PAMANTASAN NG LUNGSOD NG VALENZUELA

Tongco St., Maysan, Valenzuela City

COLLEGE OF BUSINESS AND ACCOUNTANCY ADMINISTRATION SYLLABUS IN ACCOUNTING

Department of Accountancy FOR SPECIAL TRANSACTIONS
2nd Semester, A.Y. 2023-2024

A dynamic center for the development of competent and competitive human To provide the citizens of Valenzuela an efficient and effective institution of
UNIVERSITY VISION resource as foundation for growth and advancement of the City of Valenzuela. UNIVERSITY MISSION higher learning that will make them skillful, productive, competent, civic-
STATEMENT STATEMENT minded and God-loving toward a peaceful, healthy and progressive city.

COLLEGE VISION An institution that provides a conductive, research-oriented academic COLLEGE MISSION Lead students achieve academic excellence and be adept professionals in
STATEMENT environment for professional competencies in Accountancy, Marketing STATEMENT the field of business and public service moving towards civic and national
Management, Human Resource Development Management, and Financial leadership.
Management.

COLLEGE OBJECTIVES To motivate students, attain academic excellence and be capable professionals in the field of business and the industry moving towards civic and national leadership

A graduate of B.S. Accountancy should be able to:

PROGRAM OUTCOMES (1) Resolve business issues and problems, with a global and strategic perspective using knowledge and technical proficiency in the areas of financial accounting and reporting, cost
(Reference from CHED accounting and management, accounting and control, taxation, and accounting information systems;
Memorandum Order No. (2) Conduct accountancy research through independent studies of relevant literature and appropriate use of accounting theory and methodologies;
17, Series of 2017 (3) Employ technology as a business tool in capturing financial and non- financial information, generating reports and making decisions;
Section 6.2 to 6.3) (4) Apply knowledge and skills to successfully respond to various types of assessments (including professional licensure and certifications); and
(5) Confidently maintain a commitment to good corporate citizenship, social responsibility and ethical practice in performing functions as an accountant.
(CHED Memorandum Order No. 27, Series of 2017 Section 6.3)

COURSE INFORMATION

COURSE TITLE Accounting for Special Transactions COURSE CODE AFAR 2

COURSE PRE- AFAR 1 – Accounting for Government, Non- Profit and Other CREDIT UNIT / Three (3) Lecture Units equivalent to three (3) hours every week for 18
REQUISITE Organizations CONTACT HOURS weeks or 54 hours in a semester
Application of Philippine Financial Reporting Standards (PFRS) regarding recognition, measurement, presentation, and disclosure of transactions pertaining to (1) revenue from contracts
with customers including (1.1) installment sales, (1.2) consignment, (1.3) long- term construction contracts, (1.4) franchise, (2) foreign currency transactions, (3) translation of financial
COURSE DESCRIPTION
statements, and (4) insurance contracts.

At the end of the course, the students should be able to:

1 • AFAR 2: Accounting for Special Transactions

 1. Explain the salient points of PFRS for (a) revenue from contracts with customers, (b) foreign currency transactions, (c) translation of financial statements, and (d) insurance
contracts.
COURSE LEARNING 2. Prepare journal entries related to these special transactions
OUTCOMES 3. Measure impacts on financial position and financial performance of these transactions
4. Present effects of these transactions on financial statements
5. Formulate appropriate disclosures, if any, related to these business activities
6. Solve situational problems involving these economic transactions using PFRS and proper accounting procedures as guide
7. Apply attitude of being detail- oriented and careful judgment in dealing with various transactions and problems

