XFINACR3

Course Name: XFINACR3
Course Title: Financial Accounting & Reporting, Part 3
Instructors: Aguarin, Marasigan, Naguit, Pineda, Sicat and Sigua
Required Text: Financial Accounting, Volume 1,2 & 3 Latest Edition, Valix,
Conrado T. and Peralta, Jose F:
Course Description: A third Financial Accounting & Reporting course that deals
specifically with the preparation and presentation of the financial
statements and other related topics. It focuses on the
preparation a properly classified balance sheet, income statement,
statement of changes in equity, and statement of cash flows; the
concepts, principles and minimum requirements; the techniques of
financial statements preparation and presentation, as well as the
various techniques of the preparation and presentation of other
accounting topics such as the reconstruction of accounts from
incomplete records (single entry method), change from cash basis
to accrual basis of accounting, correction of errors, accounting
changes, discontinued operations, earnings per share, accounting
for changing prices, interim reporting, segment reporting and
other current related items. The students are expected (1) to
prepare the financial statements including the necessary
disclosures and explanatory notes and (2) to critique two or three
complete sets of financial statements of publicly listed
Topic Outline: Estimated No of Hours
1. Prerequisites To Financial Statement Preparation 5.50

 Reconstruction of Accounts
 Statements from incomplete records (Single-entry system)
 Prepare financial statements from incomplete records
 Conversion from cash basis to accrual basis
2. Correction of Errors 4.00

 Definition and nature
 Accounting treatment
 Disclosure requirements
3. Accounting Changes 1.00
 Two main categories of accounting changes
 Change in accounting estimate
 Change in accounting policy
4. Financial Statement Preparation And Presentation:

Concepts, Principles, Minimum Requirements 4.50
 Nature of general-purpose financial statements
 Overall considerations in the preparation and
presentation of financial statements
 Principles of statement presentation
 Identification of financial statements
 Reporting period
 Minimum requirements for the content of financial statements
 Balance sheet
 Income statement
 Statement of changes in owners’ equity
 Statement of cash flows
 Accounting and explanatory notes
 Principles of disclosures (Notes to financial statements)
5. The Techniques Of Financial Statements

Preparation & Presentation 4.50
 Balance Sheet
 Definition of elements of balance sheet
 Classifications
 Assets – Current vs. Non-current
 Liabilities – Current vs. Non-current
 Owners’ equity
 Contributed capital
 Retained earnings
 Capital maintenance adjustments
 Information required to be presented on the face of the
balance sheet or in the notes
 Preparation of balance sheet
6. The Techniques Of Financial Statements

Preparation & Presentation 4.50
 Income Statement
 Approaches to income measurement
 Capital maintenance approach
 Transaction approach
 Concepts of capital and capital maintenance
 Financial concept
 Physical concept
 Comprehensive income
 Elements of income and expenses
 Income
 Expenses
 Revenue, expenses, gains and losses
 Measurement
 Disclosure requirements
 Information required to be presented on the face of the income statement or in the
notes
 Presentation of earnings per share in the income statement
 Discontinued operations
 Accounting treatment
 Financial statement presentation and disclosures
7. Statement of Changes in Equity 2.00

 Definition
 Financial statements:
 Preparation of statement of changes in equity
 Preparation of statement of retained earnings
 Preparation of statement of recognized gains and losses
8. Statement of Cash Flow 4.00
 Purpose of the statement
 Distinction between cash and cash equivalents
 Classification of cash flows a. Operating activities
 Investing activities
 Financing Activities
 Reporting cash flows from operating activities
 Direct method
 Indirect method
9. Various Techniques For Preparing And

Presenting Of Financial Statements Of Other Accounting Topics 3.00
 Interim Reporting
 Approaches in treatment of interim period
 Integral approach
 Discreet approach
 Minimum components of interim financial reports
 Recognition and measurement of income and
expenses reported in the interim financial statements
10. Segment Reporting 3.00

 Types of segments
 Business
 Geographical
 Identification of reportable segments
 Presentation and disclosure requirements
11. Accounting for Changing Prices and Reporting in

Hyperinflationary Economies 6.00
 Historical cost and stability of money concepts
 Rationale for accounting for changing prices
 Monetary vs. Non-monetary items
 Constant peso accounting vs. Current cost accounting
 Preparation of financial statements using constant peso accounting
12. Reporting in Hyperinflationary Economies (PAS 29) 1.50

 Characteristics which indicate the existence of hyperinflation
 Restatement procedures
 Disclosure requirement
13. Discussion of Current Issues and Trends in Financial Accounting 1.50
Total Sessions Express As Contact Hours 54
Recap
Identification of CPC Topics Covered in this Course Estimated

Contact Hours
Accounting 46
Marketing 1
Finance 4
Management 1
Organizational Behavior 1
Human Resource Management 1
Operations Management 1
Legal Environment of Business 2
Economics 1
Ethics 2
Information System 2
Quantitative Methods/ Statistics 2
International/ Global Dimensions of Business 3
Integrative Experience 8
Total Estimated Contact Hours 75

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Course Name: XFINACR3

Course Title: Financial Accounting & Reporting, Part 3

Instructors: Aguarin, Marasigan, Naguit, Pineda, Sicat and Sigua

Topic Outline: Estimated No of Hours

1. Prerequisites To Financial Statement Preparation 5.50

2. Correction of Errors 4.00

4. Financial Statement Preparation And Presentation:

5. The Techniques Of Financial Statements

6. The Techniques Of Financial Statements

7. Statement of Changes in Equity 2.00

9. Various Techniques For Preparing And

10. Segment Reporting 3.00

11. Accounting for Changing Prices and Reporting in

12. Reporting in Hyperinflationary Economies (PAS 29) 1.50

13. Discussion of Current Issues and Trends in Financial Accounting 1.50

Total Sessions Express As Contact Hours 54

Identification of CPC Topics Covered in this Course Estimated

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