COLLEGE : RVR COB DEPARTMENT : Accountancy

COURSE CODE : MODFIN1 ROOM :

INSTRUCTOR NAME : CLASS DAYS :MH
CONTACT DETAILS : CLASS TIME : 0730 0900
0915 1045
CONSULTATION HOURS : To be announced

COURSE DESCRIPTION:

This course MODFIN1, FINANCIAL ACCOUNTING AND REPORTING FOR ASSETS 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, appreciation and
application of accounting principles covering assets, both financial and non-financial. 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 COURSE OUTCOMES

EXPECTED LASALLIAN
GRADUATE ATTRIBUTES
(ELGA)
Critical and creative thinker
Effective communicator
Reflective lifelong learner
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 of financial statements, inventories, 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 REQUIRED OUTPUTS DUE DATE

CO1: Apply appropriate accounting standards on inventories, At least fifty solved Days 5, 11,
investments in debt and equity instrument, related party exercises/problems per 17, 23, 27
transactions and intangible assets in the analysis of business unit with at least ten
transactions. solved exercises/problems
per major topic in the unit

CO2: Prepare and present a group case analysis synthesizing the One written group Days 30, 32
application of Conceptual Framework PAS 1, 2, 24, 28, 32, 38 and business case analysis and
PFRS 7 and 9 in a real world scenario presentation

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 RUBRIC FOR ASSESSMENT:

Solved Exercises/Problems
CRITERIA EXEMPLARY SATISFACTORY DEVELOPING BEGINNING RATING
4 3 2 1
Completeness The student solves The student solves The student solves The student does
[80%} all assigned all of the assigned majority but not not solve majority
exercises/problems exercises/problems. all of the assigned of the assigned
and presents all exercises/problems exercises/problems.
solutions in good
accounting form.
Neatness and The student solves The student solves The student The student does
Orderliness exercises/problems exercises/problems somewhat solves not solve
[20%] in an orderly in an orderly exercises/problems exercises/problems
manner, corrects manner and in an orderly in or orderly
error properly, corrects errors manner and manner and
labels all properly. correct errors corrects error
solutions, writes somewhat improperly.
legibly, uses ruler, improperly.
uses money
columns correctly
and preserves the
neatness of the
assignment
portfolio.
TOTAL:

Written Business Case Analysis

CRITERIA EXEMPLARY SATISFACTORY DEVELOPING BEGINNING RATING
4 3 2 1
Content The group The group applies The group applies The group applies
(Application of applies appropriate PAS/PFRS PAS/PFRS
Conceptual appropriate PAS/PFRS and somewhat inappropriately and
Framework, PAS PAS/PFRS and includes minor inappropriately includes unrealistic
1, 2, 24, 28, 32, 38 includes recommendations and includes recommendations.
and PFRS 7 and 9 recommendations that have little somewhat
and inclusion of for the impact on decision- unrealistic
recommendations improvement of making. recommendations.
on how to improve its compliance
compliance to the that will aid in
PAS/PFRS)[80%] decision-making.

Format and Use The group writes The group writes The group writes The group writes
of English the report the report the report the report not
Language following the following the somewhat following the
[10%] prescribed format prescribed format following the prescribed formant
with sentences with sentences and prescribed format having sentences
and paragraphs paragraphs having having sentences and paragraphs
having no minor spelling and and paragraphs with many spelling
spelling and grammatical with many and grammatical
grammatical errors.. spelling and errors.
error. grammatical
errors.
Teamwork The group shows The group shows The group shows The group shows
[10%] strong teamwork teamwork as somewhat a lack lack of teamwork
as evidenced in evidenced in the of teamwork as as evidenced in the
the oneness and consistency in evidenced in inconsistencies
consistency both terms of content of some both in the flow
in the flow and the paper. inconsistencies and contents of the
contents of the both in the flow paper.
paper. and contents of
the paper.
TOTAL:

2
Group Presentation
CRITERIA EXEMPLARY SATISFACTORY DEVELOPING BEGINNING RATING
4 3 2 1
Oral The group The group The group The group
presentation communicates communicates communicates communicates
skills clearly the content clearly the content somewhat vaguely the content
[35%] of the report and of the report and clearly the of the report and
generates interest generates some content of the does not generate
and establishes interest among report and interest among
rapport among audience. generates little audience.
audience. interest among
audience.

Presentation The group includes The group includes The group The group includes
content all relevant items all required items includes some of many irrelevant
[35%] and materials in the and materials in the the required items in the report.
report. report. items and
materials in the
report.

