DR. GLORIA D. LACSON FOUNDATION COLLEGES, INC.

Castellano, San Leonardo, Nueva Ecija

Tel No. ( 044 ) 486 – 2919 / Fax (044) 486-29-18

OUTCOMES – BASED ACCOUNTANCY COURSE SYLLABUS

COLLEGE OF ACCOUNTANCY

AE13 - FINANCIAL ACCOUNTING & REPORTING

First Semester, SY 2018 – 2019

I. PRELIMINARIES

A. College

Vision: The College of Accountancy will continue to be a department of excellence with a strong focus on its civic-based
identity and academic distinction with a dedicated and caring faculty who value above their students care & support.

Mission: The College of Accountancy extends its generosity & altruism to all aspiring students who are determined to become
an ACCOUNTANT and later will pass the Board Exam for CPA in the near future through the nurturing & support afforded
to them.

Goals: 1. To train future accountant in business, private and government who can be relied upon in their chosen endeavor;

2. To promote and disseminate practical knowhow in the field of accountancy and allied fields through training,
production and networking services. 

B. Course Title: AE13 – FINANCIAL ACOUNTING & REPORTING

3 units
II. COURSE DESCRIPTION
This course provides an in depth study of the regulation, concepts, standards and processes relevant to financial accounting and reporting. It
covers topics on accounting and its environment, the conceptual framework for financial accounting generally accepted principles, the
regulation, measurement, and statement presentation of asset items in the balance sheet. The unit develops graduate capabilities associated
with discipline specific knowledge, technical skills and professional judgement, and their application to solving practical financial reporting
issues, and with effective business communication skills for accountants.
III. COURSE OBJECTIVES

1. To introduce and understand accounting and used for decision making.

2. To comprehend the fundamentals in order to develop the necessary technical and bookkeeping skills.
3. To able to develop a strong yet flexible business background that will allow coping up with the challenges of economic models.

IV. COURSE CONTENTS

Week Require Intended Graduate
d Topic Outline Intended Teaching Students Attributes
Number Learning Learning Assessment (in support of the
of Hours Outcomes Strategies/ Modalities overall institutional
Methodology outcomes)
PRELIM
1-6 The student 1. Lecture 1.Quizzes Demonstrate
The Financial Reporting Environment must be able 2. Class 2.Recitation accounting prowess
to show discussion 3.Exam by solving questions
 Describe the regulatory environment for financial 3. Report / 4.Reports
accounting correctly & can
reporting and the reasons for accounting and Chart
reporting requirements
skills & prepare a financial
4. Practice set
 Discuss the main types of business entity and analysis.  reports.
explain the reasons for selecting each structure.
 Identify different types of accounting regulation,
including laws, Generally Accepted Accounting
Principles and International Financial Reporting
Standards.
 Explain how the requirements from users,
together with social and environmental
developments, impact the underlying principles
and requirements of financial reporting and the
desire to establish a single set of international
accounting standards.
 Describe the role of the International Accounting
Standards Board in developing a regulatory
framework and explain how new policies and
standards are established.
 Identify the purpose of a conceptual framework
and the key characteristics in the Generally
Accepted Accounting Principles (GAAP) and
apply the knowledge to define and recognize the
 different elements of the financial statements.
 Describe and demonstrate the role of accounting
standards and accounting policies in fairly
presenting the financial performance and financial
position of an entity.

The Accounting Theory

 Compare historical cost accounting with other
methods of valuation and explain the differences.
 Explain agency and contracting theories and how
they relate to accounting policy choice (positive
accounting theory).
 Apply the recognition criteria for the elements of
the financial statements according to the
conceptual framework (normative theory).
MIDTERM
7-12 Financial Statements
 Prepare and present the statement of profit or loss
and other comprehensive income with appropriate
disclosure in accordance with relevant accounting
standards and policies.
 Prepare and present the statement of financial
position with appropriate disclosure in accordance
with relevant accounting standards and policies.
 Prepare and present the statement of cash flows in
accordance with relevant accounting standards
and policies.
 Demonstrate the ability to detect, investigate and
correct discrepancies or particular items/events
while matching the financial statements to
supporting documentation.

Application of Specific Accounting Standards

 Calculate the carrying amounts of different classes
of intangible assets and prepare the relevant
journal entries.
 Interpret contracts to determine the amount and
timing of revenue to be recognised in the financial
 statements and reconcile the differences between
ledgers if necessary.
 Calculate current and deferred income tax and
prepare the relevant journal entries to record the
tax effect in the financial statements.
 Calculate and account for foreign currency
transactions at transaction date and subsequent
dates
 Translate financial statements from a functional
currency to a presentation currency

FINALS
12-18 Business Combinations
 Discuss the accounting issues for various forms of
business combinations.
 Explain how goodwill is measured and disclosed
at the date of acquisition and prepare the relevant
journal entries.
 Explain how goodwill is measured and impaired
subsequent to acquisition and prepare the relevant
journal entries
 Discuss the concept of control and calculate the
non-controlling interest share of equity.
 Prepare consolidated statements of financial
position, including the entries for goodwill and
non-controlling interests

Analysis of Financial Statements

 Calculate, analyze and interpret financial ratios
and their interrelationship in the financial
statements.
 Explain the limitations of financial statement
analysis.
Recommended Text and Readings:
FINANCIAL ACCOUNTING AND REPORTING STUDY GUIDE 7TH EDITION

Recommending Approval: Prepared by:

CEZARIO G. TAN, CPA Renzi Joyce G. Calma

OIC-DEAN INSTRUCTOR

Approved:

DR. LEONARDO L. NAVARRO

Vice President for Academic Affairs