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UNIVERSITY OF SAINT LOUIS

Tuguegarao City

SCHOOL OF ACCOUNTANCY, BUSINESS and HOSPITALITY

First Semester
Academic Year 2021-2022

ONLINE LEARNING MODULE

ACCT 1013- Conceptual Framework and Accounting Standards

Lesson 2: Standard Setting Body

REMINDERS:

 Lessons will be uploaded every Monday, and submission will be every Friday of the week.
 Comply with all requirements (written outputs, projects/performance tasks examinations and the like.)
 Turn in learning tasks on time to avoid backlogs.
 For this week, the following shall be your guide for the different lessons and tasks that you need to
accomplish. Be patient, read them carefully before proceeding to the tasks expected of you.

Date Topics Activities or Tasks

August 23 A. Standard setting process in the Read Lessons from books and handouts
August 24 International Setting Online discussion
August 25 B. Standard setting process in the Accomplish the drills and exercises
Philippines
August 27 Submission of Assessments
Participate in the scheduled Quiz
Learning 1. Discuss the process of development of standards and the organizations involved
Outcomes: in its promulgation.

2. Elaborate the standard setting process in the international and Philippine setting.

LEARNING CONTENT

For the start of our lesson this week, we are going to look into one of the important
organization in the standard setting process – the IFRS Foundation. According to their website, this
is a brief description of their organization.

The IFRS Foundation is a not-for-profit, public interest organization established to develop a

single set of high-quality, understandable, enforceable and globally accepted accounting
standards—IFRS Standards—and to promote and facilitate adoption of the standards. IFRS
Standards are set by the IFRS Foundation’s standard-setting body, the International Accounting
Standards Board.

Accounting standards are a set of principles companies follow when they prepare and publish
their financial statements, providing a standardised way of describing the company’s financial

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performance. Publicly accountable companies (those listed on public stock exchanges) and financial
institutions are legally required to publish their financial reports in accordance with agreed accounting
standards.

MISSION STATEMENT OF THE IFRS FOUNDATION

Our mission is to develop IFRS Standards that bring transparency, accountability and efficiency to
financial markets around the world. Our work serves the public interest by fostering trust, growth and
long-term financial stability in the global economy.

 IFRS Standards bring transparency by enhancing the international comparability and quality of
financial information, enabling investors and other market participants to make informed economic
decisions.
 IFRS Standards strengthen accountability by reducing the information gap between the providers of
capital and the people to whom they have entrusted their money. Our Standards provide information
needed to hold management to account. As a source of globally comparable information, IFRS
Standards are also of vital importance to regulators around the world.
 IFRS Standards contribute to economic efficiency by helping investors to identify opportunities and
risks across the world, thus improving capital allocation. Use of a single, trusted accounting language
lowers the cost of capital and reduces international reporting costs for businesses.

IFRS Standards are currently required in more than 140 jurisdictions and permitted in many more.

The IFRS Foundation's three-tier structure

The IFRS Foundation has a three-tier governance structure, based on an independent standard-
setting Board of experts (International Accounting Standards Board), governed and overseen by
Trustees from around the world (IFRS Foundation Trustees) who in turn are accountable to a
monitoring board of public authorities (IFRS Foundation Monitoring Board).

The IFRS Advisory Council provides advice and counsel to the Trustees and the Board, whilst the
Board also consults extensively with a range of other standing advisory bodies and consultative
groups.

THE CONSULTATIVE BODIES OF THE IFRS FOUNDATION

Developing accounting standards for the global economy is a collaborative exercise founded on
transparency, full and fair consultation, and accountability.

The Due Process Handbook of the IFRS Foundation —the blueprint for the standard-setting
process, which ensures that IFRS Standards are developed free from undue influence—requires
that the Board consider the perspectives of those affected by IFRS Standards globally. To enable
us to consult widely, we work closely with a wide network of advisory committees and bodies,
representing the many different stakeholder groups that have an interest in and are affected by
financial reporting. These groups and bodies are important channels for us to gather input on our

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work; the groups enable us to efficiently consult with interested parties from a range of backgrounds
and geographical regions.

