POLYTECHNIC UNIVERSITY OF THE PHILIPPINES

COLLEGE OF ACCOUNTANCY AND FINANCE

DEPARTMENT OF ACCOUNTANCY AND MANAGEMENT ACCOUNTING

COURSE TITLE CONCEPTUAL FRAMEWORK AND ACCOUNTING STANDARDS

COURSE CODE ACCO 20063
CREDIT UNITS 3 UNITS
COURSE PREREQUISITE ACCO 20043 – Financial Accounting and Reporting Part 2
COURSE DESCRIPTION The course is a study of accounting function, its role in society, and the theory that provides the foundation for modern financial reporting. This will include the development of accounting profession
and its standards-setting bodies. It will also include an understanding of the Philippine Financial Reporting Standards and how these standards affect financial accounting and reporting for business
entities. This will also include detailed discussion of conceptual framework, presentation of financial statements in accordance with Philippine Accounting Standard (PAS) 1, review of the accounting
process, cash to accrual accounting and single-entry system, interim and operating segments and related party disclosures.
Institutional Learning Outcomes Program Outcomes Course Outcomes
1. Creative and Critical Thinking BSA and BSMA graduates must demonstrate the ability to review, interpret, evaluate Upon completion of the course, the students will be able to:
Graduates use their imaginative as well as a rational thinking ability to life financial data and systems in compliance with established policies, procedures, a. have sound knowledge and apply the conceptual framework for
situations in order push boundaries, realize possibilities, and deepen their guidelines, agreements and/or legislation. They must be able to link data, knowledge and financial reporting, presentation of financial statements in
insight together with different sources and disciplines to make informed decisions.
interdisciplinary and general understanding of the world.
accordance with Philippine Accounting Standard (PAS) 1,
2. Effective Communication BSA and BSMA graduates should possess active listening skills and the ability to
Graduates are proficient in the four macro skills in communication (reading, communicate effectively one’s point of view, both orally and in writing, at all
accounting process, cash to accrual accounting and single-entry
writing, listening, and speaking) and are able to use these skills in solving organizational levels; be able to explain verbally and/or writing financial, statistical, system, interim and operating segments and related party
problems, making decisions, and articulating thoughts when engaging with administrative matters/policies/procedures/regulatory matters/audit results at a level disclosures.
people in various circumstances. appropriate to the audience and must be able to negotiate effectively. b. apply the skills in systematic problem solving.
3. Strong Service Orientation c. present computations and financial statements in good form.
BSA and BSMA graduates should develop an ability to work in groups, possess skills to
Graduates exemplify the potentialities of an efficient, well-rounded and d. appreciate the importance of appropriate accounting and
participate as member of a team or/and contribute to group effort; be able to teach others
responsible professional deeply committed to service excellence. new skills; be able to work to the satisfaction of the clients; negotiate and work with reporting for various users of accounting information.
4. Community Engagement diversity or work well with men and women from diverse backgrounds. e. realize the contributions of accounting standards to the
Graduates take an active role in the promotion and fulfillment of various
advocacies (educational, social and environmental) for the advancement of BSA and BSMA graduates must work with the highest standards of professionalism, to
development of a more socially responsible and morally upright
community welfare. attain higher level of performance and generally to meet the public interest, he must professional accountant.
conform to the ethical standards of the profession that include: Integrity, objectivity and
5. Adeptness in the Responsible Use of Technology
independence, professional competence and due care, confidentiality, professional
Graduates demonstrate optimized use of digital learning abilities, including
behavior and moral values.
technical and numerical skills.
6. Passion to Lifelong Learning BSA and BSMA graduates should possess general knowledge in gaining and
Graduates are enabled to perform and function in the society by taking understanding of the different cultures in the world and developing an international
responsibility in their quest to know more about the world through lifelong objective thus, he must possess competency in English language, adaptability to foreign
learning. business practices, level of trainability and good capabilities in dealing with foreign
partners.
7. High Level of Leadership and Organizational Skills
Graduates are developed to become the best professionals in their respective
BSA and BSMA graduates should not only be conversant with IT concepts for business
disciplines by manifesting the appropriate skills and leaderships qualities. systems but sound knowledge on internal control in computer-based systems,
8. Sense of Personal and Professional Ethics development standards and practices for business systems, management of the adoption,
Graduates show desirable attitudes and behavior either in their personal and implementation and use of IT, evaluation of computer business systems, and managing
professional circumstances. the security information.
9. Sense of National and Global Responsiveness
BSA and BSMA graduates should possess broad base of knowledge concerning macro-
Graduates’ deep sense of national compliments the need to live in a global
environmental, economic and industry issues, business process structures, functions and
village where one’s culture and other people culture are respected.
practices. It includes knowledge in areas such as economics, quantitative models and
business statistics, organizational behavior, international business, ethics and corporate
governance.
Course Plan

Week Topic Learning Outcomes Methodology Resources Assessment

1 Orientation on course syllabus; • Make the students at ease and eager to learn. • Presentation of the grading
grading system; class management • Relate ACCO 20063 to ACCO 20043; relate of ACCO system; class management
policies; required textbook. 20063 to higher level accounting subjects such as policies and the rest of the
Auditing. syllabus.

