COLLEGE COURSE CODE INSTRUCTOR NAME CONTACT DETAILS
: RVR COB : MODFIN1 : :
CONSULTATION HOURS
: To be announced
DEPARTMENT ROOM CLASS DAYS CLASS TIME
: Accountancy : : M – H H : 0730 – 0900 0900 0915 – 1045 1045
COURSE DESCRIPTION:
This course MODFIN1, FINANCIAL ACCOUNTING AND REPORTING FOR ASSETS – PART PART 1, introduces the nature, functions, scope and limitations of the broad field of accounting theory. It deals with the study of the theoretical accounting framework of financial statements, accounting conventions, and generally accepted accounting principles. Its starts with the discussion of the standard setting process for accounting practice, national as well as international principles relating to the preparation and presentation of financial statements, the conditions under which they may be appropriately applied, their impact or effect on the financial statements; and the criticisms commonly leveled against them. The course covers detailed discussion, discussion , appreciation and application of accounting principles covering assets, both financial and non-financial. non-financi al. This course begins with a discussion of the objectives and functions of the International Accounting Standards Board (IASB) and the Financial Reporting Standards Council (FRSC), the standard setting process, the conceptual framework of financial accounting and Philippine Accounting Standard 1 (PAS 1) on the presentation of financial statements. This course will also emphasized on the interpretation and application of theories of accounting in relation to inventories, investments in debt and equity instruments, related party disclosures and intangible assets . LEARNING OUTCOMES (LO): UNIVERSITY EXPECTED LASALLIAN GRADUATE ATTRIBUTES (ELGA) Critical and creative thinker Effective communicator Reflective lifelong learner
COURSE OUTCOMES On completion of the course, the student is expected to be able to do the following:
CO1: Apply rules set in the Conceptual Framework and the appropriate accounting standards and generally accepted accounting practices on the presentation presentation of financial financial statements, statements, inventories, inventories, investments investments in debt and equity instruments, related party transactions and intangible assets in the analysis of business transactions CO2: Prepare and present a group case analysis synthesizing the application of PAS 1, 2, 24, 28, 32, 38 and 39, and PFRS 7, 9 and 13, and the Conceptual Framework for Financial Reporting in a real world scenario.
FINAL COURSE OUTPUTS:
As evidence of attaining the above learning outcomes, the student is required to do and submit the following during the indicated dates of the term: LEARNING OUTCOMES
CO1: Apply appropriate accounting standards on inventories, investments in debt and equity instrument, related party transactions and intangible assets in the analysis of business transactions.
REQUIRED OUTPUTS
DUE DATE
At least fifty solved exercises/problems per unit with at least ten solved exercises/problems per major topic in the the unit
Days 5, 11, 17, 23, 27
CO2: Prepare and present a group case analysis synthesizing the One written group application of Conceptual Framework PAS 1, 2, 24, 28, 32, 38 and business case case analysis analysis and PFRS 7 and 9 in a real world scenario presentation presentation
Days 30, 32
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RUBRIC FOR ASSESSMENT: Solved Exercises/Problems CRITERIA EXEMPLARY SATISFACTORY 4 3 Completeness The student solves The student solves all assigned all of the assigned [80%} exercises/problems exercises/problems. and presents all solutions in good accounting form. Neatness and The student solves The student solves exercises/problems exercises/problems Orderliness in an orderly in an orderly [20%] manner, corrects manner and error properly, corrects errors labels all properly. solutions, writes legibly, uses ruler, uses money columns correctly and preserves the neatness of the assignment portfolio.
DEVELOPING 2 The student solves majority but not all of the assigned exercises/problems
BEGINNING 1 The student does not solve majority of the assigned exercises/problems.
The student somewhat solves exercises/problems in an orderly manner and correct errors somewhat improperly.
The student does not solve exercises/problems in or orderly manner and corrects error improperly.
RATING
TOTAL: Written Business Case Analysis CRITERIA EXEMPLARY 4 The group Content applies (Application of appropriate Conceptual F ramework, PAS PAS/PFRS and 1, 2, 24, 28, 32, 38 includes and PF RS 7 and 9 recommendations for the and inclusion of recommendations improvement of on how to improve its compliance compliance to the that will aid in PAS/PFRS)[80%] decision-making.
SATISFACTORY 3 The group applies appropriate PAS/PFRS and includes minor recommendations that have little impact on decisionmaking.
F ormat and Use of E nglish Language [10%]
The group writes The group writes the report the report following the following the prescribed format prescribed format with sentences with sentences and and paragraphs paragraphs having having no minor spelling and spelling and grammatical grammatical errors.. error.
Teamwork [10%]
The group shows strong teamwork as evidenced in the oneness and consistency both in the flow and contents of the paper.
The group shows teamwork as evidenced in the consistency in terms of content of the paper.
