VISION
The University of Baguio, in its pursuit of relevant and responsive education, envisions itself to be a leading institution of focused yet balanced learning.
MISSION
1. The UB family is committed to create a dynamic academic environment conducive to the development of globally competitive professionals whose skills and talents
are put to use.
2. Guided by the Divine Providence, UB provides relevant and responsive education where students enjoy focused yet balanced learning using up-to-date curricula and
facilities.
3. Towards this goal, UB empowers its officers, faculty and employees who shall serve with the highest degree of professionalism, competence, integrity and dedication.
GOALS
In the pursuit of its noble vision and mission, the University of Baguio (UB) endeavors to:
1. Provide a globally competitive professional:
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Who can pass all relevant tests needed in the practice of his/her profession;
1.2.
Who is armed with the relevant skills, talents, abilities and knowledge needed for the optimum application of his/her chosen career;
1.3.
Whose English and computer proficiency are second to none among graduates in North Luzon.
2. Provide moral and intellectual training that promotes the internalization of values founded on human rights;
3. Make itself a responsible instrument in promoting and developing social, political, economic, and environmental awareness towards achieving equity and social justice;
4. Provide programs that promote, develop and enhance mental, physical and spiritual fitness; and
5. Develop and enhance among its studentry, administrators, faculty, and employees, a strong sense of patriotism.
Course Title:
ACCTGN8
Description:
Financial Accounting Standards
Effectivity:
Second Semester,
SY 2012-2013
Date Revised
November, 2012
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Prepared by:
Cheong, Carren M. F.,
CPA
Approved by:
Dr. Kareen B. Leon,
CPA, MSBA, PhD
Page 1 of 7
School of Business Administration
and Accountancy
ACCOUNTANCY PROGRAM OBJECTIVES:
The Program endeavors to:
1. Provide globally competitive accounting professionals who are responsive to the needs of society.
2. Make available socially responsible and ethical accounting professionals.
3. Utilize a holistic approach on the teaching-learning process, resulting to physical and mental fitness of accounting graduates and students.
4. Develop and apply programs that imbibe and strengthen the value system of its faculty, students and administrators in terms of : love for God, love for country and love
for family.
5. Create opportunities for increased awareness of accounting students on social, political and moral issues and subsequently equip them to help address such issues.
Program Objectives
P1. Provide globally competitive accounting professionals who are responsive to the needs of society.
P2. Make available socially responsible and ethical accounting professionals.
P3. Utilize a holistic approach on the teaching-learning process, resulting to physical and mental fitness of accounting graduates
and students.
P4. Develop and apply programs that imbibe and strengthen the value system of its faculty, students and administrators in terms
of : love for God, love for country and love for family.
P5. Create opportunities for increased awareness of accounting students on social, political and moral issues and subsequently
equip them to help address such issues.
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UNIVERSITY GOALS
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2. Program Outcomes and Relationship to College/ Program Objectives
COLLEGE/ PROGRAM
OBJECTIVES
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Program Outcomes
O1. Students graduate to become professionals imbued with high moral/ ethical standards.
O2. Graduates are highly competitive with their acquired knowledge, skills and values in the practice of their profession.
O3. Graduates are confident of their academic and industry preparations and the entry competencies learned to tackle the rigors of the
business world.
O4. Students can carry out researches that can be utilized in the community and in the business profession.
O5. Students recognize their responsibility and accountability as professionals and as workers in the community.
O6. Students become aware of and strive for their physical, mental and spiritual well-being.
O7. Students are prepared to meet the needs and demands of global employment without losing the Filipino spirit.
O8. Students become aware of their responsibility to the environment and participate actively in environmental programs.
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PROGRAM OUTCOMES
O3
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O5
O6
O7
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3. Course Objectives and Relationship to Program Outcomes
Course Objectives
O1
O2
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C5. develop a system for higher learning designed specifically in preparation for the CPA Licensure Examinations.
