Fin Act 1 Financial ing And Reporting Part 1 Revised 243n2p
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FAR EASTERN UNIVERSITY Manila Institute of s, Business and Finance COURSE SYLLABUS Course Code
:
FIN ACT 1
Course Title
:
Financial ing and Reporting, Part I
Course Pre-requisite
:
FND ACT 2 – Fundamentals of ing , Part II
Course Credit
:
Six (6) units
Course Description
:
This course introduces the nature, functions, scope and limitations of the broad field of ing theory. It deals with the study of the theoretical ing framework objectives of financial statements, ing conventions, and generally accepted ing principles, standard setting process for ing 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 the detailed discussion, appreciation, and application of ing principles covering the assets, financial and nonfinancial. Emphasis is given on the interpretation and application of theories of ing in relation to cash, temporary investments, receivables, inventories, prepayments, long term investments, property, plant and equipment, intangibles, and other assets, including financial statement presentation and disclosure requirements. The related internal control, ethical issues, and management of assets are also covered. Exposure to computerized system in receivables, inventory, and lapsing schedules is a requirement in this course.
General Course Objectives
:
At the end of the course, the student is expected to be able to obtain a comprehensive knowledge and understanding on selected pronouncements of the ing Standards Council (ASC) as embodied in the PAS and principles underlying measurement, valuation and presentation and disclosure of ASSETS.
Revised as of May 2009
1
COURSE CONTENT Week
Learning Objectives
1
At the end of the session, the student is expected to understand: • Know the requirements for completing the course successfully; • Articulating his/her own expectation from the course and the professor • Nature, principles and scope of ing • Nature, principles and objectives of financial and related records of an organization • The nature, role and significance of ing theories and principles • Principles of conceptual framework of ing • Philippine financial reporting standards/Philippine ing standards • The concept and role of the true and fair presentation of financial statements At the end of the session, the student is expected to understand:
2
•
•
Financial Reporting standards Council (Creation, objectives and functions; hip/composition; Standard setting process)
Focal Points/Topics 1. Overview of the course 2. istrative matters 3. Concepts and principles relating to the preparation and presentation of Financial Statements.
Financial Reporting Standards Council and Conceptual Framework for the Preparation and Presentation of Financial Statements
Competencies
Values
Planning and Organizing Understanding
1. Expectation setting for both students and professor; 2. Formulation of the seat plan 3. Lectures 4. Assignments
Teamwork Cooperation
Judgment Understanding
1. Lectures 2. Assignments
Flexibility
Revised as of May 2009
2
Teaching Strategies
Evaluative Measures 1. Seat Plan 2. Summarized student expectation sheet 3. Quiz
1. Quiz
Week
Learning Objectives •
3
• • • • •
Competencies
Teaching Strategies
Values
Evaluative Measures
Flexibility Creativity ability
1. Preparation of Financial Statements 2. Quiz
The IASB, history, current structure and processes, globalization of capital markets, calls for the harmonization of ing standards, formation and achievements of the IASC
At the end of the session, the student is expected to understand: • • •
Focal Points/Topics
s and their information needs Objective of financial statements Underlying assumptions in the preparation of financial statements Qualitative characteristics of financial statements (Understandability, Relevance, Reliability, Comparability) Principles of Recognition and Measurement (Measurement basis) Elements of financial statements and their definition (Assets, Liabilities, Equity, Income, Expenses) Recognition and measurement of the elements of financial statements Concepts of capital and capital maintenance ( Financial concept, Physical concept)
Conceptual Framework for the Preparation and Presentation of Financial Statements
Judgment Understanding Presentation Skills
Revised as of May 2009
3
1. Lectures 2. Assignments
Week 4
Learning Objectives At the end of the session, the student is expected to understand:
