POLYTECHNIC UNIVERSITY OF THE PHILIPPINES
COLLEGE OF ACCOUNTANCY AND FINANCE
COURSE TITLE UPDATES IN FINANCIAL REPORTING STANDARDS
COURSE CODE ACCO 40023
CREDIT UNITS 3 UNITS
COURSE PREREQUISITE ACCO 20093, ACCO 20103
COURSE DESCRIPTION This course is designed to orient the students to the different updates in financial reporting standards. Specifically, this course subject will help the students understand topics in accounting for errors,
change in accounting estimates and accounting policies including its impact to financial reports and its corrections, Earnings per Share, financial statements, and Philippine Financial Reporting Standards
(PFRS) for Small and Medium Entities (SMEs) and Micro Enterprises.
Institutional Learning Outcomes
1. Creative and Critical Thinking
Graduates use their imaginative as well as a rational thinking ability to life
situations in order push boundaries, realize possibilities, and deepen their
interdisciplinary and general understanding of the world.
2. Effective Communication
Graduates are proficient in the four macro skills in communication (reading,
writing, listening, and speaking) and are able to use these skills in solving
problems, making decisions, and articulating thoughts when engaging with
people in various circumstances.
3. Strong Service Orientation
Graduates exemplify the potentialities of an efficient, well-rounded and
responsible professional deeply committed to service excellence.
4. Community Engagement
Graduates take an active role in the promotion and fulfillment of various
advocacies (educational, social and environmental) for the advancement of
community welfare.
5. Adeptness in the Responsible Use of Technology
Graduates demonstrate optimized use of digital learning abilities, including
technical and numerical skills.
6. Passion to Lifelong Learning
Graduates are enabled to perform and function in the society by taking
responsibility in their quest to know more about the world through lifelong
learning.
7. High Level of Leadership and Organizational Skills
Graduates are developed to become the best professionals in their respective
disciplines by manifesting the appropriate skills and leaderships qualities.
8. Sense of Personal and Professional Ethics
Graduates show desirable attitudes and behavior either in their personal and
professional circumstances.
9. Sense of National and Global Responsiveness
Graduates’ deep sense of national compliments the need to live in a global
village where one’s culture and other people culture are respected.
DEPARTMENT OF ACCOUNTANCY
Program Outcomes Course Outcomes
BSA graduates must demonstrate the ability to review, interpret, evaluate financial data Upon completion of the course, the students will be able to:
and systems in compliance with established policies, procedures, guidelines, agreements
a. Have a clear understanding of the concept of accounting for
and/or legislation. They must be able to link data, knowledge and insight together with
errors, change in accounting estimates and accounting policies
different sources and disciplines to make informed decisions.
including its impact to financial reports and its corrections
BSA graduates should possess active listening skills and the ability to effectively
b. Have acquired a thorough knowledge about preparation of the
communicate one’s point of view, both orally and in writing, at all organizational levels;
be able to explain verbally and/or writing financial, statistical, administrative complete set of Financial Statements namely: Statement of
matters/policies/procedures/regulatory matters/audit results at a level appropriate to the Financial Position, Statement of Comprehensive Income,
audience and must be able to negotiate effectively. Statement of Changes in Equity, Statement of Cash Flows, and
Notes to the Financial Statements;
BSA graduates should develop an ability to work in groups, possess skills to participate
c. Have equipped themselves with a clear understanding and
as member of a team or/and contribute to group effort; be able to teach others new skills;
be able to work to the satisfaction of the clients; negotiate and work with diversity or work knowledge about earnings per share;
well with men and women from diverse backgrounds.
d. Acquired knowledge and understanding of the PFRS for SMEs
BSA graduates must work with the highest standards of professionalism, to attain higher and PFRS for Micro Enterprise; and
level of performance and generally to meet the public interest, he must conform to the e. Have assumed responsibility, integrity, accuracy, timeliness, and
ethical standards of the profession that include: Integrity, objectivity and independence, neatness in the preparation, presentation, and submission of the
professional competence and due care, confidentiality, professional behavior and moral
required tasks.
values.
BSA graduates should possess general knowledge in gaining and understanding of the
different cultures in the world and developing an international objective thus, he must
possess competency in English language, adaptability to foreign business practices, level
of trainability and good capabilities in dealing with foreign partners.
BSA graduates should not only be conversant with IT concepts for business systems but
sound knowledge on internal control in computer-based systems, development standards
and practices for business systems, management of the adoption, implementation and use
of IT, evaluation of computer business systems, and managing the security information.
BSA graduates should possess broad base of knowledge concerning macro-
environmental, economic and industry issues, business process structures, functions and
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 classroom policies
Discussion of course syllabus
After orienting the students about classroom Online lecture and discussion Subject syllabus
management policies and about the topics covered in via
this course, the learner will be able to: • Zoom meeting;
• Understand the policies on attendance, • Google meet; or
integrity, grading system and the contents of • MS Teams.
the course.
• Discuss the suggested references and readings
for the subject
• Schedule of synchronous and asynchronous
meeting

