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MASTERS TECHNOLOGICAL INSTITUTE OF

MINDANAO

VISION

A renowned leading Institution of quality programs in Accountancy, Technology, Information System, Office Management, and Education.

MISSION

To provide quality educational programs equipped with technological and entrepreneurial skills grounded with moral values to meet the global standards through relevant
instructions, research, extension and production with sustainable economic and socio-cultural impact that will benefit the Institute and the community at large.

COURSE NAME : CONCEPTUAL FRAMEWORK AND ACCOUNTING STANDARDS

COURSE CODE : ACCTG 13
COURSE CREDITS : 3 UNITS
CONTACT HOURS : 54 HOURS

COURSE DESCRIPTION:
This course is designed to provide students with knowledge on the current financial reporting framework of businesses. This course deals with the financial reporting
principles embodied in the Conceptual Framework for Financial Reporting and the Philippine Financial Reporting Standards (PFRSs), which are issued by the Financial
Reporting Standards Council (FRSC).

GENERAL OBJECTIVES: Upon completion of this course, the learners are expected to:
 Gain appreciation of the financial reporting standards, particularly their development, application and impact to the business environment.
 Demonstrate knowledge, skills and positive attitudes to the concepts and principles of financial reporting for businesses as applied to real life situations.
 Demonstrate knowledge in identifying the appropriate financial reporting standards to apply to specific business transactions and other events.

 Demonstrate skills in applying the principles of the financial reporting standards through problem solving.

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I. DETAILED COURSE OUTLINE

Learning Goals Content Topic Learning Outcomes OBE Methodologies Time Evaluative
Allotment Measures
FIRST GRADING COVERAGE 13.5 hrs.
To provide students OVERVIEW OF ACCOUNTING The learners are expected to be able to: 1. Lecture/PowerPoint 1 hr. 1. Seat works
with an overview of 1. Definition of accounting 1. Define accounting and state its basic presentation 2. Recitation
the nature of 2. Basic purpose of accounting purpose. 2. Application of 3. Assignments
accounting and the 3. Accounting Concepts 2. Explain the basic concepts applied in concepts 4. Quiz
development of 4. Common Branches of Accounting accounting. 3. Classroom Q&A
accounting 5. Four Sectors in the practice of 3. State the branches of accounting and the
standards Accountancy sectors in the practice of accountancy.
6. Accounting Standards 4. Explain the importance of a uniform set of
financial reporting standards.
To provide students CONCEPTUAL FRAMEWORK FOR The learners are expected to be able to: 1. Lecture/PowerPoint 1 hr. 1. Seat works
with knowledge of FINANCIAL REPORTING 1. State the basic purpose, authoritative presentation 2. Recitation
the Conceptual 1. Authoritative status. status, and scope of the Conceptual 2. Application of 3. Assignments
Framework 2. Objective of financial reporting. Framework. concepts 4. Quiz
3. Qualitative Characteristics. 2. State the objective of financial reporting. 3. Classroom Q&A
4. The elements of financial 3. Identify the primary users of financial
statements. statements.
4. Explain briefly the qualitative
characteristics of useful information and
how they are applied in financial reporting.
5. Define the elements of financial
statements and state their recognition
criteria.
To provide students PAS 1 PRESENTATION OF The learners are expected to be able to: 1. Lecture/PowerPoint 1.5 hrs. 1. Seat works
with knowledge of FINANCIAL STATEMENTS 1. Enumerate and describe the general presentation 2. Recitation
the scope, 1. Complete set of financial features of financial statement 2. Application of 3. Assignments
applicability, and statements presentation. concepts 4. Quiz
principles of PAS 1. 2. General features 2. Enumerate and describe the components 3. Classroom Q&A
3. Statement of financial position of a complete set of financial statements.
4. Statement of profit or loss and 3. State the acceptable methods of
other comprehensive income presenting items of income and expenses.
5. Statement of changes in equity 4. Differentiate between the statement of

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6. Notes profit or loss and other comprehensive
income and the statement of changes in
equity.
5. State the relationship of the notes with the
other components of a complete set of
financial statements.
To provide students PAS 2 INVENTORIES The learners are expected to be able to: 1. Lecture/PowerPoint 1.5 hrs. 1. Seat works
with knowledge of 1. Measurement 1. Define inventories. presentation 2. Recitation
the scope, 2. Cost formulas 2. Measure inventories and apply the cost 2. Application of 3. Assignments
applicability, and 3. Net realizable value formulas. concepts 4. Quiz
principles of PAS 2. 4. Recognition as an expense 3. State the accounting for inventory write- 3. Classroom Q&A
down and the reversal thereof.