Focal Points/Topics Introduction to Financial Instruments
•
5
Week
Definition of financial instruments [ Financial assets: nature and examples, Financial liabilities: nature and examples, Equity instruments: nature and examples ( Distinction between equity and financial liabilities), Compound financial instruments] • Categories of financial assets/financial liabilities • Financial assets covered by Pas 32 & 39 • Other financial assets excluded from the scope of Pas 39 and addressed under other PFRS • Approach in ing for financial instruments • Nonfinancial assets/nonfinancial liabilities: nature and examples At the end of the session, the student is expected to understand: • Definition, nature and composition of cash and cash equivalents • Recognition and measurement of cash • Management and control of cash (ing of petty cash fund, Bank reconciliation at a single date) • Financial statement valuation, presentation and disclosure Learning Objectives
ing for Cash
Competencies
Values
Understanding Analytical Ability Decision Making Skills
1. Lectures 2. Assignments
ability Flexibility Patience
Analytical Ability Problem Solving Skills Presentation Skills
1. Lectures 2. Illustrative problems 3. Board work 4. Assignment
Honesty Integrity Fairness ability
Focal Points/Topics
Revised as of May 2009
4
Teaching Strategies
Competencies
Teaching Strategies
Values
Evaluative Measures 1. Quiz 2. Internet works
1. Preparation of Bank Reconciliation 2. Quiz
Evaluative Measures
6 7
At the end of the session, the student is expected to understand: • •
•
8
•
• • •
Definition, nature and classification of receivables ing for receivables [Recognition, Initial and subsequent measurement, Impairment and uncollectible of receivables (Assessment and recording of impairment loss, Reversal or recovery of impairment loss), De-recognition, Generating cash from receivables] ing for notes/loans receivable (Definition and types of promissory notes, Recognition, Initial Measurement and valuation at present value) Receivable financing arrangements [s Receivable, Pledging (general assignment of receivables), Factoring, Assignment of specific receivable]: Notes receivable (Discounting)] Notes/loans receivable impairment and un-collectibility Financial statement presentation and disclosure Internal control measures for receivable
First Preliminary Examination ing for Analytical Ability Receivables Problem Solving Skills Presentation Skills
ing for Receivables (cont’d)
Analytical Ability Problem Solving Skills Presentation Skills
Revised as of May 2009
5
1. Lectures 2. Illustrative problems 3. Board work 4. Assignment
Honesty Integrity Fairness ability
1. Quiz
1. Answering assignments 2. Lectures 3. Board work 4. Giving assignment
Honesty Integrity Fairness ability
1. Quiz 2. Case Study
Week 9
Learning Objectives At the end of the session, the student is expected to understand: •
•
10
Investment in equity instruments covered by Pas 32 and 39 [Investment in marketable equity securities (designated at fair value through profit or loss, Trading, available for sale), Investment in unquoted equity securities] Investment in debt instruments [Held-tomaturity investments, not held-to-maturity (Trading, Available-for-sale)]
At the end of the session, the student is expected to understand: • • • • •
Focal Points/Topics ing for Investments in Equity and Debt Instruments including basic concepts on Derivatives (covered by Pas 32 and 39)
ing for Inventories
Definition, nature and classes of inventories Recognition Initial measurement at cost Inventory recording systems (Periodic inventory system, Perpetual inventory system) Inventory costing methods (Items not ordinarily interchangeable: Specific identification; For items that are interchangeable: First in, First out method, Weighted average cost method)
Competencies
Values
Analytical Ability Problem Solving Skills Presentation Skills
1. Answering assignments 2. Lectures 3. Board work 4. Giving assignment
Honesty Integrity Fairness ability
Analytical Ability Problem Solving Skills Presentation Skills
1. Lectures 2. Illustrative problems 3. Board work 4. Assignment
Honesty Integrity Fairness ability Commitment
Revised as of May 2009
6
Teaching Strategies
Evaluative Measures 1. Internet works 2. Quiz
1. Quiz 2. Internet works
Week 11
Learning Objectives • • •
• •
12 13
At the end of the session, the student is expected to understand: • • • • •
Week