1-2 ACCOUNTING FOR CORRECTION
OF ERRORS, CHANGE IN
ACCOUNTING ESTIMATES AND
ACCOUNTING POLICIES
After thorough discussion of the topics, the learner will Online lecture and discussion • Instructional Materials in • Assignments
be able to: via Updates in Financial • Quizzes
• Differentiate the definition of errors, • Zoom meeting; Accounting
accounting estimates and accounting policy • Google meet; or
• PAS 8
• Understand the treatment of accounting errors, • MS Teams.
accounting estimates and accounting policy
• Distinguish counterbalancing errors and non-
counterbalancing errors
• Prepare necessary entries for correcting
accounting errors

3 EVENTS AT THE END OF THE After thorough discussion of the topics, the learner will Online lecture and discussion • Instructional Materials in • Assignments
REPORTING PERIOD be able to: via Updates in Financial • Quizzes
• Understand the concept and know the types • Zoom meeting; Accounting
of events after the reporting period • Google meet; or
• PAS 10
• Understand the recognition of adjusting and • MS Teams.
non-adjusting events

4 THE FINANCIAL STATEMENTS After thorough discussion of the topics, the learner will Online lecture and discussion • Instructional Materials in • Assignments
be able to: via Updates in Financial • Quizzes
• Identify the components of financial • Zoom meeting; Accounting
statements • Google meet; or • PAS 1
• Know the objective of financial statements • MS Teams.
• Understand the primary responsibility for the
preparation of financial statements
• Identify the general features in the preparation
of financial statements
• Identify the required disclosures
4-6 THE FINANCIAL STATEMENTS
Statement of Comprehensive Income
7-8 ACCOUNTING FOR EARNINGS PER
SHARE
9 MIDTERM DEPARTMENTAL EXAMINATION
10 THE FINANCIAL STATEMENTS
Statement of changes in equity
11-12 THE FINANCIAL STATEMENTS
Statement of Financial Position
After discussing the topics, the learner will be able to: Online lecture and discussion • Instructional Materials in • Assignments
• Understand the nature and usefulness of via Updates in Financial • Quizzes
statement of comprehensive income • Zoom meeting; Accounting
• Understand the concept of comprehensive • Google meet; or • PAS 1
income, profit or loss and other • MS Teams.
comprehensive income
• Identify the components of other
comprehensive income
• Recognize the reclassification adjustment
related to other comprehensive income
• Present income statement using the functional
and natural presentation
After thorough discussion of the topics, the learner will Online lecture and discussion • Instructional Materials in • Assignments
be able to: via Updates in Financial • Quizzes
• Define earnings per share • Zoom meeting; Accounting •
• Know the proper presentation of earnings per • Google meet; or
• PAS 33
share • MS Teams.
• Know the formula in computing basic
earnings per share
• Determine the weighted average number of
ordinary shares
• Define diluted earnings per share
• Identify potential ordinary shares
• Distinguish dilutive and antidilutive securities
• Know the formula in computing diluted
earnings per share in relation to bonds
payable, convertible preference shares and
share options or warrants.
• Understand the presentation and disclosure
requirements about earnings per share
After discussing the topics, the learner will be able to: Online lecture and discussion • Instructional Materials in • Assignments
• Understand the concept of equity via Updates in Financial • Quizzes
• Comprehend the components of equity • Zoom meeting; Accounting
• Present a statement of changes in equity • Google meet; or
• PAS 1
• MS Teams.
After discussing the topics, the learner will be able to: Online lecture and discussion • Instructional Materials in • Assignments
• Know the nature of a statement of financial via Updates in Financial • Quizzes
position • Zoom meeting; Accounting •
• Understand the current and noncurrent • Google meet; or
• PAS 1
classifications of assets and liabilities