To provide students PAS 7 STATEMENT OF CASH The learners are expected to be able to: 1. Lecture/PowerPoint 1.5 hrs. 1. Seat works
with knowledge of FLOWS 1. Describe the statement of cash flows. presentation 2. Recitation
the scope, 1. Classification of cash flows 2. Differentiate between the following: (1) 2. Application of 3. Assignments
applicability, and 2. Presentation Operating activities, (2) Investing activities, concepts 4. Quiz
principles of PAS 7. and (3) Financing activities. 3. Classroom Q&A
3. 3. State the classifications of the
following in a statement of cash flows: (a)
dividends received, (b) dividends paid, (c)
interest paid and (d) interest received.
To provide students PAS 8 ACCOUNTING POLICIES, The learners are expected to be able to: 1. Lecture/PowerPoint 1 hr. 1. Seat works
with knowledge of CHANGES IN ACCOUNTING 1. Define the following and give examples: presentation 2. Recitation
the scope, ESTIMATES AND ERRORS (1) Change in accounting policy, (2) 2. Application of 3. Assignments
applicability, and 1. Accounting policies Change in accounting estimate, and (3) concepts 4. Quiz
principles of PAS 8. 2. Changes in accounting estimates Error. 3. Classroom Q&A
3. Errors 2. Differentiate between the accounting
treatments of the following: change in
accounting policy, change in accounting
estimate, and correction of prior period
error.
To provide students PAS 10 EVENTS AFTER THE The learners are expected to be able to: 1. Lecture/PowerPoint 1.5 hrs. 1. Seat works
with knowledge of REPORTING PERIOD 1. Define events after the reporting period. presentation 2. Recitation
the scope, 1. Adjusting events 2. State the accounting requirements for 2. Application of 3. Assignments
applicability, and 2. Non-adjusting events events after the reporting period. concepts 4. Quiz
principles of PAS 10. 3. Classroom Q&A
To provide students PAS 12 INCOME TAXES The learners are expected to be able to: 1. Lecture/PowerPoint 1.5 hrs. 1. Seat works

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with knowledge of 1. Accounting profit and Taxable 1. Understand the scope and the presentation 2. Recitation
the scope, profit fundamental principle of PAS 12. 2. Application of 3. Assignments
applicability, and 2. Deferred taxes 2. Interpret the terminology used in the concepts 4. Quiz
principles of PAS 12. 3. Current taxes accounting for current and deferred taxes. 3. Classroom Q&A
3. State the recognition, measurement and
presentation of current and deferred taxes.
To provide students PAS 16 PROPERTY, PLANT AND The learners are expected to be able to: 1. Lecture/PowerPoint 1.5 hrs. 1. Seat works
with knowledge of EQUIPMENT 1. State the recognition criteria, initial presentation 2. Recitation
the scope, 1. Recognition measurement, and subsequent 2. Application of 3. Assignments
applicability, and 2. Measurement measurement of PPE. concepts 4. Quiz
principles of PAS 16. 3. Derecognition 2. 2. Apply the principles of PAS 16 in basic 3. Classroom Q&A
computations of a PPE’s cost,
depreciation, carrying amount, and
revaluation surplus as well as the gain or
loss on its disposal.
PRELIM EXAMINATION 1.5 hrs.
Sub-total hrs. 13.5 hrs.

MIDTERM COVERAGE 13.5 hrs.

