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									                                                         FAR EASTERN UNIVERSITY
                                                                   Manila
                                                Institute of Accounts, Business and Finance

                                                           COURSE SYLLABUS

Course Code                 :   FIN ACT 1

Course Title                :   Financial Accounting and Reporting, Part I

Course Pre-requisite        :   FND ACT 2 – Fundamentals of Accounting , Part II

Course Credit               :   Six (6) units

Course Description          :   This course introduces the nature, functions, scope and limitations of the broad field of accounting theory. It deals with the
                                study of the theoretical accounting framework objectives of financial statements, accounting conventions, and generally
                                accepted accounting principles, standard setting process for accounting practice, national as well as international principles
                                relating to the preparation and presentation of financial statements, the conditions under which they may be appropriately
                                applied, their impact or effect on the financial statements; and the criticisms commonly leveled against them. The course
                                covers the detailed discussion, appreciation, and application of accounting principles covering the assets, financial and
                                nonfinancial. Emphasis is given on the interpretation and application of theories of accounting in relation to cash, temporary
                                investments, receivables, inventories, prepayments, long term investments, property, plant and equipment, intangibles, and
                                other assets, including financial statement presentation and disclosure requirements. The related internal control, ethical
                                issues, and management of assets are also covered. Exposure to computerized system in receivables, inventory, and
                                lapsing schedules is a requirement in this course.


General Course Objectives   :   At the end of the course, the student is expected to be able to obtain a comprehensive knowledge and understanding on
                                selected pronouncements of the Accounting Standards Council (ASC) as embodied in the PAS and principles underlying
                                measurement, valuation and presentation and disclosure of ASSETS.




                                                           Revised as of May 2009
                                                                     1
COURSE CONTENT

Week                 Learning Objectives                          Focal              Competencies   Teaching Strategies         Values       Evaluative
                                                             Points/Topics                                                                    Measures
 1      At the end of the session, the student is         1. Overview of the       Planning and     1. Expectation          Teamwork      1. Seat Plan
        expected to understand:                           course                   Organizing       setting for both        Cooperation   2. Summarized
             Know the requirements for completing        2. Administrative        Understanding    students and                          student
                the course successfully;                  matters                                   professor;                            expectation sheet
             Articulating his/her own expectation from   3. Concepts and                           2. Formulation of the                 3. Quiz
                the course and the professor              principles relating to                    seat plan
             Nature, principles and scope of             the preparation and                       3. Lectures
                accounting                                presentation of                           4. Assignments
             Nature, principles and objectives of        Financial
                financial and related records of an       Statements.
                organization
             The nature, role and significance of
                accounting theories and principles
             Principles of conceptual framework of
                accounting
             Philippine financial reporting
                standards/Philippine accounting
                standards
             The concept and role of the true and fair
                presentation of financial statements
 2      At the end of the session, the student is         Financial Reporting      Judgment         1. Lectures             Flexibility   1. Quiz
        expected to understand:                           Standards Council        Understanding    2. Assignments
                                                          and Conceptual
              Financial Reporting standards Council      Framework for the
               (Creation, objectives and functions;       Preparation and
               Membership/composition; Standard           Presentation of
               setting process)                           Financial
                                                         Statements




                                                            Revised as of May 2009
                                                                       2
Week                 Learning Objectives                         Focal               Competencies   Teaching Strategies      Values           Evaluative
                                                             Points/Topics                                                                    Measures
             The IASB, history, current structure and
              processes, globalization of capital
              markets, calls for the harmonization of
              accounting standards, formation and
              achievements of the IASC

 3     At the end of the session, the student is           Conceptual            Judgment           1. Lectures           Flexibility      1. Preparation of
       expected to understand:                             Framework for the     Understanding      2. Assignments        Creativity       Financial
                                                           Preparation and       Presentation                             Accountability   Statements
             Users and their information needs            Presentation of       Skills                                                    2. Quiz
             Objective of financial statements            Financial
             Underlying assumptions in the                Statements
              preparation of financial statements
             Qualitative characteristics of financial
              statements (Understandability,
              Relevance, Reliability, Comparability)
             Principles of Recognition and
              Measurement (Measurement basis)
             Elements of financial statements and
              their definition     (Assets, Liabilities,
              Equity, Income, Expenses)
             Recognition and measurement of the
              elements of financial statements
             Concepts of capital and capital
              maintenance ( Financial concept,
              Physical concept)