ALIGNMENT OF COURSE OUTCOMES WITH SUMMATIVE ASSESSMENT TASK

Course Outcomes
1. Explain the salient points of PFRS for (a) revenue from
contracts with customers, (b) foreign currency transactions,
(c) translation of financial statements, and (d) insurance
contracts.
2. Prepare journal entries related to these special transactions
3. Measure impacts on financial position and financial
performance of these transactions
4. Present effects of these transactions on financial statements
5. Formulate appropriate disclosures, if any, related to these
business activities
6. Solve situational problems involving these economic
transactions using PFRS and proper accounting procedures
as guide
7. Apply attitude of being detail- oriented and careful judgment
in dealing with various transactions and problems
Summative Assessment Tasks Details
Departmental long examinations and departmental major examinations are graded activities
conducted periodically wherein all students enrolled in the same subject will take the same set of
test questions and arranged strategically. This is patterned to how the CPA Licensure Examination
is being executed and thus, serves as simulation of the board examination.
Departmental Long Examinations
Preparation of financial statements involves writing in good form the complete set of financial
statements. In practice, the entire accounting cycle’s final output is the set of financial statements
Departmental Major Examinations
which summarizes the entire accounting cycle.
Preparation of Financial Statements
Preparation of Journal Entries include analysis of transaction, assigning accounts to debit and
credit, assigning peso amounts, and providing explanation to properly display the effect of the
Preparation of Journal Entries
transaction.
Pre-Discussion Seatwork/ Assignment
Pre-discussion seatwork and assignment are activities provided to students ahead of the class
discussion. Questions provided are focused with analyzing the capability of the students in
Post Discussion Seatwork
comprehending and recalling basic definitions and formulas.
Graded Recitation/ Project
Post discussion seatwork refers to summative assessment task provided after class discussion.
This allows the students to apply what they learned during the class immediately after discussion.

Graded recitation is an oral question and answer summative task. Project is a by- group final
requirement related to the course subject.

ACCOUNTING FOR SPECIAL TRANSACTIONS 2 COURSE MAP

LEARNING OUTCOMES PROGRAM OUTCOMES

1 2 3 4 5 6 7

2 • AFAR 2: Accounting for Special Transactions

 1. Explain the salient points of PFRS for (a) revenue from contracts with customers, (b) foreign currency transactions, (c)
translation of foreign currency financial statements, and (d) insurance contracts.
2. Prepare journal entries related to these special transactions
3. Measure impacts on financial position and financial performance of these
4. Present effects of these transactions on financial statements
5. Formulate appropriate disclosures, if any, related to these business activities
6. Solve situational problems involving these economic transactions using PFRS and proper accounting procedures as
guide
7. Apply attitude of being detail- oriented and careful judgment in dealing with various transactions and problems
Legend:
L = Facilitates learning of the competencies (input is provided and competency is evaluated)
P = Allows student to practice competencies (no input but competency is evaluated)
O = Opportunity for development (no input for evaluation but there is opportunity to practice the competencies)

COURSE LEARNING PLAN

TIME COURSE ESSENTIAL QUESTION/S INTENDED LEARNING BTIs SUGGESTED SUGGESTED BTIs REFERENCES / TEACHING-
ALLOTMENT CONTENTS OUTCOMES (ILOs) TEACHING LEARNING ASSESSMENT TASKS LEARNING MATERIALS
ACTIVITIES
• Behave in accordance with the
What are the rules and
rules and regulations expected
regulations students need
to observed by students at all
to observe inside the class
Classroom and times
and the department? Interactive Discussion N/A
Week 1/ Department Rules, • Compute semestral grade College Manual, University
How will the students be
3 hours Grading System, based on the grading system Student Handbook
assessed?
Course Syllabus implemented in the
What are the topics to be
Department of Accountancy
covered in the whole
semester? • Recognize the scope of the
subject for the semester

3 • AFAR 2: Accounting for Special Transactions

 • Comprehend the objective
and fundamental principles of
revenue recognition outlined
in PFRS 15. Pre- Seatwork, Post-
• Describe and explain each Seatwork, Assignment Dayag, A. J. (2018).
Concepts of PFRS stage within the Five-Step Interactive Discussion (Theoretical, Advanced Financial
15 – Revenue from Model Framework for with Illustrations Situational and Accounting. (Volume 1).
What is the purpose of Computation Lajara Publishing House.
Contracts with revenue recognition. On- the- Board Problem
PFRS 15 in financial Questions)
Week 2-3/ Customers, The • Apply the acquired principles Solving
reporting?
6 hours Five-Step Model to recognize various forms of
What are the revenue
Framework, revenue, including but not Readings:
recognition principles?
Recognition of Other limited to right of return, Chapter 7 of Advanced
Revenues principal-agent relationships, Financial Accounting
non-refundable upfront fees, Volume 1 by Dayag
licensing and royalties,
repurchase arrangements,
gift cards, and bill-and-hold
arrangements.

