College of Accounting Education

ACP 312 – Course Syllabus

SCOURSE INFORMATION
1. Course Number : ACP 313
2. Course Name : Accounting for Government and Not-for-Profit Organizations
3. Course Description : This course is under Advanced Financial Accounting and Reporting (AFAR) and
deals
with specialized accounting problems likely to be encountered by accountants.
The study of the various topics in this course is based upon fundamental valuation
accounting and accounting theory involving accounting for government
transactions, not-for-profit organizations, insurance contracts, and service
concession arrangements. This course also discusses accounting for transactions
dealing with foreign currency including the translation of a foreign operation’s
financial statements.
4. Pre-requisite : ACC 221 – Intermediate Accounting 3
5. Co-requisite : None
6. Credit : 3.0 units
7. Class schedule : 6 hours per week

8. Program Educational Objectives (PEO):

Within 3 to 5 years after graduation, the accounting graduates will be able to:

1. Engage in the field of accounting or entrepreneurial undertaking that provides employment in the community.

2. Build and sustain a successful career in accounting through participation or involvement in continuing professional
development programs (CDPP) of the profession or pursue advance studies in other related area of specialization.

3. Show leadership and ethical responsibility in the practice of profession or in the community.

9. Student Outcomes (SO) and their links to Program Educational Objectives (PEO)

Student Outcomes (SO) PEO

Upon completion of the program, the UM Accountancy student will have the ability: 1 2 3
*1. Articulate and discuss the latest developments in the specific field of practice;   
*2. Effectively communicate orally and in writing using both English and Filipino;
*3. Work effectively and independently in multi-disciplinary and multi-cultural teams; 
*4. Act in recognition of professional, social, and ethical responsibility; 
5. Preserve and promote "Filipino historical and cultural heritage";
6. Describe the basic functions of management such as planning, organizing, leading and controlling; 
*7. Identify and describe the basic concepts that underlie each of the functional areas of business 
(marketing, finance, human resources management, production and operations management, information
technology, and strategic management) and employ these concepts in various business situations;
*8. Select the proper decision-making tools to critically, analytically and creatively solve problems and drive 
results;
9. Express clearly and communicate effectively with stakeholders both in oral and written forms;
*10. Apply information and communication technology (ICT) skills as required by the business environment; 
11. Work effectively with other stakeholders and manage conflict in the workplace;  
12. Organize and lead groups to plan and implement business related activities. 
13. Demonstrate corporate citizenship and social responsibility; 
14. Exercise high personal moral and ethical standards. 
*15. Resolve business issues and problems, with a global and strategic perspective using knowledge and 
technical proficiency in the area of financial accounting and reporting, cost accounting and management
accounting and control, taxation, and accounting information systems;
16. Conduct accountancy research through independent studies of relevant literature and appropriate use 
of accounting theory and methodologies;
17. Employ technology as a business tool in capturing financial and non-financial information, generating 

ACP 311 – Accounting for Date Revised: Revision No. 0 Date Effective: Page 1 of 9
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 College of Accounting Education
ACP 312 – Course Syllabus

reports and making decisions;

*18. Apply knowledge and skills to successfully respond to various types of assessments, and (including 
professional licensure and certifications);
*19. Confidently maintain a commitment to good corporate citizenship, social responsibility and ethical 
practice in performing functions as an accountant; and
20. Graduates of universities participate in the generation of new knowledge or in research and 
development program.
Note: * PO being addressed in this course

10. Course Outcomes (CO) of ACP 311 and their links to Student Outcomes

At the end of the course, Student Outcomes (SO)

the student has the ability 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
to:
CO1 CO 1. Explain the L O O O L L L L L O
accounting for
government, not-for-
profit transactions, service
concession arrangements,
insurance contracts,
foreign currency
transactions, and
translation of foreign
operation’s financial
statements.
CO2 CO 2. Apply concepts in L O O O L L L L L O
solving problems on
accounting for
government, not-for-
profit transactions, service
concession arrangements,
insurance contracts,
foreign currency
transactions, and
translation of foreign
operation’s financial
statements.
Legend:
L – facilitate LEARNING of competencies (input is provided and competency is evaluated).
P – Allow students to PRACTICE competencies (no input but competency is evaluated).
O – Provide OPPORTUNITY for development (no input or evaluation, but there is an opportunity to
practice the competencies.

