AE 111

COURSE LEARNING OUTCOMES

At the end of the module, you should
be able to:
1. Describe the nature of the
Accountancy Profession in the
Philippines
2. Understand the Philippine
Conceptual Framework that serves
as the basis in the formulation of
Philippine Financial Reporting
Standards and preparation &
presentation of financial statements.
3. Apply the Philippine Generally
Accepted Accounting Principles
CONCEPTUAL (GAAP) related to cash and
receivables.
FRAMEWORK AND 4. Promote the Louisian core values in
ACCOUNTING practicing financial accounting and
reporting.
STANDARDS

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 A journey of a thousand miles
begins with a single step.

COURSE INTRODUCTION
This course introduces the nature, functions, scope, and limitations of the broad field of
accounting theory. It starts with the discussion of the nature of the Accountancy Profession
in the Philippines. To better appreciate the generally accepted accounting principles for
the different accounting elements, a discussion of the conceptual framework for the
preparation and presentation of financial statements is included in the course. It is then
followed by the specific accounting for the financial assets particularly cash and
receivables.

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 UNIT 1: Introduction to Accounting and the Revised Conceptual
Framework
Accounting is the language of business. It is the system that includes recording, summarizing, and
analyzing an economic entity's financial transactions and effectively communicating this information.

Many users including internal users, banks, investors, government agencies, financial and economic
analysis rely on the financial information provided by accounting in making sound decisions.

Financial information is presented to common users through the financial statements.

DEFINITION OF ACCOUNTING

Accounting as defined by the American Accounting Association (AAA) as the process of

identifying, measuring and communicating economic information to permit informed
judgment and decision by users of the information.

Accounting as defined by the American Institute of Certified Public Accountants (AICPA) is

the art of recording classifying and summarizing in a significant manner and in terms of
money, transactions and events which are in part at least of a financial character and
interpreting the results thereof.

The Accounting Standards Council (ASC) defines accounting as a service activity. Its
function is to provide quantitative information, primarily financial in nature about economic
entities that is intended to be useful in making economic decision.

The definitions provided above encompass the functions of accounting such as the provision
of quantitative information and the accounting processes.

NATURE OF ACCOUNTING

Accounting is an art and science.

Accounting is a social science with a body of knowledge which has been systematically
gathered, classified, and organized. It is influenced by, and interacts with, economic, social
and political environments.

Accounting is a practical art which requires the use of creative skill and judgment.
Accountants use creative skills and imaginative ways of gathering information and
converting the financial data into presentable, readable and understandable financial
reports so that all users would be able to use them for decision making. It requires creative
skills and creative thinking to present report in a manner readily understood by accountants
and non-accountants alike.

Accounting is a discipline and a service.

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 Discipline pertains to a controlled orderly state. Accounting is governed by standards and
accounting practices are guided by rules, principles, procedures, conventions and
standards in order to produce reliable and credible financial reports and information.

Accounting serves to assist in providing financial reports and statements about the financial
affairs of a business.

Accounting is the language of business.

The progress and performance of a business are reflected and communicated to owners of
entities, management and other users in financial statements and reports prepared by
accountants.

FUNCTIONS OF ACCOUNTING

There are three functions of accounting, namely:

1. Identification
2. Measurement
3. Communication

Identification

Identification is the process of recognizing business activities whether accountable or not.

Only events that are accountable should be recognized. An accountable event is one that
is quantifiable and has an effect on assets, liabilities and equity.

Accountable events require all of the following criteria:

a. It affects a financial element of accounting. It either increase or decrease asset, liability

or equity (probability criterion)
b. It is a result of a past activity (historical nature)
c. It can be measured reliably (measurability criterion

Accountable events are either external events or internal events.

External events are events wherein another party participates. It may me through transfers
or other than transfers. There are two types of transfers, through exchanges or non-reciprocal
transfers.

• Exchanges - this involves two-way movement of giving and receiving. Examples of

exchanges are purchase or sale of merchandise, borrowing of money, collection of
accounts receivable and the like.

• Non-reciprocal transfers - this involve one way movement; it is either giving or receiving.
It may be from owner to entity or vice versa, such as investment by owners, donation by
stockholder or declaration of dividends. It may also be from the entity to another entity
or vice versa such as payment of taxes, imposition of fines and donations.

Other than transfers events include increase or decrease of interest rates, changes in price
levels and vandalism.

