FINANCIAL ACCOUNTING AND REPORTING (FAR)
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Development of Financial Reporting Framework, Standard-Setting Bodies
Conceptual Framework, Accounting Process and Presentation of Financial Statements
Cash and other Financial Assets
a.
Cash (Nature and composition)
b. Bank Reconciliation
c.
Accounting for Petty Cash Fund
d. Other Financial Assets
Non-Financial Assets
a.
Inventories
b. Property, plant and equipment
c.
Investment property
d. Intangible Assets
e. Biological assets
Financial Liabilities
Non-financial Liabilities, provisions and contingencies
Shareholders’ Equity
Others
a.
Share-based payment transactions
b. Leases
c.
Income Tax
d. Employee benefits
e. Interim reporting
f.
Operating Segments
Other Reporting Frameworks
ADVANCED FINANCIAL ACCOUNTING AND REPORTING (AFAR)
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Partnership Accounting
a.
Formation
b. Operation
c.
Dissolution
d. Liquidation
Corporate Liquidation
a.
Statement of Affairs
b. Statement of Deficiency
c.
Statement of Realization and Liquidation
d. Order of priority of claimants of company assets subject to liquidation
Joint Arrangements
a.
Joint Operations
b. Joint Venture (equity method)
Revenue Recognition
Accounting for Home Office, Branch and Agency Transactions
Business Combination
Separate Financial Statements
Consolidated Financial Statement
Derivatives and Hedging Accounting
a.
Accounting for Derivatives
b. Hedging Activities
i. Foreign Currency Forward Contracts
Translation of Foreign Currency Financial Statements
Not for Profit Organizations
Government Accounting
Cost Accounting
a.
System of Cost Accumulation or Costing System
b. Job-order Costing System
c.
Process Costing System
d. Backflush Costing System (Just-In-Time System)
e. Activity Based Costing System (ABC System)
f.
Accounting for Joint and By-Products
g.
Service Cost Allocation
Other Special Topics
a.
Accounting for insurance contracts by insurers
b. Service Concession Arrangement
AUDITING
1) Theory on Auditing and Attestation Services
2) Auditing Practice
MANAGEMENT SERVICES
1) Management Accounting
a. Objectives, role and scope of management accounting
b. Management accounting concepts and techniques for planning
and control
i. Cost terms, concepts and behavior
ii. Cost-volume profit (CVP) analysis
iii. Standard costing and variance analysis
iv. Variable vs. Absorption Costing
v. Financial planning and budgets
c. Management accounting concepts and techniques for
performance measurement
i. Responsibility accounting and transfer pricing
ii. Balanced scorecard
d. Management accounting concepts and techniques for decision
making
i. Relevant costing and differential analysis
2) Financial Management
a. Objectives and scope of financial management
b. Financial management Concepts and Techniques for planning,
control and decision making
i. Financial statement analysis
ii. Working capital management
iii. Capital Budgeting
iv. Risks and leverage
v. Capital structure and long-term financing decision
vi. Financial markets
3) Economic Concepts essential to obtaining an understanding of entity’s
business and industry
a. Macroeconomics
b. Microeconomics
REGULATORY FRAMEWORK AND BUSINESS TRANSACTIONS (RFBT)
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Law on Business Transactions
a.
Obligations
b. Contracts
c.
Sales
d. Credit Transactions
Bouncing checks
Consumer Protection
Financial Rehabilitation and Insolvency
Philippine Competition Act
Government Procurement Law
Law on Business Organization
a.
Partnerships
b. Corporations
c.
Insurance
d. Cooperatives
Law on Other Business Transactions
a.
PDIC LAW
b. Secrecy of Bank Deposits
c.
Truth in Lending Act
d. AMLA Law
e. Intellectual Property Law
f.
Data Privacy Act
g.
Electronic Commerce Act
h. Ease of Doing Business and Efficient Delivery of Government Service Delivery Act
i.
Labor Law
j.
Social Security Law
TAXATION
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Principles of Taxation
Tax Remedies
Income Taxation
Transfer Taxes
a.
Estate Tax
b. Donor’s Tax
Business Taxes
a.
Value-added tax
b. Percentage Tax
c.
Specific provisions of other special laws relating to business taxation
i. Senior Citizen’s Law
ii. Magna Carta for Disabled Persons
Documentary Stamp Tax
Excise Tax
Taxation Under Local Government Code
Preferential Taxation
a.
Special Economic Zone Act
b. Bases Conversion and Development Act
c.
Omnibus Investment Code
d. Basic Principles of tax treaty and specific provisions of Double Taxation Agreement
models
e. Tax implications of transactions applying the tax rules and regulations, and sound
tax planning strategies within legal and ethical bounds to efficiently manage tax
liabilities