COLLEGE COURSE CODE INSTRUCTOR NAME CONTACT DETAILS CONSULTATION HOURS

: RVR COB : MODFIN1 : Ma. Gina T. Manaligod/ Michael Edward S. Mercado : ma.gina.manaligod@dlsu.edu.ph/ michael.mercado@dlsu.edu.ph : To be announced

DEPARTMENT ROOM CLASS DAYS CLASS TIME

: Accountancy : L313/L312 : M -H : 0800 - 0930/ 0940 - 1110

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 EXPECTED LASALLIAN GRADUATE ATTRIBUTES (ELGA) Critical and creative thinker Effective communicator Reflective lifelong learner LEARNING OUTCOMES On completion of the course, the student is expected to be able to do the following: LO1: Apply appropriate accounting standards on inventories, investments in debt and equity instrument, related party transactions and intangible assets in the analysis of business transaction. LO2: Prepare and present a group case analysis synthesizing the application of PAS 1, 2, 24, 28, 32, 38 and PFRS 7 and 9 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 LO1: Apply appropriate accounting standards on inventories, investments in debt and equity instrument, related party transactions and intangible assets in the analysis of business transactions. At least fifty solved exercises/problems per unit with at least ten solved exercises/problems per major topic in the unit Days 5, 11, 17, 23, 27

LO2: Prepare and present a group case analysis synthesizing the One written group application of PAS 1, 2, 24, 28, 32, 38 and PFRS 7 and 9 in a real business case analysis and world scenario presentation

Days 30, 32

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

The student somewhat solves exercises/problems in an orderly manner and correct errors somewhat improperly.

The student does not solve exercises/problems in or orderly manner and corrects error improperly.

TOTAL: Written Business Case Analysis CRITERIA EXEMPLARY 4 The group applies Content appropriate (Application of PAS/PFRS and PAS 1, 2, 24, 28, 32, 38 and PFRS includes recommendations 7 and 9 and for the inclusion of recommendations improvement of its compliance on how to that will aid in improve compliance to the decision-making. PAS/PFRS) [80%] Format and Use of English Language [10%] The group writes the report following the prescribed format with sentences and paragraphs having no spelling and grammatical error. SATISFACTORY 3 The group applies appropriate PAS/PFRS and includes minor recommendations that have little impact on decisionmaking. DEVELOPING 2 The group applies PAS/PFRS somewhat inappropriately and includes somewhat unrealistic recommendations. BEGINNING 1 The group applies PAS/PFRS inappropriately and includes unrealistic recommendations. RATING

The group writes the report following the prescribed format with sentences and paragraphs having minor spelling and grammatical errors..

The group writes the report somewhat following the prescribed format having sentences and paragraphs with many spelling and grammatical errors. The group shows somewhat a lack of teamwork as evidenced in some inconsistencies both in the flow and contents of the paper.

The group writes the report not following the prescribed formant having sentences and paragraphs with many spelling and grammatical errors.

Teamwork [10%]

The group shows strong teamwork as evidenced in the oneness and consistency both in the flow and contents of the paper.

The group shows teamwork as evidenced in the consistency in terms of content of the paper.

The group shows lack of teamwork as evidenced in the inconsistencies both in the flow and contents of the paper.

TOTAL:

Group Presentation CRITERIA EXEMPLARY 4 The group Oral communicates presentation clearly the content skills of the report and [35%] generates interest and establishes rapport among audience. Presentation content [35%] The group includes all relevant items and materials in the report.

SATISFACTORY 3 The group communicates clearly the content of the report and generates some interest among audience.

DEVELOPING 2 The group communicates somewhat clearly the content of the report and generates little interest among audience.

BEGINNING 1 The group communicates vaguely the content of the report and does not generate interest among audience.

RATING

The group includes all required items and materials in the report.

The group The group includes includes some of many irrelevant the required items in the report. items and materials in the report. The group uses somewhat inappropriately the common features of Powerpoint. The group uses inappropriately the common features of Powerpoint.

Proper use of Powerpoint tools and features (including design and creativity) [10%] Teamwork [10%]

The group uses appropriately more than the commonly-used features of Powerpoint.