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 Program Educational Objectives (PEO)

1. Engage in the field of accounting or

Vision: By 2022, a globally recognized institution
entrepreneurial undertaking that
providing quality, affordable and open education.
provides employment in the
Mission: Provide a dynamic and supportive academic
community.
environment through the highest standards of
2. Build and sustain a successful career in
instruction, research and extension in a non-sectarian
accounting through participation or
institution committed to democratizing access to
involvement in continuing
education.
Professional Development Programs
Core Values: Excellence, Honesty and Integrity,
(CPDP) of the profession or pursue
Innovation and Teamwork.
advance studies in other related area
Core Competency: “Quality affordable open education”
of specialization.
3. Show leadership and ethical
responsibility in the practice of
profession or in the community.

Course Outcomes (CO)

Students Outcomes (SO)as Apply to this Course

*1. Articulate and discuss the latest developments CO 1. Explain the accounting for
in the specific field of practice; government, not-for-profit transactions,
*2. Effectively communicate orally and in writing service concession arrangements,
using both English and Filipino; insurance contracts, foreign currency
*3. Work effectively and independently in multi- transactions, and translation of foreign
disciplinary and multi-cultural teams; operation’s financial statements.
*4. Act in recognition of professional, social, and
ethical responsibility; CO 2. Apply concepts in solving problems
*7. Identify and describe the basic concepts that on accounting for government, not-for-
underlie each of the functional areas of business profit transactions, service concession
(marketing, finance, human resources management, arrangements, insurance contracts, foreign
production and operations management, currency transactions, and translation of
information technology, and strategic management) foreign operation’s financial statements.
and employ these concepts in various business
situations;
*8. Select the proper decision-making tools to
critically, analytically and creatively solve problems
and drive results;
*10. Apply information and communication
technology (ICT) skills as required by the business
environment;
*15. Resolve business issues and problems, with a
global and strategic perspective using knowledge
and technical proficiency in the area of financial
accounting and reporting, cost accounting and
management accounting and control, taxation, and
accounting information systems;
*18. Apply knowledge and skills to successfully
respond to various types of assessments, and
(including professional licensure and certifications);
*19. Confidently maintain a commitment to good
corporate citizenship, social responsibility and
ethical practice in performing functions as an CO and Assessment Task Alignment
accountant;
Course Outcomes Assessment Task Assessment Coverage

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Special Transactions 1st Sem SY 2020-2021
 Schedule
Theory-based Practice-
based
CO 1. Explain the accounting MCQ/Short First Exam Government Accounting
for government, not-for-profit Answer (100%)
transactions, service
concession arrangements,
insurance contracts, foreign
currency transactions, and
translation of foreign
operation’s financial
statements.

CO 2. Apply concepts in
solving problems on
accounting for government,
not-for-profit transactions,
service concession
arrangements, insurance
contracts, foreign currency
transactions, and translation
of foreign operation’s
financial statements.
CO 1. Explain the accounting MCQ/Short Second Exam Not-for-Profit Organizations
for government, not-for-profit Answer (100%) Service Concession Arrangements
transactions, service Insurance Contracts
concession arrangements,
insurance contracts, foreign
currency transactions, and
translation of foreign
operation’s financial
statements.

CO 2. Apply concepts in
solving problems on
accounting for government,
not-for-profit transactions,
service concession
arrangements, insurance
contracts, foreign currency
transactions, and translation
of foreign operation’s
financial statements.
CO 1. Explain the accounting MCQ/Short Third Exam Foreign Currency Transactions
for government, not-for-profit Answer (100%)
transactions, service
concession arrangements,
insurance contracts, foreign
currency transactions, and
translation of foreign
operation’s financial
statements.

CO 2. Apply concepts in
solving problems on
accounting for government,
not-for-profit transactions,
service concession
arrangements, insurance
contracts, foreign currency
transactions, and translation
of foreign operation’s
financial statements.

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Special Transactions 1st Sem SY 2020-2021
 CO 1. Explain the accounting MCQ/Short Fourth Exam Translation of Foreign Operation’s Financial
for government, not-for-profit Answer (50%) Statements
transactions, service
concession arrangements, Competency Case study on preparation of translated
insurance contracts, foreign Assessment foreign operation’s financial statements.
currency transactions, and (50%)
translation of foreign
operation’s financial
statements.

