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AY 1103: Contemporary Issues in Accounting


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About

This course is designed to discuss the new Philippine accounting standards and financial reporting standards relating to the various accounts in the financial statements and specific industries.

 

No. of units: 3 units
 
Pre-requisite: BSA 211
 
Course Objectives:
At the end of the course, students are expected to:
Cognitive:
  1. Learn and appreciate the objectives of financial statements
  2. Learn the presentation of interim financial statements. As well as segment reports, in contrast with the year-end financial statements
  3. Understand the application of accounting principles and reporting practices about financial accounting problems and issues relating to financial accounting problemsand issues relating to financial instruments, leases, deferred income tax, employees benefits and reporting by retirement benefit plans.
Psychomotor:
  1. Apply the skills in the preparation and presentation of interim and segment reports.
  2. Apply the skills in accounting for leases, deferred income tax, employee benefits and financial statement preparation and presentation relating to financial instruments and retirement benefit plans.
Affective:
  1. Appreciate the nedd for accurate and reliable accounting information in solving problems involving interim and segment reporting, leases, deferred income tax, employee benefits, and financial instruments.
Instructional and Teaching Materials :    
  • Baysa, G.T. & Lupisan, M.C.Y. (2005). Financial Accounting Theory, 2005 edition. Center for Review and Professional Development, Inc.: Manila.
  • Robles, Nenita S., Practical Accounting I, latest edition.  JLA Printing Services, Quezon City
  • Philippine Accounting Standards (PAS) and Philippine Financial Reporting Standards (PFRS)  issued by Accounting Standards Council
References:
  • Kieso, D.E. & Weygandt, J.J. (2005). Intermediate Accounting, 11th edition. John Viley & Sons, Inc. Reprinted in the Phils. By Philippine Graphic Arts, Inc.
  • Skousen, K.F., Stice, E.K., & Stice, J.D. (2004). Intermediate Accounting 15th edition. Mutual Books College Publishing: Ohio.
  • Valix, Conrado T. (2006). Financial Accounting Vol. 1, 2006 edition. GIC Enterprises & Co., Inc.: Manila
Requirements :
1. Compilation of assignment, quizzes and seat works
2.    Compilation of basic standards on
  1. Financial Instruments
  2.  Interim financial reporting
  3.  Segment reporting
  4.  Leases
  5. Accounting for income taxes
  6. Employee benefits
  7. Reporting by retirement benefit plans

3.       Quizzes, prelim examination and final examination

Grading System                        :                                                           
          
Quizzes= 1st Half= 20% , 2nd Half      = 25%    
Attendance, Seatwork and Assignment =1st Half=    5%, 2nd Half=5%
Departmental examination             20%                       25%  
Total=100%
 
Expectations from each student     :
The Student’s responsibility is to come to each class prepared. She is also expected to take all examinations on the dates scheduled. She should read the assigned materials and solve assigned problem materials prior to class. She is expected to attend each class and participate actively in the discussions.
 
Academic Dishonesty    :
All BSA students are expected to be academically honest. Cheating, Lying and other forms of immoral and unethical behaviour will not be tolerated. Any student found guilty of cheating in examinations or plagiarism in submitted course requirements will (at a minimum) receive an F (or 0.00) or failure in the course. Plagiarism and cheating refer to the use of unauthorized books, notes or otherwise securing help in a test., copying tests, assignments, reports or term papers; representing the work of another person’s as one’s own, collaborating, without authority, with another student during an examination or in preparing academic work; signing another student’s name on attendance sheet; or otherwise practicing scholastic dishonesty.