Inventory estimation methods [Gross profit method, Retail inventory method (excluding peso value and retail info)] Valuation at lower of cost and net realizable value (Write down to net realizable value, Reversal of write-down) Other inventory issues (Purchase commitment, Inventory valued at selling price, Use of more than one cost method, Borrowing costs, Lump-sum acquisition, Inventory errors) Financial statement presentation and disclosures Internal control and management of inventory
Definition, nature and classes Recognition Initial measurement at cost Valuation at lower of cost and net realizable value (Write-down to net realizable value, Reversal of write-down) Financial statement presentation and disclosures Learning Objectives
Focal Points/Topics ing for Inventories (cont’d)
Competencies Analytical Ability Problem Solving Skills Presentation Skills
Second Preliminary Examination ing for Analytical Ability agricultural activities Problem Solving and biological assets Skills Presentation Skills
Focal Points/Topics
Competencies
Revised as of May 2009
7
Teaching Strategies
Values
1. Answering assignments 2. Lectures 3. Board work 4. Giving assignment
Honesty Integrity Fairness ability Commitment
1. Lectures 2. Illustrative problems 3. Board work 4. Assignment
Honesty Integrity Fairness ability Innovation
Teaching Strategies
Values
Evaluative Measures 1. Quiz
1. Quiz 2. Case Study
Evaluative Measures
14
At the end of the session, the student is expected to understand: • • •
• •
•
•
ing for Property, Plant and Equipment
Definition, nature and classes Recognition Initial measurement (Cash purchase, Purchase on a deferred payment contract, Issuance of securities, Donation or discovery, Self-construction, Exchanges of non-monetary and monetary assets) Expenditures subsequent to acquisition Valuation or measurement subsequent to initial recognition (Benchmark methodcost less accumulated depreciation and accumulated impairment losses; allowed alternative method- revaluation at fair value less accumulated depreciation and accumulated impairment losses Depreciation of assets (Definition, nature and causes; Factors affecting depreciation; methods of depreciation ( Straight-line method, Declining balance method, Sum-of-the-years digits method, Group and composite depreciation) Depletion of wasting assets
Analytical Ability Problem Solving Skills Presentation Skills
Revised as of May 2009
8
1. Lectures 2. Illustrative problems 3. Board work 4. Assignment
Honesty Integrity Fairness ability Innovation
1. Quiz
Week 15
16
Learning Objectives •
ing changes affecting depreciation • Revaluation of property, plant and equipment (Recording on date of revaluation, Frequency of revaluation, Revaluation increase, Revaluation decrease, realized revaluation) • Impairment of assets (Definition, when to recognize and how to measure impairment loss, measurement of recoverable amount, impairment loss for an individual asset, Impairment loss for cash-generating unit, Reversal of previously recognized impairment loss) • Retirement and disposals • Financial statement presentation and disclosures • Internal control and management of property, plant and equipment At the end of the session, the student is expected to understand: • • •
Week
Definition, nature and classes Recognition criteria Initial measurement and ing for intangibles (Patents, Copyright, Trademarks and trade names, Franchise rights, Lease rights, Computer software, goodwill, Research and development costs, Other intangible assets) Learning Objectives
Focal Points/Topics ing for Property, Plant and Equipment (cont’d)
ing for Intangible Assets
Focal Points/Topics
Competencies
Values
Evaluative Measures 1. Quiz 2. Case Study
Analytical Ability Problem Solving Skills Presentation Skills
1. Answering assignments 2. Lectures 3. Board work 4. Giving assignment
Honesty Integrity Fairness ability Innovation
Analytical Ability Problem Solving Skills Presentation Skills
1. Lectures 2. Illustrative problems 3. Board work 4. Assignment
Honesty Integrity Fairness ability Innovation Transparency
1. Quiz 2. Internet works
Values
Evaluative Measures
Competencies
Revised as of May 2009
9
Teaching Strategies
Teaching Strategies
• •
17
Subsequently incurred costs Measurement subsequent to initial recognition (Cost method, Revaluation method) • Amortization • Impairment of value of intangible assets • Reversal of impairment loss • Retirements and disposition • Financial statement presentation and disclosures Internal control measures for intangibles At the end of the session, the student is expected to understand: • • • • • •