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 Internal events are events wherein only the entity participates. Examples are:

1. Production - the entity process their raw resources to transform them into finished
goods

2. Casualties - refers to sudden, unanticipated occurrences usually known as fortuitous

events like floods, earthquakes, volcanic eruptions.

Measurement

Measurement is the accounting process where accountable events are assigned peso
amounts that are assumed to have stable purchasing power. The unit of measure of
accounting is money, express in prices.

Communication

Communication is the accounting process of preparing and distributing reports to potential

users of accounting information and interpreting the significance of this processed
information. There are three aspects of communication process of accounting. These are
recording, classifying and summarizing.

Recording is the process of systematically committing to writing business transactions and

events after they have been identified and measured, in books of accounts in a systematic
and chronological manner according to accounting rules and regulation.

Classifying is the process of grouping similar and interrelated items into their respective
classes.

Summarizing is putting together or expressing in condensed or brief form the recorded and
classified statements which includes the balance sheet, the income statement, the
statement of cash flows, and the statement of changes in owners’ equity.

SPECIALIZED FIELDS AND BRANCHES OF ACCOUNTING

Accounting is a very broad field with several different branches. The field of accounting
covers the duties of bookkeeping and auditing, as well as taxation and financial
accounting. Accountants can pursue practice in management, cost and financial
accounting, or they can choose public, external or internal accounting. Accounting also
as a forensic and social branch both play an important role in society developments.

In the Philippines, accounting is segregated into four specialized fields specifically, public
accounting, private accounting, government accounting and accounting education.

Public Accounting

Accountants who are in public accounting offer professional services for a fee like other
professionals do. They do not keep an employer – employee relationship. They are
professionals providing services to their which may be external auditing, tax services or
management advisory services.

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 External Auditing involves rendering and expressing an opinion regarding the fairness of the
contents of the Financial Statements of the client. It involves review and evaluation of
documents, records, and control systems. External Auditors should be licensed Certified
Public Accountants. In the Philippines, independent auditors must be accredited by the
Board of Accountancy (BOA). Audit work does not cover 100% of financial records. It is
accomplished by selectively examining accounting records after conducting sampling tests.
While the finished product of Financial Accounting is Financial Statements, the end product
of External Auditing is the Independent Auditor’s Report.

Tax Services include computation, preparation of various tax returns for income taxes,
business taxes and transfer taxes, and filing to government authorities. The accountant may
have to represent the client in tax assessment and examinations conducted by the Bureau
of Internal Revenue.

The Bureau of Internal Revenue would often set out new circulars, regulations and advisories
which makes it necessary for public practitioners to be always updated and be constantly
familiar with the tax laws. This enables them to readily give proper advises to their clients and
prepare correct tax returns. A tax accountant or consultant may be not be a licensed
accountant.

Management Advisory Services provides professional executive management support and

advice to maximize the potential of their business, ensuring efficient and effective growth in
assets and profitability. It encompasses giving advises to clients concerning finance,
accounting, budgeting, accounting systems, organization policies and procedures, product
costing, pricing and distribution, and other business undertakings. A management
accountant or management consultant need not be a licensed accountant.

Private Accounting

The work of private accountants is provided to other managers and executives within the
firm as tools to allow them to make business decisions based on sound financial data. They
are accountants who are employed in private businesses and non-profit organizations. Large
corporations may divide accounting work into several departments with similar tasks which
may be financial accounting, cost accounting, tax accounting, planning and budgeting,
internal auditing, planning, budgeting and comptrollership, internal auditing, international
accounting, socio-economic accounting and not-for-profit accounting.

Financial Accounting is a specific type of accounting that is used by businesses to prepare

reports on the finances of a firm for people outside of the organization, such as stockholders
or government agencies. It is governed by specific accounting standards to insure uniformity
in reporting. It deals with the bookkeeping of transactions and events of the organization,
and preparation of the basic Financial Statements of the company in accordance with
Generally Accepted Accounting Principles.

Financial accounting is concerned with providing information to stockholders, creditors, and

others who are outside an organization. It provides the scorecard by which a company’s
past performance is judged.

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 Management Accounting is a field of accounting that analyzes and provides cost
information to the internal management for the purposes of planning, controlling and
decision making.