CO 2. Apply concepts in
solving problems on
accounting for government,
not-for-profit transactions,
service concession
arrangements, insurance
contracts, foreign currency
transactions, and translation
of foreign operation’s
financial statements.
*MCQ/Short Answer assessment is cumulative

Assessment Task Details (Theory and Practice-based)

ASSESSMENT COVERAGE ASSESSMENT DETAILS
SCHEDULE TASK
First Government Accounting MCQ/Short You are expected to demonstrate deep knowledge the concept
Examination Answer and theories of accounting for home office and branch
(100%) transactions, and agency transactions.
(Theory-
based) Specifically, you should
1. Describe the basic concepts in government accounting and its
budget process
2. Prepare journal entries for books of national government
agencies

Second Not-for-Profit MCQ/Short You are expected to demonstrate deep knowledge on the concept
Examination Organizations Answer and theories of accounting for business combinations and the
Service Concession (100%) preparation of separate financial statements
Arrangements (Theory
Insurance Contracts based) Specifically, you should:
1. Describe the nature of business transactions and account
financial reporting implications of not-for-profit organizations
2. Account for insurance contracts by insurers (IFRS 17)
3. Account for service concession arrangements (IFRIC 12)
Third Foreign Currency MCQ/Short You are expected to demonstrate deep knowledge on the concept
Examination Transactions Answer and theories in the preparation of consolidated financial
(100%) statements and intercompany transactions
(Theory
based) Specifically, you should:
1. Identify the applicable rate for foreign currency transactions
and hedging operations
2. Ascertain the proper financial statement presentation on the
foreign currency transactions
3. Account for foreign currency forward contracts where hedge
accounting is required or not required
Fourth Translation of Foreign MCQ (50%) You are expected to demonstrate deep knowledge on the concept
Examination Operation’s Financial (Theory- and theories of accounting for corporate liquidation
Statements based)
Specifically, you should:
1. Translate from the functional currency to the presentation
currency of a foreign operation

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Special Transactions 1st Sem SY 2020-2021
 2. Remeasure from a foreign currency to the functional currency
of a foreign operation
3. Restate and ascertain the proper financial statements
presentation of a foreign operation in a hyperinflationary
economy

Assessment Task Details (Practice/Performance-based)

Assessment Coverage Assessment Details
Schedule Task

Final Exam Translation of Foreign
Operation’s Financial
Statements
Case Study  The purpose of this task is for you to apply your knowledge in
Analysis and the preparation of consolidated financial statements.
Decision  You are required to make a case study on the topic of
(50%) consolidated financial statements as assigned by your
Competency teacher. The objective is to integrate the knowledge you have
Assessment learned.
 You are required to present your answer to the questions
raised in the case and a brief explanation of your answers.
 You are to perform the case study analysis on Monday,
following after the 4th examination.
 You will be graded according to the Case Study Analysis and
Decision Rubric for Problem Solving.

Case Study Analysis and Decision Rubric for Problem Solving

Performance Area Rating = 5 Rating = 4 Rating = 3 Rating = 2 Score

Student states the Student does not
Student Student fails to
Defining the problem clearly identify the
adequately defines define problem
Problem and identifies problem.
the problem. adequately.
underlying issues.
Student develops a
clear and concise
plan to solve the Student develops Student develops a Student does not
Developing a Plan
problem, with an adequate plan marginal plan, and develop a coherent
to Solve the
alternative and follows it to does not follow it plan to solve the
Problem
strategies, and conclusion to conclusion. problem.
follows the plan to
conclusion.
Student collects Student collets
Student collects
information from inadequate
Collecting and adequate
multiple sources information to Student collects no
Analyzing information and
and analyzes the perform viable information.
Information performs basic
information in- meaningful
analyses.
depth analyses.
Student provides a Student provides
Student provides
logical an adequate
an inadequate
Interpreting interpretation of interpretation of Student does not
interpretation of
Findings and the findings and the findings and interpret the
the findings and
Solving the clearly solves the solves the findings/reach a
does not derive a
Problem problem, offering problem, but fails conclusion.
logical solution to
alternative to provide
the problem.
solutions alternatives.
Total

11. COURSE OUTLINE AND TIME FRAME

TIME TOPICS TEACHING and Required Readings

FRAME LEARNING ACTIVITIES

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Week 1 Orientation on Classroom
to Management and University Policies
Week 3 as well as Grading System
Discussion of Program Goals,
Program Objectives, and Course
Outcomes
Government Accounting
Orientation
Lecture/Discussion
Assignment/Seatwork
Graphic Organizer
Paraphrasing Strategy
Cayanan, A. S. (2017). A study of the
performance and financial reporting
practices of philippine government owned
and controlled corporations: Home guaranty
corporation (HGC). Philippine Management
Review, 24 
https://search.proquest.com/docview/19571
13868?accountid=31259