Advisory bodies

Accounting Standards Advisory Forum (ASAF)

 Consists of national standard-setters and regional standard –setting bodies that contributes to the
development of globally accepted and high-quality accounting standards

IFRS Advisory Council (Advisory Council)

 formal advisory body to the Trustees of the IFRS Foundation and the International Accounting
Standards Board (Board). It consists of a wide range of representatives, comprising individuals and
organisations with an interest in international financial reporting.

Standing consultative groups

Other Advisory boards

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THE STANDARD SETTING PROCESS

The Standard Setting Process Adopted by the International Accounting Standards Board (IASB)

The IASB follows an International consultation process, the “due process” in developing the
International Financial Reporting Standards which involves interested individuals and
organizations around the world.

The due process comprises the following stages:

1. Setting the agenda

2. Planning the project
3. Developing and publishing discussion paper
4. Developing and publishing the exposure draft
5. Developing and publishing the standard
6. After the standard is issued

SETTING THE AGENDA

In addressing users’ demand for better quality information, the IASB identifies an issue item to its
agenda after considering the following:

1. Relevance to users of the information and the reliability of information that could be provided
2. Existing guidance available
3. The possibility of increasing convergence
4. The quality of IFRS to be developed
5. Resource constraints

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PLANNING THE PROJECT

The IASB raises and discusses potential agenda items with other standard setters and interested
parties, the IFRS advisory council and the IFRS interpretations committee, and staff research. A
working group is then established. When considering whether to add an item to its active agenda
the IASB may determine that it meets the criteria to be included in the annual improvement process.
The IASB assesses the issue against criteria such as

1. Clarifying
2. Correcting
3. Well defined and sufficiently narrow in scope that the consequences of the proposed change have
been considered
4. Completed in a timely basis
5. All criteria must be met to qualify as an item to be included in the annual improvement process

DEVELOPING AND PUBLISHING THE DISCUSSION PAPER

Discussion of a working group is contained in a discussion paper that includes comprehensive

overview of the issue, possible approaches in addressing the issue, the preliminary view of its
authors or the IASB and an invitation to comment for usually 120 days. The issue being discussed
may result from a research project being carried by another standard setter or it may be an active
agenda carried out by the IASB. The decision of all technical issues takes place in public sessions
where question and answers are conducted

DEVELOPING AND PUBLISHING AN EXPOSURE DRAFT

The IASB considers comments received on the discussion papers, results and suggestions
of the working group arising from public educations sessions. An exposure draft is developed and
voted upon. The IASB normally allows a period of 120 days for comment of an exposure draft.
The project team summarizes and analyzes the comments received for the IABS’s deliberation.
The IASB is required to consult the IFRS advisory council and maintains contact with various
groups of constituents. The exposure draft is the IASB’s main vehicle to consult the interested
public.

DEVELOPING AND PUBLISHIING THE STANDARD

The IASB makes revisions on the draft after considering the comments on the exposure draft.
When deemed necessary, a second exposure draft is developed and published, following the same
process described above. Upon reaching conclusion on the issues covered in the exposure draft,
the pre-ballot IFRS is send to selected parties for review; after which, near final draft is posted on
the IASB’s website. Balloting, which is circularizing the near final reporting standard to the IASB’s
members requires individual review and approval of the draft the approved pronouncement is
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posted to the IASB’s website for an initial period of about ten days, after which, the draft is freely
available online.

AFTER ISSUING THE STANDARD

After issuance of an IFRS, the IASB holds regular meetings with interested parties to address
some unanticipated issues relating to implementation. The IASB may initiate studies in the light of
its review of the application of standard, changes in the financial reporting environment and
regulatory requirements and comments received about the quality of the IFR. Such studies may
result in items being added to the IASB’s agenda.