To provide students PAS 19 EMPLOYEE BENEFITS The learners are expected to be able to: 1. Lecture/PowerPoint 1 hr. 1. Seat works
with knowledge of 1. Short-term employee benefits 1. Differentiate between the four presentation 2. Recitation
the scope, 2. Post-employment benefits classifications of employee benefits under 2. Application of 3. Assignments
applicability, and 3. Defined contribution plans PAS 19. concepts 4. Quiz
principles of PAS 19. 4. Defined benefit plans 2. State the timing of the recognition of 3. Classroom Q&A
employee benefits.
3. Differentiate between a defined
contribution plan and a defined benefit
plan.
4. 4. State the accounting procedures for
defined benefit plans.
To provide students PAS 20 ACCOUNTING FOR The learners are expected to be able to: 1. Lecture/PowerPoint 1 hr. 1. Seat works
with knowledge of GOVERNMENT GRANTS AND 1. Explain the recognition and measurement presentation 2. Recitation
the scope, DISCLOSURE OF GOVERNMENT of government grants. 2. Application of 3. Assignments
applicability, and ASSISTANCE 2. Explain the presentation of government concepts 4. Quiz
principles of PAS 20. 1. Accounting for government grants grants in the financial statements. 3. Classroom Q&A
To provide students PAS 21 THE EFFECTS OF The learners are expected to be able to: 1. Lecture/PowerPoint 1 hr. 1. Seat works

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with knowledge of CHANGES IN FOREIGN EXCHANGE 1. Differentiate between the two ways of presentation 2. Recitation
the scope, RATES conducting foreign activities. 2. Application of 3. Assignments
applicability, and 1. Functional currency 2. State the initial and subsequent concepts 4. Quiz
principles of PAS 21. 2. Foreign currency transactions measurements of foreign currency 3. Classroom Q&A
3. Translation of financial statements transactions.
4. Foreign operation 3. 3. Describe the procedures in translating
financial statements into a presentation
currency.
To provide students PAS 23 BORROWING COSTS The learners are expected to be able to: 1. Lecture/PowerPoint 1 hr. 1. Seat works
with knowledge of 1. Capitalization of borrowing costs 1. State the core principle under PAS 23. presentation 2. Recitation
the scope, 2. Specific borrowing 2. Compute for borrowing costs that are 2. Application of 3. Assignments
applicability, and 3. General borrowing eligible for capitalization. concepts 4. Quiz
principles of PAS 23. 3. Classroom Q&A
To provide students PAS 24 RELATED PARTY The learners are expected to be able to: 1. Lecture/PowerPoint 1 hr. 1. Seat works
with knowledge of DISCLOSURES 1. Enumerate examples of related parties. presentation 2. Recitation
the scope, 1. Related parties 2. Describe the disclosure requirements for 2. Application of 3. Assignments
applicability, and 2. Disclosure related parties. concepts 4. Quiz
principles of PAS 24. 3. Classroom Q&A
To provide students PAS 26 ACCOUNTING AND The learners are expected to be able to: 1. Lecture/PowerPoint 1 hr. 1. Seat works
with knowledge of REPORTING BY RETIREMENT 1. State the applicability of PAS 26. presentation 2. Recitation
the scope, BENEFIT PLANS 2. Describe the accounting and reporting 2. Application of 3. Assignments
applicability, and 1. Defined contribution plans requirements of PAS 26. concepts 4. Quiz
principles of PAS 26. 2. Defined benefit plans 3. Classroom Q&A
To provide students PAS 27 SEPARATE FINANCIAL The learners are expected to be able to: 1. Lecture/PowerPoint 1 hr. 1. Seat works
with knowledge of STATEMENTS 1. Describe the applicability of PAS 27. presentation 2. Recitation
the scope, 1. Preparation of separate financial 2. Describe the measurement bases allowed 2. Application of 3. Assignments
applicability, and statements under PAS 27. concepts 4. Quiz
principles of PAS 27. 3. Classroom Q&A
To provide students PAS 28 INVESTMENTS IN The learners are expected to be able to: 1. Lecture/PowerPoint 1 hr. 1. Seat works
with knowledge of ASSOCIATES AND JOINT 1. Define an investment in associate. presentation 2. Recitation
the scope, VENTURES 2. Describe the accounting requirements for 2. Application of 3. Assignments
applicability, and 1. Investment in associate investments in associates and joint concepts 4. Quiz
principles of PAS 28. 2. Equity method ventures. 3. Classroom Q&A
To provide students PAS 29 FINANCIAL REPORTING IN The learners are expected to be able to: 1. Lecture/PowerPoint 1 hr. 1. Seat works
with knowledge of HYPERINFLATIONARY ECONOMIES 1. State the core principle under PAS 29. presentation 2. Recitation
the scope, 2. Describe the restatement procedures 2. Application of 3. Assignments
applicability, and 1. Core principle under PAS 29. concepts 4. Quiz
principles of PAS 29. 2. Restatement of financial 3. Classroom Q&A