Investment in cash surrender value of life insurance Investment in funds Investment property Interest in t ventures* Interest in associates* Investment in subsidiary*
*Detailed discussion covered in Advanced ing subjects 18
1. ing for Other Types of Investments
Analytical Ability Problem Solving Skills Presentation Skills
2. ing for Noncurrent Assets Held for sale Final Examination
Revised as of May 2009
10
1. Lectures 2. Illustrative problems 3. Board work 4. Assignment
Honesty Integrity Fairness ability Innovation Transparency
1. Quiz
Textbook: Financial ing Volume 1 by Conrado Valix and Jose Peralta, 2008 References: Books: • Financial ing : tools for business decision making. Kimmel, Paul. 2010 • Financial ing : a global approach. Monger, Rod. 2010 • Financial ing : volume two. Valix, Conrado T. 2010 • Financial ing. Vol 1. Valix, Conrado T. 2010 • Financial ing : volume three. Valix, Conrado T. Valix, 2009 • Financial ing. Albrecht, W. Steve. 2008 • Financial ing : a business process approach. Reimers, Jane L. 2008 • Financial ing. Harrison, Walter T. 2008 • Financial ing. Williams, Jan R. 2008 • Financial ing and reporting. Whittington, O. Ray. 2008 • Financial ing and reporting. Elliott, Barry. 2008 • Financial ing. Needles, Belverd E. 2007 • Financial ing : a perspective. Albright, Thomas L. 2007 • Financial ing. Libby, Robert. 2007 • Financial ing : instructors solutions manual. Needles, Belverd E. 2007 • Financial ing. Vol. 2. Valix, Conrado T. 2007 • Financial ing. Harrison, Walter T. 2006 • Financial ing : ann introduction. Peirson, Graham. 2006 • Financial ing : reporting & analysis. Stice, Earl K. • Financial ing. Britton, Anne. 2006 • Financial ing and reporting. Whittington, O. Ray. 2006 • Financial ing in an economic context. Pratt, Jamie. 2006 • Financial ing, reporting and analysis. Elliott, Barry. 2006
Journal, Newspaper and Magazines:
Revised as of May 2009
11
• • • • •
ing Times, PIA IAS PLUS Newsletter, Deloitte and Touche Global Eye on IFRS, Ernst and Young Business World Harvard Business Review
Online/URL: • http://www.pia.com.ph • http://www.iasplus.com • http://www.iasb.org • http://www.ifac.org
Revised as of May 2009
12
Computation of Grades: Computation of Periodic Grades Class Standing Average Quizzes (AQ)………………………………………………….…….30% Class Participation () ………………………………………………...…...10% Major Examination (PEx/MEx/FEx) ………………………………………….……..60% Total …………………………………………………………………….…………….100% a. Determine 1st Preliminary Grade (1st PG) 1st PG = AQ(30%) + (10%) + PEx (60%) b. Determine 2nd Preliminary Grade (2nd PG) and Midterm Grade (MG) 2nd PG = AQ(30%) + (10%) + PEx (60%) MG = 1st PG (50%) + 2nd PG (50%) c. Determine Final Period (FP) and Final Grade (FG) FP = AQ(30%) + (10%) + PEx (60%) FG = MG (50%) + FP (50%) ing Grade is 75% with an equivalent point of 3.0
Revised as of May 2009
13
Grade Point System Grade 95 92 90 88 85 82 80 78 75 Below 75%
100% 94% 91% 89% 87% 84% 81% 79% 77%
Descriptive Equivalent
Point System 1.00 1.25 1.50 1.75 2.00 2.25 2.50 2.75 3.00 5.00
Superior Very Good Good Fair Barely Satisfactory Failure
Prepared by:
Reviewed by:
Approved by:
NORINA S. SALVADOR
JENNIFER T. BUEN Curriculum Committee
ESTELITA D. BELLO Dean - IABF
Faculty GERRY V. FERNANDO Curriculum Committee
Revised as of May 2009
14
:
FIN ACT 1
Course Title
:
Financial ing and Reporting, Part I
Course Pre-requisite
:
FND ACT 2 – Fundamentals of ing , Part II
Course Credit
:
Six (6) units
Course Description
:
This course introduces the nature, functions, scope and limitations of the broad field of ing theory. It deals with the study of the theoretical ing framework objectives of financial statements, ing conventions, and generally accepted ing principles, standard setting process for ing 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 the detailed discussion, appreciation, and application of ing principles covering the assets, financial and nonfinancial. Emphasis is given on the interpretation and application of theories of ing in relation to cash, temporary investments, receivables, inventories, prepayments, long term investments, property, plant and equipment, intangibles, and other assets, including financial statement presentation and disclosure requirements. The related internal control, ethical issues, and management of assets are also covered. Exposure to computerized system in receivables, inventory, and lapsing schedules is a requirement in this course.