1-2 Development of Financial Reporting At the end of the topic, the learner will be able to: •Online lecture/discussion • The Philippine Financial • Online recitation
Framework and Standard-Setting • describe the purpose of accounting and financial Reporting (2019 ed.) by Robles •Virtual presentation by
Bodies reporting; and Empleo students of their answers to
• identify the need for information of the users of • Instructional material assigned exercises
accounting information; • PowerPoint presentations • Online quiz regarding the
• describe the branches of accounting; • Pre-recorded videos topic
• discuss the development of accounting standards
and financial reporting standards;
• identify the organizations involved in the
promulgation of the accounting standards;
• describe the due process of developing the
international financial reporting standards; and
• describe the due process of developing and
promulgating Philippine Financial Reporting
Standards.

2-4 Conceptual Framework for Financial At the end of the topic, the learner will be able to: •Online lecture/discussion • The Philippine Financial • Online recitation
Reporting • state the purpose and status of the Conceptual • Problem solving Reporting (2019 ed.) by Robles • Virtual presentation by
Framework for Financial Reporting; and Empleo students of their answers to
• explain the objective of the general purpose financial • Conceptual Framework for assigned exercises and problems
reporting and the information needs of its users; Financial Reporting (2018 • Online quiz regarding the
• enumerate the qualitative characteristics of useful version) topic
financial information and illustrate their application; • Instructional material
• explain what is a reporting entity; • PowerPoint presentations
• illustrate the application of the going concern • Pre-recorded videos
assumption and accrual basis of accounting;
• define the elements of the financial statements and
explain the criteria for their recognition and the bases
for their measurement;
• discuss the concepts applied for derecognition of
assets and liabilities;
• explain how an entity can effectively communicate
its financial information through financial statement
presentation and disclosure; and
• discuss the two concepts of capital and the two
concepts of capital maintenance.
 5-6 Review of the Accounting Process At the end of the topic, the learner will be able to: •Online lecture/discussion • The Intermediate Financial • Online recitation
• review the phases of accounting process; • Problem solving Reporting (2021 ed.) by Robles • Virtual presentation by
• acquire mastery in preparing year-end adjusting and Empleo students of their answers to
entries; and assigned exercises and problems
• Instructional material
• understand the nature of reversing entries. • Online quiz regarding the
• PowerPoint presentations
topic
• Pre-recorded videos

7-8 Presentation of Financial Statements At the end of the topic, the learner will be able to: •Online lecture/discussion • The Philippine Financial • Online recitation
(IAS 1 and IAS 7) • describe the objective of the financial statements; • Problem solving Reporting (2019 ed.) by Robles • Virtual presentation by
• enumerate the components of financial statements and Empleo students of their answers to
and their respective uses; • International Accounting assigned exercises and problems
• describe the hierarchy in the formation of Standard (IAS) 1 • Online quiz regarding the
accounting policies by the management; • International Accounting topic
• state and apply the general features in the Standard (IAS) 7
presentation of the financial statements; • Instructional material
• explain the limitations of the financial statements; • PowerPoint presentations
• state the function of the Securities and Exchange • Pre-recorded videos
Commissions (SEC);
• classify the entities based on applicability of
financial reporting frameworks; and
• identify the different Philippine financial reporting
frameworks and their applicability.

9 MIDTERM DEPARTMENTAL EXAMINATION

10-11 Interim Reporting (IAS 34) At the end of the topic, the learner will be able to: • Online lecture and • The Intermediate Financial • Online recitation
• define interim financial statements and understand discussion Reporting (2021 ed.) by Robles • Virtual presentation by
its purpose; • Problem solving and Empleo students of their answers to
• enumerate the components of interim financial assigned exercises and problems
• International Accounting
statements; and • Online quiz regarding the
Standards (IAS) 34
• recognize and measure items reported in the interim topic
• Instructional material
financial statements
• PowerPoint presentations
• Pre-recorded videos