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statements
To provide students PAS 32 FINANCIAL INSTRUMENTS: The learners are expected to be able to: 1. Lecture/PowerPoint 1 hr. 1. Seat works
with knowledge of PRESENTATION 1. State the definition of a financial presentation 2. Recitation
the scope, 1. Financial instruments instrument. 2. Application of 3. Assignments
applicability, and 2. Presentation 2. Give examples of financial assets and concepts 4. Quiz
principles of PAS 32. 3. Compound financial instruments financial liabilities. 3. Classroom Q&A
4. Treasury shares 3. Differentiate between a financial liability
5. Interest, dividends, losses and and an equity instrument.
gains 4. State the requirements for offsetting
6. Offsetting financial assets and financial liabilities.
To provide students PAS 33 EARNINGS PER SHARE The learners are expected to be able to: 1. Lecture/PowerPoint 1 hr. 1. Seat works
with knowledge of 1. Explain how basic EPS is computed. presentation 2. Recitation
the scope, 1. Basic earnings per share 2. Explain how diluted EPS is computed. 2. Application of 3. Assignments
applicability, and 2. Diluted earnings per share concepts 4. Quiz
principles of PAS 33. 3. Presentation 3. Classroom Q&A
To provide students PAS 34 INTERIM FINANCIAL The learners are expected to be able to: 1. Lecture/PowerPoint 1 hr. 1. Seat works
with knowledge of REPORTING 1. Define an interim financial report. presentation 2. Recitation
the scope, 1. Interim financial statements 2. State the scope and applicability of PAS 2. Application of 3. Assignments
applicability, and 2. Recognition and measurement 34. concepts 4. Quiz
principles of PAS 34. 3. Briefly describe the recognition and 3. Classroom Q&A
measurement principles applied in interim
financial reporting.
MIDTERM EXAMINATION 1.5 hrs.
Sub-total hrs. 13.5 hrs.

SEMI-FINALS COVERAGE 13.5 hrs.

To provide students PAS 36 IMPAIRMENT OF ASSETS The learners are expected to be able to: 1. Lecture/PowerPoint 1 hr. 1. Seat works
with knowledge of 1. Core principle 1. State the core principle of PAS 36. presentation 2. Recitation
the scope, 2. Identifying an asset that may be 2. Account for the impairment of individual 2. Application of 3. Assignments
applicability, and impaired assets and cash-generating units. concepts 4. Quiz
principles of PAS 36. 3. Measuring recoverable amount 3. Account for the reversal of impairment. 3. Classroom Q&A
and impairment loss
4. Cash-generating units and
Goodwill
5. Reversal of impairment loss

To provide students PAS 37 PROVISIONS, CONTINGENT The learners are expected to be able to: 1. Lecture/PowerPoint 1 hr. 1. Seat works