General Course Objectives
:
At the end of the course, the student is expected to be able to obtain a comprehensive knowledge and understanding on selected pronouncements of the ing Standards Council (ASC) as embodied in the PAS and principles underlying measurement, valuation and presentation and disclosure of ASSETS.
Revised as of May 2009
1
COURSE CONTENT Week
Learning Objectives
1
At the end of the session, the student is expected to understand: • Know the requirements for completing the course successfully; • Articulating his/her own expectation from the course and the professor • Nature, principles and scope of ing • Nature, principles and objectives of financial and related records of an organization • The nature, role and significance of ing theories and principles • Principles of conceptual framework of ing • Philippine financial reporting standards/Philippine ing standards • The concept and role of the true and fair presentation of financial statements At the end of the session, the student is expected to understand:
2
•
•
Financial Reporting standards Council (Creation, objectives and functions; hip/composition; Standard setting process)
Focal Points/Topics 1. Overview of the course 2. istrative matters 3. Concepts and principles relating to the preparation and presentation of Financial Statements.
Financial Reporting Standards Council and Conceptual Framework for the Preparation and Presentation of Financial Statements
Competencies
Values
Planning and Organizing Understanding
1. Expectation setting for both students and professor; 2. Formulation of the seat plan 3. Lectures 4. Assignments
Teamwork Cooperation
Judgment Understanding
1. Lectures 2. Assignments
Flexibility
Revised as of May 2009
2
Teaching Strategies
Evaluative Measures 1. Seat Plan 2. Summarized student expectation sheet 3. Quiz
1. Quiz
Week
Learning Objectives •
3
• • • • •
Competencies
Teaching Strategies
Values
Evaluative Measures
Flexibility Creativity ability
1. Preparation of Financial Statements 2. Quiz
The IASB, history, current structure and processes, globalization of capital markets, calls for the harmonization of ing standards, formation and achievements of the IASC
At the end of the session, the student is expected to understand: • • •
Focal Points/Topics
s and their information needs Objective of financial statements Underlying assumptions in the preparation of financial statements Qualitative characteristics of financial statements (Understandability, Relevance, Reliability, Comparability) Principles of Recognition and Measurement (Measurement basis) Elements of financial statements and their definition (Assets, Liabilities, Equity, Income, Expenses) Recognition and measurement of the elements of financial statements Concepts of capital and capital maintenance ( Financial concept, Physical concept)
Conceptual Framework for the Preparation and Presentation of Financial Statements
Judgment Understanding Presentation Skills
Revised as of May 2009
3
1. Lectures 2. Assignments
Week 4
Learning Objectives At the end of the session, the student is expected to understand:
Focal Points/Topics Introduction to Financial Instruments
•
5
Week
Definition of financial instruments [ Financial assets: nature and examples, Financial liabilities: nature and examples, Equity instruments: nature and examples ( Distinction between equity and financial liabilities), Compound financial instruments] • Categories of financial assets/financial liabilities • Financial assets covered by Pas 32 & 39 • Other financial assets excluded from the scope of Pas 39 and addressed under other PFRS • Approach in ing for financial instruments • Nonfinancial assets/nonfinancial liabilities: nature and examples At the end of the session, the student is expected to understand: • Definition, nature and composition of cash and cash equivalents • Recognition and measurement of cash • Management and control of cash (ing of petty cash fund, Bank reconciliation at a single date) • Financial statement valuation, presentation and disclosure Learning Objectives
