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2020 STUDY PLAN

ADVANCED FINANCIAL ACCOUNTING & REPORTING

Number Date Date

TOPIC of Hours Started Ended
( New) Revenue from contracts
with customers 10
Five Steps Model Framework 4
Other revenue recognition
issues 4
FS presentation 2

Partnership Accounting 25
Formation 6
Operations 6
Dissolution and changes in
ownership 6
Liquidation 7

Instalment sales 6

Franchise accounting 4
Determination of revenue, costs
and gross profit 2
FS presentation 2

Construction accounting 8
Determination of revenue, costs
and profit 3
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Gross amount due from/to

customers 3
FS presentation 2

Number Date Date

TOPIC of Hours Started Ended
Home Office & Branch
Accounting 7
Transactions on the books of
head office and branch 1
Reconciliation of reciprocal
accounts 1
Preparation of individual and
combined FS 1
Special procedures in home
office and branch operations 1
Accounting for agency
transactions 2

Business Combination 16

Separate FS 16
Investment in subsidiary 8
FS presentation 8
Consolidated FS 16
Date of Acquisition
Subsequent to Acquisition
Intercompany Profit Transactions
- Inventories
Intercompany Profit Transactions
- Plant Assets
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Intercompany Profit Transactions

- Bonds
Changes in Ownership Interests
Indirect and Mutual Holdings
Subsidiary Preferred Stock,
Consolidated EPS and
Taxation
Number Date Date
TOPIC of Hours Started Ended
Foreign Currency Transactions 32
and Translations
Without hedging activities 8
Hedging activities 8
Translation from functional
currency to presentation currency 8
Remeasurement from a foreign
currency to the functional
currency 8
Not for Profit Organizations 2
Voluntary health and welfare
organizations .5
Hospitals and other health
organizations .5
College and universities .5
Other non profit organizations .5

Government Accounting 8
Concepts in government
accounting 2
Budget process 2
Journal entries 4
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Corporate Liquidation 4
Statement of affairs 1
Statement of deficiency 1
Statement of realization and
liquidation 1
Order of priority of claims 1

Number Date Date

TOPIC of Hours Started Ended
Joint Arrangements 6
Joint operations 2
Joint venture 2
SME 2

Insurance Contracts 2
Build, Operate and Transfer 2

TOTAL HOURS 160

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COST ACCOUNTING

Number of Date Date

TOPIC Hours Started Ended
Cost Accumulation 26
Nature and classification of
costs 6
Analysis of cost behavior
(variable, fixed, semi-variable,
step-cost) 8
Splitting mixed cost (high-low,
scatter graph, least-squares
regressions 12

Strategic Cost Management 14

Total quality management 2
Just-in-time production system
2
Continuous improvement 2
Business process re
engineering 2
Kaizen costing 2
Product life costing 2
Target costing 2

Job Order Costing 10

Process Costing 10
Service Cost 10
Activity Based Costing 10
Joint & By Product Costing 5
Standard Costing 5
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Variable Costing 5
Absorption Costing 5
TOTAL HOURS 100

FINANCIAL ACCOUNTING & REPORTING

Number Date Date

TOPIC of Hours Started Ended
Conceptual framework and
regulation 4
Accounting process 8

Financial Statements 14
Statement of Financial Position 4
Statement of Comprehensive
Income 4
Discontinued operations 4
Statement of Cash Flows 2

Financial Assets 8
Cash and cash equivalents 4
Loans and receivables 4

Investments 16
Investments in debt instruments 8
Investment in associates 8
Investment In Equity Securities
Non-financial assets 50
Inventories 8
Property, Plant and Equipment 8
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Investment Property 6
Intangible Assets 8
Biological Assets 8
Noncurrent assets held for sale 6
Impairment of Assets 4
Mineral Resources 2

Number Date Date

TOPIC of Hours Started Ended
Financial Liabilities 14
Accounts payable 4
Bonds payable 8
Debt restructuring 2