• Understand the principles and

criteria for recognizing Interactive Discussion
revenue in the context of with Illustrations
installment sales. On- the- Board Problem
Accounting for What is the installment • Journalize transactions Solving Pre- Seatwork, Post- Dayag, A. J. (2018).
Week 4
Installment Sales sales method and its affecting installment sales. Seatwork, Assignment Advanced Financial
3 hours
accounting implications? • Compute the gross profit on Chapter 7 of Advanced (Theoretical, Situational Accounting. (Volume 1).
installment sales. Financial Accounting and Computation Lajara Publishing House.
• Account for defaults and Volume 1 by Dayag Questions)
repossessions in installment
sales.

4 • AFAR 2: Accounting for Special Transactions

 • Distinguish the revenue
recognition principles
between the consignor and Interactive Discussion
the consignee. with Illustrations
What is a consignment On- the- Board Problem
• Prepare journal entries to
transaction, and how to Solving
Accounting for record sale of merchandise by
Week 5 account consignment Pre- Seatwork, Post- Dayag, A. J. (2018).
Consignment Sales the consignee to third parties
3 hours inventory and related Chapter 9 of Advanced Seatwork, Assignment Advanced Financial
and its remittance to the
transactions? Financial Accounting (Theoretical, Situational Accounting. (Volume 1).
consignor.
• Examine and compute the Volume 1 by Dayag and Computation Lajara Publishing House.
amount of consignor’s cost of Questions)
goods sold, profit or loss, and
ending inventory.
• Prepare journal entries and
determine revenue, costs and
gross profit under Percentage Interactive Discussion
of Completion Method and with Illustrations
How does the entity Cost Recovery Method. On- the- Board Problem
account for long-term • Understand Contract Solving
Accounting for Long- Pre- Seatwork, Post- Dayag, A. J. (2018).
Weeks 6-7 construction contracts? Asset/Contract Liability in
Term Construction Readings: Seatwork, Assignment Advanced Financial
6 hours What methods are used for long-term construction
Contracts Chapter 8 of Advanced (Theoretical, Situational Accounting. (Volume 1).
revenue recognition in contracts.
construction contracts? • Analyze and account for Financial Accounting and Computation Lajara Publishing House.
changes in estimates, Volume 1 by Dayag Questions)
variations, claims, and
incentive payments in long-
term construction contracts.

• Differentiate between
Interactive Discussion
franchise revenue recognition
with Illustrations
and traditional revenue
How does the entity On- the- Board Problem
Franchise recognition methods.
account for its franchise Solving
Accounting – • Analyze various transactions
operations, and what are Pre- Seatwork, Post- Dayag, A. J. (2018).
Week 8 Franchisor’s Point of affecting franchise revenue.
the key principles and Readings: Seatwork, Assignment Advanced Financial
3 hours View • Prepare journal entries and
considerations that should Chapter 9 of Advanced (Theoretical, Situational Accounting. (Volume 1).
be applied in franchise determination of revenue, Financial Accounting and Computation Lajara Publishing House.
accounting? costs, and gross profit for Volume 1 by Dayag Questions)
initial franchise fee and
continuing franchise fee.