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with knowledge of LIABILITIES AND CONTINGENT 1. State the recognition criteria for provisions. presentation 2. Recitation
the scope, ASSETS 2. Differentiate the accounting requirements 2. Application of 3. Assignments
applicability, and 1. Provisions for a provision, a contingent liability and a concepts 4. Quiz
principles of PAS 37. 2. Contingent liabilities contingent asset. 3. Classroom Q&A
3. Contingent assets 3. Describe the measurement of a provision.
4. Measurement
To provide students PAS 38 INTANGIBLE ASSETS The learners are expected to be able to: 1. Lecture/PowerPoint 1 hr. 1. Seat works
with knowledge of 1. Recognition 1. Define an intangible asset. presentation 2. Recitation
the scope, 2. Measurement 2. State the initial measurement of intangible 2. Application of 3. Assignments
applicability, and 3. Amortization assets that are (a) externally acquired and concepts 4. Quiz
principles of PAS 38. (b) internally generated. 3. Classroom Q&A
3. State the subsequent measurement of
intangible assets that (a) have finite useful
life and (b) indefinite useful life.
To provide students PAS 40 INVESTMENT PROPERTY The learners are expected to be able to: 1. Lecture/PowerPoint 1 hr. 1. Seat works
with knowledge of 1. Measurement 1. Define an investment property. presentation 2. Recitation
the scope, 2. Transfers 2. State the initial and subsequent 2. Application of 3. Assignments
applicability, and measurements of investment property. concepts 4. Quiz
principles of PAS 40. 3. Apply the fair value model of accounting 3. Classroom Q&A
for investment property.
To provide students PAS 41 AGRICULTURE The learners are expected to be able to: 1. Lecture/PowerPoint 1 hr. 1. Seat works
with knowledge of 1. Biological asset 1. Differentiate the following: biological presentation 2. Recitation
the scope, 2. Agricultural produce assets, bearer plants, agricultural produce 2. Application of 3. Assignments
applicability, and 3. Measurement and inventory. concepts 4. Quiz
principles of PAS 41. 4. Government grants 2. State the initial and subsequent 3. Classroom Q&A
measurement of biological assets and
agricultural produce.
3. State the accounting for government
grants that are within the scope of PAS
41.
To provide students PFRS 1 FIRST-TIME ADOPTION OF The learners are expected to be able to: 1. Lecture/PowerPoint 1 hr. 1. Seat works
with knowledge of PHILIPPINE FINANCIAL 1. Describe who a “first-time adopter” is and presentation 2. Recitation
the scope, REPORTING STANDARDS what the “first PFRS financial statements” 2. Application of 3. Assignments
applicability, and 1. First PFRS financial statements are. concepts 4. Quiz
principles of PFRS 2. Recognition and Measurement 2. Describe the general requirements of 3. Classroom Q&A
1. 3. Retrospective application PFRS 1.
4. Presentation and disclosure

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To provide students PFRS 2 SHARE-BASED PAYMENT The learners are expected to be able to: 1. Lecture/PowerPoint 1 hr. 1. Seat works
with knowledge of 1. Equity-settled share-based 1. Define a share-based payment presentation 2. Recitation
the scope, payment transactions transaction. 2. Application of 3. Assignments
applicability, and 2. Cash-settled share-based 2. State the measurement basis for share- concepts 4. Quiz
principles of PFRS payment transactions based payment transactions with (a) non- 3. Classroom Q&A
2. 3. Choice between equity-settled and employees and (b) employees.
cash-settled 3. Compute for the salaries expense on
share-based compensation plans.
4. State the accounting for share-based
transactions with cash alternatives.
To provide students PFRS 3 BUSINESS COMBINATIONS The learners are expected to be able to: 1. Lecture/PowerPoint 1 hr. 1. Seat works
with knowledge of 1. Define a business combination. presentation 2. Recitation
the scope, 1. Accounting for business 2. Explain briefly the accounting 2. Application of 3. Assignments
applicability, and combination requirements for a business combination. concepts 4. Quiz
principles of PFRS 2. Recognizing and measuring 3. Make basic computations of goodwill. 3. Classroom Q&A
3. goodwill

To provide students PFRS 5 NON-CURRENT ASSETS The learners are expected to be able to: 1. Lecture/PowerPoint 1 hr. 1. Seat works
with knowledge of HELD FOR SALE AND 1. Describe the criteria for held for sale presentation 2. Recitation
the scope, DISCONTINUED OPERATIONS classification. 2. Application of 3. Assignments
applicability, and 1. Classification as held for sale 2. State the initial and subsequent concepts 4. Quiz
principles of PFRS 2. Measurement measurement of held for sale assets. 3. Classroom Q&A
5. 3. Discontinued operations 3. State the presentation requirements of a
4. Presentation discontinued operation.