Collaborative Learning
Tips and Strategies

FIRST EXAMINATION
Week 4 Not-for-Profit Organizations Lecture/Discussion
to
Week 5 Service Concession Arrangements Think, Pair and Share
Insurance Contracts Assignment/Classroom
Exercises
Gallery Walk
Real-Life Scenarios
Cainglet, J. H. (2016). Public private
partnerships in the philippines: When failed
bidding means victory. Development, 59(1-
2), 133-136.
doi:http://dx.doi.org/10.1057/s41301-017-
0080-2
https://search.proquest.com/docview/19436
27023?accountid=31259

Current Events Tie-Ins

SECOND EXAMINATION
Week 6 Foreign Currency Transactions Lecture/Discussion
To
Week 7 Assignment/Classroom
Exercises
Graded Oral Recitation
Hand-On Activities with
Follow-Up Work
Matei, N. C., & Dumitru, A. P. (2016).
Exchange rate differences-the accounting
treatment and its influence on the financial
performance of an economic entity.  Global
Economic Observer,  4(2), 58-65.
https://search.proquest.com/docview/18602
77058?accountid=31259

THIRD EXAMINATION
Week 8 Translation of Foreign Operation’s Lecture/Discussion
to Financial Statements
Week 9 Assignment/Classroom
Exercises
Think, Pair and Share
Role Playing
Know, What, Learn
(KWL) Chart
FOURTH EXAMINATION
Chamisa, E., Mangena, M., Hamutyinei, H. P.,
& Tauringana, V. (2018). Financial reporting
in hyperinflationary economies and the value
relevance of accounting amounts: Hard
evidence from zimbabwe.  Review of
Accounting Studies,  23(4), 1241-1273.
doi:http://dx.doi.org/10.1007/s11142-018-
9460-4
https://search.proquest.com/docview/20645
77430?accountid=31259

12. TEXTBOOK :

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Special Transactions 1st Sem SY 2020-2021
 a. Pedro P. Guerrero and Jose F. Peralta (2017), Advanced accounting: principles and procedural
applications, Manila: GIC Enterprises & Co.

References:
a. Theodore E. Christensen, David M. Cottrell, Cassy JH Budd (2019), Advanced financial accounting, New
York, NY: McGraw-Hill Education
b. Joe B. Hoyle, Thomas F. Schaefer, Timothy S. Doupnik (2018), Fundamentals of advanced accounting, New
York, NY: McGraw-Hill Education
c. Pearl Tan Hock Neo, Lim Chu Yeong, Kuah Ee Wen (2017), Advanced financial accounting an IFRS
standards approach, New York: McGraw-Hill Education
d. Fischer, Paul Marcus (2016), Advanced accounting, Australia : Cengage Learning
e. Punzalan, Angelito R. (2015), Procedural and comprehensive approach in government accounting: New
Government Accounting System (NGAS): unified accounts code structures (UACS), Manila : GIC Enterprises

13. COURSE EVALUATION

Assessment methods Weights

EXAMINATIONS 60%
A. Exam 1 to Exam 3 – 10% each 30%
B. Final Exam (50% - MCQ*; 50% - Performance Task) 30%
CLASS PARTICIPATIONS 40%
C. Quizzes 10%
D. Final Requirement – Practice Set 15%
E. Oral recitation 10%
F. Assignments 5%
TOTAL 100%

*The final examination is a pre-board examination which is conducted every end of the 2 nd term. This is a
comprehensive examination which overs two (2) clustered subjects in the CPA licensure examination – Financial
Accounting and Reporting (FAR) and Advanced Financial Accounting and Reporting (AFAR). The final examination grade
is computed as follows: 60% - AFAR; 40% - FAR.

14. POLICIES AND GUIDELINES

a. Attendance is counted from the first regular class meeting.
b. A validated student identification card must always be worn by all students while attending classes.
c. Cheating is strictly prohibited. Any form of dishonesty shall be dealt with accordingly. Honesty is called for at all times.
d. Valid examination permits are necessary in taking the examinations as scheduled. PRESCRIBED PRC CALCULATORS are
allowed during EXAMINATIONS.
e. Base-15 grading policy should be observed. Students who obtained failing scores in major exams are recommended to
attend the tutorial class.

Prepared by: References Reviewed by:

MYRA T. MIRAFLORES, CPA, MSA (CAR) BRIGIDA E. BACANI

Head – Learning and Information Center

MARK GLENN G. PARPAN, CPA

CEDRIC IAN CARLO PETALCORIN, CPA, MBA

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Reviewed by: Recommending Approval

JADE D. SOLAÑA, CPA, MBA LORD EDDIE I. AGUILAR, CPA, MBA

Program Chair – BSA, BSMA Dean

Approved by:

PEDRITO M. CASTILLO II, EdD

VP – Academic Planning and Services (APS)

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