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CONCEPTUAL FRAMEWORK and ACCOUNTING STANDARD - OUTLINE

The document outlines 37 chapters covering Philippine Financial Reporting Standards (PFRS) and International Financial Reporting Standards (IFRS). The chapters discuss key accounting concepts, principles, and standards relating to financial statements, recognition of elements, revenue, leases, financial instruments, fair value measurement, and other topics. The conceptual framework establishes the objectives and qualitative characteristics of financial reporting. Subsequent chapters address specific standards for presentation, measurement, disclosure, and accounting treatments for items like inventories, taxes, property and intangibles. Interpretations from the IFRIC are also referenced.

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224 views11 pages

CONCEPTUAL FRAMEWORK and ACCOUNTING STANDARD - OUTLINE

The document outlines 37 chapters covering Philippine Financial Reporting Standards (PFRS) and International Financial Reporting Standards (IFRS). The chapters discuss key accounting concepts, principles, and standards relating to financial statements, recognition of elements, revenue, leases, financial instruments, fair value measurement, and other topics. The conceptual framework establishes the objectives and qualitative characteristics of financial reporting. Subsequent chapters address specific standards for presentation, measurement, disclosure, and accounting treatments for items like inventories, taxes, property and intangibles. Interpretations from the IFRIC are also referenced.

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BABA
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© © All Rights Reserved
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CHAPTER 1

THE ACCOUNTANCY PROFESSION

Definition of accounting
The accountancy profession – public accounting, private accounting, and government accounting
Limitation of the practice of public accountancy
Accreditation to practice public accountancy
Continuing professional development
CPD credit units
Generally accepted accounting principles
Financial Reporting Standards Council
Philippine Interpretations Committee
International Accounting Standards Committee
International Accounting Standards Board
International Financial Reporting Interpretations Committee

CHAPTER 2
CONCEPTUAL FRAMEWORK
Financial reporting and assumptions

Definition of Conceptual Framework


Purpose of Conceptual Framework
Scope of Conceptual Framework
Objective of financial reporting
Limitations of financial reporting
Underlying assumptions – going concern, accounting entity, time period, and monetary unit

CHAPTER 3
CONCEPTUAL FRAMEWORK
Qualitative characteristics

Fundamental qualitative characteristics


Relevance
Faithful representation
Enhancing qualitative characteristics
Comparability
Understandability
Verifiability
Timeliness
Cost constraint on useful information
CHAPTER 4
CONCEPTUAL FRAMEWORK
Elements of financial statements

Definition of elements of financial statements


Asset recognition principle
Liability recognition principle
Income recognition principle
Expense recognition principle
Measurement of elements

CHAPTER 5
PAS 1
PRESENTATION OF FINANCIAL STATEMENTS
Statement of financial position

Definition of financial statements


Components of financial statements
Objective of financial statements
Frequency of reporting
Definition of statement of financial position
Definition of asset
Current and noncurrent assets
Definition of liability
Current and noncurrent liabilities
Definition of equity
Notes to financial statements
Report form of statement of financial position
Account form of statement of financial position
Line items in the statement of financial position

CHAPTER 6
PAS 1
PRESENTATION OF FINANCIAL STATEMENTS
Statement of comprehensive income

Definition of income statement


Definition of comprehensive income
Components of profit or loss
Components of other comprehensive income
Line items in the statement of comprehensive income
Functional presentation of income statement
Natural presentation of income statement
CHAPTER 7
PAS 2
INVENTORIES

Definition of inventories
Cost of inventories
Cost formulas – FIFO and average method
Measurement of inventory at LCNRV

CHAPTER 8
PAS 7
STATEMENT OF CASH FLOWS

Definition of statement of cash flows


Cash and cash equivalents
Operating activities
Investing activities
Financing activities
Noncash investing and financing activities

CHAPTER 9
PAS 8
ACCOUNTING POLICIES, ESTIMATE, AND ERRORS

Definition of accounting policy


Change in accounting policy
Definition of accounting estimate
Change in accounting estimate
Prior period errors

CHAPTER 10
PAS 10
EVENTS AFTER THE REPORTING PERIOD

Definition of events after reporting period


Adjusting events
Nonadjusting events
CHAPTER 11
PAS 12
INCOME TAXES

Accounting income and taxable income


Permanent and temporary differences
Deferred tax liability
Deferred tax asset
Measurement of deferred tax asset and liability

CHAPTER 12
PAS 16
PROPERTY, PLANT, AND EQUIPMENT

Definition of property, plant, and equipment


Recognition of property, plant, and equipment
Measurement of property, plant, and equipment
Cost of property, plant, and equipment
Derecognition of property, plant, and equipment
Concept of depreciation
Depreciable amount, residual value, and useful life
Straight line, production method, sum of years’ digits, and double balance method of depreciation