To provide students PFRS 6 EXPLORATION FOR AND The learners are expected to be able to: 1. Lecture/PowerPoint 1 hr. 1. Seat works
with knowledge of EVALUATION OF MINERAL 1. Explain the accounting for exploration and presentation 2. Recitation
the scope, RESOURCES evaluation expenditures. 2. Application of 3. Assignments
applicability, and 1. Exemption from hierarchy of concepts 4. Quiz
principles of PFRS reporting standards 3. Classroom Q&A
6. 2. Measurement

To provide students PFRS 7 FINANCIAL INSTRUMENTS: The learners are expected to be able to: 1. Lecture/PowerPoint 1 hr. 1. Seat works
with knowledge of DISCLOSURES 1. State the two main categories of presentation 2. Recitation
the scope, 1. Significance of financial disclosures under PFRS 7. 2. Application of 3. Assignments
applicability, and instruments 2. State the types of risks required by PFRS concepts 4. Quiz
principles of PFRS 2. Nature and extent of risks 7 to be disclosed. 3. Classroom Q&A
7.

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To provide students PFRS 8 OPERATING SEGMENTS The learners are expected to be able to: 1. Lecture/PowerPoint 1 hr. 1. Seat works
with knowledge of 1. Define an operating segment. presentation 2. Recitation
the scope, 1. Core principle 2. Describe the “management approach” to 2. Application of 3. Assignments
applicability, and 2. Operating segments identifying reportable segments. concepts 4. Quiz
principles of PFRS 3. Management approach 3. State the quantitative thresholds in 3. Classroom Q&A
8. 4. Quantitative thresholds identifying reportable segments.

SEMI-FINALS EXAMINATION 1.5 hrs.

Sub-total hrs. 13.5 hrs.

FINAL COVERAGE 13.5 hrs.

To provide students PFRS 9 FINANCIAL INSTRUMENTS The learners are expected to be able to: 1. Lecture/PowerPoint 1.5 hrs. 1. Seat works
with knowledge of 1. Initial recognition 1. State the classifications of financial assets presentation 2. Recitation
the scope, 2. Classification and their initial and subsequent 2. Application of 3. Assignments
applicability, and 3. Measurement measurements. concepts 4. Quiz
principles of PFRS 4. Reclassification 2. State the classifications of financial 3. Classroom Q&A
9. 5. Impairment liabilities and their initial and subsequent
6. Derecognition measurements.

To provide students PFRS 10 CONSOLIDATED The learners are expected to be able to: 1. Lecture/PowerPoint 1.5 hrs. 1. Seat works
with knowledge of FINANCIAL STATEMENTS 1. State the elements of control. presentation 2. Recitation
the scope, 1. Control 2. Describe the consolidation procedures. 2. Application of 3. Assignments
applicability, and 2. Accounting requirements concepts 4. Quiz
principles of PFRS 3. Preparation of consolidated 3. Classroom Q&A
10. financial statements

To provide students PFRS 11 JOINT ARRANGEMENTS The learners are expected to be able to: 1. Lecture/PowerPoint 1 hr. 1. Seat works
with knowledge of 1. Joint arrangement 1. Define a joint arrangement and state its presentation 2. Recitation
the scope, 2. Joint operations characteristics. 2. Application of 3. Assignments
applicability, and 3. Joint ventures 2. Differentiate between a joint operation and concepts 4. Quiz
principles of PFRS a joint venture. 3. Classroom Q&A
11.
To provide students PFRS 12 DISCLOSURE OF The learners are expected to be able to: 1. Lecture/PowerPoint 1.5 hrs. 1. Seat works
with knowledge of INTERESTS IN OTHER ENTITIES 1. Describe the objective of PFRS 12. presentation 2. Recitation
the scope, 1. Summary of minimum disclosures 2. State the types of investments that are 2. Application of 3. Assignments
applicability, and within the scope of PFRS 12. concepts 4. Quiz

