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Draft Policies, Standards and Guidelines (PSG) For Public Hearing Bachelor of Science in Accountancy
Draft Policies, Standards and Guidelines (PSG) For Public Hearing Bachelor of Science in Accountancy
No. _______
Series of 2015
In accordance with the pertinent provisions of Republic Act (RA) No. 7722, otherwise known
as the “Higher Education Act of 1994,” in pursuance of an outcomes-based quality
assurance system as advocated under CMO 46 s. 2012, and by virtue of Commission
en banc Resolution No. ___________ dated __________________ the following
policies, standards and guidelines (PSGs) are hereby adopted and promulgated by
the Commission.
ARTICLE I
INTRODUCTION
Section 1. Rationale
Based on the Guidelines for the Implementation of CMO 46 s 2012, this PSG
implements the “shift to learning competency-based standards/ outcomes-
based education.” It specifies the ‘core competencies’ expected of BS
Accountancy graduates “regardless of the type of HEI they graduate from.”
However, in “recognition of the spirit of outcomes-based education and ... of
the typology of HEIs,” this PSG also provides “ample space for HEIs to
innovate in the curriculum in line with the assessment of how best to achieve
learning outcomes in their particular contexts and their respective
missions....”
ARTICLE II
AUTHORITY TO OPERATE
ARTICLE III
GENERAL PROVISIONS
Section 3. The Articles that follow give minimum standards and other requirements and
prescriptions. The minimum standards are expressed as a minimum set of
esired program outcomes which are given in Article IV Section 6. The
Commission on Higher Education (CHED) designed a curriculum to attain
Based on the curriculum and the means of its delivery, the Commission on
Higher Education determined the physical resource requirements for the
library, laboratories and other facilities and the human resource
requirements in terms of administration and faculty. See Article VI.
Section 4. The HEIs are allowed to design curricula suited to their own contexts and
missions provided that they can demonstrate that the same leads to the
attainment of the required minimum set of outcomes, albeit by a different
route. In the same vein, they have latitude in terms of curriculum delivery
and in terms of specification and deployment of human and physical
resources as long as they can show that the attainment of the program
outcomes and satisfaction of program educational objectives can be assured
by the alternative means they propose.
The HEIs can use the CHED Implementation Handbook for Outcomes-
Based Education (OBE) and the Institutional Sustainability Assessment
(ISA) as a guide in making their submissions for Sections 16, 17 and 18 of
Article VII.
ARTICLE IV
PROGRAM SPECIFICATIONS
5.3 Program Goals (Program Goal will be the expected outcomes of the
graduates within 3 to 5 years of graduation that will included in the
assessment)
a. Entry-level jobs.
1. Public Practice: Junior Auditor/Audit Staff, Tax Staff,
Consulting Staff
2. Commerce and Industry: Cost Analyst, Investment Analyst,
Financial Accounting & Reporting Staff, Management
Accounting Staff, Tax Accounting Staff, Internal Audit Staff,
Financial Analyst, Budget Analyst, Credit Analyst, Cost
Accountant.
3. Government: State Accounting Examiner, NBI Agent,
Treasury Agent, State Accountant, LGU Accountant, Revenue
Officer, Audit Examiner, Budget Officer, Financial Services
Specialist
4. Education: Junior Accounting Instructor
b. Middle-level positions
1. Public Practice: Audit supervisor, Senior Audit Manager,
Senior Tax Manager, Senior Consulting Manager/Financial
Advisory Manager
2. Commerce and Industry: Comptroller, Senior Information
Systems Auditor, Senior Loan Officer, Senior Fraud
Examiner, Senior Forensic Auditor
3. Government: State Accountant V, Director III and Director IV,
Government Accountancy and Audit, Financial Services
Manager, Audit Services Manager, Senior Auditor
4. Education: Senior Faculty, Accounting Department Chair
c. Advanced positions
1. Public Practice: Partner, Senior Partner, Senior
Consultant/Financial Advisor
2. Commerce and Industry: Chief Financial Officer, Chief
Information Officer
3. Government: National Treasurer, Vice President for
Finance/CFO (for GOCCs), Commissioner, Associate
Commissioner, Assistant Commissioner, (COA, BIR, BOC)
4. Education: Vice President for Academic Affairs, Dean
ARTICLE V
CURRICULUM
The 173 units are broken down into the following components:
Minimum Units
Courses
Prescribed
1. General Education (GE) Courses 36
2. NSTP 6
3. Physical Education (PE) courses 8
Sub-total 50 units
4. Business and Management Education
Courses 27
5. Accounting Education Courses 63
6. Professional Courses 33
Sub-total 123 units
Total 173 units
The subjects under the General Education (GE) Courses are as per CHED
Memorandum No. 20 series of 2013.