                                                            Revised as of May 2009
                                                                      3
Week                 Learning Objectives                             Focal             Competencies     Teaching Strategies      Values            Evaluative
                                                                 Points/Topics                                                                     Measures
 4     At the end of the session, the student is             Introduction to       Understanding        1. Lectures           Accountability   1. Quiz
       expected to understand:                               Financial             Analytical Ability   2. Assignments        Flexibility      2. Internet works
                                                             Instruments           Decision Making                            Patience
              Definition of financial instruments [                               Skills
               Financial assets: nature and examples,
               Financial liabilities: nature and examples,
               Equity instruments: nature and examples
               ( Distinction between equity and financial
               liabilities), Compound financial
               instruments]
            Categories of financial assets/financial
               liabilities
            Financial assets covered by Pas 32 & 39
            Other financial assets excluded from the
               scope of Pas 39 and addressed under
               other PFRS
            Approach in accounting for financial
               instruments
            Nonfinancial assets/nonfinancial
               liabilities: nature and examples
 5     At the end of the session, the student is                                   Analytical Ability   1. Lectures           Honesty          1. Preparation of
       expected to understand:                               Accounting for Cash   Problem Solving      2. Illustrative       Integrity        Bank
            Definition, nature and composition of                                 Skills               problems              Fairness         Reconciliation
               cash and cash equivalents                                           Presentation         3. Board work         Accountability   2. Quiz
            Recognition and measurement of cash                                   Skills               4. Assignment
            Management and control of cash
               (Accounting of petty cash fund, Bank
               reconciliation at a single date)
            Financial statement valuation,
               presentation and disclosure
Week                    Learning Objectives                        Focal            Competencies        Teaching Strategies      Values           Evaluative
                                                               Points/Topics                                                                      Measures
 6                                                                    First Preliminary Examination


                                                              Revised as of May 2009
                                                                        4
7   At the end of the session, the student is          Accounting for         Analytical Ability   1. Lectures       Honesty          1. Quiz
    expected to understand:                            Receivables            Problem Solving      2. Illustrative   Integrity
                                                                              Skills               problems          Fairness
          Definition, nature and classification of                           Presentation         3. Board work     Accountability
           receivables                                                        Skills               4. Assignment
          Accounting for receivables [Recognition,
           Initial and subsequent measurement,
           Impairment and uncollectible of
           receivables (Assessment and recording
           of impairment loss, Reversal or recovery
           of impairment loss), De-recognition,
           Generating cash from receivables]
          Accounting for notes/loans receivable
           (Definition and types of promissory
           notes, Recognition, Initial Measurement
           and valuation at present value)

8         Receivable financing arrangements           Accounting for         Analytical Ability   1. Answering      Honesty          1. Quiz
           [Accounts Receivable, Pledging (general     Receivables (cont’d)   Problem Solving      assignments       Integrity        2. Case Study
           assignment of receivables), Factoring,                             Skills               2. Lectures       Fairness
           Assignment of specific receivable]: Notes                          Presentation         3. Board work     Accountability
           receivable (Discounting)]                                          Skills               4. Giving
          Notes/loans receivable impairment and                                                   assignment
           un-collectibility
          Financial statement presentation and
           disclosure
          Internal control measures for receivable




                                                        Revised as of May 2009
                                                                  5
Week                 Learning Objectives                            Focal          Competencies         Teaching Strategies      Values            Evaluative
                                                               Points/Topics                                                                       Measures
 9     At the end of the session, the student is            Accounting for         Analytical Ability   1. Answering          Honesty          1. Internet works
       expected to understand:                              Investments in         Problem Solving      assignments           Integrity        2. Quiz
                                                            Equity and Debt        Skills               2. Lectures           Fairness
             Investment in equity instruments covered      Instruments            Presentation         3. Board work         Accountability
              by Pas 32 and 39 [Investment in               including basic        Skills               4. Giving
              marketable equity securities (designated      concepts on                                 assignment
              at fair value through profit or loss,         Derivatives (covered
              Trading, available for sale), Investment in   by Pas 32 and 39)
              unquoted equity securities]
             Investment in debt instruments [Held-to-
              maturity investments, not held-to-maturity
              (Trading, Available-for-sale)]

 10    At the end of the session, the student is            Accounting for         Analytical Ability   1. Lectures           Honesty          1. Quiz
       expected to understand:                              Inventories            Problem Solving      2. Illustrative       Integrity        2. Internet works
                                                                                   Skills               problems              Fairness
             Definition, nature and classes of                                    Presentation         3. Board work         Accountability
              inventories                                                          Skills               4. Assignment         Commitment
             Recognition
             Initial measurement at cost
             Inventory recording systems (Periodic
              inventory system, Perpetual inventory
              system)
             Inventory costing methods (Items not
              ordinarily interchangeable: Specific
              identification; For items that are
              interchangeable: First in, First out
              method, Weighted average cost method)




