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The document provides an overview of topics covered in financial accounting and reporting. It discusses several key areas including presentation of financial statements, accounting for assets and liabilities, revenue recognition, business combinations, consolidated financial statements, and foreign currency transactions. It also covers specialized topics such as accounting for small and medium entities, partnerships, joint arrangements, and cost accounting. The document indicates the percentage of time devoted to each topic in the course.
The document provides an overview of topics covered in financial accounting and reporting. It discusses several key areas including presentation of financial statements, accounting for assets and liabilities, revenue recognition, business combinations, consolidated financial statements, and foreign currency transactions. It also covers specialized topics such as accounting for small and medium entities, partnerships, joint arrangements, and cost accounting. The document indicates the percentage of time devoted to each topic in the course.
The document provides an overview of topics covered in financial accounting and reporting. It discusses several key areas including presentation of financial statements, accounting for assets and liabilities, revenue recognition, business combinations, consolidated financial statements, and foreign currency transactions. It also covers specialized topics such as accounting for small and medium entities, partnerships, joint arrangements, and cost accounting. The document indicates the percentage of time devoted to each topic in the course.
FINANCIAL ACCOUNTING AND REPORTING Accounting for SME
REVENUE RECOGNITION - PFRS 15 (14.29%)
DEVELOPMENT OF FINANCIAL Installment Sales (PAS 18/ PFRS 15) REPORTING FRAMEWORK, STANDARD-SETTING Long-term Construction Contracts (PAS 11/ PFRS 15) BODIES, REGULATION OF THE ACCOUNTANCY PROFESSION, CONCEPTUAL FRAMEWORK OF Franchise Operations – Franchisor's point of FINANCIAL STATEMENTS AND ACCOUNTING PROCESS view (PAS 18/ PFRS 15) (5.71) Consignment Sales (PAS 18/ PFRS 15) Development of Financial Reporting Framework ACCOUNTING FOR HOME OFFICE, BRANCH AND Standard-Setting Bodies (AASC, FRSC,PIC) AGENCY TRANSACTIONS (5.71%) Regulation of the Accountancy Profession ACCOUNTING FOR BUSINESS COMBINATION -PFRS 3 Conceptual Framework (8.57%) Accounting Process (Adjusting Entries and Accounting Cycle) Acquisition of assets and liabilities (acquisition PRESENTATION OF FINANCIAL STATEMENTS (14.29%) method); Statement of Financial Position (SFP) o Determination of Consideration Transferred; Statement of Comprehensive Income Recognition of AcquiredAssets and Statement of Cash Flows Liabilities; Recognition and Measurement of Statement of Changes in Equity Goodwill and Gain from a Bargain Purchase; Notes to the Financial Statements Journal Entries; ASSETS Financial Statement Presentation; FINANCIAL ASSETS (14.29%) Accounting for SME Cash & Cash Equivalents SEPARATE FINANCIAL STATEMENTS - PAS 27 (5.71%) Loans and Receivables (Financial Assets at Amortized Cost) Accounting for Investment in Subsidiary Investments in Debt Instruments o at cost, equity method, and in accordance Financial Assets at Fair Value through Profit or Loss (Except with PAS 39/PFRS 9 Derivatives) Financial Assets at Fair Value through Other Comprehensive Accounting for SME CONSOLIDATED FINANCIAL STATEMENTS - PFRS 10 Income (7.14%) Financial Assets at Amortized Cost Investments in Associates (equity method of accounting) Date of acquisition Basic Derivatives (excluding Hedge Accounting) Subsequent to date of acquisition NON-FINANCIAL ASSETS (10%) Determination of: Inventories o Net Income/Total Comprehensive Property, Plant and Equipment Income/Equity Investment Property Attribution to Equity Holders of Intangibles Parent/Controlling or Parent’s Biological Assets Interest, Non-Current Assets Held For