These courses cover all the major functional areas of business, and
provide the foundational knowledge of the environment and the context
in which professional accountants work.
11.1 Using case studies, projects and other means to simulate work
situations;
11.2 Working in groups;
11.3 Adapting instructional methods and materials to the ever-changing
environment in which the accountant works;
11.4 Pursuing a curriculum that encourages self-learning so that students
learn to learn on their own and carry out this skill with them after
becoming accountants;
11.5 Using technology and e-learning;
11.6 Encouraging students to be active participants in the learning process;
11.7 Using measurement and evaluation methods that reflect the changing
knowledge, skills, and values, ethics, and attitudes required of
accountants;
11.8 Integrating knowledge, skills, values, ethics and attitudes across
topics and disciplines to address many-sided and complex situations
typical of professional demands;
11.9 Emphasizing problem identification and problem-solving which
encourages identifying relevant information, making logical
assessments and communicating clear conclusions;
11.10 Exploring research findings; and
11.11 Stimulating students to develop professional skepticism and
professional judgment.
Section 12. Sample Syllabi for Selected Accounting Education Courses (Please
refer to Annex A)
13.8 The curricular requirement for BSA should follow the minimum
number of units prescribed by herein.
13.9 The school is free to enhance and to follow different patterns and
modalities based on the needs of its clientele.
13.10 As a general rule, subjects offered as a three (3) unit courses should
have an equivalent of a minimum of 18 contact hours per unit. No
subject offered in a semester should exceed six (6) units.
ARTICLE VI
REQUIRED RESOURCES
15.1 Qualifications
b. Provided that any tenured / full time / full load faculty member
who do not meet any of the qualifications 4 to 6 above shall be
required to comply with the same within a period not exceeding
three (3) years from the date of the issuance of this CMO.
a. The HEI offering the BSA program must have at least five (5)
titles of the latest edition (i.e., within the last five years) of
accounting and finance, business law, taxation, and economics
books used as basic reference reading materials for all of the
subjects specified in the curriculum.
b. To update the students and faculty in the latest developments in
the field of accountancy and finance, business law, taxation,
and economics, subscription to a minimum of ten (10) titles of
international journals and Business periodicals must be
maintained.
c. The HEI offering the BSA program must provide at least five (5)
copies of each basic textbook to be used by the students in all
the subjects specified in the curriculum and minimum of three
(3) references with four (4) copies each.
d. Textbooks in Financial Accounting and Auditing should have
publication date of not earlier than 2013. The intelligent use of
other instructional aids and resources should be encouraged.
16.3 Networking
Libraries shall participate in inter-institutional activities and
cooperative programs whereby resource-sharing is encouraged.
16.4 Accessibility
The library should be open at least eight (8) hours a day on school
days without prejudice to increasing the number of hours upon
discretion of the institutions.
The school must also provide for computer laboratories required for
hands on training of the students. The laboratory floor space should be
at least 2.0 square meters per student. For the computer laboratory,
there should be no more than two (2) students per terminal or
workstation. At least one of the laboratories should be a multi-user or a
networked system. Likewise, one printer is required per fifteen (15)
computers. Computers should also be provided for the use of the
faculty.