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AFFECTIVE DOMAIN
C6. develop the value of honesty, objectivity and perseverance.
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COGNITIVE DOMAIN
C1. know the concepts relating to accounting for financially distressed corporations, government and nonprofit
organizations;
C2. integrate and apply the generally accepted accounting principles to problem situations involving financial statements
that are likely encountered in practice;
C3. learn the basic processes that happen in the accounting systems of financially distressed corporations, government
and nonprofit organizations;
C4. integrate the application of the topics learned to situations most likely to be encountered in everyday life;
C7. realize the contributions of accounting standards or GAAP to the development of a more socially responsible and
morally upright professional accountant.
C8. integrate the values of honesty and integrity in the preparation of financial reports for government and not-for-profit
organizations;
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C9. apply the qualities of neatness, accuracy, timeliness, and compliance with requirements in the preparation and
submission of reports.
PSYCHOMOTOR DOMAIN
C10. apply the skills in the preparation of financial reports for financially distressed corporations, government and
nonprofit organizations;
C11. apply the skills in systematic problem solving.
C12. solve accounting problems within the minimum speed required in the CPA Licensure Examinations;
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C13. apply concepts and procedures of advanced accounting in meeting the requirement of the course such as quizzes,
group work, case studies, and other problem solving activities.
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4. Pre-requisite
ACCTGN 7 Advanced Financial Accounting, Part 2
5. Co-requisite
ACCTGN 9 Advanced Financial Accounting, Part 3
6. Course Description
The course primarily deals with the study and interpretation of Philippine Financial Reporting Standards as issued by the Accounting
Standards Council. The course provides an in-depth discussion of generally accepted accounting principles as set in the accounting standards. The course aims to
organize the concepts and procedures in ways that focus on student motivation and understanding. The course is designed to equip the students with knowledge and
technical skills needed for the CPA Licensure Examinations, as well as for their future jobs.
7. Course Coverage
Learning Contents/ Topic
Course Syllabus
VMO
Seat Plan
Leveling of Expectations
PHILIPPINE FINANCIAL REPORTING STANDARDS
 Preface To Philippine Financial Reporting Standards
 The Accounting Standards Council and Interpretation
Committee
 Objectives of the ASC
 Scope and Authority of the PFRS
 Due Process
 Timing and Application of PFRS
 The Philippine Financial Reporting Standards Components
No.
of
Hrs.
1
P
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College Objectives
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Program Outcomes
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Activity and
Learning
Approach
Orientation
Internalize the
VMO
Arrange students
Requirements and
Grading system
Lecture-discussion,
Board exercises,
Recitations, Group
Activity
Evaluation
Quiz,
Assignments
, Research,
Case
Analysis
Learning Contents/ Topic
No.
of
Hrs.
College Objectives
P P P P P
1 2 3 4 5
O
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Program Outcomes
O O O O O O
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Activity and
Learning
Approach
Evaluation
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Lecture-discussion,
Board exercises,
Recitations, Group
Activity
Quiz,
Assignments
, Research,
Case
Analysis
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Lecture-discussion,
Board exercises,
Recitations, Group
Activity
Quiz,
Assignments
, Research,
Case
Analysis
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PASs on financial statement preparation and presentation
 Framework for the preparation and presentation of
financial statements
 PAS 1 Presentation of financial statements
 PAS 37 Provisions, contingent assets and contingent
liabilities
 PAS 8 Accounting policies, changes in accounting
estimates and errors
 PAS 10 Events after balance sheet date
 PAS 24 Related party disclosures
 PAS 7 Cash flow statement
 PFRS 8 Operating segments
 PAS 34 Interim reporting
 PFRS 5 Discontinued operations and Non-current
assets held for sale
PRELIMINARY EXAMINATION
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
12
PASs on financial statement elements
 PAS 2 Inventories
 PAS 16 Property, plant and equipment
 PFRS 6 Exploration for and evaluation of mineral
resources
 PAS 36 Impairment of assets
 PAS 20 Government grants and disclosure of
government assistance
 PAS 40 Investment property
 PAS 23 Borrowing cost
 PAS 38 Intangibles
FIRST GRADING EXAMINATION
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PAS 28 Investment in associates
PAS 39 Financial Instruments: recognition and
measurement
PAS 32 Financial Instruments: presentation
PFRS 7 Financial Instruments: disclosure
SIC 13 Jointly controlled entities
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Learning Contents/ Topic
No.