Management accounting refers to accounting information developed for managers within

an organization. CIMA (Chartered Institute of Management Accountants) defines
Management accounting as “Management Accounting is the process of identification,
measurement, accumulation, analysis, preparation, interpretation, and communication of
information that is used by management to plan, evaluate, and control within an entity and
to assure appropriate use of an accountability for its resources”.

This is the phase of accounting concerned with providing information to managers for use in
planning and controlling operations and in decision making.

Managerial accounting is concerned with providing information to managers i.e. people

inside an organization who direct and control its operations. It provides the essential data
with which organizations are actually run.

Cost Accounting is concerned with inventory costing or product costing of processed or

manufactured goods. Cost accounting data are used for pricing of products offered by the
company; planning and forecasting; and controlling of expenditures.

Cost Accounting is that branch of accounting information system which records, measures
and reports information about costs that are used in decision-making and performance
evaluation. Cost ledgers are used.

It is mainly concerned with the costing and provision of more accurate cost data to the
management. The main focus of cost accounting is costing, cost assignment, cost variance
analysis, costing reports, budgeting, etc.

Tax Accounting is involved with tax compliance and tax planning. Tax accountants or
specialists deal with preparation of various tax returns for tax compliance and do tax
planning to minimize the impact of taxes on the business.

Internal Auditing is concerned with safeguarding and protection of organization’s assets,

reliability of accounting records, and adherence to established policies and procedures of
the company. They do not report to any financial or accounting officer so as not to ruin their
independence which is critical to their work.

Government Accounting

Government accounting encompasses the process of analyzing, classifying, summarizing

and communicating all transactions involving the receipt and disposition of government
funds and property and interpreting the results thereof.

The focus of government accounting is the custody and administration of public funds.

Many CPAs are employed in many branches of the government, more particularly the
Bureau of Internal Revenue, Commission on Audit, Department of Budget and

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 Management, Securities and Exchange Commission and even in a police agency like the
National Bureau of Internal Revenue.

Accounting Education and Research

Some accountants, including your instructor and authors of this textbook, have chosen to
pursue careers in accounting education. A position as an accounting faculty member offers
opportunities for teaching, research, consulting and an unusual degree of freedom in
developing individual skills. Accounting educators contribute to the accounting profession
in many ways. One, of course, lies in effective teaching; second, in publishing significant
research findings; and a third, in influencing top students to pursue careers in accounting.
Training new accountants is a challenging and rewarding career. One entry-level
requirement for teaching at the college level is the master’s degree. Faculty members at
larger universities must have a Ph.D. degree and engage in research.

Other Fields

International Accounting covers accounting for international transactions, comparison of

accounting practices and principles in different countries, and synchronization of varied
accounting standards worldwide and the tax requirements in the countries in which the
company does business.

Socio-Economic Accounting is concerned with the measurement of the impact on the

public sector about the decisions made by business or government agencies. The
accountant engaged in social accounting supplements his accounting study with social
science.

Not-for-Profit Accounting involves special accounting for philanthropic or charitable

institutions or foundations, religious organizations, governmental agencies, cooperatives,
and non-profit educational institutions. Not-for-profit entities may earn profits, but they are
used for the organization’s benefit and those they serve.

PHILIPPINE REGULATORY AGENCY

The accountancy profession in the Philippines is regulated by Republic Act 9298 known as
the Philippine Accountancy Act of 2004.

RA 9298 provide and govern:

a. The standardization and regulation of the accountancy profession;
b. The examination of registration of certified public accountants; and
c. The supervision, control, and regulation of the practice of accountancy in the Philippines.

The Professional Regulatory Board of Accountancy (PRBOA) is the body authorized by the
act to promulgate rules and regulations affecting the practice of accountancy in the
Philippines.

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 The Philippine Accountancy Act specified that only Filipino citizen who finished the degree
of Bachelor of Science in Accountancy and has passed the CPA board examination can
practice the accountancy profession.

A certificate of accreditation shall be issued to CPAs in public practice only upon showing
in accordance with rules and regulations promulgated by the PRBOA and approved by the
Professional Regulation Commission (PRC) that such registrant has acquired a minimum
three-year meaningful experience in any areas of public practice.

Single practitioners and partnerships for the practice of public accountancy shall be
registered CPAs in the Philippines. The Securities and Exchange Commission (SEC) shall not
register any corporation organized for the practice of public accountancy.