ing for Cash
Competencies
Values
Understanding Analytical Ability Decision Making Skills
1. Lectures 2. Assignments
ability Flexibility Patience
Analytical Ability Problem Solving Skills Presentation Skills
1. Lectures 2. Illustrative problems 3. Board work 4. Assignment
Honesty Integrity Fairness ability
Focal Points/Topics
Revised as of May 2009
4
Teaching Strategies
Competencies
Teaching Strategies
Values
Evaluative Measures 1. Quiz 2. Internet works
1. Preparation of Bank Reconciliation 2. Quiz
Evaluative Measures
6 7
At the end of the session, the student is expected to understand: • •
•
8
•
• • •
Definition, nature and classification of receivables ing for receivables [Recognition, Initial and subsequent measurement, Impairment and uncollectible of receivables (Assessment and recording of impairment loss, Reversal or recovery of impairment loss), De-recognition, Generating cash from receivables] ing for notes/loans receivable (Definition and types of promissory notes, Recognition, Initial Measurement and valuation at present value) Receivable financing arrangements [s Receivable, Pledging (general assignment of receivables), Factoring, Assignment of specific receivable]: Notes receivable (Discounting)] Notes/loans receivable impairment and un-collectibility Financial statement presentation and disclosure Internal control measures for receivable
First Preliminary Examination ing for Analytical Ability Receivables Problem Solving Skills Presentation Skills
ing for Receivables (cont’d)
Analytical Ability Problem Solving Skills Presentation Skills
Revised as of May 2009
5
1. Lectures 2. Illustrative problems 3. Board work 4. Assignment
Honesty Integrity Fairness ability
1. Quiz
1. Answering assignments 2. Lectures 3. Board work 4. Giving assignment
Honesty Integrity Fairness ability
1. Quiz 2. Case Study
Week 9
Learning Objectives At the end of the session, the student is expected to understand: •
•
10
Investment in equity instruments covered by Pas 32 and 39 [Investment in marketable equity securities (designated at fair value through profit or loss, Trading, available for sale), Investment in unquoted equity securities] Investment in debt instruments [Held-tomaturity investments, not held-to-maturity (Trading, Available-for-sale)]
At the end of the session, the student is expected to understand: • • • • •
Focal Points/Topics ing for Investments in Equity and Debt Instruments including basic concepts on Derivatives (covered by Pas 32 and 39)
ing for Inventories
Definition, nature and classes of inventories Recognition Initial measurement at cost Inventory recording systems (Periodic inventory system, Perpetual inventory system) Inventory costing methods (Items not ordinarily interchangeable: Specific identification; For items that are interchangeable: First in, First out method, Weighted average cost method)
Competencies
Values
Analytical Ability Problem Solving Skills Presentation Skills
1. Answering assignments 2. Lectures 3. Board work 4. Giving assignment
Honesty Integrity Fairness ability
Analytical Ability Problem Solving Skills Presentation Skills
1. Lectures 2. Illustrative problems 3. Board work 4. Assignment
Honesty Integrity Fairness ability Commitment
Revised as of May 2009
6
Teaching Strategies
Evaluative Measures 1. Internet works 2. Quiz
1. Quiz 2. Internet works
Week 11
Learning Objectives • • •
• •
12 13
At the end of the session, the student is expected to understand: • • • • •
Week