DEVELOPING 2 The group applies PAS/PFRS somewhat inappropriately and includes somewhat unrealistic recommendations.
BEGINNING 1 The group applies PAS/PFRS inappropriately and includes unrealistic recommendations.
The group writes the report somewhat following the prescribed format having sentences and paragraphs with many spelling and grammatical errors. The group shows somewhat a lack of teamwork as evidenced in some inconsistencies both in the flow and contents of the paper.
The group writes the report not following the prescribed formant having sentences and paragraphs with many spelling and grammatical errors.
RATING
The group shows lack of teamwork as evidenced in the inconsistencies both in the flow and contents of the paper.
TOTAL:
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Group Presentation CRITERIA EXEMPLARY 4 The group Oral communicates presentation clearly the content skills of the report and [35%] generates interest and establishes rapport among audience.
SATISFACTORY 3 The group communicates clearly the content of the report and generates some interest among audience.
DEVELOPING 2 The group communicates somewhat clearly the content of the report and generates little interest among audience.
BEGINNING 1 The group communicates vaguely the content of the report and does not generate interest among audience.
Presentation content [35%]
The group includes all relevant items and materials in the report.
The group includes all required items and materials in the report.
The group includes some of the required items and materials in the report.
The group includes many irrelevant items in the report.
Proper use of Powerpoint tools and features (including design and creativity) [10%] Teamwork [10%]
The group uses appropriately more than the commonly-used features of Powerpoint.
The group uses appropriately the common features of Powerpoint.
The group uses somewhat inappropriately the common features of Powerpoint.
The group uses inappropriately the common features of Powerpoint.
The group is organized and shows strong teamwork and camaraderie as evidenced in the presentation.
The group is organized and shows teamwork as evidenced in the presentation.
The group is somewhat organized and shows a hint of teamwork as evidenced in the presentation.
The group is disorganized and shows lack of teamwork as evidenced in the presentation.
All the group members are in complete business attire.
Some of the group members are in complete business attire.
Some of the group members not in business attire.
None of the group members are in business attire.
Business Attir e [10%]
RATING
TOTAL:
OTHER REQUIREMENTS AND ASSESSMENTS: Aside from the required outputs, the student will be assessed at other times during the term by the following: Proficiency Tests/Quizzes Comprehensive Examination Class participation/recitation Promptness in submitting required works Attendance and punctuality Good manners and right conduct
GRADING SYSTEM:
Basis Comprehensive Examination Average Quizzes * Assignment Portfolio Business Case Analysis Class Standing** Total
Percentage 30% 50% 10% 5% 5% 100%
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GRADE POINT 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.0
DESCRIPTION Excellent Superior Very Good Good Satisfactory Fair Pass Failure
COURSE GRADE REQUIREMENT
EQUIVALENCE 97 - 100 94 - 96 91 - 93 87 - 90 83 - 86 77 - 82 70 - 76 Below 70% 2.0 (83%)
LEARNING PLAN: LEARNING OUTCOME
TOPICS
WEEK NO.
LEARNING ACTIVITIES
UNIT 1: FINANCIAL REPORTING STANDARDS COUNCIL AND THE CONCEPTUAL FRAMEWORK
CO1
1.1. Financial Reporting Standards Council – creation, objectives and functions; membership, standard setting process 1.2 The IASB, history, current structure and processes, globalization of capital markets, harmonization of accounting standards, formation and achievements of the IASC 1.3 Financial accounting and financial statements 1.4 The environment of financial accounting 1.5 Conceptual framework of financial accounting
1
Read Conceptual Framework and PAS No.1, Chapters 1 and 2 of Kieso book; and answer assigned exercises (please refer to list of homework)
2&3
Read PAS 2, Chapters 8 and 9 of Kieso book; and answer assigned exercises (please refer to list of homework)
UNIT 2: ACCOUNTING FOR INVENTORIES
CO1
2.1
2.2
2.3
2.4
2.5
Definition, nature, classes, recognition, measurement, valuation, classification, presentation, derecognition and disclosure Inventory Recording Systems 2.2.1 Periodic inventory system 2.2.2 Perpetual inventory system Costing Methods 2.3.1 At cost (Specific Identification, FIFO and Average) – initial recognition 2.3.2 At lower of cost or net realizable value – valuation at balance sheet date Estimating Inventory Cost 2.4.1 Gross profit method 2.4.2 Retail inventory method (FIFO and Average) Other Inventory Issues 2.5.1 Purchase commitment 2.5.2 Inventory valued at selling price 2.5.3 Use of more than one cost method 2.5.4 Borrowing costs 2.5.5 Lump-sum acquisition
