COURSE SPECIFICATION ELE1-UFR

Course Title: UPDATES IN FINANCIAL REPORTING STANDARDS Course Code: ELE1-UFR

CA51016;
Course CA51017;
Third Year, Second Term Pre-requisite:
Placement: CA51018;
CA51019

Credit Units: 3

Course Description:

Financial reporting frameworks and standards continuously evolve to ensure relevance and faithful
representation of financial information presented in an entity’s financial statements. Amendments,
revisions, and promulgation of new financial reporting standards are necessary to encompass and
address the changes in the business environment due to innovative business practices and emerging
business models. This course aims to update the learners on the current issues on financial reporting.
Recently released financial reporting frameworks and standards, including application guidance and
interpretations of the authoritative bodies and regulatory agencies are explored in this course.

The course equips the learners with the understanding and application of accounting standards relating
to shareholder’s equity, accounting for income taxes, employee benefits and leases.

At the end of the course, learners shall be able to apply the requirements of the recently released
reporting frameworks and financial reporting standards in the initial recognition, accounting for
subsequent transactions and presentation in the financial statements of elements affected.

Course Intended Learning Outcomes:

After completing this course, learners should be able to:

1. Apply the IFRS pertinent to Shareholder’s Equity, Income Taxes (IAS 12), Employee Benefits (IAS
19), and Leases (IFRS 16).

2. Evaluate issues involving the accounting for Shareholder’s Equity, Income Taxes (IAS 12),
Employee Benefits (IAS 19), and Leases (IFRS 16).

3. Perform the recognition, measurement, and derecognition of elements and transaction pertinent to
accounting for Shareholder’s Equity, Income Taxes (IAS 12), Employee Benefits (IAS 19), and
Leases (IFRS 16).
COURSE SPECIFICATION ELE1-UFR

4. Compute the amounts necessary to present the minimum line items and disclosures pertinent to
accounting for Shareholder’s Equity, Income Taxes (IAS 12), Employee Benefits (IAS 19), and
Leases (IFRS 16).

5. Prepare the journal entries, supporting schedules, disclosures, and financial statement sections
pertinent to accounting for Shareholder’s Equity, Income Taxes (IAS 12), Employee Benefits (IAS
19), and Leases (IFRS 16).

6. Communicate the corresponding financial information and procedures undertaken pertinent to

accounting for Shareholder’s Equity, Income Taxes (IAS 12), Employee Benefits (IAS 19), and
Leases (IFRS 16).

Program Intended Learning Outcomes:

PILO NO. 3: Conduct accounting, assurance, and other related engagements individually and as a
team.

PILO NO. 4: Present financial and other reports, results, analyses and recommend decisions with the
use of communication and information technology.

PILO NO. 5: Recommend solutions to social and business issues and problems using knowledge and
technical proficiency in accounting, financial reporting, taxation and information technology.

PILO NO. 6: Apply and if applicable, formulate accounting and tax policies in accordance with
financial reporting standards and regulatory frameworks.

Alignment of Learning Outcomes:

Course-Level Program-Level Thomasian Graduate Attribute

CILO 1 PILO 6 Effective Communicator and
Collaborator, Analytical and
Creative Thinker
CILO 2 PILO 5 Effective Communicator and
Collaborator, Analytical and
Creative Thinker

CILO 3 PILO 3 Effective Communicator and

Collaborator, Analytical and
Creative Thinker

CILO 4 PILO 3 Effective Communicator and

COURSE SPECIFICATION ELE1-UFR

Collaborator, Analytical and

Creative Thinker
CILO 5 PILO 4 Servant Leader, Analytical and
Creative Thinker
CILO 6 PILO 4 Servant Leader, Analytical and
Creative Thinker

Week Unit Learning Topics Teaching Learning Assessment Tasks

Outcome Activities
1-8 Differentiate the Shareholder’s Discussion/ Assignments
various sources equity lectures
of corporate Recitations
capital Video lectures during
synchronous
Describe the classes
features of
different classes Departmental
of share capital Quizzes no. 1
and 2
Journalize
subscription to
and issuance of
share capital

Journalize
treasury share
transactions and
retirement of
share capital;
share split

Identify the
factors affecting
the retained
earnings balance

Journalize
dividend
transactions
COURSE SPECIFICATION ELE1-UFR

Account for
share-based
payment
transactions

Account for
quasi-reorganiza
tion

Compute for
book value per
share

9-12 Describe the nature of Income Tax Discussion/ Assignments

income tax lectures
Recitations
Compute accounting Video lectures during
income and taxable synchronous
income classes