THE STANDARD SETTING IN THE PHILIPPINES

Before 1981 – the Philippines do not have a formal process for the development of accounting
practices. Accounting principles then were patterned in actual business practices, mostly based on
the accounting practices and principles developed by the United States of America

Late 1981 – the Philippine Institute of Certified Public Accountants, the accredited professional
organization of Certified Public Accountants in the Philippines, organized the Accounting
Standards Council (ASC) that formalized the standard setting process in the country. The main
function of ASC was to establish and improve Generally Accepted Accounting Principles in the
Philippines. The accounting standards developed by the ASC were known as the Statements of
Financial Accounting Standards (SFAS). These standards were based on existing practices,
research and studies undertaken by IFRS Advisory council, the statements of the IASB committee,
and Financial Accounting Standards Board of the United States of America.

The ASC was composed of eight members, representing the following organizations; PICPA,
Securities and Exchange Commission, Bangko Sentral ng Pilipinas, Board of Accountancy and
Financial Executives of the Philippines

1997 – 2000 – the Philippine transition to the IAS and IFRs was gradually made, the ASC
developed Accounting standards already based in the International Accounting Standards

2001 – the ASC adopted most of the standards developed by IASC

2005 – the ASC adopted in full the International Accounting Standards

2006 - The Board of Accountancy regulates the practice of accountancy in the Philippines,
established the Financial Reporting Standards Council (FRSC) to replace and take over the
functions of ASC. The FRSC should be composed of a chairman and 14 members representing the
following organizations: Board of Accountancy, SEC, BSP, BIR, COA, Financial Executives of the
Philippines and accredited PICPA members. The FRSC formed the Philippine Interpretations
Committee (PIC) to provide the council assistance in establishing and improving Financial Reporting
Standards in the Philippines. The PIC issues implementation guidelines on PFRS.

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The PFRS consists of:

1. PFRS adopted from the IFRS

2. PAS adopted from the IAS
3. Philippine Interpretations which are adopted from IFRIC and the SIC and the interpretations of the
PIC

The PFRS set out the recognition, measurement, presentation and disclosure requirements
dealing with transactions and events that are important in general purpose financial transactions.
They may also set out such requirements for transaction and events that arise mainly in specific
industries. The PFRSs are developed through a due process that involves members of PICPA,
financial executives, regulatory authorities, members of the academe and other interested
individuals. Due process normally but not necessarily involves the following steps:

1. Consideration of the pronouncement of IASB

2. Formation of a task force, when deemed necessary, to give advice to the FRSC
3. Issuing for comment an exposure draft approved by a majority of the FRSC members; comment
period will be at least 60 days, unless a shorter period (not less than 30 days) is considered
appropriate by the FRSC
4. Consideration of all comments received within the comment period and when appropriate, preparing
a comment letter to the IASB
5. Approval of a standard or an interpretation by a majority of the FRSC members

To this date, the FRSC is continuously monitoring the revisions of and the amendments to the IFRSs to
ensure that improvements in the IFRSs are being made effective in the Philippines. Other that the FRSC,
the Board of Accountancy monitors the implementation of the PFRS.

REFERENCES:

Textbook:
Empleo, P. and Robles, N. (2019). The Philippine Financial Reporting Reporting (Conceptual Framework and
Accounting Standards). Mandaluyong City: Millennium Books, Inc.
Millan, Z. (2020). Conceptual Framework & Accounting Standards. 4F Pelizloy Centrum, Lower Session
Road, Baguio City. Bandolin Enterprise Publishing and Printing.