CONTINUING PROFESSIONAL DEVELOPMENT (CPD)

Republic Act No. 10912 is the law mandating and strengthening the CPD program for all
regulated professions, including the accountancy profession.

All CPAs shall abide by the requirements, rules and regulations on CPD to be promulgated
by PRBOA, subject to the approval of PRC, coordination with the accredited national
professional organization of CPAs (which right now is the Philippine Institute of Certified Public
Accountants, commonly referred to as PICPA) or any duly accredited educational
institution.

Continuing professional education is defined as the inculcation and acquisition of

advanced knowledge, skill, proficiency, and ethical and moral values after the initial
registration of the CPA. It raises and enhances the technical skill and competence of the
CPA.

CPD credit units refer to the required units for the renewal of CPA license and accreditation
of a CPA to practice the accountancy profession every three years. Under the new PRBOA
Resolution, all CPAs regardless of sector of practice shall be required to comply with 120 CPD
credit units. However, only 15 CPD credit units are required for renewal of CPA license. CPAs
who are 65 years old and above and are not anymore practicing the profession are not
required to comply with the CPD requirements.

ACCOUNTING STANDARD-SETTING BODY

The Financial Reporting Standards Council (FRSC) is the accounting standard setting body in
the Philippines that establishes and improves accounting standards that will be generally
accepted accounting principles in the country.

The FRSC superseded the Accounting Standards Council when the R.A 9298 was adopted.
The Philippine Regulation Commission created FRSC upon recommendation of the Board of
Accountancy.

The FRSC is composed of 15 members with a Chairman who had been or is presently a senior
accounting practitioner and 14 representatives from the Board of Accountancy, Securities
and Exchange Commission, Bangko Sentral ng Pilipinas, Bureau of Internal Revenue;
Commission on Audit, Major organizations of preparers and users of financial statements,

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 and two representatives per accredited national professional organization of CPAs from the
public practice; commerce and industry; academe and government.

GENERALLY ACCEPTED ACCOUNTING PRINCIPLES

Generally Accepted Accounting Principles (GAAP) refer to the standard framework of

guidelines for use in any given jurisdiction; generally known as accounting standards. GAAP
includes the standards, conventions, and rules accountants follow in recording and
summarizing, and in the preparation of financial statements.

Generally Accepted Accounting Principles are the common set of accounting principles,
standards and procedures that companies use to compile their financial statements. GAAP
are a combination of authoritative standards (set by policy boards) and simply the
commonly accepted ways of recording and reporting accounting information.

This provides for consistency in the reporting of companies and businesses so that financial
analysts, banks, shareholders and the SEC (Securities & Exchange Commission) can have all
reporting companies preparing their financial statements using the same rules and reporting
procedures. This allows for an "apples to apples" comparison of any corporation or business
entity with another.

The Philippine GAAP includes the following accounting standards promulgated by FRSC:
1. Philippine Financial Reporting Standards
2. Philippine Accounting Standards
3. Interpretations of the standards

Before the creation of FRSC, the standards promulgated by ASC are called “Statements of
Financial Accounting Standards or SFAS”.

The standards promulgated by FRSC are currently adopted entirely from all International
Accounting Standards (IAS) and International Financial Reporting Standards (IFRSs).

INTERNATIONAL ACCOUNTING STANDARDS BOARD

The International Accounting Standards Board (IASB) replaced the International Accounting
Standards Committee. The IASB publishes the International Financial Reporting Standards.
However, the IASB still adopted the standards of IASC which are the International
Accounting Standards.

The goal of IASB is to create one uniform and globally accepted financial reporting
standards. Hence, the PFRS and PAS in the Philippines are entirely the same as with the
contents IFRS and IAS.

The standard-setting process IASB normally goes through include the conduct of a research,
preparation of a discussion paper, floating of the exposure draft and the distribution of the
final accounting standard.

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 PHILIPPINE INTERPRETATIONS COMMITTEE

The Philippine Interpretation Committee (PIC) was formed by the FRSC in August 2016. Its role
is to prepare interpretations of PFRS for approval by the FRSC and to provide timely guidance
on financial reporting issues not specifically addressed in current PFRS. Interpretations are
intended to give authoritative guidance on issues that are likely to receive divergent or
unacceptable treatment because the standareds do not provide specific and clearcut rules
and guidelines. PIC is the Philippine counterpart of the International Financial Reporting
Interpretations Committee (IFRIC) which is United Kingdom-based.