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principles of PFRS 3. Classroom Q&A
12.
To provide students PFRS 13 FAIR VALUE The learners are expected to be able to: 1. Lecture/PowerPoint 1 hr. 1. Seat works
with knowledge of MEASUREMENT 1. Define fair value. presentation 2. Recitation
the scope, 1. Fair value 2. State the principles used in measuring fair 2. Application of 3. Assignments
applicability, and 2. Valuation techniques value. concepts 4. Quiz
principles of PFRS 3. Fair value hierarchy 3. Classroom Q&A
13.
To provide students PFRS 14 REGULATORY DEFERRAL The learners are expected to be able to: 1. Lecture/PowerPoint 1.5 hrs. 1. Seat works
with knowledge of ACCOUNTS 1. Describe the applicability of PFRS 14. presentation 2. Recitation
the scope, 1. Scope 2. Application of 3. Assignments
applicability, and 2. Summary of principles concepts 4. Quiz
principles of PFRS 3. Classroom Q&A
14.
To provide students PFRS 15 REVENUE FROM The learners are expected to be able to: 1. Lecture/PowerPoint 1.5 hrs. 1. Seat works
with knowledge of CONTRACTS WITH CUSTOMERS 1. State the five steps in the recognition of presentation 2. Recitation
the scope, revenue. 2. Application of 3. Assignments
applicability, and 1. The five steps in revenue 2. Describe how performance obligations are concepts 4. Quiz
principles of PFRS recognition identified in a contract. 3. Classroom Q&A
15. 2. Contract costs 3. Describe how the transaction price is
3. Presentation allocated to the performance obligations.
4. State the timing of revenue recognition
and its measurement.
5. State the presentation of contracts with
customers in the statement of financial
position.
To provide students PFRS 16 LEASES The learners are expected to be able to: 1. Lecture/PowerPoint 1.5 hrs. 1. Seat works
with knowledge of 1. Identifying a lease 1. Identify a lease. presentation 2. Recitation
the scope, 2. Accounting for leases by lessee 2. Describe the general recognition and 2. Application of 3. Assignments
applicability, and 3. Accounting for leases by lessor recognition exemption relating to the concepts 4. Quiz
principles of PFRS accounting for leases by a lessee. 3. Classroom Q&A
16. 3. State the lease classifications by a lessor.
4. State the indicators of a finance lease.
5. Describe the accounting for finance leases
and operating leases by a lessor.
To provide students PFRS 17 INSURANCE CONTRACTS The learners are expected to be able to: 1. Lecture/PowerPoint 1 hr. 1. Seat works
with knowledge of 1. State the scope and applicability of PFRS presentation 2. Recitation
the scope, 1. Insurance contracts 17. 2. Application of 3. Assignments

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applicability, and 2. Recognition 2. Describe the level of aggregation and concepts 4. Quiz
principles of PFRS 3. Measurement measurement of insurance contracts. 3. Classroom Q&A
17. 4. Presentation
FINAL EXAMINATION 1.5 hrs.
Sub-total hrs. 13.5 hrs.
TOTAL HRS. 54 HRS.

II. GRADING SYSTEM:

QUIZ 30%
ATTENDANCE 10%
ASSIGNMENTS 10%
PROJECTS 20%
TERM EXAMS 30%
TOTAL 100%

TEXTBOOK
Millan, Zeus Vernon B., Conceptual Framework and Accounting Standards (2018), Philippines: Bandolin Enterprise
Philippines: Bandolin Enterprise

Prepared by: Noted by: Approved by:

ANAS A. ALOYODAN, CPA ANAS A. ALOYODAN, CPA PROF. MILAGROS N. MAROHOMBSAR

Lecturer Asst. Dean VP- Academics/School Directress

Acctg 13 – CONCEPTUAL FRAMEWORK AND ACCOUNTING STANDARDS