Documente Academic
Documente Profesional
Documente Cultură
Course Description:
This course is a study of the accounting function, its role in society, and the theory that provides the
foundation for modern financial accounting. It deals with the conceptual framework for financial
reporting, the Philippine Financial Reporting Standards, the Philippine Accounting Standards, and
how these standards affect financial accounting and reporting for business entities. This course
explains the standard-setting process, the authority attached to the standards, and the body
authorized to promulgate them. It is also designed to discuss the recognition, measurement and
derecognition principles as well as the pertinent disclosure requirements of the standards. The
discussion focuses on the currently effective pronouncements by Financial Reporting Standards
Council, Accounting Standards Council, and Philippine Interpretations Committee.
Course Topics:
1. Nature, purpose, status, scope and limitations of the broad field of accounting theory.
PWC:
Course topic must include intro to accounting framework similarities and differences between PFRS,
IFRS and US GAAP. Also discuss PFRS for SME and PFRS for Small Entities.
5. The IASB
11. The objective, usefulness and limitations of general purpose financial reporting
15. Materiality
17. Recognition
24. Conventions