5 • AFAR 2: Accounting for Special Transactions

 Week 9
MIDTERM MAJOR EXAMINATION (Refer to Collegiate Calendar)
3 hours
• Identify what constitutes
foreign currency transaction.
Interactive Discussion
• Understand the different rates
with Illustrations
used in foreign currency
On- the- Board Problem
What constitutes foreign transactions.
Solving
Accounting for currency transactions, and • Prepare necessary journal
Week 10-11/ Pre- Seatwork, Post- Guerero, P. P. & Peralta, J. F.
Foreign Currency how does an entity account entries related to importing and
6 hours Readings: Seatwork, Assignment (2017). Advanced Accounting
Transactions, for them? exporting transactions, and Chapter 19 of Advanced (Theoretical, Situational Principles and Procedural
speculation. Accounting Volume 2 by and Computation Application. (Volume 2). GIC
• Compute the effect of the Guerero and Peralta Questions) Enterprises & Co., Inc.
foreign currency transactions
in the entity’s financial
statements.
• Understand the nature of
What is a derivative and its derivatives.
different types? • Identify the types of derivatives Interactive Discussion
and determine the values of with Illustrations
How does an entity utilize forward and futures On- the- Board Problem Pre- Seatwork, Post- Guerero, P. P. & Peralta, J. F.
derivatives, and what are instruments, and option Solving Seatwork, Assignment (2017). Advanced Accounting
Week 12-13/ Derivatives and the accounting contracts. (Theoretical, Situational Principles and Procedural
6 hours Hedge Accounting considerations involved in • Explain the different types of Readings: and Computation Application. (Volume 2). GIC
their use? hedging relationships Chapter 19 of Advanced Questions) Enterprises & Co., Inc.
• Determine the impact or effect Accounting Volume 2 by
How does an entity account of hedging transactions in the Guerero and Peralta
for its hedging transactions? investors point of view under
foreign currency forward
contract.

6 • AFAR 2: Accounting for Special Transactions

 • Translate from the Functional
Currency into the Presentation
Currency using Interactive Discussion
Closing/Current Rate method. with Illustrations
• Translate into Functional On- the- Board Problem
Translation of Currency (Remeasurement Solving
How to translate or restate Pre- Seatwork, Post- Guerero, P. P. & Peralta, J. F.
Week 14-15 Foreign Currency from Foreign Currency
foreign currency financial Readings: Seatwork, Assignment (2017). Advanced Accounting
6 hours Financial Financial Statements to the
statements? Chapter 20 of Advanced (Theoretical, Situational Principles and Procedural
Statements Functional Currency)
• Restate the Financial Accounting Volume 2 by and Computation Application. (Volume 2). GIC
Statements (Functional Guerero and Peralta Questions) Enterprises & Co., Inc.
Currency of a
Hyperinflationary Economy)

Interactive Discussion
with Illustrations
• Identify the different types of
On- the- Board Problem
Insurance Contracts.
Solving
How does an insurer • Apply changes in accounting
Week 16-17 Pre- Seatwork, Post-
Insurance Contracts account for insurance policies.
6 hours Readings: Seatwork, Assignment
contracts? • Recognize and measure Dayag, A. J. (2018).
Chapter 11 of Advanced (Theoretical, Situational
insurance and reinsurance Advanced Financial
Financial Accounting and Computation
contracts. Accounting. (Volume 1).
Volume 1 by Dayag Questions)
Lajara Publishing House.

Week 18/ FINAL TERM MAJOR EXAMINATION (Refer to Collegiate Calendar)

3 hours

COURSE REFERENCES

Dayag, A. J. (2018). Advanced Financial Accounting. (Volume 1). Lajara Publishing House.
REFERENCES Dayag, A.J. (2018). Advanced Financial Accounting. (Volume 2). Lajara Publishing House.
Guerero, P. P. & Peralta, J. F. (2017). Advanced Accounting Principles and Procedural Application. (Volume 1). GIC Enterprises & Co., Inc.
Guerero, P. P. & Peralta, J. F. (2017). Advanced Accounting Principles and Procedural Application. (Volume 2). GIC Enterprises & Co., Inc.