                                                                 Revised as of May 2009
                                                                             6
Week                 Learning Objectives                         Focal            Competencies         Teaching Strategies      Values           Evaluative
                                                             Points/Topics                                                                       Measures
 11          Inventory estimation methods [Gross         Accounting for         Analytical Ability    1. Answering          Honesty          1. Quiz
              profit method, Retail inventory method      Inventories (cont’d)   Problem Solving       assignments           Integrity
              (excluding peso value and retail info)]                            Skills                2. Lectures           Fairness
             Valuation at lower of cost and net                                 Presentation          3. Board work         Accountability
              realizable value (Write down to net                                Skills                4. Giving             Commitment
              realizable value, Reversal of write-down)                                                assignment
             Other inventory issues (Purchase
              commitment, Inventory valued at selling
              price, Use of more than one cost method,
              Borrowing costs, Lump-sum acquisition,
              Inventory errors)
             Financial statement presentation and
              disclosures
             Internal control and management of
              inventory


 12                                                                Second Preliminary Examination
 13    At the end of the session, the student is          Accounting for          Analytical Ability   1. Lectures           Honesty          1. Quiz
       expected to understand:                            agricultural activities Problem Solving      2. Illustrative       Integrity        2. Case Study
                                                          and biological assets Skills                 problems              Fairness
             Definition, nature and classes                                      Presentation         3. Board work         Accountability
             Recognition                                                         Skills               4. Assignment         Innovation
             Initial measurement at cost
             Valuation at lower of cost and net
              realizable value (Write-down to net
              realizable value, Reversal of write-down)
             Financial statement presentation and
              disclosures

Week                 Learning Objectives                        Focal             Competencies         Teaching Strategies      Values           Evaluative
                                                            Points/Topics                                                                        Measures
 14    At the end of the session, the student is          Accounting for         Analytical Ability    1. Lectures           Honesty          1. Quiz


                                                               Revised as of May 2009
                                                                          7
expected to understand:                             Property, Plant and   Problem Solving   2. Illustrative   Integrity
                                                    Equipment             Skills            problems          Fairness
      Definition, nature and classes                                     Presentation      3. Board work     Accountability
      Recognition                                                        Skills            4. Assignment     Innovation
      Initial measurement (Cash purchase,
       Purchase on a deferred payment
       contract, Issuance of securities, Donation
       or discovery, Self-construction,
       Exchanges of non-monetary and
       monetary assets)
      Expenditures subsequent to acquisition
      Valuation or measurement subsequent to
       initial recognition (Benchmark method-
       cost less accumulated depreciation and
       accumulated impairment losses; allowed
       alternative method- revaluation at fair
       value less accumulated depreciation and
       accumulated impairment losses
      Depreciation of assets (Definition, nature
       and causes; Factors affecting
       depreciation; methods of depreciation (
       Straight-line method, Declining balance
       method, Sum-of-the-years digits method,
       Group and composite depreciation)
      Depletion of wasting assets




                                                         Revised as of May 2009
                                                                   8
Week                Learning Objectives                          Focal           Competencies        Teaching Strategies      Values           Evaluative
                                                             Points/Topics                                                                     Measures
 15           Accounting changes affecting               Accounting for        Analytical Ability   1. Answering          Honesty          1. Quiz
               depreciation                               Property, Plant and   Problem Solving      assignments           Integrity        2. Case Study
            Revaluation of property, plant and           Equipment (cont’d)    Skills               2. Lectures           Fairness
               equipment (Recording on date of                                  Presentation         3. Board work         Accountability
               revaluation, Frequency of revaluation,                           Skills               4. Giving             Innovation
               Revaluation increase, Revaluation                                                     assignment
               decrease, realized revaluation)
            Impairment of assets (Definition, when to
               recognize and how to measure
               impairment loss, measurement of
               recoverable amount, impairment loss for
               an individual asset, Impairment loss for
               cash-generating unit, Reversal of
               previously recognized impairment loss)
            Retirement and disposals
            Financial statement presentation and
               disclosures
            Internal control and management of
               property, plant and equipment
 16    At the end of the session, the student is          Accounting for        Analytical Ability   1. Lectures           Honesty          1. Quiz
       expected to understand:                            Intangible Assets     Problem Solving      2. Illustrative       Integrity        2. Internet works
                                                                                Skills               problems              Fairness
             Definition, nature and classes                                    Presentation         3. Board work         Accountability
             Recognition criteria                                              Skills               4. Assignment         Innovation
             Initial measurement and accounting for                                                                       Transparency
              intangibles (Patents, Copyright,
              Trademarks and trade names, Franchise
              rights, Lease rights, Computer software,
              goodwill, Research and development
              costs, Other intangible assets)
Week                  Learning Objectives                        Focal           Competencies        Teaching Strategies      Values           Evaluative
                                                             Points/Topics                                                                     Measures
             Subsequently incurred costs