ARTICLE VII
COMPLIANCE OF HEIs
Using the CHED Implementation Handbook for OBE and ISA as reference, a HEI shall
develop the following items which will be submitted to CHED when they apply for a permit
for a new program or the approval of the transformation of existing programs to
outcomes-based framework:
Section 18. The complete set of program outcomes, including its proposed additional
program outcomes.
Section 19. Its proposed curriculum, and its justification including a curriculum map.
ARTICLE VII
All CHED issuances or part thereof inconsistent with the provision in this
CMO shall be deemed modified or repealed
SO ORDERED.
PATRICIA B. LICUANAN
Chairman
Annex A
Course Description:
This course is the culmination of Financial Accounting cluster. It deals with the
preparation of general-purpose financial statements in accordance with generally
accepted Philippine standards on financial reporting. It also covers reconstruction of
accounts from incomplete records, change from cash basis to accrual basis of
accounting, accounting changes, correction of errors, discontinued operations and
segment reporting.
Credit: 3 Units
B. Psychomotor
1. compute the total assets, liabilities and equity of an entity at a particular
date, the comprehensive income or loss, the change in equity, and the cash
flows during a given period
2. compute corrected profit or loss after correcting accounting errors
3. compute profit or loss using the cash basis and the accrual basis of
accounting
C. Affective
1. comply with accounting standards in the preparation of financial statements
and in accounting for changes and errors.
2. support the work of the Financial Reporting and Standards Council and the
Philippine Interpretations Committee in the development of accounting
standards and relevant implementation guidance
References:
1. _________________________________________________________________
______________
Requirements:
1. Audited 2013 financial statements
2. Accounting researches / news articles on topics included in the course
Position and Notes elements of statement of Board work exercises, problems and
1. Definition/nature financial position. Sharing of researches cases relating to preparation
2. Elements Classify the elements of / news articles relating of statement of financial
3. Reporting classifications statement of financial to statement of position
Current and Non- position. financial position Students to submit a journal
current assets Select the appropriate Students to solve on their learning relating to
Current and Non- form to be used in problems on the topic
current liabilities preparing the statement preparation of Quiz on the topic
Owners’ Equity of financial position statement of financial
4. Format Disclose information that position and present
5. Disclosure requirements enhances work in class for
understandability of the critiquing by
statement classmates
Prepare a properly
classified statement of
financial position and in
accordance with the
provisions of PAS 1
Statement of Comprehensive Describe the nature of Lecture / discussion Students to answer
Income and the Statement of the statement of Board work exercises and problems
Changes in Owners’ Equity comprehensive income Sharing of researches relating to preparation of
Approaches to Identify and differentiate / news articles relating statement comprehensive
measurement of the approaches in the to statement of income, statement of
performance of an entity measurement of income comprehensive changes in equity and
Capital maintenance Identify and describe the income and statement discontinued operations
approach vs. physical nature of the elements of of changes in equity Students to submit a journal
maintenance approach comprehensive income Case analysis that will on their learning relating to
Transaction approach Prepare statement of require applications of the topic
vs. economic approach comprehensive income the provisions of PAS Quiz on the topic
Elements of statement of
using the nature of 1
comprehensive income expense method and the
Revenue and gains function of expense
Expenses and method
losses Identify the information
Other comprehensive to be presented on the
income and losses face of the statement of
Methods of presenting comprehensive income
expense in the statement as provided in PAS 1
Nature of expense Describe the nature of
method the statement of
Function of expense changes in equity
method Identify the information
Information to be to be presented on the
presented on the face of face of the statement of
the statement of changes in equity as
comprehensive income provided in PAS 1
Statement of changes in Describe the nature of
equity discontinued operations
Information to be Present discontinued
presented operations in the
Discontinued operations statement of
Definition comprehensive income
in conformity with PFRS
Financial statement
5
presentation
PRELIMINARY EXAM
