COURSE SYLLABUS

Course Title FINANCIAL ACCOUNTING AND REPORTING 3

Course Code FINACC3
Course Credit 3 UNITS
Course Prerequisite FINACC2
Course Description The course is the culmination of the Financial Accounting series and it deals with the preparation
of a properly classified Statement of Financial Position, Statement of Comprehensive Income,
Statement of Changes in Equity, Statement of Cash Flows, and Notes to Financial Statements.
The course topics include reconstruction of accounts from incomplete records, changing cash
basis to accrual basis of accounting, correction of errors, accounting for changes, discontinued
operations, interim and segment reporting, and other current related items and topics related to
small and medium-sized entities.
Course Objective The basic objective is to facilitate the preparation of a complete set of financial statements in
accordance with Philippine Financial Reporting Standards and PFRS for SMEs.
Course Outcomes By the end of the course, the Learner is expected to:
CO1. Prepare a properly classified financial statements in accordance with PFRS and
PFRS for SMEs.
CO2. Account for problems involving accounting changes, correction of errors,
discontinued operations, interim and segment reporting, and reporting in
hyperinflationary economies.
CO3. Reconstruct accounts from (1) incomplete accounting records or (2) cash basis to
accrual basis of accounting.
Prescribed Textbook Empleo, Patricia and Robles, Nenita (2014). Intermediate accounting volume 3. Mandaluyong
City: Millenium Books.
References Valix, Conrado et al (2015). Financial accounting volume 3. Manila: GIC Enterprises & Co.
Milla, Zeus Vernon (2015). Intermediate financial accounting part 3: based on Philippine
financial reporting standards. Baguio City: NCPAR.
Cabrera, Ma. Elenita and Ocampo, Reynaldo (2014). Financial accounting and reporting:
standards and applications volume 3. Manila: GIC Enterprises & Co.
Kieso, Donald, Weygandt, Jerry, and Warfield, Terry (2014). Intermediate accounting. New
Jersey: Wiley.
Grading System Class Standing 1st half 25 (includes quizzes, assignments, seatworks)
Mid-Term Exam 25
Class Standing 2nd half 25 (includes quizzes, assignments, seatworks)
Final Exam 25
100%
Course Policies Expectations from the Student
The student’s responsibility is to come to each class prepared. S/he is also expected to take all
examinations on the date scheduled. S/he should read the assigned problems prior to class.
S/he is expected to attend each class and participate actively in the discussions.
Academic Dishonesty
All students are expected to be academically honest. Cheating, lying and other forms of
unethical behavior will not be tolerated. Any student found guilty of cheating in major
examinations or plagiarism in submitted course requirements will receive a “0.0” grade for the

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 course. Plagiarism refers to the use of books, notes or other intellectual property without giving
proper attribution to its author, or representing the work of another person as one’s own.
Cheating refers to securing help in a test; copying tests, assignments, reports or term papers;
collaborating with other students during an examination or in preparing academic work; signing
another student’s name on an attendance sheet; or otherwise practicing scholastic dishonesty.
Absences
1. A student is considered late, and is considered half-absent, if he/she arrives in class after
the official start time but within the allowable period of 40 minutes.
2. A student is considered absent from class if he is not present within the first 40 minutes of
the scheduled class session.
3. A student is held responsible for all course requirements and for the entire content of the
sessions missed regardless of the reason/s for his/her absences.

LEARNING PLAN

Major Topic: THE FINANCIAL STATEMENTS

Specific Objectives: Learning Outcomes:

At the end of the lesson, the student will be able to:
1. Prepare a complete set of financial statements in accordance with the Philippine CO1
Financial Reporting Standards.