Sale Non-controlling Interest, LIABILITIES (10%) Consolidated/ Group, FINANCIAL LIABILITIES o Retained Earnings/ Common Share / Accounts Payable and Other Trade Payables Dividends Debt Restructuring Attributable to Equity Holders of NON-FINANCIAL LIABILITIES Parent /Controlling or Parent’s Premiums and warranties Interest/, Consolidated / Group, Unearned revenues for gift certificates and subscriptions o Accounting for SME PROVISIONS AND CONTINGENCIES FOREIGN CURRENCY TRANSACTIONS (5.71%) Recognition and measurement criteria Without hedging activities (import, export, lending, EQUITY (14.28%) and borrowing transactions) Share Capital Transactions (PAS 32, PFRS 7) Dividends Hedging Activities: Hedging Foreign Currency Exposures, Foreign Currency Forward Contacts Retained Earnings Other Comprehensive Income o Hedges that not requires a Hedge Accounting (undesignated hedges) Book Value per share and Earnings per Share OTHER TOPICS (14.29%) o Hedges that requires a Hedge Accounting (Fair value hedge, Hedge Share-based payments (PFRS 2) of a Firm Commitment, Cash flow hedge, Borrowing Costs (PAS 23) Hedge of a Forecasted Transaction Leases (PAS 17/ PFRS 16) (purchase or sale transaction) Income Tax (PAS 12, PFRS 14) Employee Benefits (PAS 19, PAS 26) o Hedge of a net investment in foreign entity Interim Reporting (PAS 34, PAS 24) o Accounting for SME TRANSLATION OF FOREIGN CURRENCY FINANCIAL Segment Reporting (PFRS 8) STATEMENTS - PAS 21/ PAS 29 (4.29%) Cash to Accrual SMALL AND MEDIUM SIZED ENTITIES/ MICRO Translation from the functional currency to the ENTERPRISES (5.71%) presentation currency (Closing/ Current Rate Method) Small and Medium Sized Entities (Reporting Requirements, Remeasurement from a foreign currency to the Peculiarities, Principles for reporting Investments in Debt and functional currency (Temporal Method) Equity Securities) Restatement of Financial Statements Micro Enterprises NOT-FOR-PROFIT ORGANIZATIONS (2.86%) Voluntary health and welfare organizations (VHWO) ADVANCED FINANCIAL ACCOUNTING AND REPORTING Hospitals and other health care organizations (AFAR) Colleges and universities PARTNERSHIP ACCOUNTING (14.29%) Other not-for-profit organizations such as churches, Formation, Operations, Dissolution (Admission, Withdrawal, museums, fraternity association, etc. Incorporation of a partnership), Liquidation (Lump-sum method GOVERNMENT ACCOUNTING – GENERAL FUND (2.86%) and Installment Method) Basic Concepts, Budget Process, Journal Entries – CORPORATE LIQUIDATION (5.71%) Books of National Government Agency Statement of Affairs, Statement of Deficiency, Statement of OTHER SPECIAL TOPICS (2.86%) Realization and Liquidation, Determination of the order of Insurance Accounting (Insurer) priority of claimants of company assets subject to liquidation Build, Operate, and Transfer (PFRIC 12) JOINT ARRANGEMENTS - PFRS 11 (5.71%) IFRS for SMEs Joint Operations COST ACCOUNTING (14.29%) Joint Venture (equity method) System of cost Accumulation or Costing System Job-order costing system PSA 220 (Revised and Redrafted) Process costing system Backflush costing system (JIT system) AUDITING PROBLEM (50%) Service Cost Allocation Evidence Accumulation and Evaluation – Activity-based costing system (ABC costing) Substantive Tests of Transactions and Balances Accounting for joint and by – products Audit of the revenue and receipt cycle Standard Costing (two-way variance excluding mix Audit of sales and revenue transactions and yield variances) Audit of receivable balances Service Cost Allocation Audit of expenditure and disbursement cycle Audit of acquisitions and purchases AUDITING THEORY (50%) Audit of payroll transactions Fundamentals of Auditing and Assurance Audit of inventory balances Services o APPLICABLE STANDARDS Audit of trade payable balances Glossary of Terms (December Audit of prepaid expenses and accrued liabilities 2002) Audit of production cycle IAASB – Interim Terms of Audit of conversion activities