Republic of the Philippines

Bontoc, Mountain Province

Mountain Province State Polytechnic College

In Partial Fulfillment on CFAS requirement

to the Faculty of BS Accountancy

By: Ronali Nalikaw

Nathanae Awisan

Beverly Anne Bateg

Jennifer Pomekcha

Lhevicile Alundy

To: Rodeline Yad-yadoc

On: February 03, 2020

** Designating and discussion of all the topics in chapter 2 to leaded by Beverly Anne Bateg to
her group members Lhevicile Alunday, Nathanae Awisan, Ronali Nalikaw, and Jennifer
Pumekcha in which they will make a poem out of the designated topic to each them.

** The designated topics were the ff:

a. Purpose of conceptual framework up to the objectives of the financial reporting-

Lhevecile Alunday
b. Qualitative characteristics up to financial statements and the reporting entity-
Jennifer Pumekcha
c. Elements of F.S and Measurement- Beverly Anne Bateg
d. Recognition and Derecognition- Ronali Nalikaw
e. Presentation and Disclosure up to Concepts of capital and capital maintenance-
Nathanae Awisan

** Second Discussion about the topics

** Last February 2, the group decided to meet at plaza to finalize their poem but the Beverly,
Lhevicile and Nathane are only present since the other two haven’t attended it for some
important reasons. So, the 3 decided to make a group chat wherein they will send all their
poem For Nathanae to do the finalization. They also texted the Jennifer and Ronali to send it
through the created GC.

** Finalizing of the poem for printing

** Rehearsing the finalize poem and finally decided to present the poem in one two – one two
sequence per paragraph.

** Presenting the poem for the class and for our beloved instructor.
 In the absence of standards in accounting
Conceptual framework can be used as take over
Which will be useful in financial reporting
That provides the common need of the primary user

To be beneficial, to user's that are primary

It should be material that has quality
Faithful representation implemented strictly
Representing completeness, neutrality and accuracy.

Enhance characteristics to maximize its usefulness

Comparability, verifiability to follow accounting concepts
Understandability and timeliness
Not to lose the information's usefulness

I have 5 elements in my financial statements

Asset which i have control and right to its economic benefits
Obligation that decreases my assets
An enemy but it's so dear as a prospect

So assets minus liabilities is equity

2 more to go income and expense waiting me
This income does increases my equity
While I rejoice if expenses decreases permanently

It satisfies the criteria of recognition

If the item meets the element's definition
If the future economic benefits has a probability
And has a cost that can be measured reliably

Assets, liabilities, income and expenses

Are measured and prescribed in different measurement bases
Historical cost, fair value, current cost, and current value
Considering qualitative characteristics, cost constraint and nature of information

Financial information is communicated to users

Through presentation and disclosure in FS
The cost-constraint or cost-benefit principle
Affects reporting in all aspects

Has specified standards and considerations

 Similar nature as to classification
Assets and liabilities classification
Comes here income and expense aggregation

Financial and physical concept of capital and maintenance

Between return on capital and return of capital
Revaluation or restatement is adjustment
Wave of performance are sometimes not recognized