acc 04 syllabus

ARELLANO UNIVERSITY

ARELLANO UNIVERSITY

www.arellano.edu.phSCHOOL OF BUSINESS AND COMMERCEB ACHELOR OF SCIENCE IN ACCOUNTING TECHNOLOGY (BSAcT)S Y L L A B U S

COURSE TITLE

:Financial Accounting & Reporting, Part IIICOURSE CODE

: ACC 04COURSE DESCRIPTION:This course is a continuation of Financial Accounting & Reporting, Part I. It is designed to cover the financial accounting principles relative to recognition, measurement, valuation, and financial statement of presentation of liabilities and shareholders equity, including disclosure requirements. The related internal control, ethical issues, and management of liabilities and owner(s) equity are also covered. It also deals with contemporary issues such as leases, employees retirement benefits, deferred taxes, and other current related items.GENERAL OBJECTIVES:At the end of this course, the students are expected to:

Cognitive:

1. Have sound knowledge of the generally accepted accounting principles, applicable to the recognition, measurement and statement presentation of creditors and stockholders equities.

2. Integrate and apply the generally accepted accounting principles to problem situations involving creditors and stockholders equities that are likely encountered in practice.

3. Understand the application of accounting principles and reporting practices about financial accounting problems and issues such as leases, deferred income tax, retirement benefits, and changing prices.

Psychomotor:

1. Apply the principles and concepts of accounting which focus on equities and related revenue and expense items in the presentation of financial and related information to meet external and internal obligations.

2. Apply the skills in systematic problem solving.

Affective:

1. Develop the value of honesty, objectivity and perseverance.

2. Realize the contributions of accounting standards or GAAP to the development of a more socially responsible and morally upright professional accountant.

3. Appreciate the role of financial accounting in meeting the informational needs of stakeholders as a basis for decision-making.

4. Appraise critically the role of International Accounting Standards in achieving harmonization of accounting standards throughout the world.

UNITS

:6 units

PRE REQUISITE/S:Financial Accounting & Reporting, Part I (ACC 03)TEXTBOOK:

Financial Accounting, Volume II, COnrado T. Valix , 2014 edition.REFERENCES:Financial Accounting & Reporting Vol. 3, Cabrera/Ocampo 2013

Financial Accounting, Marian Powers, 10th edition, c 2010

Financial Accounting Theory, Stewart Jones, 3rd edition, c 2010

Financial analysis with Microsoft Excel, Timothy R. Mayes, 5th edition, c 2010

Financial Accounting, Robert Libby, 6th edition, c 2009

Financial Accounting and Reporting, Barry Elliott, 13th edition, c 2009

Financial and Managerial Accounting, Charles T. Homgren, 2nd edition, c 2009UNIVERSITY VISION

A model institution of learning where relevant knowledge is acquired and skills are developed in response to the needs of the global community.

UNIVERSITY MISSION

To provide equitable access to learning through relevant, innovative, industry-sensitive and environment-conscious academic programs and services.

COLLEGE VISION

A model center of learning for business disciplines that will acquire the knowledge of develop business skills and attributes to participate and compete in the global business industry.COLLEGE MISSION

To provide a relevant business and accountancy programs that will prepare individuals to participate and compete in the global business environment. COURSE OUTLINE

ObjectivesTopic/Subject MatterTime FrameMethodologyEvaluation

ToolsValues

Discuss & explain the vision & mission of Arellano UniversityVision/Mission2 hoursLecture with visualsRecitationHonesty

1. Accounting for Liabilities Current Liabilities

1.1 Definition and composition

1.2 Recognition and measurement of financial/nonfinancial liabilities

1.2.1 Recognition and measurement of financial liabilities whose amount are definite trade payables, short-term notes payable, commercial paper, current portion of long-term debts, accrued expenses

1.2.2 Recognition of current non-financial liabilities unearned revenues, customers deposits, outstanding gift certificates, liability for warranty, outstanding premiums, deposits for returnable containers, bonuses, unearned service contracts, others

1.2.3 Derivatives

1.2.4 Financial statement presentation and disclosures

24 hours Lecture-discussion

Problem solving

Case presentation

Power point presentation

Group/Team learning

Drills and exercises

Problem solving

Board work

Assignments

Caselettes analysisQuizzes

Recitations

Assignments

Exercises

Integrity

Fairness

Truthfulness

Public accountability

Social responsibility

Justice

Honesty

2. Noncurrent Liabilities

2.1 Definition and Composition

2.2 Recognition and measurement of noncurrent liabilities

2.3 Accounting for bonds payable

2.3.1 Issuance of bonds; accounting for interest and amortization of premium or discount using straight-line and effective interest methods

