CEBU INSTITUTE OF TECHNOLOGY-UNIVERSITY

N. Bacalso Avenue Cebu City

College of Management, Business and Accountancy
Department of Accountancy

Course No : ACCTG 134

Descriptive Title : CONCEPTUAL FRAMEWORK
Number of Units/ Credits : 3 UNITS
Number of Hours : 48 HOURS
Pre- requisites : NONE

I. Course Description: This course covers description of the Accountancy Profession, the Conceptual Framework, an introduction to the preparation of financial statements and
concise discussion of all Philippine Accounting Standards or PAS and Philippine Financial Reporting Standards or PFRS related to financial accounting. This course will also
provide a solid foundation for the BSA students before taking up three intermediate or financial accounting subjects.

CIT University CIT Graduate Attributes Code CIT Graduate Outcomes

Act in accordance with moral and ethical principles
Ethical and values-driven 101
VISION STATEMENT personally and professionally
A top academic institution continuously developing values-driven, highly Competent and Technology- Apply knowledge of science, mathematics, and
competent, and innovative Technologians 102
oriented technology in life and professional practice
Critical thinker and problem Practice creative and critical thinking skills in solving
MISSION STATEMENT 103
solver real-life problems
To ensure quality instruction, research and community extension for the total Conduct research, create new things, and act capably
development of Technologians committed in practicing professionalism and in Innovative 104
in complex situations
meeting the demands of local, national and global communities Communicate effectively in spoken, written, visual,
Effective communicator 105
and other form
CORE VALUES Work productively as an individual or as a member or
 SPIRIT OF ALTRUISM is upholding the common good rather than one’s own Team player and manager 106
leader of a multi-disciplinary and multi-cultural team
interest and enhances capacity of persons to give witness to God’s love for Engage in lifelong learning for personal and
mankind. Lifelong learner 107
professional development
 PASSION FOR EXCELLENCE is total quality in any endeavor by striving to work Use, develop, and integrate knowledge and skills
in the best way that one could. Well-rounded citizen 108 across disciplines for nation building and effective
 INTEGRITY is an uncompromising adherence to moral and ethical principles. global citizenship
 RESPONSIBILITY is accountability over one’s actions.
 INNOVATIVENESS is the ability to create new things as well as to act effectively BSA Expected Graduate Code
HM Graduate Outcomes
and imaginatively in difficult situations. Attributes
 TEAMWORK is the promotion of cooperation and collegiality in the pursuit of
the institution’s mission.
 TENACITY is the persistent determination to achieve the Vision, Mission, and
Goals of the University.
Ethical Professional AC1  Act in accordance with accountancy student
norms and with due regard for social and
College of Management, Business and Accountancy (CMBA) ethical responsibility

Vision
A top management, business, and accountancy school proactively anticipating and
responding to the needs of local and global business communities
Competent in Management
AC2  Apply management and technical skills in
Mission Skills and Technology Literate
accounting services and operations
To produce professionals with international and local business and community
readiness by integrating current business technology with total quality business and  Approach on-the-job, classroom and
management values, within the context of total human development laboratory issues with an analytical frame of
Creative, Critical Thinkers, and
AC3 mind and creatively solve problems with the
Department of Accountancy Problem Solvers
flexibility to attend to details and view the
Vision whole situation in perspective
 Create or innovate new products and
Mission services both complying with enterprise
Skillful and Proficient AC4 standards, and are exciting and vibrant, all
intended to pamper the service recipients

 Carry on oral conversation in English and use

English for academic purposes in oral and
Effective Communicator AC5
written form

 Performs in simulated classroom or laboratory

Leader and Team Player
environment the basic functions of
management such as planning, organizing,
AC6
leading, and controlling, and displays
appropriate social behavior
  Manages one's personal development, shows
capacity to learn independently,
demonstrates reading skills and manifests
Reflective Lifelong Learner AC7 proficiency in obtaining information and
learning from the internet, social interactions,
and other sources

 Demonstrates an attitude of openness to new

learning and willingness to acquire new skills
Career Ready AC8

I. Course Learning Outcomes (CLOs):

At the end of the course, the students are able to: P.O./S.O P.O./S.O
Code Code
Links Links
CLO1. Resolve business issues and problems with a global and AC3, AC5, AC4, AC5, CLO3. Value the importance of knowing the standards in the AC1, AC3, AC4,
strategic perspective using knowledge and technical proficiency in and AC6 preparation of financial statements in which the practice of AC5, & AC6
conceptual framework, accounting, and financial reporting honesty, fairness, mutual interest, and concern for others
standards. can be inculcated.

CLO2. Apply knowledge and skills that will successfully respond AC1,AC2, AC4, AC6, CLO4. Maintain a commitment to good corporate citizenship, AC1, AC3, AC4,
to various types of assessments (including professional licensure and AC7 social responsibility, and ethical practice in performing AC5, AC7 & AC8
and certifications). functions as an accountant.

