Map Compilation
g. Formation of Groups

II. Financial Statement Reporting (7 hours)

a. Introduction: Conceptual Framework
b. PAS 34 - Interim Financial Reporting
c. PAS 7 - Cash Flow Statements
d. PAS 1 – Presentation of Financial
e. Statements
f. PFRS 1 – First Adoption of PFRS
g. PFRS for SME’s –Definition and Criteria

III. Inventories, Performance Reporting and Accounting Changes (7 hours)

a. PFRS 15 Revenue
b. PFRS 5 –Discontinued Operation
c. PAS 33 - Earnings per Share
d. PAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors
e. PAS 2 – Inventories

IV. Fixed Assets/ Investment Property (8.5 hours)

a. PAS 16 – Property, Plant and Equipment
b. PAS 23 – Capitalization of Borrowing Costs
c. PAS 40 – Investment Property
d. PAS 36 – Impairment of Assets
e. PAS 38 – Intangible Assets
f. PFRS 5 –Noncurrent asset held for sale

V. Group Accounts (3 hours)

a. PAS 27 – Separate financial statements
b. PAS 28 – Investments in Associates
c. PFRS 11 – Joint Arrangement
d. PAS 24 – Related Party Disclosures

VI. Employee Benefits/ Share-Based Payments/Contingencies (5 hours)

a. PAS 19R – Employees Benefits
b. PAS 26 Accounting and Reporting by Retirement Benefits Plan
c. PFRS 2 – Share-Based Computations
d. PAS 37 – Provisions, Contingent Liabilities and Contingent Assets

VII. Insurance / Leases / Etc (11 hours)

a. PFRS 17 – Insurance
b. PAS 41- Agriculture
c. PAS 11- Construction Contracts
d. PFRS 16 – Leases
 e. PAS 20 - Accounting for Government Grants and Disclosure of Government Assistance
f. PAS 29 – Financial Reporting in Hyperinflationary Economies
g. PAS 12 – Income Taxes
h. PAS 10 – Events After the Balance Sheet Date
i. PAS 14 – Segment Reporting
j. PFRS 3- Business Combinations
VIII. Financial Instruments: Disclosure and Presentation (5 hours)
a. PAS 32 – Financial Instruments: Disclosure and Presentation
b. PFRS 9(new)- Financial Instruments
c. PAS 21 – The Effects of Changes in Foreign Exchange Rates

Educational Resources
A. Book

657W25 Warren Carl, Reeve James, Fess Philip, Accounting 21st ed., C 2009

657W54 Weygant, Jerry J., Kieso, Donald E., Kell,

Walter G: Accounting Principles, 5th Edition, C 2009

Accounting Standards Council, PICPA: Philippine Financial Reporting Standards,

Lopez, Rafael Jr., M., Fundamentals of Accounting 2009 edition

657.95B21 Ballada, Win Lu Accounting Made Easy. C

2009
Kieso, D.E., Weygandt, J. J., Warfield, T. D. Intermediate Accounting. 11th edition, John Wiley and Sons, Inc.,
C2009.

Skousen, K. F., Stice E. K. Stice, J. D., Intermediate Accounting. 15th edition, South-Western College Publishing,
C2009.

Philippine Financial Reporting Standards, 2016 PICPA Compilation.

Kinnel, Kieso & Weygandt, Financial Accounting. 3rd edition, John Wiley and Sons, Inc., C2009.

Valix & Peralta, Financial Accounting. Volume I & II. 2009 edition.

Epstein B. J., Mirza., International Accounting Standards. C2009.

Riabacke, Ari. (2006). Managerial Decision Making Under Risk and Uncertainty. International Journal of
Computer Science, 32(4).

B. Websites

Intermediate Accounting, Skousen: http//:skousen.swcollege.com

Intermediate Accounting, Kieso & Weygandt: http://www.wiley.com/college/kieso

International Accounting Standard, John Wiley & Sons: http://www.wiley.com/gaap

Practical Accounting: http://www.booksites.net/benedict

FASB: http://www.rutgers/edu/accounting/raw/fasb

IFRS: http://www.ifrs.org