Non financial liabilities 6

Premiums and warranties 2
Unearned revenues 2
Provision and Contingent Liability 2

Equity 20
Shareholders’ equity 4
Share capital 4
Dividends and retained earnings 4
Other comprehensive income 4
Book value and earnings per share 4

Other topics 28
Share Options 4
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Related party 1
Borrowing costs 4
Government grants 4
Leases 4
Income tax 2
Employee benefits 2
Segment Reporting 4
Interim Financial Reporting 1
SME & micro reporting 2
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AUDITING

Number Date Date

TOPIC of Hours Started Ended
Fundamentals of auditing and
assurance 2
Assurance engagements 1
Introduction to Auditing 1

Audit Client Acceptance 2

Pre engagement procedures 2

Audit Planning 6
Essential planning requirements 1
Knowledge of the business 1
Preliminary analytical procedures 1
Materiality 1
Assessing and managing audit risks 1
Audit plan and program 1

Audit Supervision and Monitoring 4

Understanding the entity and its

environment 6
Nature of the entity 2
Objectives, strategies and business
risks 2
Measurement and review of
financial performance 2

Number Date Date

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TOPIC of Hours Started Ended

Internal control 20
Concepts and elements of internal
control 2
Understanding of internal control
systems 4
Test of controls 8
Documentation 4

Risk Assessment 10
Risk assessment procedures 2
Discussion among team 2
Significant risks that require special
audit consideration 2
Risks for which substantive
procedures alone do not provide
sufficient appropriate audit evidence 2
Revision of risk assessment 2

Fraud accounting 2

Audit Evidence 8
Nature and significance 2
Evidential matters 2
Audit procedures and techniques 2
Audit working papers 2

Number Date Date

TOPIC of Hours Started Ended
Audit Sampling (not included in
TOS)
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Completing the audit and audit

report preparation 10
Analytical procedures for overall
review 1
Related party transactions 1
Subsequent events review 2
Assessment of going concern
assumption 2
Representation letter 2
Evaluating findings, formulating an
opinion and drafting audit report 2

Post audit responsibilities 2

Subsequent discovery of facts 1
Subsequent discovery of omitted
procedures 1

Audit Reporting 12
Unqualified report and basic
elements 4
Modified auditor’s report (matters
that do (not) affect auditor’s opinion 4
Report on comparatives 4

Computerized Auditing 10
Internal control in a CIS
environment (general controls,
application controls, stand alone,
online, database system) 6
Computer assisted audit techniques 4
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Number Date Date

TOPIC of Hours Started Ended
Other assurance and non assurance
services 6
Special purpose audit engagements 2
Non-audit engagements 2
Non-assurance engagements 2

Forensic Accounting
TOTAL HOURS 100
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AUDITING PROBLEM

REGULATORY FRAMEWORK FOR BUSINESS

TRANSACTIONS

Number Date Date

TOPIC of Hours Started Ended
(New) Cooperatives 30
Organization and registration 3
Administration 3
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Responsibilities, rights and

privileges 3
Membership, rights and obligations 3
Capital property of funds 3
Audit, inquiry and member’s right to
examine 3
Allocation and distribution of funds 3
Types and categories of cooperatives 3
Merger and consolidation of
cooperatives 3
Dissolution of cooperatives 3

(New) AMLA Law 13

Unlawful activities 3
Covered institutions and transactions
2
Suspicious transactions 2
Record keeping requirements 2
Powers of AMLC 2
Reporting requirements 2

(New) PDIC Law 6

Insurable deposits 2
Maximum liability 2
Requirements of claims 2

Number Date Date

TOPIC of Hours Started Ended
(New) Secrecy of Bank Deposits and
Unclaimed Balances Law 2
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(New) Intellectual Property Law 6

Patents 2
Trademark 2
Copyright 2

(New) Data Privacy Act 10

Provisions and powers of National
Privacy Commission 2
Processing and security of personal
information 2
Rights of the data subject 2
Accountability for transfer of
information 2
Penalties for violation of law 2