                                                               Revised as of May 2009
                                                                         9
            Measurement subsequent to initial
             recognition (Cost method, Revaluation
             method)
          Amortization
          Impairment of value of intangible assets
          Reversal of impairment loss
          Retirements and disposition
          Financial statement presentation and
             disclosures
     Internal control measures for intangibles
17   At the end of the session, the student is           1. Accounting for     Analytical Ability   1. Lectures       Honesty          1. Quiz
     expected to understand:                             Other Types of        Problem Solving      2. Illustrative   Integrity
                                                         Investments           Skills               problems          Fairness
           Investment in cash surrender value of life                         Presentation         3. Board work     Accountability
            insurance                                                          Skills               4. Assignment     Innovation
           Investment in funds                                                                                       Transparency
           Investment property
           Interest in joint ventures*
           Interest in associates*
           Investment in subsidiary*
                                                         2. Accounting for
        *Detailed discussion covered in Advanced         Noncurrent Assets
        Accounting subjects                              Held for sale
18                                                                      Final Examination




                                                              Revised as of May 2009
                                                                        10
Textbook:
   Financial Accounting Volume 1 by Conrado Valix and Jose Peralta, 2008

References:
   Books:
       Financial accounting : tools for business decision making. Kimmel, Paul. 2010
       Financial accounting : a global approach. Monger, Rod. 2010
       Financial accounting : volume two. Valix, Conrado T. 2010
       Financial accounting. Vol 1. Valix, Conrado T. 2010
       Financial accounting : volume three. Valix, Conrado T. Valix, 2009
       Financial accounting. Albrecht, W. Steve. 2008
       Financial accounting : a business process approach. Reimers, Jane L. 2008
       Financial accounting. Harrison, Walter T. 2008
       Financial accounting. Williams, Jan R. 2008
       Financial accounting and reporting. Whittington, O. Ray. 2008
       Financial accounting and reporting. Elliott, Barry. 2008
       Financial accounting. Needles, Belverd E. 2007
       Financial accounting : a user perspective. Albright, Thomas L. 2007
       Financial accounting. Libby, Robert. 2007
       Financial accounting : instructors solutions manual. Needles, Belverd E. 2007
       Financial accounting. Vol. 2. Valix, Conrado T. 2007
       Financial accounting. Harrison, Walter T. 2006
       Financial accounting : ann introduction. Peirson, Graham. 2006
       Financial accounting : reporting & analysis. Stice, Earl K.
       Financial accounting. Britton, Anne. 2006
       Financial accounting and reporting. Whittington, O. Ray. 2006
       Financial accounting in an economic context. Pratt, Jamie. 2006
       Financial accounting, reporting and analysis. Elliott, Barry. 2006



   Journal, Newspaper and Magazines:
       Accounting Times, PICPA
       IAS PLUS Newsletter, Deloitte and Touche


                                                                     Revised as of May 2009
                                                                               11
      Global Eye on IFRS, Ernst and Young
      Business World
      Harvard Business Review

Online/URL:
    http://www.picpa.com.ph
    http://www.iasplus.com
    http://www.iasb.org
    http://www.ifac.org




                                             Revised as of May 2009
                                                      12
Computation of Grades:

Computation of Periodic Grades

   Class Standing
          Average Quizzes (AQ)………………………………………………….…….30%
          Class Participation (CP) ………………………………………………...…...10%
   Major Examination (PEx/MEx/FEx) ………………………………………….……..60%
   Total …………………………………………………………………….…………….100%

a. Determine 1st Preliminary Grade (1st PG)

   1st PG = AQ(30%) + CP (10%) + PEx (60%)


b. Determine 2nd Preliminary Grade (2nd PG) and Midterm Grade (MG)

   2nd PG = AQ(30%) + CP (10%) + PEx (60%)

   MG = 1st PG (50%) + 2nd PG (50%)

c. Determine Final Period (FP) and Final Grade (FG)

   FP = AQ(30%) + CP (10%) + PEx (60%)

   FG = MG (50%) + FP (50%)


   Passing Grade is 75% with an equivalent point of 3.0




                                                               Revised as of May 2009
                                                                        13
                                                  Grade Point System

                                                                                    Descriptive
                 Grade                     Point System                             Equivalent
               95          100%                1.00
               92           94%                1.25                                   Superior
               90           91%                1.50
               88           89%                1.75                                 Very Good
               85           87%                2.00
               82           84%                2.25                                      Good
               80           81%                2.50
               78           79%                2.75                                     Fair
               75           77%                3.00                              Barely Satisfactory
               Below 75%                       5.00                                    Failure



Prepared by:                      Reviewed by:                            Approved by:



NORINA S. SALVADOR                JENNIFER T. BUEN                        ESTELITA D. BELLO
                                  Curriculum Committee                    Dean - IABF
Faculty

                                  GERRY V. FERNANDO
                                  Curriculum Committee




                                                 Revised as of May 2009
                                                          14

								
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