PART 1

VARIABLES: It could involve investigating their understanding of these standards, their perceived
challenges in applying them, and the potential impact on future careers in the field.

RESPONDENTS: student

PLACE: Colegio de San Gabriel

OUTPUT: Enhance understanding and awareness of the importance of financial reporting

standards among students in the educational and professional communities.

PROPOSE TITLE: Understanding the Importance of Financial Reporting Standards: Among Student
Perspective in San Jose Del Monte Bulacan

PART2

target
PRA:

Rationale: Financial reporting standards play a crucial role in ensuring transparency, reliability, and
comparability in financial information. For students in San Jose Del Monte, Bulacan, understanding the
importance of these standards is essential for their academic and professional development.

Firstly, knowledge of financial reporting standards provides students with a strong foundation in
accounting principles and practices. It helps them comprehend the structure and content of financial
statements, such as the balance sheet, income statement, and cash flow statement. This understanding
is fundamental for students pursuing careers in accounting, finance, or business management.

Moreover, familiarity with financial reporting standards enhances students' analytical skills and decision-
making abilities. By learning how to interpret financial information accurately, students can assess the
financial health and performance of businesses effectively. This skill set is invaluable for future
professionals as they navigate the complexities of the corporate world and make informed strategic
decisions.

Additionally, understanding financial reporting standards cultivates ethical behavior and integrity among
students. They learn the importance of adhering to regulatory requirements and reporting guidelines to
ensure honesty and fairness in financial reporting practices. This ethical mindset is essential for
upholding professional standards and maintaining public trust in the financial markets.

Furthermore, proficiency in financial reporting standards increases students' employability and career
prospects. Employers value candidates who possess strong accounting and financial analysis skills,
including knowledge of reporting standards. By demonstrating proficiency in this area, students can
enhance their competitiveness in the job market and pursue rewarding opportunities in various
industries.
In conclusion, understanding the importance of financial reporting standards is crucial for students in
San Jose Del Monte, Bulacan, as it equips them with essential knowledge, skills, and values for academic
success and professional growth.

Conceptual Literature and Studies:

Foreign study
according to Alshammari (2023) the theoretical and experimental studies that were conducted were
reviewed to determine whether the quality of financial reports had improved or not in a number of
countries across the globe. This study emphasizes the importance of the results of previous accounting
research studies that show the effectiveness of adopting IFRS and the audit committee in improving the
quality of financial reporting, with specific exceptions in some cases. (Financial Reporting Standards and
Audit Committee on the Financial Reporting Quality.)

Foreign literature
according to Winfield, Miller et al, (2023) Accounting is the recording and reporting of financial
information about an entity. Management accounting and financial accounting both make use of the
recording function, but the reporting produced by these two sub-disciplines is very different because the
former is intended to inform the decisions of management, while the latter is intended to inform the
decisions of existing and potential investors, lenders, and other creditors.

Local study
"Understanding Philippine Financial Reporting Standards" by Ma. Socorro M. Reyes (Year: 2015) is a
valuable resource that contributes to the promotion of transparent and high-quality financial reporting
in the Philippines. It continues to be a relevant reference for professionals and academics seeking to
deepen their understanding of PFRS and enhance their proficiency in financial reporting.

Local literature

Financial Reporting Standards in the Philippines" by Clarita Barrios and Mario Del Rosario (Year: 2013)
Financial Reporting Standards in the Philippines" is likely to be a comprehensive reference for
understanding the regulatory landscape and requirements of financial reporting in the country. It
provides valuable insights and guidance for navigating the complexities of financial reporting standards
and ensuring compliance with regulatory requirements.

Research Gap

The topic focuses on financial reporting standards, which are regulations and guidelines that govern how
companies prepare and present their financial statements. Understanding these standards is crucial for
ensuring transparency, accountability, and comparability in financial reporting. Students are individuals
who are in the process of learning and are often the future workforce and business leaders. By
understanding financial reporting standards from a student perspective, the research aims to assess
their comprehension, awareness, and perceived importance of these standards. The research focuses on
the viewpoint of students. Understanding their perspective is valuable for designing effective
educational strategies tailored to their needs and challenges. It also sheds light on potential gaps in
knowledge or misconceptions that may exist among students regarding financial reporting standards.