Proper use of The group uses The group uses The group uses The group uses
Powerpoint appropriately more appropriately the somewhat inappropriately the
tools and than the common features of inappropriately common features of
features commonly-used Powerpoint. the common Powerpoint.
(including features of features of
design and Powerpoint. Powerpoint.
creativity)
[10%]
Teamwork The group is The group is The group is The group is
[10%] organized and organized and somewhat disorganized and
shows strong shows teamwork as organized and shows lack of
teamwork and evidenced in the shows a hint of teamwork as
camaraderie as presentation. teamwork as evidenced in the
evidenced in the evidenced in the presentation.
presentation. presentation.

Business All the group Some of the group Some of the None of the group
Attire members are in members are in group members members are in
[10%] complete business complete business not in business business attire.
attire. attire. attire.
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 Percentage
Comprehensive Examination 30%
Average Quizzes * 50%
Assignment Portfolio 10%
Business Case Analysis 5%
Class Standing** 5%
Total 100%

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 GRADE POINT DESCRIPTION EQUIVALENCE
4.0 Excellent 97 - 100
3.5 Superior 94 - 96
3.0 Very Good 91 - 93
2.5 Good 87 - 90
2.0 Satisfactory 83 - 86
1.5 Fair 77 - 82
1.0 Pass 70 - 76
0.0 Failure Below 70%

COURSE GRADE REQUIREMENT 2.0 (83%)

LEARNING PLAN:

LEARNING TOPICS WEEK LEARNING

OUTCOME NO. ACTIVITIES

UNIT 1: FINANCIAL REPORTING STANDARDS COUNCIL AND THE CONCEPTUAL

FRAMEWORK

CO1 1.1. Financial Reporting Standards Council creation, 1 Read

objectives and functions; membership, standard setting Conceptual
process Framework and
1.2 The IASB, history, current structure and processes, PAS No.1,
globalization of capital markets, harmonization of
Chapters 1 and 2
accounting standards, formation and achievements of
the IASC of Kieso book;
1.3 Financial accounting and financial statements and answer
1.4 The environment of financial accounting assigned
1.5 Conceptual framework of financial accounting exercises (please
refer to list of
homework)

UNIT 2: ACCOUNTING FOR INVENTORIES

CO1 2.1 Definition, nature, classes, recognition, measurement, 2&3 Read PAS 2,
valuation, classification, presentation, derecognition Chapters 8 and 9
and disclosure of Kieso book;
2.2 Inventory Recording Systems and answer
2.2.1 Periodic inventory system assigned
2.2.2 Perpetual inventory system
exercises (please
2.3 Costing Methods
2.3.1 At cost (Specific Identification, FIFO and refer to list of
Average) initial recognition homework)
2.3.2 At lower of cost or net realizable value
valuation at balance sheet date
2.4 Estimating Inventory Cost
2.4.1 Gross profit method
2.4.2 Retail inventory method (FIFO and Average)
2.5 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, 4 Read PAS 24,

classification, presentation, derecognition, and 28, 32, PFRS 7,
disclosure 9 and Chapters
3.2 Introduction to financial instruments
4
 3.2.1 Definition of financial instruments nature and 17 and 24 of the
examples of financial assets and liabilities Kieso book;
3.2.2 Categories of financial assets and liabilities and answer the
3.2.3 Non-financial assets/non-financial liabilities assigned
nature and example exercises (please
3.3 Investment in Equity Instruments
refer to list of
3.3.1 Marketable Equity Securities
3.3.2 Unquoted Equity Securities homework)
3.3.3 Investment in Associates
3.4 Investment in Debt Instruments 5&6
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

UNIT 4: ACCOUNTING FOR INTANGIBLES

CO1 4.1 Definition, nature, classes, recognition, measurement, 7 Read PAS 38

CO2 valuation, classification, presentation, derecognition and Chapter 12
and disclosure including amortization of identifiable of the Kieso
intangible assets using straight-line method book; answer
4.1.1 Patents the assigned
4.1.2 Copyright
exercises (please
4.1.3 Trademarks and Trade Names
4.1.4 Research and Development Costs refer to list of
4.1.5 Goodwill homework);
4.1.6 Computer Software Costs analyze and
4.1.7 Franchise write the
business case;
and present the
group report.

REFERENCES:
Kieso, Donald; Weygandt, Jerry; Warfield, Terry. (2015). Intermediate Accounting (IFRS 2nd 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 (17th 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 (12th 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