II.Course Outline:

Content CLO CLO CLO CLO Intended Learning Teaching Learning Assessment Time Frame Week no.
1 2 3 4 Outcomes (ILO) Activities (TLAs) Tools/Tasks
PRELIM PERIOD
1.0. THE ACCOUNTANCY 3 2 2 2 Explain the definition of Group Discussion Quiz 3 hours Week 1
PROFESSION accounting
 Definition of Accounting Seatwork Major exam
 The Accountancy Profession: Describe GAAP, IAS, component
Limitation, Accreditation, PFRS and be able to Open forum (Q & A)
 Continuing professional distinguish from each Individual recitation Oral recitation
development units other
 GAAP, FRSC, PIC, IASC,
IASB, & IFRIC State the requirements
for Continuing
professional education
1.1. CONCEPTUAL FRAMEWORK 1 2 3 2 State the purpose and Open forum (Q & A) Oral recitation 3 hours Week 2
 Purpose and Scope of Scope of Conceptual
Conceptual Framework Framework Group seatwork Quiz
 Objective and Limitations of
financial reporting Describe the objective Major exam
 The underlying assumptions and limitations of component
financial reporting

Compare and contrast

the underlying
assumptions
1.2. QUALITATIVE 2 3 1 2 Cite the different kinds Open forum (Q & A) Oral recitation 3 hours Week 3
CHARACTERISTICS AND of qualitative
ELEMENTS OF FINANCIAL characteristics Group seatwork Quiz
STATEMENTS
 Fundamental qualitative Explain the cost Major exam
characteristics constraints on useful component
 Cost constraints on useful information
information
 Recognition principle of Report on the
asset, liability, income, and recognition principle of
expense. the different elements
 Measurement of elements
1.3. Presentation of financial 2 3 3 3 Organize the Group Discussion Oral recitation 2 hours Week 4
statements components of financial
 Components of Financial statements Seatwork Quiz
statements
 Objective of financial Identify the types of Open forum (Q & A) Major exam
statements assets, liabilities, and component
 Classification of assets, equity accounts Individual recitation
liabilities, equity
PRELIM EXAM 1 hour Week 4
MIDTERM PERIOD
2.0. Statement of Comprehensive 1 2 3 2 State the components Group Discussion Oral recitation 3 hours Week 5
income of Comprehensive
 Components of income, PL, and other Seatwork Quiz
comprehensive income comprehensive income
Open forum (Q & A)
  Components of PL and other Distinguish Functional Major exam
comprehensive income presentation from Individual recitation component
 Functional presentation vs. natural presentation
Natural presentation
2.1. Inventories & Cash Flows 1 3 2 3 Demonstrate sample Group Discussion Oral recitation 3 hours Week 8
Statement computation applying
 Cost of Inventories, Cost the cost formula Seatwork Quiz
formulas, and Measurement
of Inventories Compare and contrast Open forum (Q & A) Major exam
 Operating, Investing, and operating, investing, component
Financing activities and financing activities Individual recitation
 Noncash investing and
financing activities Classify noncash
investing and financing
activities
2.2. Accounting policies, estimates, 3 2 2 1 Differentiate change Group Discussion Oral recitation 3 hours Week 9
and errors; Events after the reporting from accounting
period; Income taxes estimate from a change Seatwork Quiz
 Change in accounting in accounting policy
estimate, change in Open forum (Q & A) Major exam
accounting policy and prior Cite examples of component
period error adjusting and Individual recitation
 Adjusting and nonadjusting nonadjusting events
events
 Deferred tax asset vs. Explain the concept of
Deferred tax liability Deferred tax asset and
Deferred tax liability
MIDTERM EXAMINATION 2 hours Week 10
PREFINAL PERIOD
3.0. Property, Plant and Equipment 1 3 2 2 Discuss the Group Discussion Oral recitation 3 hours Week 11
 Definition, Recognition, and Recognition and
measurement of Property, measurement criteria of Seatwork Quiz
Plant, and Equipment Property, Plant and
 Depreciation Equipment in a group Open forum (Q & A) Major exam
 Short term and Post component
Employment benefits Report on Depreciation Individual recitation
and Identify the
different methods to
compute depreciation
expense