2.3.2 Extinguishment of bonds prior to maturity (including conversion bonds into ordinary shares)


2.4 Accounting for Long-term Notes Payable

2.4.1 Nature of long-term notes payable

2.4.2 Accounting for issuance of notes (Issued for cash; stated rate and market, Issued for assets or services; stated rate and market rate different, Installment note issued for noncash consideration, Innovative mortgage notes, Note with an unrealistic interest rate)

2.5 Provisions, Contingent Liabilities

2.5.1 Definition and nature



Problem solving

Case presentation


Group/Team learni Drills and exercises

Problem solving

Board work

Assignments

Quizzes

Recitations

Assignments

Exercises

Compliance with provisions of law

Critical judgment

Public accountability

Social responsibility

3. Accounting for Shareholders Equity

3.1 Contributed Capital

3.1.1 Share capital definition and classification (Ordinary shares, Preference shares cumulative, noncumulative, participating and nonparticipating)

3.1.2 Authorization, subscription, and issuance of share capital

3.1.3 Subscription defaults

3.1.4 Share issuance costs

3.1.5 Additional paid-in-capital-definition and sources

3.1.6 Rights issues, share warrants, and share options

3.1.7 Share appreciation rights

3.1.8 Redemption and conversion of preference shares

3.1.9 Share recapitalization and share splits

3.1.10 Treasury shares


3.2 Retained Earnings

3.2.1 Definition

3.2.2 Fundamental errors (Correction of errors in prior periods income, Change in accounting policies)

3.2.3 Accounting for appropriations and subsequent reversals

3.2.4 Accounting for dividends cash, property, share, scrip, liquidating


3.3 Other Shareholders Equity Items

3.3.1 Revaluation surplus

3.3.2 Unrealized losses on decline in value of available-for-sale securities

3.3.3 Foreign currency translation adjustment

3.4 Computation of earnings per share and book value per share of preference shares (if any) and ordinary shares equivalents

24 hoursStrategy/Methodology

Lecture-discussion

Problem solving

Case presentation


Group/Team learning


Problem solving

Board work

Assignments

Students to submit sample of lease contract for discussion.

Quizzes

Recitations

Assignments

Exercises

Integrity

Accountability

Honoring agreement

Neutrality

4. Special Topics

4.1 Leases

4.1.1 Nature and classification

4.1.2 Accounting for leases lessees viewpoint: Operating lease, Capital lease/finance lease

4.1.3 Accounting for leases lessors viewpoint: Operating lease, Direct Financing lease, Sales-type lease, Sale of assets during lease term

4.1.4 Accounting for sale-leaseback transactions

4.1.5 Leveraged lease

4.1.6 Disclosure requirements for leases

4.2 Income Taxes

4.2.1 Types of income tax allocation (Intraperiod, Interpreriod, Interperiod tax allocation)

4.2.2 Temporary and permanent differences (Taxable temporary differences and deductible temporary differences, Recognition and measurement of income tax payable, deferred tax liabilities and deferred tax assets, Current and deferred tax expense and income tax benefits, Financial statement presentation and disclosures)

4.3 Accounting for Employee Benefits

4.3.1 Employee benefits defined

4.3.2 Short-term employee benefits (Recognition and measurement)

4.3.3 Post-employment benefits [Nature of pension plan, Types of pension plan (Defined contribution pension plans, Defined benefit pension plans), Accounting for pension plans]

4.3.4 Termination benefits

4.3.5 Equity compensation benefits

4.3.6 Pre-retirement compensation plans

4.3.6.1 Share-based compensation plans (Share award plans, Share option plans, Share appreciation rights, Share purchase plans)

4.4 Share-based Payment


Problem solving

Case presentation


Group/Team learning

Activities:


Problem solving

Board work

AssignmentsQuizzes

Recitations

Assignments

Exercises

Hard work

Respect for human dignity

Loyalty

Fairness and equity

Justice

GRADING SYSTEM

:Class Participation

:

45 %

Attendance

Assignment

Recitation

Behavior

Seatwork

Others

:Quizzes

:

25 %

:Periodical Examination

:

30 %

Prelim

Midterm

Semi- Final

Final

:GWA (General Weighted Average) = Prelim + Midterm + Semi-Final + Final

4PREPARED BY

: Mr. Marvin Celedio

Faculty Member

CHECKED AND REVIEWED BY:

Mrs. Consuelo Caragan

Head, Accounting Technology

APPROVED BY

:

Mrs. Mary Jean N. Manalili

Program Chair, Business and Commerce

DATED

:

July 21, 2014

Cc

:

Mr. Victor Anthony Salvador

Librarian

acc 04 syllabus

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