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Course Name: Financial Accounting and Reporting and the Conceptual Framework
Course Description: This course provides a reinforcement of basic accounting, within the
context of business and business decisions. Students obtain additional knowledge of the
principles and concepts of accounting as well as their application that will enable them to
appreciate the production of accounting data. Emphasis is placed on understanding the
reasons underlying basic accounting concepts and providing students with an adequate
background on the recording of transactions, their classifications and reporting function of
accounting in a service and trading concerns through the preparation of Statement of
Financial Position, Income Statement, Statement of Changes in Equity, and Cash Flow
Statement . Towards the end of this course shall be a study of the accounting function, its
role in society, and the theory that provides the foundation for modern financial accounting.
It deals with the conceptual framework for financial reporting, the Philippine Financial
Reporting Standards, the Philippine Accounting Standards, and how these standards affect
financial accounting and reporting for business entities. This course explains the standard-
setting process, the authority attached to the standards, and the body authorized to
promulgate them. It is also designed to discuss the recognition, measurement and de-
recognition principles as well as the pertinent disclosure requirements of the standards.
Course Outline: