CONCEPTUAL

FRAMEWORK AND
ACCOUNTING
STANDARDS
OVERVIEW OF THE ACCOUNTING
PROCESS AND MASTERY OF
Joy Eulalia V. Ugale
RELEVANT ACCOUNTING STANDARDS Instructor
 INSTRUCTOR PROFILE
JOY EULALIA V. UGALE CPA

CONCEPTUAL INSTRUCTOR I
FRAMEWORK AND
ACCOUNTING
STANDARDS BS IN ACCOUNTANCY
INTRODUCTION AND

UNIVERSITY OF NORTHERN
ORIENTATION

PHILIPPINES
 INSTRUCTOR PROFILE
JOY EULALIA V. UGALE CPA
WORK EXPERIENCE
UNIVERSITY OF NORTHERN PHIL
CONCEPTUAL • Instructor
FRAMEWORK AND  Basic Accounting
ACCOUNTING  Partnership and Corporation
STANDARDS  Income Taxation
 Management Advisory Services
 Human Business Organization
INTRODUCTION AND  Cooperative Auditing
ORIENTATION  Government Accounting
 Bookkeeping
 Accounting Fundamentals I & II
 INSTRUCTOR PROFILE
WORK LEARNINGS
1 –SET GOALS IN A TIMELINE
 Know your priorities
CONCEPTUAL  Be an achiever but never a
FRAMEWORK AND
ACCOUNTING competitor who pull others down
STANDARDS Differentiate “wants” from “needs”
INTRODUCTION AND Easily recover from setbacks
ORIENTATION
Achieve goals with a deadline

JOY EULALIA V. UGALE

CPA
 INSTRUCTOR PROFILE
WORK LEARNINGS
2 – WORK AT YOUR OWN PACE
BUT DO NOT BE LEFT OUT.
CONCEPTUAL
FRAMEWORK AND
Do not be discouraged if your
ACCOUNTING progress is slow but make sure
STANDARDS
not to be left out.
INTRODUCTION AND
ORIENTATION
Mind your own business.
Always persevere and trust
JOY EULALIA V. UGALE
your abilities that someday you
CPA will.
 INSTRUCTOR PROFILE
WORK LEARNINGS
3 – REWARDS DON’T COME
IMMEDIATELY
ACCOUNTING 101
FUNDAMENTALS OF Consistency, persistence, and
ACCOUNTING patience are crucial
FOCUS: SOLE Only those who endure will get
PROPRIETORSHIP SERVICE
the reward (Mt 23:13)
TYPE OF BUSINESS
Hard work, Honesty and
ROBERTO E. REGALA
CPA
Humility contribute a lot
 INSTRUCTOR PROFILE
WORK LEARNINGS
4 – DON’T WORK FOR MONEY
 If your whole life is driven by
ACCOUNTING 101
hunger for money, you will
FUNDAMENTALS OF never be contented with what
ACCOUNTING you have.
FOCUS: SOLE Spirituality is paramount; if you
PROPRIETORSHIP SERVICE
TYPE OF BUSINESS
don’t’ have a relationship with
God, you will always be empty
ROBERTO E. REGALA
CPA
 SUBJECT SYLLABUS
1. CODE AND TITLE
AE 102:
Conceptual Framework and
CONCEPTUAL
Accounting Standards
FRAMEWORK AND
ACCOUNTING 3 units = 54 hours = 36 meetings (MWF)
STANDARDS
3 units = 54 hours = 36 meetings (TTh)
INTRODUCTION AND
ORIENTATION Pre-requisite: NONE

JOY EULALIA V. UGALE

CPA
 SUBJECT SYLLABUS
2. DESCRIPTION
This course is a study of the accounting function, its role in
society, and the theory that provides the foundation for
modern financial accounting. It deals with the conceptual
framework for financial reporting, the Philippine Financial
Reporting Standards, the Philippine Accounting Standards
CONCEPTUAL and how these standards affect financial accounting and
FRAMEWORK AND reporting for business entities. This course explains the
ACCOUNTING
standard-setting process, the authority attached to the
STANDARDS
standards, and the body authorized to promulgate them. It is
INTRODUCTION AND also designed to discuss the recognition, measurement and
ORIENTATION derecognition principles as well as the pertinent disclosure
requirements of the standards. The discussion focuses on
currently effective pronouncements by Financial Reporting
JOY EULALIA V. UGALE Standards Council, Accounting Standards Council, and
CPA Philippine Interpretations Committee.
 SUBJECT SYLLABUS
3. OBJECTIVES
A – GENERAL
I. to provide structured general
knowledge about Accounting
CONCEPTUAL
FRAMEWORK AND II. to develop skills on the process of
ACCOUNTING
STANDARS bookkeeping and financial statements
preparation that is in line with
INTRODUCTION AND
ORIENTATION accounting standards