The group uses appropriately the common features of Powerpoint.

The group is organized and shows strong teamwork and camaraderie as evidenced in the presentation. All the group members are in complete business attire.

The group is organized and shows teamwork as evidenced in the presentation.

The group is somewhat organized and shows a hint of teamwork as evidenced in the presentation. Some of the group members not in business attire.

The group is disorganized and shows lack of teamwork as evidenced in the presentation. None of the group members are in business attire. TOTAL:

Business Attire [10%]

Some of the group members are in complete business attire.

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 Comprehensive Examination Average Quizzes * Assignment Portfolio Business Case Analysis Class Standing** Total Percentage 30% 50% 10% 5% 5% 100%

GRADE POINT 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.0

DESCRIPTION Excellent Superior Very Good Good Satisfactory Fair Pass Failure

EQUIVALENCE 97 - 100 94 - 96 91 - 93 87 - 90 83 - 86 77 - 82 70 - 76 Below 70% 2.0 (83%)

COURSE GRADE REQUIREMENT

LEARNING PLAN: LEARNING OUTCOME TOPICS WEEK NO. LEARNING ACTIVITIES

UNIT 1: FINANCIAL REPORTING STANDARDS COUNCIL AND THE CONCEPTUAL FRAMEWORK

LO1

1.1. Financial Reporting Standards Council creation, objectives and functions; membership, standard setting process 1.2 The IASB, history, current structure and processes, globalization of capital markets, harmonization of accounting standards, formation and achievements of the IASC 1.3 Financial accounting and financial statements 1.4 The environment of financial accounting 1.5 Conceptual framework of financial accounting

Read Conceptual Framework and PAS No.1, Chapters 1 and 2 of Kieso book; and answer assigned exercises (please refer to list of homework)

UNIT 2: ACCOUNTING FOR INVENTORIES LO1 2.1 Definition, nature, classes, recognition, measurement, valuation, classification, presentation, derecognition and disclosure 2.2 Inventory Recording Systems 2.2.1 Periodic inventory system 2.2.2 Perpetual inventory system 2.3 Costing Methods 2.3.1 At cost (Specific Identification, FIFO and Average) initial recognition 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 2&3

Read PAS 2, Chapters 8 and 9 of Kieso book; and answer assigned exercises (please refer to list of homework)

UNIT 3: ACCOUNTING FOR INVESTMENTS IN EQUITY AND DEBT INSTRUMENTS LO1 3.1 Nature, recognition, measurement, valuation, classification, presentation, derecognition, and disclosure 3.2 Introduction to financial instruments 3.2.1 Definition of financial instruments nature and examples of financial assets and liabilities 3.2.2 Categories of financial assets and liabilities 3.2.3 Non-financial assets/non-financial liabilities nature and example 3.3 Investment in Equity Instruments 3.3.1 Marketable Equity Securities 3.3.2 Unquoted Equity Securities 3.3.3 Investment in Associates 3.4 Investment in Debt Instruments 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 4

Read PAS 24, 28, 32, PFRS 7, 9 and Chapters 17 and 24 of the Kieso book; and answer the assigned exercises (please refer to list of homework)

5&6

UNIT 4: ACCOUNTING FOR INTANGIBLES

LO1 LO2 4.1 Definition, nature, classes, recognition, measurement, valuation, classification, presentation, derecognition and disclosure including amortization of identifiable intangible assets using straight-line method 4.1.1 Patents 4.1.2 Copyright 4.1.3 Trademarks and Trade Names 4.1.4 Research and Development Costs 4.1.5 Goodwill 4.1.6 Computer Software Costs 4.1.7 Franchise 7

Read PAS 38 and Chapter 12 of the Kieso book; answer the assigned exercises (please refer to list of homework); analyze and write the business case; and present the group report.

REFERENCES: Kieso, Donald; Weygandt, Jerry; Warfield, Terry. (2011). Intermediate Accounting (IFRS 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. (2012). 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.com http://www.wileyplus.com http://iasb.org 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 3. 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 2-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 St. La Salle Building, 3rd floor, Room 324. 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, St. La Salle Building, 3rd floor, North Wing.

May 2012