Distinguish short term

employee benefit from
 Post employment
benefit
3.1. Government Grant; Borrowing 1 2 3 2 Discuss the concept of Group Discussion Oral recitation 3 hours Week 12
costs grants related to asset
 Accounting for government and grants related to Seatwork Quiz
grant: Government grant income
related to asset and those Open forum (Q & A) Major exam
related to income Describe the component
 Accounting for borrowing cost accounting treatment Individual recitation
and disclosure related to for borrowing cost and
borrowing cost be able to state the
disclosure requirement
for borrowing cost
3.2. Related Party Disclosures; 1 3 2 2 Differentiate related Group Discussion Oral recitation 3 hours Week 13
Investment in Associates parties and unrelated
 Related parties and unrelated parties and cite Seatwork Quiz
parties examples
 Equity method of accounting Open forum (Q & A) Major exam
 Impairment and Explain the concept of component
Discontinuance of Equity equity method of Individual recitation
method accounting for
investment in associate

Report on when to
recognize impairment
and discontinue the use
of equity method
PREFINAL EXAMINATION 1 hour Week 14
Final Period
4.0. Financial Instruments 2 3 1 2 Distinguish Financial Group Discussion Oral recitation 4 hours Week 14-15
Presentation asset from financial
 Financial Asset and Financial liability Seatwork Quiz
Liability
 Equity instrument Describe equity Open forum (Q & A) Major exam
 Compound financial instrument component
instrument Individual recitation
Explain the concept of
compound financial
instrument
4.1. Earnings per share: Interim 1 2 3 2 Compare and contrast Group Discussion Oral recitation 3 hours Week 16
financial reporting Basic from Diluted
 Basic earnings per share earnings per share Seatwork Quiz
 Diluted earnings per share
Open forum (Q & A) Major exam
component
  Components of Interim Identify the different Individual recitation
financial report components of interim
financial reporting
4.2. Impairment of Assets 1 3 2 2 Investigate on what are Group Discussion Oral recitation 3 hours Week 17
 Indication of Impairment the causes of asset
 Measurement of recoverable impairment Seatwork Quiz
amount
 Recognition and reversal of Describe the Open forum (Q & A) Major exam
impairment loss measurement basis of component
recoverable amount Individual recitation

State the procedures to

recognize and reverse
impairment loss
4.3. Provision, Contingent Liability 2 1 3 2 Differentiate contingent Group Discussion Oral recitation 3 hours Week 18
and Asset asset from a contingent
 Recognition of provision liability Seatwork Quiz
 Measurement of provision
 Contingent Asset and Explain the recognition Open forum (Q & A) Major exam
contingent liability and its criteria of provision component
treatment Individual recitation
Demonstrate the
measurement basis of
provision by giving an
example
FINAL EXAMINATION 2 hours Week 19

Legend: Whether the CLO is addressed by the content/topic.

1. Slightly Address 2- Moderately Address 3- Substantially Address

III. Course Requirements

Preliminary, Midterm and Final Examinations

Class participation
Oral and quizzes/homework and seatwork
IV. Grading System

Mid-Term:
Formative Assessments (Quizzes and assignments from the start of course
up to the end of the midterm period 35%
Summative Assessment (Comprehensive/Prelim) 25%
Summative Assessment (Comprehensive/Midterm) 25%
Demonstration 15%
Total 100%

Finals:
Mid-Term Grade 30%
Formative Assessments (Quizzes and assignments from the start of
pre-final period up to the end of the final period ) 20%
Summative Assessment (Comprehensive/Pre-final) 15%
Summative Assessment (Comprehensive/Final) 15%
Demonstration/Project 20%
Total 100%

V. Value Grid (focused value every month)

June Passion for Excellence October Peace and Unity February Love
July Interdependence November Nationalism March Honesty
August Teamwork and Tenacity December Generosity April Patience and Perseverance
September Spirit of Altruism and January Global Competitiveness May Care for Mother Earth
Commitment

VI. Instructional Resources/Textbook

Conceptual Framework and Accounting Standards, Condrado T. Valix, Jose F.Peralta, Christian Aris M. Valix, GIC Enterprises & Co, Inc., 2018 Edition.

_________________________________________________________________________________________________________________________________

I hereby certify that the above-listed books are available in the library and Learning Resource Center.

MRS. RAINERA C. BOHOLST

University Librarian
VIII. References/Internet Sources: Articles/E-Books/E-Journals
Conceptual Framework and Accounting Standards, Zeus Vernon Millan, Bandolin Enterprises, 2018 Edition
http://www.picpa.com.ph/frsc.html?article=Philippine%20Financial%20Reporting%20Standards&page=FRSC&main_menu=PFRSs
https://www.iasplus.com/en/jurisdictions/asia/philippines
http://www.sec.gov.ph/wp-content/uploads/2015/10/pfrs-adopted-by-sec-as-of-12312011.pdf

IX Syllabus Revision: November 2018

Prepared By : Junaline E. Sapariya

Faculty, CMBA

Adapted By : Lou Reboja

Faculty, CMBA

Noted By : Sarah Fe Sharon L. Gabriel

Chair, Accountancy

Approved By : DR. ALEXANDER FRANCO A. DELANTAR

Dean, CMBA