UNIT 3: ACCOUNTING FOR INVESTMENTS IN EQUITY AND DEBT INSTRUMENTS
CO1
3.1 Nature, recognition, measurement, valuation, classification, presentation, derecognition, and disclosure 3.2 Introduction to financial instruments
4
Read PAS 24, 28, 32, PFRS 7, 9 and Chapters 4
3.2.1 Definition of financial instruments – nature and examples of financial assets and liabilities 3.2.2 Categories of financial assets and liabilities 3.2.3 Non-financial assets/non-financial liabilities – nature and example 3.3 Investment in Equity Instruments 3.3.1 Marketable Equity Securities 3.3.2 Unquoted Equity Securities 3.3.3 Investment in Associates 3.4 Investment in Debt Instruments 3.4.1 Trading 3.4.2 Available-for-sale 3.4.3 Held-to-maturity 3.5 Related Party Disclosures 3.5.1 Nature, purpose, definitions and disclosure
17 and 24 of the Kieso book; and answer the assigned exercises (please refer to list of homework) 5&6
UNIT 4: ACCOUNTING FOR INTANGIBLES CO1 CO2
4.1 Definition, nature, classes, recognition, measurement, valuation, classification, presentation, derecognition and disclosure including amortization of identifiable intangible assets using straight-line method 4.1.1 Patents 4.1.2 Copyright 4.1.3 Trademarks and Trade Names 4.1.4 Research and Development Costs 4.1.5 Goodwill 4.1.6 Computer Software Costs 4.1.7 Franchise
7
Read PAS 38 and Chapter 12 of the Kieso book; answer the assigned exercises (please refer to list of homework); analyze and write the business case; and present the group report.
REFERENCES:
Kieso, Donald; Weygandt, Jerry; Warfield, Terry. (2015). Intermediate Accounting (IFRS 2 nd Edition) Volumes 1 and 2. John Wiley and Sons, Inc. (TEXTBOOK) Compilation of Recently Approved Philippine Accounting Standards (PAS)/Philippine Financial Reporting Standards (PFRS) Valix, Conrado T. and Peralta, Jose F. (2015). Financial Accounting Volumes 1 2 and 3 GIC Enterprises & Co. Inc. Skousen, Stice and Stice.(2010). Intermediate Accounting (17 th Edition). Thomson South-Western. Lam, Nelson and Lau, Peter. ( 2009). Intermediate Financial Reporting: An IFRS Perspective . McGraw-Hill Education (Asia). Robles, Nenita and Empleo, Patricia. (2010). Intermediate Accounting (Based on PFRS/IFRS) Volumes 1, 2 and 3. Millennium Books, Inc. Alindada, Carlos; Ledesma, Ester and Lupisan, Ma. Concepcion. ( 2007). Intermediate Accounting : Applying International Financial reporting Standards Philippine Edition. John Wiley and Sons Australia Ltd. Kieso, Donald; Weygandt, Jerry; Warfield, Terry; Fargher, Neil and Wise, Victoria. (2008). Fundamental of Intermediate Accounting (12 th Edition). John Wiley and Sons Australia, Ltd.
ONLINE RESOURCES: http://www.iasplus.com http://www.ifrs.org http://www.wileyplus.com http://iasb.org
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CLASS POLICIES:
1. Only BSA students who passed the qualifying examination are qualified to take this course. 2. A contract called ‘Policies and Procedures for Incoming Modular BSA Students ’ is given at the start of the term. 3. This course is a prerequisite to Module 2. Only students who obtained a final grade of 2.0 in this course may qualify for Module 3. 4. A total of 4 departmentalized quizzes will be given in this course. A quiz will cover specific topics and is good for 1.5 hours. 5. There is no midterm examination. 6. The comprehensive examination is departmental, covers the entire course syllabus and is good for three (3) hours. This is given on the last day of the module and includes a combination of multiple choice theory and problem solving questions. 7. The assignment portfolio shall be written in a 10-column journal notebook. The notebook shall be checked every quiz day. 8. Guidelines regarding the business case would be given by the faculty member to the class at least one week prior to submission deadline. Deadline of submission as well as the schedule of report presentation will be included in these guidelines. The written reports must be submitted not later than 5 pm of the deadline date. 9. It is the responsibility of the student to be mindful of his/her absences/tardiness and performance in class. 10. Specific class policies on attendance, make-up quizzes, academic honesty, grading system, dress code, classroom management, and others not mentioned above, are to be discussed by the faculty member on the first day of classes. 11. Please observe office hours and consultation hours/schedule of the faculty member. 12. For student concerns regarding the BSA program or the course, please set an appointment with the Department Vice Chair. For all other inquiries, please visit the Accountancy Department. The Accountancy Department is located at the left wing of the Faculty Center. When inside the Department, students are expected to observe silence, and maintain the cleanliness and orderliness of the room. Important announcements will be posted on the Accountancy Department bulletin board.
July 2015 Financial Accounting Committee
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