Teaching and Learning Activities: Assessment Task:

Lecture, Class Discussion/Dialogue, Case Analysis Seatwork, Quiz

Week No. Subtopics

1. Statement of Financial Position
2. Statement of Comprehensive Income
3. Statement of Changes in Equity
1-2
4. Statement of Cash Flows
5. Notes to Financial Statements
6. Philippine Financial Reporting Standards and PFRS for SMEs

Major Topic: NON-CURRENT ASSETS HELD FOR SALE and DISCONTINUED OPERATIONS

Specific Objectives: Learning Outcomes:

At the end of the lesson, the student will be able to:
1. Identify non-current assets that will be sold in the current term. CO1
2. Account for transactions relating to non-current assets that are held for sale in the
current term.
3. Explain discontinued operations.
4. Account for transactions relating to discontinued operations.

Teaching and Learning Activities: Assessment Task:

Lecture, Class Discussion/Dialogue, Case Analysis Seatwork, Quiz

Week No. Subtopics

1. Non-Current Assets Held for Sale
3-4
2. Discontinued Operations: Gains and Losses

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Major Topic: STATEMENT OF CASH FLOWS

Specific Objectives: Learning Outcomes:

At the end of the lesson, the student will be able to:
1. Identify the sections in the statement of cash flows. CO1
2. Prepare a statement of cash flows.

Teaching and Learning Activities: Assessment Task:

Lecture, Class Discussion/Dialogue, Case Analysis Seatwork, Quiz

Week No. Subtopics

1. Operating Activities: Direct Method versus Indirect Method
5-6 2. Investing Activities
3. Financing Activities

Major Topic: MID-TERM EXAMINATION

Major Topic: ACCOUNTING FOR ERRORS AND CHANGES IN ACCOUNTING ESTIMATES

Specific Objectives: Learning Outcomes:

At the end of the lesson, the student will be able to:
1. Identify the characteristics of an accounting error. CO1, CO2
2. Account for the correction of an accounting error.
3. Know the effects of an accounting error on the financial statements.

Teaching and Learning Activities: Assessment Task:

Lecture, Class Discussion/Dialogue, Case Analysis Seatwork, Quiz

Week No. Subtopics

1. Accounting for Errors
7-8 2. Accounting for Changes in Estimates
3. Accounting for Changes in Principles

Major Topic: SINGLE ENTRY VERSUS DOUBLE ENTRY and CASH-BASIS VERSUS ACCRUAL BASIS

Specific Objectives: Learning Outcomes:

At the end of the lesson, the student will be able to:
1. Reconstruct accounts from a single entry to double entry bookkeeping. CO1, CO3
2. Reconstruct accounts from cash basis to accrual basis of accounting.

Teaching and Learning Activities: Assessment Task:

Lecture, Class Discussion/Dialogue, Case Analysis Seatwork, Quiz

Week No. Subtopics

1. Single-entry bookkeeping
2. Double-entry bookkeeping
9-10
3. Cash basis accounting
4. Accrual basis accounting

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 Major Topic: INTERIM REPORTING and SEGMENT REPORTING

Specific Objectives: Learning Outcomes:

At the end of the lesson, the student will be able to:
1. Apply the standard on interim and segment reporting CO1, CO2

Teaching and Learning Activities: Assessment Task:

Lecture, Class Discussion/Dialogue, Case Analysis Seatwork, Quiz

Week No. Subtopics

1. Interim Reporting
11-12
2. Segment Reporting

Major Topic: HYPERINFLATIONARY ECONOMIES and PFRS FOR SMEs

Specific Objectives: Learning Outcomes:

At the end of the lesson, the student will be able to:
1. Identify the characteristics of a hyperinflationary economy CO1, CO2, CO3
2. Compare and contrast the PFRS and PFRS for SMEs

Teaching and Learning Activities: Assessment Task:

Lecture, Class Discussion/Dialogue, Case Analysis Seatwork, Quiz

Week No. Subtopics

1. Hyperinflationary Economies
12-13
2. PFRS for SMEs

Major Topic: FINAL EXAMINATION

Prepared by OSLER T AQUINO Approved by MYRNA T. BELEN

24 November 2019

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