12-13 Segment Reporting (IFRS 8) At the end of the topic, the learner will be able to: • Online lecture and • The Intermediate Financial • Online recitation
• define operating segments; discussion Reporting (2021 ed.) by Robles • Virtual presentation by
• identify and apply the criteria for reportable • Problem solving and Empleo students of their answers to
segments; and assigned exercises and problems
• International Financial
• understand the entity-wide disclosures in • Online quiz regarding the
Reporting Standard (IFRS) 34
accordance with IFRS 8. topic
• Instructional material
• PowerPoint presentations
• Pre-recorded videos
 14 Related Party Disclosures (IAS 24) At the end of the topic, the learner will be able to: • Online lecture and • The Intermediate Financial • Online recitation
• understand the purpose of related party disclosures; discussion Reporting (2021 ed.) by Robles • Virtual presentation by
and • Problem solving and Empleo students of their answers to
• identify the required disclosures related to IAS 24. assigned exercises and problems
• International Accounting
• Online quiz regarding the
Standard (IAS) 24
topic
• Instructional material
• PowerPoint presentations
• Pre-recorded videos

15-17 Cash to Accrual Basis and Single-Entry At the end of the topic, the learner will be able to: • Online lecture and • The Intermediate Accounting, • Online recitation
System • understand the features of a single-entry system of discussion Volume 3 (2017 ed.) by Robles • Virtual presentation by
accounting and differentiate from double entry • Problem solving and Empleo students of their answers to
system; • Instructional material assigned exercises and problems
• compute revenue and expense items on an accrual • PowerPoint presentations • Online quiz regarding the topic
basis taken from the records of entities using cash • Pre-recorded videos
basis accounting and single-entry system; and
• prepare financial statements based on incomplete
accounting records.

18 FINAL DEPARTMENTAL EXAMINATION

Suggested Readings and References

• CIRC HF 5635 W37 2014, Warren, Carl S., Financial Accounting, 13th ed., 2014
• CIRC HF 5635 F5313 2013, William, Jan R., Financial Accounting, 15th 3d. 2013
• Conceptual Framework for Financial Reporting (2018 version), https://www.ifrs.org/projects/2018/conceptual-framework/
• IAS 1: Presentation of Financial Statements, https://www.ifrs.org/issued-standards/list-of-standards/ias-1-presentation-of-financial-statements/
• IAS 7: Statement of Cash Flows, https://www.ifrs.org/content/dam/ifrs/publications/pdf-standards/english/2021/issued/part-a/ias-7-statement-of-cash-flows.pdf
• IAS 24: Related Party Disclosures, https://www.ifrs.org/issued-standards/list-of-standards/ias-24-related-party-disclosures/
• IAS 34: Interim Financial Reporting, https://www.ifrs.org/issued-standards/list-of-standards/ias-34-interim-financial-reporting/
• IFRS 8: Operating Segments, https://www.ifrs.org/issued-standards/list-of-standards/ifrs-8-operating-segments/
• Robles, Nenita S. and Empleo, Patricia M. (2017). The Intermediate Accounting Series, Volume 3. Millennium Books Inc.
• Robles, Nenita S. and Empleo, Patricia M. (2019). The Philippine Financial Reporting. Millennium Books Inc.
• Robles, Nenita S., Empleo, Patricia M. and Sy, Thomas A. (2018). Notes and Quizzers- Theory of Accounts. Millennium Books Inc.
• Robles, Nenita S., Empleo, Patricia M. (2021). Intermediate Financial Reporting. EDT Book Shop

Course Grading System

ONLINE MODE OF LEARNING
Class Standing 70%
Quizzes 50%
Assignments and other activities 20%
Departmental examination 30%
Total 100%
 Final Grade = (1st Grading Period + 2nd Grading Period)
2

CORRESPONDENCE MODE OF LEARNING

Result from Online Final Departmental Examination 60%
Result from the activities in the modules 40%
Total 100%

Classroom Policy
The allowed number of absences for students enrolled in ACCO 20063 with once-a-week meeting is four (4). 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 his/her own tardy incidents and absences that might accumulate leading to a grade of
“FA,” (Failed due to Absences). It is also his/her responsibility to consult with the teacher, chair or dean should his/her case be of special nature.

All BSA and BSMA students are expected to be academically honest. Cheating, lying and other forms of immoral and unethical behavior will not be tolerated. Any student found guilty of cheating in examinations
will (at a minimum) receive a grade of 5.0 in the said test.

Consultation Time
Subject to the availability of the subject teacher, student may approach the subject teacher for queries about his/her grade as well as other academic requirements for the subject.

Prepared by: Enhanced by: Reviewed by:

(Sgd.) (Sgd.) (Sgd.)

Concepcion M. Vedasto, MBA, CPA Gerwin M. Ortega, MBA, CPA, JD Noel A. Bergonia, MBA, CPA
Faculty Member Faculty Member Chairperson, Department of Accountancy

(Sgd.)
Marietta M. Doquenia, MBA, CPA
Chairperson, Department of Management Accounting

Recommending Approval:

(Sgd.)
Dr. Julieta G. Fonte, CPA
Dean, College of Accountancy and Finance

Approved by:

(Sgd.)
Dr. Emanuel C. De Guzman
Vice President for Academic Affairs

Revised September 2021