References:
1. Cabrera, E, et al. (2018). Conceptual Framework and Accounting Standards. Manila: GIC
Enterprises
2. Valix, C, et al. (2019). Conceptual framework and accounting standards. Manila: GIC Enterprises
& Co., Inc.
3. Ballada, W. (2019). Basic Financial Accounting and Reporting. Manila: DomDane Publishers.
4. Cabrera, E.(2017) Fundamentals of Accounting Volume I, GIC Enterprises & Co., Inc., Manila
5. Financial Reporting Standard Council (2017). Philippine Financial Reporting Standards. PICPA
6. Valencia, E. and Roxas, G. (2017), Basic Accounting. Baguio City: Valencia Educational Supply
7. Valix, C. and Peralta, J. (2018). Financial Accounting Volume I. GIC Enterprises & Co., Inc., Manila

Electronic Resource:
1. Introduction to accounting, https://courses.lumenlearning.com/sac-finaccounting/chapter/chapter-
1/
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2. Accounting Basic https://www.accountingcoach.com/accounting-basics/explanation

3. Basic Accounting. https://www.bizfilings.com/toolkit/research-topics/finance/basic-accounting/the-
accounting-system-and-accounting-basics
4. Basic accounting and bookkeeping lessons, http://www.moneyinstructor.com/accounting.asp
5. Financial Accounting. https://www.accountingcoach.com/financial-accounting/explanation
6. Accounting Tutorials for Beginners. https://www.guru99.com/accounting.html
7. International Financial Reporting Standards. www.ifrs.org
8. International Accounting Standards. www.iasplus.com/en/standards/ias

ASSESSMENTS:

PARTICIPATION (for recitation purposes)

DRILLS/ ACTIVITIES/ APPLICATION

EVALUATION (Quiz)

ASSIGNMENT

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UNIVERSITY OF SAINT LOUIS

Tuguegarao City

SCHOOL OF ACCOUNTANCY, BUSINESS and HOSPITALITY

First Semester
Academic Year 2021-2022

ONLINE LEARNING MODULE

ACCT 1013- Conceptual Framework and Accounting Standards

Lesson 1: The Need for Financial Reporting

REMINDERS:

Get Involved. USL expects you to do the following:

 Lessons will be uploaded every Monday, and submission will be every Friday of the week.
 Comply with all requirements (written outputs, projects/performance tasks examinations and the like.)
 Turn in learning tasks on time to avoid backlogs.
 For any query that you want to make about your lessons or procedures in school, contact us through our
messenger group chat, LMS chat boxes or feel free to contact us through the following during our
consultation hours

mentor Class code Facebook name e-mail Cell number

Sir Jerome 279, 283 Jerome Banera jbanera@usl.edu.ph 0995 219 2099
Sir Royce 280 Rommel Royce Cadapan rcadapan@usl.manzano.ph 0917 890 6862

Remember:

Expect to do a lot of reading, problem-solving activities and other self-directed activities. Varied assessments or
activities will be given. At the outset, I am strictly warning you against copying your classmates’ output without
exerting any effort. We will be asking you to make a Journal of Learning (similar to your notebook during face
to face classes) to record and assess the extent of learning during the term.

This Week’s Time Table: (August 17 – 21, 2021)

For this week, the following shall be your guide for the different lessons and tasks that you need to accomplish.
Be patient, read them carefully before proceeding to the tasks expected of you.
HAVE A FRUITFUL LEARNING EXPERIENCE 😊

Date Topics Activities or Tasks

August 17 I. The Need for Financial Reporting Read Lessons from books and handouts
August 18 A. The Nature of Accounting Online discussion
August 19 B. The users of Accounting information Accomplish the drills and exercises
C. Branches of Accounting
August 20 Submission of Assessments
Participate in the scheduled Quiz
Learning 1. Define the purpose of accounting and financial reporting.
Outcomes: 2. Identify the different users of financial accounting information and their respective needs.
3. Discuss the different branches of accounting
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LEARNING CONTENT

OLA!!!
Welcome to our class.

Our course for this semester is Conceptual Framework and Accounting Standards.

We do hope you’ll enjoy this subject despite its “wordy” nature and with our current situation.

We are please and happy to impart our knowledge and wisdom to you guys. See you the SOONEST.
---------------------------------------------------------------------------------------------------------------------------------------------------

Information in business is vital for it to survive. These pieces of information need to be synthesize in order
for it to be used in decision making. And because we are in a dynamic society, the users of the business
information need it to be up-to-date and relevant. Now, let’s look into the nature of accounting information and
the different users of financial information.