(New) Electronic Commerce 6

General provisions 2
Legal recognition and
communication of electronic data
messages and electronic documents 2
Electronic commerce in carriage of
goods and electronic transactions 2

Number Date Date

TOPIC of Hours Started Ended
(New) Bouncing checks 8
Checks without insufficient funds 2
Evidence of knowledge of
insufficient funds 2
Duty of drawable 2
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Credit construed 2

Obligations 20
Sources 4
Kinds of obligations 4
Specific circumstances 4
Duties of obligor 4
Extinguishment of obligations 4

Contracts 27
Classification 3
Elements and stages 3
Freedom from contract vs.
limitation 3
Persons bound 3
Consent and its requisites 3
Object and cause of contracts 3
Formalities of contract 3
Reformation and interpretation of
contracts 3
Defective contracts 3

Number Date Date

TOPIC of Hours Started Ended
Contract of Sales 10
Nature, forms and requisites 3
Earnest money from option money 3
Rights and obligations of vendor
and vendee 3
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Warranties to consumer laws 3

Instalment sales, right and remedies
of parties 3

Negotiable instruments 12
Negotiability of instruments 2
Abnormal negotiable instruments 2
Incomplete but undelivered
instruments 2
Incomplete but delivered
instruments 2
Complete but undelivered
instruments 2
Instruments with forged signatures 2

Corporation 34
Nature and classes of corporation 2
Incorporation and organization of
private corporation 2
Powers of a corporation 2
Board of Directors and Corporate
Officers 2
Classes of stock 2
Powers, duties, rights and
obligations of stockholders 2
Majority and minority control 2
By laws 2
Meetings 2
Number Date Date
TOPIC of Hours Started Ended
Corporate reorganization 2
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Non-stock corporation 2
Modes of dissolution and liquidation 2

Foreign corporations 2
Rights of foreign corporations 2
Suspension and revocation of
license 2
Kinds and availability of books 2
Securities Regulations Code 2

Partnership 10
Distinguish from corporation 1
Elements and kinds 1
Formalities required 1
Rules of management 1
Distribution of profits and losses 3
Sharing of losses and liabilities 1
Modes and retirement requirements 1
Limited partnership 1

Pledge, real and chattel mortgage 5

Requisites 1
Requirements to bind parties and
third persons 1
Obligations and rights of pledgor
and pledge 1
Obligations and rights of mortgagor
and mortgagee effect of pactum
commissorium 1
Modes of extinguishment 1
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Number Date Date

TOPIC of Hours Started Ended
(New) Securities Regulation Code
(New) Ease of Doing Business
(New) Code of Corporate Governance
(New) Securities Regulation Code,
Rule 68
(New) SEC Circulars and Issuances

TOTAL HOURS 150

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TAXATION

Number Date Date

TOPIC of Hours Started Ended
Principles of Taxation 5
Nature, scope, classification and
essential characteristics 1
Principles of tax system 1
Limitations on the power of taxation 1
Tax evasion vs tax avoidance 1
Place of taxation 1

Tax remedies 12
Remedies of the government 3
Scope and prescriptive period 3
Administrative remedies 2
Judicial actions 2
Additions to tax (surcharge, interest,
compromise penalty) 2

Income Tax 64
Taxpayer and Tax Base 8
Gross Income 8
Deductions from Gross Income 8
Accounting Periods 8
Accounting Methods 8
Tax Return Preparation and Filing of
Tax Payments 8
Withholding taxes 8
Compliance Requirements 8
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Transfer taxes 48
Estate Tax 24
Donor’s Tax 24

MANAGEMENT ACCOUNTING & CONTROL

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Number Date Date

TOPIC of Hours Started Ended
Objective, role and scope of
management accounting 3.5
Management functions and concepts .5
Distinction of management, cost and
financial accounting .5
Role and activities of controller and
treasurer .5
International certifications in
management accounting .5
Nature of management consultancy
engagements .5
Professional attributes of
management consultants .5
Areas, stages and management
consultancy engagements .5