of
Hrs.
College Objectives
P P P P P
1 2 3 4 5
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Program Outcomes
O O O O O O
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Activity and
Learning
Approach
Evaluation
Lecture-discussion,
Board exercises,
Recitations, Group
Activity
Quiz,
Assignments
, Research,
Case
Analysis
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PFRS 3 Business combinations
PAS 27 Consolidated ad separate financial statements
SIC 12 Consolidation – special purpose entities
PAS 21 Effects of foreign currency exchange rates
PAS 29 Financial reporting in hyperinflationary
economies
MIDTERM EXAMINATION
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PAS 17 Leases
PAS 19 Employee benefits
PAS 26 Accounting and reporting by retirement benefit
plans
 PFRS 2 Share-based payments
 PAS 18 Revenue
 PAS 11 Construction contracts
 SIC 7 Introduction of the euro
 PAS 12 Income taxes
 PAS 33 Earnings per share
 PASs on non-commercial accounting
 PFRS 4 Insurance Contracts
 PAS 41 Agriculture
 PAS 30 Financial statements of banks and similar
financial institutions
 PFRS 1 First time adaptation of Philippine Financial
Reporting Standards
 SICs and IFRIC
 New Pronouncements (IFRS 7,8,9,10,11,12,13)
FINAL EXAMINATION
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Grading System:
For Professional Board Examination Subjects: the cut-off score is 70%. The highest possible grade is ninety-nine (99); the lowest passing grade is seventy-five (75); and the
lowest failing grade is sixty-five (65).
First grading Class standing = 70 % ; Exam = 30 %
Midterms
Class standing = 60 % ; Exam = 40 %
( Tentative Midterm Grade x 2 + First Grading ) / 3 = Midterm Grade
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Finals
Class standing = 50 % ; Exam = 50 %
( Tentative Final Grade x 2 + Midterm Grade ) / 3 = Final grade
References:
Ballada. Auditing Theory: Audit and Assurance Services, Domdane Publishers, Manila, 2005.
Cabrera. Applied Auditing 2009 Edition, GIC Enterprises & Co. Inc., Recto, Manila.
Evangelista. IFRS Made Easier, 2006 Edition, GIC Enterprises and Co., Manila, 2006.
Hall & Singleton. Information Technology Auditing and Assurance 2nd Edition, Thomson South Western, New York, 2005.
Philippine Accounting Standards and Philippine Financial Reporting Standards. Volume 1.
Philippine Accounting Standards and Philippine Financial Reporting Standards. Volume 2.
Philippine Standards on Auditing and Philippine Auditing Practice Statements. Volume 1.
Philippine Standards on Auditing and Philippine Auditing Practice Statements. Volume 2.
Philippine Standards on Auditing and Philippine Auditing Practice Statements. Volume 3.
http://www.iasplus.com
http://www.picpa.com.ph
http://www.skousen.swcollege.com
http://www.sec.gov.ph
http://www.carren.wikispaces.com
http://www.dlsu.edu.ph
http://accounting.swlearning.com
http://stice.swlearning.com
www.mhhe.com
Syllabus Evaluation Committee:
Rhadvic F. Estoque, CPA, MBA
Program Chair, BSBA Accountancy
Dr. KAREEN B. LEON, MSBA, CPA , PhD
Dean, School of Business Administration and Accountancy
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