Orientation

AC1201 – SUMMER 2022

 COURSE OVERVIEW
This course covers the detailed discussion, appreciation, and application of the
Philippine Financial Reporting Standards (PFRS) on the financial assets and liabilities
of a business enterprise as well as the discussion of fundamental standards,
principles, concepts and theories associated with the management and control debt and
equity investment securities from the perspective of both the investee and investor.
Emphasis is given on the interpretation and application of the accounting standards on
financial assets and liabilities and their required disclosure.

Particularly, the course deals with the recognition, measurement and

disclosure requirements of cash and cash equivalents, trade and non-trade receivables
and payables, investment in debt securities measured at fair value or amortized cost
and investment in equity securities measured at fair value This course, as a complement
to AC 1104, exhaustively covers all basic equity transactions of a business enterprise
including, but not limited to, original issuances of ordinary and preferred shares,
acquisition of treasury shares and its subsequent reissuance, declaration and payment
of cash, property, and stock dividends, appropriations to the retained earnings and
quasi-organizations.
•
 COURSE LEARNING OUTCOMES:
Upon completion of the course, YOU should be able to:
CO1: Recall and summarize the key accounting principles
particularly on recognition, derecognition, classification
and measurement on financial instruments
CO2: Prepare journal entries to record transactions
involving financial instruments
CO3: Apply key principles through problem solving of
financial instruments
 NAVIGATING THE COURSE

AC 1201
APPLICATION OF ACCOUNTING STANDARDS
UNIT 1: FINANCIAL INSTRUMENTS: CASH
AND CASH EQUIVALENTS

UNIT 2: FINANCIAL INSTRUMENTS:

RECEIVABLES AND PAYABLES

UNIT 3: FINANCIAL INSTRUMENTS:

FINANCIAL INSTRUMENTS FINANCIAL ASSETS AT FAIR VALUE

UNIT 4: FINANCIAL INSTRUMENTS:

UNIT 1: 3 hrs
FINANCIAL ASSETS AT AMORTIZED COST AND
UNIT 2: 13 hrs
UNIT 3A: 2 hrs BONDS PAYABLE
MIDTERM:
UNIT 4: 12 hrs
UNIT 5: 10 hrs UNIT 5: SHAREHOLDERS’ EQUITY
FINALS: Week 18
 RELEVANCE OF AC1101 TO OTHER MAJOR SUBJECTS:
N E AC 1101: CFAS
DO THEORETICAL FOUNDATION OF ACCOUNTING STANDARD

APPLICATION OF STANDARDS (COMPUTATIONS)

AC1201: IA 1 AC2101: IA 2 AC2201: IA 3

FINANCIAL ASSETS AND LIABILITIES NON FINANCIAL ASSETS AND LIABILITIES REMAINING STANDARDS
(1ST YEAR – 2ND SEMESTER) (2ND YEAR – 1ST SEMESTER) (2ND YEAR – 2ND SEMESTER)

QUALIFYING EXAM:
Program Advancement Readiness Test 1 (PART 1)
FAR SUBJECT – CPA BOARD EXAM
PART 1 – CMA EXAM
 Tuesday, 21 June 2022 ORIENTATION
Wednesday, 22 June 2022 CASH CASH, CASH EQUIVALENTS, PETTY CASH FUND
Thursday, 23 June 2022 CASH BANK RECONCILIATION AND GENERAL AR
Friday, 24 June 2022 RECEIVABLE/PAYABLE ESTIMATION AND NOTES RECEIVABLE
(SEM LONG SCHEDULE)
SCHEDULE OF TOPICS