Cost Volume Profit Analysis (CVP) 12

Uses, assumptions and limitations of
CVP 1
Factors affecting profit 1
Breakeven point in unit sales and
peso sales 2
Required selling price, unit sales and
peso sales to achieve a target profit
2
Sensitivity analysis (indifference
point in unit and peso sales 2
Use of sales mix in multi-product
companies 2
Margin of safety and degree of
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operating leverage 2
Number Date Date
TOPIC of Hours Started Ended
Financial Planning and Budgets 8
Budgeting process 2
Master budget and its components 2
Types of budgets (static, flexible,
zero-based, continuous) 2
Budget variance analysis 2

Responsibility Accounting 8
Types of responsibility centers (cost,
revenue, profit and investment centers)
1
Decentralization and segment
reporting 1
Controllable and non-controllable
costs, direct and common costs 1
Performance margin (manager vs
segment performance) 1
Segmented income statement 2
Return on investment, residual
income and economic value added 2

Transfer Pricing 8
Transfer pricing schemes (minimum
transfer price, market-based transfer
price, cost-based transfer price and
negotiated price) 8

Balance Scorecard 4
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Nature and perspectives of balance

scorecard 2
Financial and non-financial
performance measures 2

Number Date Date

TOPIC of Hours Started Ended
Quantitative techniques 13
Inventory models (carrying and
ordering costs, EOQ model, safety
stock, reorder point) 13

Relevant Costing 14
Identification of relevant costs 2
Opportunity costs 4
Approaches in analyzing
alternatives in non-routing decisions
(total and differential) 4
Types of decision (make or buy,
accept or reject special order, continue
or drop/shutdown, sell or process
further, best product combination and
pricing decisions. 4

Working Capital Finance 46

Significance of working capital
management 2
Working capital investment and
financing policies (conservative vs.
aggressive) 6
Cash and marketable securities
management (cash conversion cycle,
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optimal cash balance, Baumol,

collection and disbursement float, cash
management system) 8
Receivables management (average
balance of receivables, incremental
analysis and evaluation of discount,
collection and credit policies. 8

Number Date Date

TOPIC of Hours Started Ended
Inventory management (carrying,
ordering and stock-out costs, inventory
control system including EOQ model,
safety stock, reorder point)
8
Sources of short-term funds (trade
credit, bank loans, commercial papers,
receivable factoring) 6
Estimating cost of short-term funds
(annual cost of trade credit, effective
and nominal annual rate of short-term
funds) 8

Capital Budgeting 38
Capital investment decision factors
(net investment for decision making,
cost of capital, cash and accrual net
returns) 2
Non-discounted capital budgeting
techniques (payback period,
accounting rate of return on original
and average investment, bail-out
payback and payback reciprocal) 8
Discounted capital budgeting
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techniques (net present value, internal

rate of return, profitability index,
equivalent annual annuity, fisher rate
and NPB point of indifference. 8
Project screening, project ranking
and capital rationing (independent and
mutually exclusive capital investments
8

Number Date Date

TOPIC of Hours Started Ended
Sensitivity analysis (effects of
changes in project cash flow, tax rates)
8

Investments, risks and rates of

returns 30
Types of risks (business/operating,
financing) 6
Measures of risks (beta, coefficient
or variation and standard deviation) 6
Degree of operating, financial and
total leverage 6
Investment models (Black Sholes,
CAPM) 6
Capital markets 3
Types of investment products 3

Capital structure and long-term

financing decisions 18
Concepts and tools of capital
structure management 6
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Sources of intermediate and

longterm financing 6
Cost of capital (cost of long-term
debt, cost of preferred shares, cost of
equity, weighted average cost of
capital, marginal cost of capital 6

MANAGEMENT
CONSULTANCY
Management Consultancy 3.5
Management functions and concepts .5
Distinction of management, cost and
financial accounting .5
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