Inventory estimation methods [Gross profit method, Retail inventory method (excluding peso value and retail info)] Valuation at lower of cost and net realizable value (Write down to net realizable value, Reversal of write-down) Other inventory issues (Purchase commitment, Inventory valued at selling price, Use of more than one cost method, Borrowing costs, Lump-sum acquisition, Inventory errors) Financial statement presentation and disclosures Internal control and management of inventory
Definition, nature and classes Recognition Initial measurement at cost Valuation at lower of cost and net realizable value (Write-down to net realizable value, Reversal of write-down) Financial statement presentation and disclosures Learning Objectives
Focal Points/Topics ing for Inventories (cont’d)
Competencies Analytical Ability Problem Solving Skills Presentation Skills
Second Preliminary Examination ing for Analytical Ability agricultural activities Problem Solving and biological assets Skills Presentation Skills
Focal Points/Topics
Competencies
Revised as of May 2009
7
Teaching Strategies
Values
1. Answering assignments 2. Lectures 3. Board work 4. Giving assignment
Honesty Integrity Fairness ability Commitment
1. Lectures 2. Illustrative problems 3. Board work 4. Assignment
Honesty Integrity Fairness ability Innovation
Teaching Strategies
Values
Evaluative Measures 1. Quiz
1. Quiz 2. Case Study
Evaluative Measures
14
At the end of the session, the student is expected to understand: • • •
• •
•
•
ing for Property, Plant and Equipment
Definition, nature and classes Recognition Initial measurement (Cash purchase, Purchase on a deferred payment contract, Issuance of securities, Donation or discovery, Self-construction, Exchanges of non-monetary and monetary assets) Expenditures subsequent to acquisition Valuation or measurement subsequent to initial recognition (Benchmark methodcost less accumulated depreciation and accumulated impairment losses; allowed alternative method- revaluation at fair value less accumulated depreciation and accumulated impairment losses Depreciation of assets (Definition, nature and causes; Factors affecting depreciation; methods of depreciation ( Straight-line method, Declining balance method, Sum-of-the-years digits method, Group and composite depreciation) Depletion of wasting assets
Analytical Ability Problem Solving Skills Presentation Skills
Revised as of May 2009
8
1. Lectures 2. Illustrative problems 3. Board work 4. Assignment
Honesty Integrity Fairness ability Innovation
1. Quiz
Week 15
16
Learning Objectives •
ing changes affecting depreciation • Revaluation of property, plant and equipment (Recording on date of revaluation, Frequency of revaluation, Revaluation increase, Revaluation decrease, realized revaluation) • Impairment of assets (Definition, when to recognize and how to measure impairment loss, measurement of recoverable amount, impairment loss for an individual asset, Impairment loss for cash-generating unit, Reversal of previously recognized impairment loss) • Retirement and disposals • Financial statement presentation and disclosures • Internal control and management of property, plant and equipment At the end of the session, the student is expected to understand: • • •
Week
Definition, nature and classes Recognition criteria Initial measurement and ing for intangibles (Patents, Copyright, Trademarks and trade names, Franchise rights, Lease rights, Computer software, goodwill, Research and development costs, Other intangible assets) Learning Objectives
Focal Points/Topics ing for Property, Plant and Equipment (cont’d)
ing for Intangible Assets
Focal Points/Topics
Competencies
Values
Evaluative Measures 1. Quiz 2. Case Study
Analytical Ability Problem Solving Skills Presentation Skills
1. Answering assignments 2. Lectures 3. Board work 4. Giving assignment
Honesty Integrity Fairness ability Innovation
Analytical Ability Problem Solving Skills Presentation Skills
1. Lectures 2. Illustrative problems 3. Board work 4. Assignment
Honesty Integrity Fairness ability Innovation Transparency