Nature of Accounting
Accounting is the systematic recording of financial transactions and presentation of the related information
of the appropriate persons. Also, it is identified as a process as it performs the specific task of collecting,
processing and communicating financial information. In doing so, it follows some definite steps like collection of
data recording, classification summarization, finalization and reporting. The ultimate purpose of the accounting
process is to generate GENERAL PURPOSE FINANCIAL STATEMENTS about the economic transactions of a
business. When accountants are going to communicate these financial statements, it is called FINANCIAL
REPORTING. The purpose of which is to provide relevant and timely financial information to the stakeholders of
the business.

Users of Accounting Information

To appreciate well the different users of financial information, we are going to classify them whether they
are EXTERNAL OR INTERNAL users.

Internal users use financial information for internal decision-making, meaning they use the information to
evaluate the entity’s performance, prepare different financial plans and implement business decisions. The
following are some examples of where internal users apply accounting information:

 Decisions to borrow funds

 Decisions to change certain business strategies
 Decisions on granting remunerations for employees

Also, these users of financial information have READY ACCESS to the specific things they would like to know.
Because of their actual involvement in the operations of the business, these users of financial information require
information to be tailor-fitted to their specific needs, thus the most suitable branch of accounting for them is
MANAGERIAL ACCOUNTING. The following are examples of INTERNAL USERS OF FINANCIAL
INFORMATION.

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On the other hand, there are users of accounting information that do not have ready access to the
financial reports of the business. They rely heavily on the different regulatory reportorial requirements that they
can get from business. They are called EXTERNAL USERS. The general-purpose reports that these users get
are called FINANCIAL STATEMENTS which are end product of a broad branch of accounting called FINANCIAL
ACCOUNTING. We are going to discuss the different types of financial statements and how are they prepared
as we go on through this course.

External users of financial information have diversified needs. Some of them include:

1. How are businesses act as stewards of the entity’s resources?

2. Keeping track of the financial condition and performance of the entity (this is to know if they are going
to hold or they are going to sell their investments)
3. Grant loans and the ability to pay the corresponding interest to it
4. How can businesses pay their currently maturing obligations?
5. Do businesses pay their taxes and other regulatory financial obligations?

The best example of external users of financial information is the PUBLIC. These users are interested on the
trends and range of the businesses’ economic activities. Further, they would like to know if the business is
growing and will be continuing in the unforeseeable future (you know, going concern)

These are some other examples of external users of accounting information:

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DIRECT AND INDIRECT USERS OF FINANCIAL INFORMATION

Aside from classifying whether a user is an external or internal user, we can also classify them whether
they are direct or indirect users. Users with direct interest use financial information to protect their own interest
in the enterprise. They include the owners, managers, creditors, suppliers and employees. On the other hand,
users with indirect interest use financial information to provide pieces of advice to the direct users of financial
information. These includes labor unions, legal consultants and other financial agencies which could provide
assistance to customers, lenders and/or suppliers.

BRANCHES OF ACCOUNTING
As you have learned in your senior high school, there are different branches of accounting. These will be
reviewed intensely in your other accounting course, Financial Accounting and Reporting. For CFAS, we are just
going to dwell on these to have a grasp on the different branches of accounting:

 FINANCIAL ACCOUNTING VS. MANAGEMENT ACCOUNTING

 COST ACCOUNTING AS A SUBTOPIC OF BOTH FINANCIAL ACCOUNTING AND MANAGEMENT
ACCOUNTING
 ACCOUNTING VS. BOOKKEEPING VS. AUDITING
 TAX ACCOUNTING AND GOVERNMENT ACCOUNTING

FINANCIAL ACCOUNTING VS. MANAGEMENT ACCOUNTING

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Below is a comprehensive comparison of financial accounting and management accounting:

IS COST ACCOUNTING PART OF FINANCIAL ACCOUNTING OR MANAGERIAL ACCOUNTING?