Reference (August 2004); Audit of inventory balances: work-in-process and Philippine Framework for finished goods Assurance Engagement Audit of cost of goods sold balance Preface to International Standards Audit of the financing cycle and Philippine Standards Audit of financing cycle transactions PSA 120 - Framework of Philippine Audit of non-trade liability balances Standards on Auditing Audit of interest expense and finance cost balances The Financial Statements Audit Audit of equity accounts - Client Acceptance, Audit Planning, Supervision and Monitoring Audit of investing cycle o APPLICABLE STANDARDS: Audit of the financing cycle PSA 200 (Revised and Redrafted) Audit of investing transactions PSA 210 (Redrafted) Audit of investment account balances PSA 300 (Redrafted) Audit of property, plant and equipment account PSA 240 (Redrafted) balances PSA 250 (Redrafted) Audit of intangible account balances PSA 260 (Redrafted) Audit of cash balances PSA 610 (Redrafted) Audit of cash receipt transactions balance PSA 620 (Revised and Redrafted) Audit of cash disbursement transactions balance Understanding the Entity and its Environment Including its Internal Control and Assessing the TAXATION Risks of Material Misstatement o APPLICABLE STANDARDS: 1. Principles of taxation (11.43%) PSA 260 (Revised and Redrafted) PSA 265 (New) Nature, scope, classification, and essential PSA 315 (Redrafted) characteristics PSA 320 (Revised and Redrafted) Principles of sound tax system Audit Objectives, Procedures, Evidences and Limitations on the power of taxation Documentation Tax evasion vs. tax avoidance o APPLICABLE STANDARDS: Situs / place of taxation PSA 230 (Redrafted) Double taxation PSA 330 (Redrafted) PSA 500 (Redrafted) Legislation of tax laws PSA 501 (Redrafted) Impact of taxes in nation building PSA 505 (Revised and Redrafted) Ethical tax compliance and administration PSA 510 (Redrafted) Organization of the BIR, BOC, BOI, PEZA, and Local PSA 520 (Redrafted) Government Tax Collecting units PSA 530 (Redrafted) 2. Tax remedies (11.43%) PSA 540 (Revised and Redrafted) Remedies of the taxpayer PSA 550 (Revised and Redrafted) Remedies of the Government Completing the Audit/ Post-Audit Responsibilities Expanded jurisdiction of the Court of Tax Appeals o APPLICABLE STANDARDS: 3. Income taxation (20%) PSA 560 (Redrafted) Taxpayer and tax base PSA 570 (Redrafted) o Individuals, Corporations, Partnerships, Joint PSA 580 (Revised and Redrafted) ventures, Estates and trusts, Co- Reports on Audited Financial Statements ownerships, Tax exempt individuals and o APPLICABLE STANDARDS: organizations PSA 700 (Redrafted) Gross income PSA 705 (Revised and Redrafted) o Inclusions in the gross income PSA 706 (Revised and Redrafted) o Exclusions/exemptions from gross income PSA 710 (Redrafted) o Compensation Income PSA 720 (Redrafted) o Business Income PSA 800 (Revised and Redrafted) o Passive income subject to final withholding PSA 805 (Revised and Redrafted) tax PSA 810 (Revised and Redrafted) o Capital gain Auditing in a Computerized Information Systems Deductions from gross income (CIS) Environment o Itemized deductions o APPLICABLE STANDARDS: o Items not deductible o Optional standard deduction PSA 402 (Revised and Redrafted) o Deductions allowed under special laws Other Assurance and Non-assurance Services Accounting periods o APPLICABLE STANDARDS: Accounting methods o Reconciliation of income under PFRS and o Financial Planning and Budget income under Tax Accounting o Activity-based costing (ABC) and activity- Tax return preparation and filing and tax based management (ABM) payments o Strategic cost managements o Manual filing Management Accounting Concepts & Techniques o Electronic filing and E-submission for Performance Measurement o Large taxpayers and non-large taxpayers o Responsibility Accounting and Transfer o Income tax credits Pricing o Venue and time of filing of tax returns o Balanced Scorecard o Venue and time of payment