13-14 THE FINANCIAL STATEMENTS
Statement of Cash Flows
14 THE FINANCIAL STATEMENTS
Notes to financial statements
15-16 THE PFRS FOR SMALL AND
MEDIUM-SIZED ENTITIES (SMEs)
• Understand the treatment of refinancing a MS Teams.
currently maturing obligation
• Prepare a statement of financial position in
good form
After discussing the topics, the learner will be able to: Online lecture and discussion • Instructional Materials in • Assignments
• Understand the nature and purpose of via Updates in Financial • Quizzes
statement of cash flows • Zoom meeting; Accounting
• Understand the classifications of cash flows as • Google meet; or
• PAS 1
operating, investing and financing • MS Teams.
• Prepare a statement of cash flows using the
direct method
• Prepare a statement of cash flows using the
indirect method
After discussing the topics, the learner will be able to: Online lecture and discussion • Instructional Materials in • Assignments
• Understand the nature of notes to financial via Updates in Financial • Quizzes
statements • Zoom meeting; Accounting
• Know the purpose of notes to financial • Google meet; or
• PAS 1
statements • MS Teams.
• Know the order of presenting notes to
financial statements
• Prepare notes to the financial statements
After thorough discussion of the topics, the learner will Online lecture and discussion • Instructional Materials in • Assignments
be able to: via Updates in Financial • Quizzes
• Know the concepts and principles of PFRS for • Zoom meeting; Accounting
SMEs • Google meet; or • PFRS for SMEs
• Know the general features of financial • MS Teams.
statements under PFRS for SMEs
• Identify the complete set of financial
statements of an SME
• Compare PFRS for SMEs and full PFRS
• Understand the application of PFRS for SMEs
in the following:
o Assets
o Liabilities
o Equity
• Identify the required disclosures
 17 THE PFRS FOR MICRO ENTERPRISES After thorough discussion of the topics, the learner will Online lecture and discussion • Instructional Materials in • Assignments
be able to: via Updates in Financial • Quizzes
• Know the concepts and principles of PFRS for • Zoom meeting; Accounting
Micro Enterprise • Google meet; or • PFRS for Micro Enterprise
• Know the general features of financial • MS Teams.
statements under PFRS for Micro Enterprise
• Identify the complete set of financial
statements of a Micro Enterprise
• Compare PFRS for SMEs and PFRS for Micro
Enterprise
• Identify the required disclosures

18 FINAL DEPARTMENTAL EXAMINATION

Suggested Readings and References

• Binaluyo, Jonald and Binaluyo, Jonathan. (2021), Updates in Financial Reporting Standards
• Spiceland, Sepe, Thomas, Tan, Low, Low (2020), Intermediate Accounting Global Edition (2nd Edition), McGraw-Hill Education (Asia) (TEXTBOOK)
• Compilation of Financial Reporting Standards (IFRS/PFRS and IAS/PAS) and Interpretations (IFRIC, SIC, PIC)
• Kieso, Donald; Weygandt, Jerry; Warfield, Terry (2015), Intermediate Accounting (IFRS 2nd Edition). John Wiley and Sons, Inc.
• Robles, Nenita and Empleo, Patricia. (2019), Intermediate Accounting Volume 1. Millennium Books, Inc.
• Robles, Nenita and Empleo, Patricia. (2019), Intermediate Accounting Volume 2. Millennium Books, Inc.
• Robles, Nenita and Empleo, Patricia. (2019), Intermediate Accounting Volume 3. Millennium Books, Inc.
• Robles, Nenita and Empleo, Patricia. (2021), Intermediate Financial Reporting. Millennium Books, Inc.

Course Grading System

Class Standing 70%

Quizzes 50%
Assignments and other activities 20%
Departmental examination 30%
Total 100%

Final Grade = (1st Grading Period + 2nd Grading Period)

2
 Classroom Policy
The allowed number of absences for students enrolled in ACCO 40023 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 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:

Rhenz Nicole M. Parada, CPA Josefina Y. Mauricio, MBA, CPA Noel A. Bergonia, MBA, CPA
Faculty Member Faculty Member Chairperson

Recommending Approval:

Dr. Julieta G. Fonte, CPA

Dean, College of Accountancy and Finance

Approved by:

Dr. Emanuel C. De Guzman

Vice President for Academic Affairs

Revised March 2022