ANSWER: BOTH

Cost accounting is needed in financial accounting to calculate cost of the product. In cost accounting, we
study about variable costs, fixed costs, semi-fixed costs, overheads and capital cost. The cost of the product will
be the one that will appear on the financial statements of the business. On the other hand, cost accounting can
be used to control the cost (or resources) of a business. This is used to efficiently and effective allocate the
scarce resources of an entity. With this, cost accounting is also used in management accounting. Therefore, cost
accounting is both a subset of financial accounting and management accounting.

ACCOUNTING VS. BOOKKEEPING VS. AUDITING

According to https://kilcoyneaccountants.ie/, the difference of accounting, bookkeeping and auditing are as

follows:

Bookkeeping: This is the recording of all transactions up to and preparing the financials, the P&L, income
statements and balance sheets.

 This is the mechanical part of the whole process

Accounting: This is where it all comes together. The accountant is the one telling the story of the business. They
point out the trends, they know the ratios and can foretell the future. Their job is to understand the past to help
the clients and/or employer prepare for the future.

 This is more on the analytical part of the process.

Auditing: They do the one thing everyone else cannot, they can audit and verify the work of the others. They
can certify financials.
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 This is more on the checking part of the process

GOVERNMENT ACCOUNTING AND TAX ACCOUNTING

Government accounting deals with the general record keeping and preparation of financial reports for the
government and its agencies. It also includes the preparation of budgets and accountability reports. This
accounting is generally required by government and its agencies, both local and national. On the other hand, tax
accounting deals with the preparation of tax returns as well as providing tax advice to businesses. We should
take note that all businesses are required to file tax returns. Some taxpayers may require the professional advice
of a tax practitioner regarding the management of taxes.

*** END of LESSON 1***

REFERENCES:

Textbook:
Empleo, P. and Robles, N. (2019). The Philippine Financial Reporting Reporting (Conceptual Framework and
Accounting Standards). Mandaluyong City: Millennium Books, Inc.
Millan, Z. (2020). Conceptual Framework & Accounting Standards. 4F Pelizloy Centrum, Lower Session Road,
Baguio City. Bandolin Enterprise Publishing and Printing.

References:
1. Cabrera, E, et al. (2018). Conceptual Framework and Accounting Standards. Manila: GIC Enterprises
2. Valix, C, et al. (2019). Conceptual framework and accounting standards. Manila: GIC Enterprises &
Co., Inc.
3. Ballada, W. (2019). Basic Financial Accounting and Reporting. Manila: DomDane Publishers.
4. Cabrera, E.(2017) Fundamentals of Accounting Volume I, GIC Enterprises & Co., Inc., Manila
5. Financial Reporting Standard Council (2017). Philippine Financial Reporting Standards. PICPA
6. Valencia, E. and Roxas, G. (2017), Basic Accounting. Baguio City: Valencia Educational Supply
7. Valix, C. and Peralta, J. (2018). Financial Accounting Volume I. GIC Enterprises & Co., Inc., Manila

Electronic Resource:
1. Introduction to accounting, https://courses.lumenlearning.com/sac-finaccounting/chapter/chapter-1/
2. Accounting Basic https://www.accountingcoach.com/accounting-basics/explanation
3. Basic Accounting. https://www.bizfilings.com/toolkit/research-topics/finance/basic-accounting/the-
accounting-system-and-accounting-basics
4. Basic accounting and bookkeeping lessons, http://www.moneyinstructor.com/accounting.asp
5. Financial Accounting. https://www.accountingcoach.com/financial-accounting/explanation
6. Accounting Tutorials for Beginners. https://www.guru99.com/accounting.html
7. International Financial Reporting Standards. www.ifrs.org
8. International Accounting Standards. www.iasplus.com/en/standards/ias

ASSESSMENTS:

PARTICIPATION (for recitation purposes)

DRILLS/ ACTIVITIES/ APPLICATION

EVALUATION (Quiz)

ACCT 1013 – Conceptual Framework and Accounting Standards | 6

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nor transmitted in any form, in whole or in part, without expressed written permission.