NEGROS ORIENTAL STATE UNIVERSITY

Instructor: Frederick Celestial Roda, CPA

Course Code:
ACCY 102

Course Title:
Conceptual Framework and Accounting Standards

Course Description:
This course is designed to provide students with knowledge on the current financial reporting framework
of businesses. This course deals with the financial reporting principles embodied in the Conceptual
Framework for Financial Reporting and the Philippine Financial Reporting Standards (PFRSs), which are
issued by the Financial Reporting Standards Council (FRSC).
At the end of the course, the learners are: Gain appreciation of the financial reporting standards,
particularly their development, application and impact to the business environment. Demonstrate
knowledge, skills and positive attitudes to the concepts and principles of financial reporting for businesses
as applied to real life situations. Demonstrate knowledge in identifying the appropriate financial reporting
standards to apply to specific business transactions and other events. Demonstrate skills in applying the
principles of the financial reporting standards through problem solving.

Required Readings:
Conceptual Framework and Accounting Standards 2020, Zues Millan

Topics Covered/ Weekly Lecture Schedule:

Week 1: NOrSU Pre-liminaries
Week2: Overview of Accounting, Conceptual Framework for Financial Reporting, PAS 1
Presentation of Financial Statements
Week3: INVENTORIES, PAS 7 STATEMENT OF CASH FLOWS, PAS 8 ACCOUNTING
POLICIES, CHANGES IN ACCOUNTING ESTIMATES AND ERRORS

Week 4: PAS 10 EVENTS AFTER THE REPORTING PERIOD, PAS 16 PROPERTY,

PLANT AND EQUIPMENT

Week 5: PAS 19 EMPLOYEE BENFITS, PAS 20 ACCOUNTING FOR GOVERNMENT

GRANTS AND DISCLOSURE OF GOVERNMENT ASSISTANCE, PAS 21 THE EFFECTS OF
CHANGES IN FOREIGN EXCHANGE RATES
Week 6: PAS 23 BORROWING COSTS, PAS 24 RELATED PARTY DISCLOSURES, PAS
26 ACCOUNTING AND REPORTING BY RETIREMENT BENEFIT PLAN
Week 7: PAS 27 SEPARATE FINANCIAL STATEMENTS, PAS 28 INVESTMENTS IN
ASSOCIATES AND JOINT VENTURES, PAS 29 FINANCIAL REPORTING IN
HYPERINFLATIONARY ECONOMIES

Week 8: PAS 32 FINANCIAL INSTRUMENTS: PRESENTATION, PAS 33 EARNINGS

PER SHARE, PAS 34 INTERIM FINANCIAL REPORTING
Week 9: DEPARTMENTAL MIDTERM EXAM

Week 10: PAS 36 IMPAIRMENT OF ASSETS, PAS 37 PROVISIONS, CONTINGENT

LIABILITIES AND CONTINGENT ASSETS,
Week 11: PAS 40 INVESTMENT PROPERTY, PAS 41 AGRICULTURE, PFRS 1 FIRST-
TIME ADOPTION OF PHILIPPINE FINANCIAL REPROTING STANDARDS
Week 12: PFRS 2 SHARE-BASED PAYMENT, PFRS 3 BUSINESS COMBINATIONS,
PFRS 5 NON-CURRENT ASSETSHELD FOR SALE AND DISCONTINUED OPERATIONS
Week 13: PFRS 6 EXPLORATION FOR AND EVALUATION OF MINERAL RESOURCES,
PFRS 7 FINANCIAL INSTRUEMENTS: DISCLOUSURES, PFRS 8 OPERATING SEGMENTS
Week 14: PFRS 9 FINANCIAL INSTRUMENTS, PFRS 10 CONSOLIDATED FINANCIAL
STATEMENTS
PFRS 11 JOINT ARRANGEMENTS
Week 15: PFRS 12 DISCLOSURE OF INTEREST IN OTHER ENTITIES, PFRS 13 FAIR
VALUE MEASUREMENT, PFRS 14 REGULATORY DEFERRAL ACCOUNTS
Week 16-17: PFRS 15 REVENUE FROM CONTRACTS WITH CUSTOMERS, PFRS 16 LEASES
PFRS 17 INSURANCES CONTRACTS
Week 18: Finals