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    AEC 11 Course Outline

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    rxcia
    1. The document outlines the topics and schedule for an accounting concepts and standards course. It covers areas like the accounting profession, generally accepted accounting principles, the conceptual framework, financial statements, interim reporting, discontinued operations, and operating segments. 2. Key financial statements discussed include the statement of financial position, income statement, statement of comprehensive income, and statement of cash flows. The elements of financial statements and their recognition, measurement and presentation are also addressed. 3. The schedule provides the timing for exams including prelim, midterm, semi-final and final exams. It also lists rules for the class like requirements for attendance, quizzes and prohibiting cheating.

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    Download as DOCX, PDF, TXT or read online from Scribd

    AEC 11 Course Outline

    Uploaded by

    rxcia
    26 views2 pages
    1. The document outlines the topics and schedule for an accounting concepts and standards course. It covers areas like the accounting profession, generally accepted accounting principles, the conceptual framework, financial statements, interim reporting, discontinued operations, and operating segments. 2. Key financial statements discussed include the statement of financial position, income statement, statement of comprehensive income, and statement of cash flows. The elements of financial statements and their recognition, measurement and presentation are also addressed. 3. The schedule provides the timing for exams including prelim, midterm, semi-final and final exams. It also lists rules for the class like requirements for attendance, quizzes and prohibiting cheating.

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    AEC 11 course outline

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    1. The document outlines the topics and schedule for an accounting concepts and standards course. It covers areas like the accounting profession, generally accepted accounting principles, the conceptual framework, financial statements, interim reporting, discontinued operations, and operating segments. 2. Key financial statements discussed include the statement of financial position, income statement, statement of comprehensive income, and statement of cash flows. The elements of financial statements and their recognition, measurement and presentation are also addressed. 3. The schedule provides the timing for exams including prelim, midterm, semi-final and final exams. It also lists rules for the class like requirements for attendance, quizzes and prohibiting cheating.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    26 views2 pages

    AEC 11 Course Outline

    Uploaded by

    rxcia
    1. The document outlines the topics and schedule for an accounting concepts and standards course. It covers areas like the accounting profession, generally accepted accounting principles, the conceptual framework, financial statements, interim reporting, discontinued operations, and operating segments. 2. Key financial statements discussed include the statement of financial position, income statement, statement of comprehensive income, and statement of cash flows. The elements of financial statements and their recognition, measurement and presentation are also addressed. 3. The schedule provides the timing for exams including prelim, midterm, semi-final and final exams. It also lists rules for the class like requirements for attendance, quizzes and prohibiting cheating.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    AEC 11 Conceptual Framework and Accounting Standards 5 FINANCIAL STATEMENTS (PAS 1) July 1

    Purpose
    # Topic Outline Timing Financial Statements vs Financial Reporting
    Elements of financial statements:
    1 ACCOUNTANCY PROFESSION June 11 & 14 assets, liabilities, equity, income and expenses
    Areas: Public Practice, Commerce and Industry, Recognition of elements:
    Government, Academe Law on Accreditation asset recognition principle, liability recognition principle,
    Continuing Professional Development income and expense recognition principle
    Requirement to earn CPD Credits
    Exemptions of requirement Measurement of elements
    Users Responsibility and Accountability of management
    2 Generally Accepted Accounting Principles June 18 & 21
    General Standards – PFRS/IFRS
    Purpose of General Standards
    Financial Reporting Standards Council 6 STATEMENT OF FINANCIAL POSITION July 3
    Philippine Interpretation Committee Definition
    International Accounting Standards Committee Purpose of the statement
    International Accounting Standards Board Current vs Non-current Assets, principle
    Current vs Non-current liabilities, principle
    3 CONCEPTUAL FRAMEWORK June 25 & 28 Estimated liabilities, Contingent liability, Contingent Asset
    Underlying assumptions Refinancing of liability
    Accounting Entity, Going Concern, Time Period, Monetary Unit Shareholders’ Equity presentation
    Purpose and Scope of Conceptual Framework What are included as Reserves
    Financial reporting and its objectives Statement of retained earnings, Statement of changes in equity
    Limitations of Financial Reporting
    MIDTERM EXAM Aug
    4 Fundamental Qualitative characteristics July 2, 5, & 9
    Relevance, Faithful Presentations
    Ingredients of Relevance
    Ingredients of Faithful Presentations: Completeness Neutrality, Free from 7 INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME Aug 2
    Error Nature of Income Statement and comprehensive income
    What makes them different? Presentation
    Standard of Adequate Disclosure, Notes to Financial Statements
    Additional Characteristics that enhance quality of financial information When is a Statement of Comprehensive Income prepared?
    Substance over Form, Conservatism, Comparability, Understandability, Material items of income and expense requiring separate disclosure
    Verifiability, Timeliness, Consistency, Cost/benefit Constraint
    8 STATEMENT OF CASH FLOWS (PAS 7) Sep 3
    Nature of statement of cash flows
    Primary purpose of statement of cash flows
    PRELIM EXAM July 12 Cash and cash equivalents
    Operating, Investing, and Financing activities
    Noncash transactions
    Direct and indirect method
    HOUSE RULES:
    9 NOTES TO FINANCIAL STATEMENTS Sep 10
    1. We will have daily quizzes. It will be given after the 15 minutes allowance for
    Purpose of notes to financial statements
    lateness.
    Order of presenting note
    2. Lateness will not be tolerated. You can enter the class if you arrive within the
    Related party disclosures
    allowance, otherwise, you will be marked absent.
    Events after reporting period
    3. 3 Lateness = 1 Absence
    Financial statements authorized for issue
    Development stage entity 4. NO CHEATING. Using of cellphones during exam is considered a form of cheating.

    SEMI-FINAL EXAM Sep 13

    10 INTERIM FINANCIAL REPORTING Sep 20 & 24


    Basic principles for interim financial reporting
    Frequency of interim reporting
    Two views on interim financial reporting
    Components of interim financial report
    Selected explanatory notes

    11 DISCONTINUED OPERATION Sep 27, Oct 1


    Definition of discontinued operation, presentation
    Component of an entity
    Component classified as held for sale
    Measurement and presentation:
    Noncurrent asset classified as held for sale
    Abandoned noncurrent asset
    Temporarily abandoned noncurrent asset
    Abandoned discontinued operation
    Change in classification of noncurrent asset held for sale

    12 OPERATING SEGMENT Oct 4


    Criteria of operating segment
    Reportable operating segment
    Information to be disclosed for each segment
    Measure of profit or loss
    Measure of segment assets and liabilities
    Entity-wide disclosures
    Information about geographical areas
    Information about major customers

    FINAL EXAM Oct 8 to 13

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