1. Quiz 2. Internet works
Values
Evaluative Measures
Competencies
Revised as of May 2009
9
Teaching Strategies
Teaching Strategies
• •
17
Subsequently incurred costs Measurement subsequent to initial recognition (Cost method, Revaluation method) • Amortization • Impairment of value of intangible assets • Reversal of impairment loss • Retirements and disposition • Financial statement presentation and disclosures Internal control measures for intangibles At the end of the session, the student is expected to understand: • • • • • •
Investment in cash surrender value of life insurance Investment in funds Investment property Interest in t ventures* Interest in associates* Investment in subsidiary*
*Detailed discussion covered in Advanced ing subjects 18
1. ing for Other Types of Investments
Analytical Ability Problem Solving Skills Presentation Skills
2. ing for Noncurrent Assets Held for sale Final Examination
Revised as of May 2009
10
1. Lectures 2. Illustrative problems 3. Board work 4. Assignment
Honesty Integrity Fairness ability Innovation Transparency
1. Quiz
Textbook: Financial ing Volume 1 by Conrado Valix and Jose Peralta, 2008 References: Books: • Financial ing : tools for business decision making. Kimmel, Paul. 2010 • Financial ing : a global approach. Monger, Rod. 2010 • Financial ing : volume two. Valix, Conrado T. 2010 • Financial ing. Vol 1. Valix, Conrado T. 2010 • Financial ing : volume three. Valix, Conrado T. Valix, 2009 • Financial ing. Albrecht, W. Steve. 2008 • Financial ing : a business process approach. Reimers, Jane L. 2008 • Financial ing. Harrison, Walter T. 2008 • Financial ing. Williams, Jan R. 2008 • Financial ing and reporting. Whittington, O. Ray. 2008 • Financial ing and reporting. Elliott, Barry. 2008 • Financial ing. Needles, Belverd E. 2007 • Financial ing : a perspective. Albright, Thomas L. 2007 • Financial ing. Libby, Robert. 2007 • Financial ing : instructors solutions manual. Needles, Belverd E. 2007 • Financial ing. Vol. 2. Valix, Conrado T. 2007 • Financial ing. Harrison, Walter T. 2006 • Financial ing : ann introduction. Peirson, Graham. 2006 • Financial ing : reporting & analysis. Stice, Earl K. • Financial ing. Britton, Anne. 2006 • Financial ing and reporting. Whittington, O. Ray. 2006 • Financial ing in an economic context. Pratt, Jamie. 2006 • Financial ing, reporting and analysis. Elliott, Barry. 2006
Journal, Newspaper and Magazines:
Revised as of May 2009
11
• • • • •
ing Times, PIA IAS PLUS Newsletter, Deloitte and Touche Global Eye on IFRS, Ernst and Young Business World Harvard Business Review
Online/URL: • http://www.pia.com.ph • http://www.iasplus.com • http://www.iasb.org • http://www.ifac.org
Revised as of May 2009
12
Computation of Grades: Computation of Periodic Grades Class Standing Average Quizzes (AQ)………………………………………………….…….30% Class Participation () ………………………………………………...…...10% Major Examination (PEx/MEx/FEx) ………………………………………….……..60% Total …………………………………………………………………….…………….100% a. Determine 1st Preliminary Grade (1st PG) 1st PG = AQ(30%) + (10%) + PEx (60%) b. Determine 2nd Preliminary Grade (2nd PG) and Midterm Grade (MG) 2nd PG = AQ(30%) + (10%) + PEx (60%) MG = 1st PG (50%) + 2nd PG (50%) c. Determine Final Period (FP) and Final Grade (FG) FP = AQ(30%) + (10%) + PEx (60%) FG = MG (50%) + FP (50%) ing Grade is 75% with an equivalent point of 3.0
Revised as of May 2009
13
Grade Point System Grade 95 92 90 88 85 82 80 78 75 Below 75%
100% 94% 91% 89% 87% 84% 81% 79% 77%
Descriptive Equivalent
Point System 1.00 1.25 1.50 1.75 2.00 2.25 2.50 2.75 3.00 5.00
Superior Very Good Good Fair Barely Satisfactory Failure
Prepared by:
Reviewed by:
Approved by:
NORINA S. SALVADOR
JENNIFER T. BUEN Curriculum Committee
ESTELITA D. BELLO Dean - IABF
Faculty GERRY V. FERNANDO Curriculum Committee
Revised as of May 2009
14
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