UNDERLYING ASSUMPTIONS

Accounting relies on underlying concepts that have significant effect on accounting

practice.

Globally, the accounting profession embraces four fundamental underlying accounting

assumptions and basic accounting principles. Accounting assumptions and principles are
not necessarily legal guidelines. Rather, these are profession-wide agreements designed to
standardize financial reporting around the world.

Underlying assumptions are the foundations of accounting principles. It is where the

accounting principles are derived.
The Revised Conceptual Framework mentions only one underlying assumption: Going
Concern. However, other traditionally considered postulates are also discussed in this section
because they remain to be observed in accounting practice.

Going Concern Assumption

The financial statements are normally prepared on the assumption that an enterprise is a
going concern and will continue in operation in the foreseeable future.

The entity is assumed to continue in operational existence for the foreseeable future in the
absence of evidence to the contrary. This means in particular that the profit and loss
account and balance sheet assume no intention or necessity to liquidate or curtain
significantly the scale of operation”.

This is an accounting guideline which allows the readers of financial statements to assume
that the company will continue long enough to carry out its objectives and commitments.

In other words, the accountants believe that the company will not liquidate in the near
future. This assumption also provides some justification for accountants to follow the cost
principle.

Accounting Entity Assumption

The economic entity or accounting entity assumption presumes that economic events and
transactions can be identified with an economic entity.

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 The organization is separate and distinct from the owners. Economic activities of the owners
are separate from the economic activities of the business. Entity records of transactions
should be kept separate from transactions of the owners.

Monetary Unit Assumption

Monetary unit assumptions states that elements of the financial statements must be
measured in terms of the Philippine Peso currency.

Monetary unit assumption covers quantifiability and peso stability notions.

In quantifiability, organizations use a common unit of measure when they prepare their
financial statements. Accounting entities use the currency of the country where they do
business. In other words, we use the Philippine peso in the Philippines.
In peso stability, the Philippine peso is assumed to be stable over time and retains its
purchasing power regardless of fluctuation in value. Changes in the peso purchasing power
is not accounted for regardless of inflation or deflation.

Time Period or Periodicity Assumption

Time period assumption divides the life of the business into shorter periods like annually, semi-
annually, quarterly or monthly.

Financial statements should be prepared periodically so that users of accounting information

can identify the financial status of the business at a certain period and may think of proper
courses of action or strategies to implement and make decisions accordingly.

In the Philippines, organizations would often use the calendar year in preparing their financial
statements. This is a twelve-month period that ends on December 31.
The natural business year is a twelve-month period that ends when the activities of the
business is at the lowest point in its annual cycle.

Interim reports may also be prepared during a year. These are reports prepared on interim
periods. These are periods shorter than a year.

Accrual basis

Financial Statements are prepared on the accrual basis of accounting. Under this basis, the
effects of transactions and other events are recognized when they occur (and not when
cash or its equivalent is received or paid) and they are recorded in the accounting records
and reported in the financial statements of the periods to which they relate.

Financial statements prepared on the accrual basis inform users not only of past transactions
involving payment and receipt of cash but also of obligations to pay cash in the future and
of resources that represent cash in the future.

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 CONCEPTUAL FRAMEWORK

Conceptual framework is defined as a “coherent system of inter-related objectives and

fundamentals that should lead to consistent standards that prescribe the nature, function
and limits of financial accounting and financial statements.” (AT Foulks Lynch)

Conceptual framework is a set of guiding principles used to plan and decide financial
accounting standards.

These principles are designed to provide guidance and help make decisions relating to the
financial accounting treatments.

These can be used as a basis for forming the accounting standards and interpretations used
for financial reporting.

A conceptual framework differs from an accounting standard. Accounting standards state

specific requirements for a particular area of financial reporting while the conceptual
framework include concepts that underlie the preparation and presentation of financial
statements.

The following conceptual framework is derived from the International Accounting Standards
Board (IASB) Conceptual Framework.

Attached in this module is the Revised Conceptual Framework for Financial Reporting
issued in September 2010 and revised in March 2018. Please read carefully because it will
be a guide for you to understand IFRS which is the focus of the discussion not only in Unit 2
and 3 of this course but also in succeeding accounting subjects. Highlights of which are
presented in the succeeding pages.

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