JOY EULALIA V. UGALE

CPA
 SUBJECT SYLLABUS
3. OBJECTIVES
B – SPECIFIC
After the course, the student shall:
I. have structured general knowledge
CONCEPTUAL
FRAMEWORK AND about Accounting standards
ACCOUNTING
STANDARDS II. posses skills on the process of
bookkeeping and financial statements
INTRODUCTION AND
ORIENTATION preparation
III. know the similarities and differences
JOY EULALIA V. UGALE between PFRS, IFRS and US GAAP
CPA
 SUBJECT SYLLABUS
4. REQUIREMENTS
To be able to pass the subject, students
shall meet satisfactory grades on the
following:
CONCEPTUAL
FRAMEWORK AND 1. Class Participation
ACCOUNTING
STANDARDS
2. Assignments
3. Exercises
INTRODUCTION AND
ORIENTATION 4. Quizzes
5. Mid-term & Final Examinations
JOY EULALIA V. UGALE 6. Projects
CPA
 SUBJECT SYLLABUS
5. GRADING SYSTEM
Midterm/Finals . . . . . . . . . . . . . . . . . . . 30%
Quizzes . . . . . . . . . . . . . . . . . . . . . . . . . 25%
CONCEPTUAL
FRAMEWORK AND Assgn/Seatworks/Exercises. . . . . . . . .20%
ACCOUNTING
STANDARDS
Projects. . . . . . . . . . . . . . . . . . . . . . . . . 25%
INTRODUCTION AND
ORIENTATION TOTAL . . . . . . . . . . . . . . . . . . . . . . . . . 100%

JOY EULALIA V. UGALE

CPA
 SUBJECT SYLLABUS
5. GRADING SYSTEM
Per Board Resolution No. 53, s. 2013,
effective June 27, 2013:
CONCEPTUAL
FRAMEWORK AND Final Grade = Mid-Term + Final-Term
ACCOUNTING
STANDARDS
---------------------------------
2
INTRODUCTION AND
ORIENTATION
50 / 50
JOY EULALIA V. UGALE
CPA
 SUBJECT SYLLABUS
6. VISION OF THE UNIVERSITY
A globally recognized university in
heritage city by 2030.
CONCEPTUAL
FRAMEWORK AND
ACCOUNTING
STANDARDS

INTRODUCTION AND
ORIENTATION

JOY EULALIA V. UGALE

CPA
 SUBJECT SYLLABUS
7. MISSION OF THE UNIVERSITY
To produce globally skilled and morally upright
professionals instilled with rich cultural values.
CONCEPTUAL
FRAMEWORK AND
ACCOUNTING
STANDARDS

INTRODUCTION AND
ORIENTATION

JOY EULALIA V. UGALE

CPA
 SUBJECT SYLLABUS
8. GOAL OF CBAA
to produce globally-competitive
professionals in business and allied fields.
CONCEPTUAL
FRAMEWORK AND
ACCOUNTING
STANDARDS

INTRODUCTION AND
ORIENTATION

JOY EULALIA V. UGALE

CPA
 SUBJECT SYLLABUS
9. OBJECTIVES OF PROGRAM
A. COMMON AMONG ALL PROGRAMS
1. uphold socially-acceptable moral principles and
values;
CONCEPTUAL 2. reflect the true spirit of a UNPian by living through
FRAMEWORK AND the values of honesty, humility and hard work;
ACCOUNTING 3. display in their relationship with others, in their
STANDARDS actions and decisions a high level of emotional
INTRODUCTION AND
intelligence; and
ORIENTATION 4. participate actively in the socio-economic
programs/projects of their respective communities
by playing the roles as advisers, proponents,
JOY EULALIA V. UGALE initiators, planners, organizers and/or resource
CPA speakers.
 SUBJECT SYLLABUS
10. SUBJECT CONTENT
A. INTRODUCTION & ORIENTATION

CONCEPTUAL
FRAMEWORK AND
ACCOUNTING
STANDARDS
B. HISTORY OF ACCOUNTING
I. Ancient
INTRODUCTION AND
ORIENTATION II. Medieval
III. Industrial Revolution/Modern
JOY EULALIA V. UGALE IV.Information Age
CPA V. Pacioli’s Double-Entry System
 SUBJECT SYLLABUS
10. SUBJECT CONTENT
C.
I. Purpose
II. Phases
CONCEPTUAL
FRAMEWORK AND III. Branches
ACCOUNTING
STANDARDS
IV.Fundamental Concepts
V. Basic Principles
INTODUCTION AND
ORIENTATION VI.Standards

JOY EULALIA V. UGALE

CPA
 SUBJECT SYLLABUS
10. SUBJECT CONTENT
D.
I. Types
II. Forms
CONCEPTUAL
FRAMEWORK AND III. Activities
ACCOUNTING
STANDARDS
IV.Fundamental Business Model
E.
INTRODUCTION AND
ORIENTATION I. Set of FS
II. Elements
JOY EULALIA V. UGALE 1. Financial Position
CPA 2. Performance—Income & Exp
 SUBJECT SYLLABUS
10. SUBJECT CONTENT
F.
I. Assets, Liabilities, Equity
II. Income, Expense & Profit
CONCEPTUAL
FRAMEWORK AND
ACCOUNTING
STANDARDS
G.
I. Events vs Transactions
INTRODUCTION AND
ORIENTATION II. Types & Effects of Transactions
III. The Account
JOY EULALIA V. UGALE IV.Chart of Accounts
CPA V. The Rules of Debit & Credit
 SUBJECT SYLLABUS
10. SUBJECT CONTENT
VI.Normal Balance of an Account
VII.Typical Account Titles Used
CONCEPTUAL
FRAMEWORK AND H. Basic Accounting Concepts and
ACCOUNTING
STANDARDS
Principles
a. The Accrual Basis of Accounting
INTRODUCTION AND
ORIENTATION b. Periodicity Concept
c. Revenue & Expense Recognition
JOY EULALIA V. UGALE d. Types of Adjustments
CPA