9-10 6 Statement of Cash Flows Describe the nature and Lecture / discussion Students to answer exercises
Nature of the statement significance of the Board work and problems relating to
of cash flows statement of cash flows Sharing of researches preparation of cash flows
Benefits of cash flow Identify and differentiate / news articles relating Students to submit a journal
information the three classification of to statement of cash on their learning relating to
Classification of activities activities presented in the flows the topic
presented in the statement of cash flows Case analysis that will Quiz on the topic
statement of cash flows Classify business activities require applications of
Operating activities using the classification the provisions of PAS
Investing activities provided in PAS 7 7
Financing activities Prepare statement of cash
Methods of presenting flows using the direct
the statement of cash method and the indirect
flows method with the activities
Direct method classified in accordance
Indirect method with PAS 7
Disclosure of non-cash
transactions
Other disclosures
9 Cash to Accrual Accounting Distinguish double-entry Lecture / discussion Students to answer exercises
and Single-Entry System system to single-entry Board work and problems relating to the
Systems of record system and give examples Sharing of researches topics
keeping of entities that adopt the / news articles relating Students to submit a journal
Double-entry systems to the topic on their learning relating to
Single –entry Differentiate accrual basis Students to find the topic
Bases for preparation of from cash basis and financial statements Quiz on the topic
financial statements modified cash / modified prepared on a cash
14- 6 Accounting Changes and Differentiate change in Lecture / discussion Students to answer exercises
15 Correction of Errors accounting policy from Board work and problems relating to the
Types of accounting change in accounting Sharing of researches topics
changes and accounting estimate / news articles relating Students to identify types of
for the effects of the Account for the effects of to the topic changes reported in the
change change in accounting Case analysis financial statements they
Accounting policies policy and change in Review of the 2013 have on hand
Accounting estimates accounting estimate audited financial Students to submit a journal
Accounting errors Disclose properly the statements re: on their learning relating to
Types of errors effects of accounting accounting changes the topic
Correction of errors changes and correction of Quiz on the topic
errors in the financial
statements
ACADEMIC DISHONESTY
All students are expected to be academically honest. Cheating, lying and other forms of unethical
behavior will not be tolerated. Any student found guilty of cheating in examinations or plagiarism in
submitted course requirements will receive an F or failure in the course requirement or in the course.
Plagiarism refers to the use of books, notes or other intellectual property without giving proper
attribution to its author, or representing the work of another person as one’s own; Cheating refers to
securing help in a test; copying tests, assignments, reports or term papers; collaborating with other
students during an examination or in preparing academic work; signing another student’s name on an
attendance sheet; or otherwise practicing scholastic dishonesty.
POLICY on ABSENCES
The allowed number of absences for 4th year students enrolled in a 1 ½ hour class is _______.
Request for excused absences or waiver of absences must be presented upon reporting back to class.
Special examinations will be allowed only in special cases, such as prolonged illness. It is the
responsibility of the student to monitor her/his own tardy incidents and absences that might accumulate
leading to a grade of “FA.” It is also her responsibility to consult with the teacher, chair or dean should
her/his case be of special nature.
GRADING SYSTEM:
1st half 2nd half Final Grade
QUIZZES
RESEARCH ARTICLES, ASSIGNMENTS,
JOURNALS
MAJOR EXAMINATIONS
TOTAL 100%
I have read the course syllabus and I understand that I have to comply with the requirements of the course
and the expectations from me as a student of AC 6 during the First Semester of SY _______. I am fully
aware of the consequences of non-compliance with the abovementioned requirements and expectations.
__________________________________
Printed name and signature of student
__________________________
Date
I have read the course syllabus and I understand that I have to comply with the requirements of the course and the
expectations from me as a student of AC 6 during the First Semester of SY _______. I am fully aware of the
consequences of non-compliance with the abovementioned requirements and expectations.
__________________________________
Printed name and signature of student
__________________________
Date
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