Saturday, 25 June 2022 RECEIVABLE/PAYABLE NOTES RECEIVABLE

Monday, 27 June 2022 1ST LONG EXAM
Tuesday, 28 June 2022 RECEIVABLE/PAYABLE NOTES PAYABLE AND DEBT RESTRUCTURING
Wednesday, 29 June 2022 RECEIVABLE/PAYABLE DEBT RESTRUCTURING AND LOANS RECEIVABLE
Thursday, 30 June 2022 RECEIVABLE/PAYABLE RECEIVABLE FINANCING
Friday, 1 July 2022 RECEIVABLE/PAYABLE RECEIVABLE FINANCING
Monday, 4 July 2022 2ND LONG EXAM
Tuesday, 5 July 2022 EQUITY INVESTMENT EQUITY INVESTMENT - PL AND OCI AND DIVIDENDS
Wednesday, 6 July 2022 DEBT INVESTMENT DEBT INVESTMENT PART 1
Thursday, 7 July 2022 DEBT INVESTMENT DEBT INVESTMENT PART 2
Friday, 8 July 2022 DEBT INVESTMENT BONDS PAYABLE PART 1
Monday, 11 July 2022 MIDTERM EXAM
Tuesday, 12 July 2022 DEBT INVESTMENT BONDS PAYABLE PART 2
Wednesday, 13 July 2022 DEBT INVESTMENT BOND RECLASSIFICATION AND COMPOUND FINANCIAL INSTRUMENT
Thursday, 14 July 2022 DEBT INVESTMENT BOND RECLASSIFICATION AND COMPOUND FINANCIAL INSTRUMENT
Friday, 15 July 2022 SHERE SHAREHOLDER'S EQUITY
Monday, 18 July 2022 3RD LONG EXAM
Tuesday, 19 July 2022 SHERE SHAREHOLDER'S EQUITY
Wednesday, 20 July 2022 SHERE RETAINED EARNINGS
Thursday, 21 July 2022 SHERE SHAREBASED COMPENSATION
Friday, 22 July 2022 SHERE SHAREBASED COMPENSATION
Saturday, 23 July 2022 4TH LONG EXAM
Monday, 25 July 2022 FINAL EXAM
 GENERAL FLOW - WEEKLY ACTIVITY AND REQUIREMENT
IN YOUR CANVAS, EVERY TOPIC FOR THE WEEK IS COMPOSED OF FOUR ITEMS:

• TOPIC OUTLINE - YOU WILL BE PROVIDED WITH THE EXPECTED LEARNINGS FOR THE WEEK. FURTHERMORE YOU
ARE ALSO GUIDED WITH THE MOST ESSENTIAL SUBTOPICS FOR EVERY STANDARD THAT YOU MUST READ. LASTLY,
THE WEEKLY REQUIREMENTS THAT ARE EXPECTED TO BE ACCOMPLISHED WITHIN THE TIME FRAME.

• PRETEST – YOU ARE GIVEN 2 ATTEMPTS FOR EVERY PRETEST AND THE AVERAGE SCORE WILL BE GIVEN RECORDED.
PRETESTS ARE THEORY BASED QUESTIONS AND YOU HAVE 1O-12 MINUTES TO ANSWER EVERY ATTEMPT.

• CONFERENCE AND MATERIALS – INITIAL MATERIALS ARE ALREADY PRELOADED IN THE CANVAS FOR THE
CONCEPT SUMMARY. IN ADDITION, A PRERECORDED VIDEOS OF THE PROPOSED PROBLEM SETS WILL BE UPLOADED
(IF EVER) BEFORE THE TOPIC WEEK. ANY QUESTIONS, ISSUES AND CONCERNS WILL BE IN THE DISCUSSION BOARD
SO THAT I CAN ANSWER IT.
FULL LIVE ONLINE SESSION ON OUR TIME SCHEDULE WILL BE PREFERABLE HOWEVER THIS WILL NOT BE A GUARANTEE
AND IT WILL DEPEND ON CIRCUMSTANCES. PRERECORDED VIDEOS WILL BE PROVIDED IN CASE NO LIVE SESSION.
 GENERAL FLOW - WEEKLY ACTIVITY AND REQUIREMENT

• ASSIGNMENT – ANY ASSIGNMENTS MUST BE SUBMITTED EVERY MONDAY.

• GRADED PRACTICE SET – THESE ARE TIME BOUND GRADED PRACTICE SETS COMPOSED
OF THEORIES AND PROBLEMS. YOU HAVE 2 ATTEMPTS TO ANSWER IT AND THE AVERAGE RESULT
WILL BE RECORDED. PRACTICE SETS ARE AVAILABE EVERY FRIDAY AND SATURDAY ONLY AND
YOU CAN ANSWER IT ANYTIME WITHIN THESE DAYS. YOU HAVE 15 MINUTES FOR EVERY
ATTEMPT.
PORTFOLIO

FOR THIS COURSE, YOU ARE REQUIRED TO SUBMIT A PORTFOLIO

ANSWER ALL OUR COMPREHENSIVE EXAM WITH PROPER SOLUTIONS. MIDTERM

PORTFOLIO WILL BE SUBMITTED A WEEK AFTER THE MIDTERM EXAM. DEADLINE FOR FINAL
PORTFOLIO WILL BE ANNOUNCED LATER ON.
GRADING SYSTEM

LONG SUMMATIVE EXAM 20%

MIDTERM AND FINAL EXAM 30%
PORTFOLIO 15%
CLASS PARTICIPATION 15%
ASSIGNMENTS 20%
TOTAL 100%