Management Accounting Concepts & Techniques o Modes of payment for Decision Making o Use of tax tables o Quantitative Techniques o Accomplishing of various income tax returns o Relevant Costing and Differential Analysis and forms FINANCIAL MANAGEMENT (40%) Withholding taxes (at source, expanded or Objective and Scope of Financial Management creditable withholding tax, final withholding taxes Financial Management Concepts and Techniques for and withholding tax on government payments) Planning, Control and Decision Making o Time of withholding o Financial Statement Analysis o Income payments subject to withholding o Working Capital Finance o Year end withholding of tax o Capital Budgeting and requirements o Investment Risks, and Rates of Returns o Venue and time of filing of withholding tax o Types and measurement of risks and returns returns, risk measurement models o Venue and time of payment o Capital structure and long-term financing o Modes of payment decision o Time of payment MANAGEMENT CONSULTANCY (4.3%) o Use of tax tables and rates Management Consultancy practice by CPAs o Use of various withholding tax returns and forms Project Feasibility Studies ECONOMIC CONCEPTS (5.7%) Compliance Requirements o Administrative requirements (registration, Macroeconomics issuance of receipts, printing of receipts) Microeconomics o Attachments to the income tax return REGULATORY FRAMEWORK FROM BUSINESS o Keeping of books of accounts and records, TRANSACTIONS (RFBT) including report of inventories o Prescriptive period of maintain books of LAW ON BUSINESS TRANSACTIONS accounts and other accountingrecords Obligations (10%) 4. Transfer taxes (17.14%) Contracts (10%) Estate Tax Sales (7%) Donor's Tax LAW ON CREDIT TRANSACTIONS 5. Value added tax and percentage tax (17.14%) Pledge, Real Mortgage, and Chattel Mortgage (4%) Value Added Tax NEGOTIABLE INSTRUMENTS AND BOUNCING CHECKS Percentage Tax LAW 6. Documentary stamp tax (2.85%) Negotiable Instruments (4%) Describe, Analyze and Compute Documentary Stamp Bouncing Checks (2%) Tax (Definition, Coverage and Exemptions, Tax Base LAWS ON BUSINESS ORGANIZATIONS Rates, and Time and Manner of Payment) Partnership (10%) 7. Excise tax (2.85%) Corporations (28%) Describe, Analyze and Compute Excise o Including: Securities Regulations Code, Tax (Concept, Applicability, Classification of Excisable Code of Corporate Governance, and SEC Materials and Rates, Specific Tax, Ad Valorem Circulars and Ordinances on Filling, Fines Tax, Coverage, Time of Payment) and Penalties. 8. Taxation under the local government code (5.73%) Cooperatives (10%) Scope and different types of local taxes, Tax base LAWS ON OTHER BUSINESS TRANSACTIONS and tax rates, Venue and time of filing of tax returns Philippine Deposit Insurance Corporation (PDIC) (2%) and payment). Secrecy of Bank Deposits and Limited to Real Property Tax and Local Business Tax Unclaimed Balances Law (2%) 9. Preferential taxation (11.43%) Anti-Money Laundering Act (AMLA) (5%) Senior Citizens Law Intellectual Property Law (2%) EXCEPT PART 1 OF Magna Carta for Disabled Persons R.A. 8293 Special Economic Zone Act (PEZA) Data Privacy Act (2%) Omnibus Investments Code (E.O. 226, Book 1) Electronic Commerce Act (1%) Barangay Micro Business Enterprises Act (BMBE) Ease of Doing Business Law (1%) NEW Double Taxation Agreements (DTA) General Banking Laws (GBL), Financial Rehabilitation and Tarrifs and Customs Code and Updates on special concerns Insolvency Act (FRIA), Updates on special concern have been have been removed. removed. Ease of Doing Business Law (RA 11032) has been added. MANAGEMENT ADVISORY SERVIVES
MANAGEMENT ACCOUNTING (50%)
Objectives, role and scope of management accounting Management accounting concepts & techniques for planning and control o Cost Terms, Concepts, and Behaviour o Cost Accumulation Methods (Job Order, Process, ABC) o CVP Analysis o Standard costing and variance analysis o Variable costing and absorption costing