Differentiate current
tax and deferred tax

Account for the

temporary differences
and set -up deferred
tax assets and
deferred tax liabilities

Understand the
implications of
operating loss
carryforwards and
minimum corporate
income tax

Presentation of
current and deferred
tax in the financial
statements
COURSE SPECIFICATION ELE1-UFR

Journalize
transactions involving
income taxes

11 PRELIMINARY EXAM
13-15 Describe nature of Employee Benefits Discussion/ Assignments
employee benefits lectures
Recitations
Measurement and Video lectures during
recognition of synchronous
employee benefits classes

Explain the difference Departmental

between defined Quiz no. 3
contribution plans
and defined benefit
plans

Account for defined

benefit plans

16-20 Describe leases Leases Discussion/ Assignments

and identify lectures
transactions Recitations
involving lease Video lectures during
arrangements synchronous
classes
Measurement and
recognition of right of Departmental
use assets (ROU), Quiz no. 4
lease liabilities,
depreciation and
interest expense

Journalize
transactions involving
leases

Presentation of
lease related
accounts in the
COURSE SPECIFICATION ELE1-UFR

financial
statements

21 FINAL EXAM

Textbook:

Empleo, P. M., & Robles, N. S. Intermediate Accounting Volumes 1, 2 and 3 (2021 ed.). Mandaluyong
City: Millennium Books.

Course Policies:

Academic Dishonesty
All learners are expected to be academically honest. Cheating, lying and other forms of immoral and
unethical behavior will not be tolerated. Any learner found guilty of cheating in examinations or
plagiarism in submitted course requirements will (at a minimum) receive a failing grade in the course
requirement or in the course. Plagiarism and cheating refer to the use of unauthorized books, notes or
otherwise securing help in a test; copying tests, assignments, reports or term papers; representing the
work of another person as one’s own; collaborating without authority, with another learner during an
examination or in preparing academic work; signing another learner’s name on an attendance sheet; or
otherwise practicing scholastic dishonesty.

Policy on Absences
Learners are expected to attend classes and observe punctuality. Learners who will incur absences
beyond the maximum allowable hours of ten (10) hours will be given a grade of “Failure Due to
Absences”.

Excused Absences include:

• Attendance in Official University and College-Wide Activities;
• Representation as official delegate in local and international conferences, seminars, symposia,
competitions.
Excused absences do not exempt the learner from compliance with course requirements.

For the full text of the policy on attendance and absences please refer to the UST-AMV College of
Accountancy Student Handbook.
COURSE SPECIFICATION ELE1-UFR

Course Expectation and Calendar

Date Activity / Expectation

Grading System:
COMPONENTS WEIGHT

Quiz 1 AVERAGE x
Quiz 2 40%

Prelim Exam (Comprehensive from QUIZ 1) 50%

Class Participation 10%

Preliminary Period Grade (PPG) 100%

Quiz 3 AVERAGE x
Quiz 4 40%

Final Exam (Comprehensive from QUIZ 1) 50%

Class Participation 10%

Final Period Grade (FPG) 100%

FINAL GRADE (PPG x 40%) + (FPG x 60%)

Passing Grade: 75% with Equivalent Grade of 3.0

FINAL
RAW GRADE REMARK
GRADE
75 – 78 3.00 Passed
COURSE SPECIFICATION ELE1-UFR

79 – 81 2.75 Fair
82 – 83 2.50 Fair
84 – 86 2.25 Good
87 – 88 2.00 Good
89 – 91 1.75 Good
92 – 93 1.50 Very Good
94 – 95 1.25 Very Good
96 – 100 1.00 Excellent

Prepared by:

Mr. ALAN JEFFREY T. SANTOS Mr. ELISEO R. PANGANIBAN, III

Faculty Member Faculty Member

Endorsed by:

(sgd.)
Mr. Fermin Antonio D.R. Yabut
Pedagogical Lead

Mr. Richmond V. Cruz

Library Coordinator

Mr. Albert D. Cruz

Chair, BS Accountancy

Assoc. Prof. Dennis C. Ligan Mr. Louie Gene G. Marasigan

Chair, BS Management Accounting Chair, Accounting Information System
COURSE SPECIFICATION ELE1-UFR

Recommended for Approval:

(sgd.)
Mr. Francisco M. Caliwan, Jr.,, MBA, MSPA .
Asst. Dean

(sgd.)
Approved by
Prof. Patricia M. Empleo, Ph.D
Dean