Textbook:
OTHER SUPPORT Bagayao, I. S. (2024). AFAR Quick Notes. Lajara Printing.
MATERIALS International Pronouncement:
International Financial Reporting Standards. (2019). International Accounting Standards Board
7 • AFAR 2: Accounting for Special Transactions
 COURSE REQUIREMENTS AND POLICIES
Semestral Grade Computation Term Grade Computation Rating Computation PLV 11-point Number System
Composition: Ratings of all activities are Number System Grading
Major Examination 40% computed as follows:
MTG + FTG Class Standing: 1.00 = 97-100
𝑆𝐺 = Long Examination 25% 1.25 = 94-96
2 𝑅𝑆
GRADING SYSTEM Pre-Discussion Seatwork and Rating= X 60+40 1.50 = 91-93
𝑇𝐼
Where: Assignment 10% 1.75 = 88-90
MTG – Midterm Grade Post- Discussion Seatwork 2.00 = 85-87
FTG – Final Term Grade and Recitation 15% Where: 2.25 = 82-84
SG – Semestral Grade Attendance and Attitude 10% 60% RS – Raw Score 2.50 = 79-81
To compute to either MTG/ FTG, refer to Total Grade 100% TI – Total Items 2.75 = 76-78
the next column: 3.00 = 75
5.00 = Failed

Weekly Meeting:
The student’s responsibility is to come to each class prepared. S/he is also expected to take all assessments on the date scheduled. S/he should read the assigned readings/
problems prior to class. S/he is expected to attend each class and participate actively in the discussions.

Academic Dishonesty:
All students are expected to be academically honest. Cheating, lying and other forms of unethical behavior will not be tolerated. Any student found guilty of cheating in
examinations or plagiarism in submitted course requirements will receive a 5.00 or failure in the course requirement or in the course. Plagiarism refers to the use of books,
notes or other intellectual property without giving proper attribution to its author or representing the work of another person one’s own. Cheating refers to securing help in a
test, copying tests, assignments, reports or term papers, collaborating with other students during an examination or in preparing academic work, signing another student’s
name on an attendance sheet or otherwise practicing scholastic dishonesty.

Policy on Absences and Lates:

POLICIES
The allowed number of unexcused absences for students enrolled in a 3-unit once-a-week class is 3. Further absence will lead to a remark of Unofficially Dropped or UD.
(as agreed by the class)
Request for excused absences must be presented upon reporting back to class. Excused absence is failure to attend on the enrolled schedule of that particular subject with
valid reason (refer to University Student Handbook for list of valid reasons). Every three times the student attends the class late will equal to one unexcused absence. Special
examinations and/or other course requirements will be allowed only in special cases in accordance to University Student Handbook and/or permission from the Department
Chairperson. It is the responsibility of the student to monitor her/his own tardy incidents and absences that might accumulate leading to a grade of “UD”. It is also her/his
responsibility to consult with the Instructor, Coordinator or Dean should her/his case be of special nature.

Semestral Grade:
Students should, on average, be able to pass all necessary assessments throughout the semester. A 2.00 retention policy is being observed in this subject. Thus, to avoid
taking qualifying examinations, students should be able to meet a semestral grade of at least 2.00 (85.00 – 87.00). In any case, to be allowed to take higher accounting major
subjects, students must not acquire a grade below 3.00 in Accounting for Special Transactions (AFAR 2).

8 • AFAR 2: Accounting for Special Transactions

 Other Policies:
This shall be decided by the instructor and the whole class if it is necessary to provide additional policies to better facilitate the class.

Consultation Period Students with concerns which left unaddressed during class hours may set a meeting depending on the instructor’s availability.

INSTRUCTORS INFORMATION
Name & Signature Consultation Schedule Email Address

Mr. Tyroone Baguio

tyroonebaguio23@gmail.com
In-Charge

Date Last Revised: Endorsed by:

Ms. Roma Elaine DG. Dela Cruz, CPA

Chairperson, Department of Accountancy

Revision Date: Recommending Approval:

Ms. Jannet Mangabang Penuliar

In-Charge, Curriculum Committee

Approved by:

Dr. Ryan C. Dela Peña

Dean, College of Accountancy and Business Administration

Dr. Nedeña C. Torralba

University President / Vice President for Academic Affairs

9 • AFAR 2: Accounting for Special Transactions