CHAPTER 13
PAS 19
EMPLOYEE BENEFITS

Definition of employee benefits


Recognition and measurement of short-term employee benefits
Postemployment benefits
Defined contribution plan
Defined benefit plan
Service cost, net interest and remeasurement
Fair value of plan assets
Projected benefit obligation
Other long-term employee benefits
Termination benefits
CHAPTER 14
PSA 20
GOVERNMENT GRANT

Definition of government grant


Recognition and measurement
Government grant related to asset
Government grant related to income
Accounting for government grant
Government assistance
Disclosures related to government grant

CHAPTER 15
PAS 23
BORROWING COSTS

Definition of borrowing cost


Qualifying asset
Accounting for borrowing cost
Disclosures related to borrowing cost

CHAPTER 16
PAS 24
RELATED PARTY DISCLOSURES

Definition of related parties


Examples of related parties
Required disclosures about related party transactions
Examples of unrelated parties

CHAPTER 17
PAS 28
INVESTMENT IN ASSOCIATES

Definition of associate
Definition of significant influence
Equity method of accounting
Excess cost and excess fair value
Impairment of investment in associate
Discontinuance of equity method
Equity method not applicable
CHAPTER 18
PAS 29
REPORTING IN HYPERINFLATIONARY ECONOMY

Definition of associate
Monetary and nonmonetary items
Constant peso accounting
Gain or loss on purchasing power
Procedures for restatement

CHAPTER 19
PAS 32
FINANCIAL INSTRUMENTS – PRESENTATION

Definition of financial instrument


Financial asset and financial liability
Equity instrument
Compound financial instrument

CHAPTER 20
PAS 33
EARNINGS PER SHARE

Basic earnings per share


Basic loss per share
Diluted earnings per share
Diluted loss per share
Potential ordinary shares
Presentation of earnings per share

CHAPTER 21
PAS 34
INTERIM FINANCIAL REPORTING

Definition of interim reporting


Frequency of interim reporting
Components of interim financial report
Basic principles of interim reporting
CHAPTER 22
IMPAIREMENT OF ASSETS

Definition of impairment
Indication of impairment
Measurement of recoverable amount
Fair value less cost of disposal
Value in use
Recognition of impairment loss
Reversal of impairment loss
Definition of cash generating unit
Impairment of cash generating unit

CHAPTER 23
PAS 37
PROVISION, CONTIGENT LIABILITY, AND ASSET

Definition of provision
Recognition of provision
Measurement of provision
Contingent liability
Treatment of contingent liability
Contingent asset
Treatment of contingent asset

CHAPTER 24
PAS 38
INTANGIBLE ASSETS

Definition of intangible asset


Recognition of intangible asset
Measurement of intangible asset
Internally generated intangible asset
Amortization of intangible asset
Amortization period
Useful life of intangible asset
Amortization method
Impairment of intangible asset
Derecognition of intangible asset
Research and development cost
Accounting for research cost
Accounting for development cost
CHAPTER 25
PAS 40
INVESTMENT PROPERTY

Definition of investment property


Definition of owner-occupied property
Examples of investment property
Recognition of investment property
Measurement of investment property
Fair value of investment property
Measurement of transfer of investment property
Derecognition of investment property

CHAPTER 26
PAS 41
AGRICULTURE

Definition of biological asset and agricultural produce


Agricultural activity
Recognition and measurement of biological asset and agricultural produce
Bearer plants
Bearer animals
Animal-related recreational activities

CHAPTER 27
PFRS 1
FIRST TIME ADOPTION OF PFRS

First PFRS financial statements


First time adopter
Opening PFRS statement of financial position

CHAPTER 28
PFRS 2
SHARE-BASED PAYMENT

Equity settled and cash settled share-based payment


Share options
Recognition and measurement of share options
Recognition and measurement of share appreciation rights
CHAPTER 29
PFRS 5
NONCURRENT ASSET HELD FOR SALE

Definition of noncurrent asset held for sale


Conditions of classification as held for sale
Measurement of noncurrent asset held for sale
Presentation of noncurrent asset held for sale

CHAPTER 30
PFRS 5
DISCONTINUED OPERATION

Definition of discontinued operation


Presentation in the income statement
Presentation in the statement of financial position

CHAPTER 31
PFRS 6
EXPLORATION AND EVALUATION OF MINERAL RESOURCES

Definition of exploration and evaluation of mineral resources


Exploration and evaluation asset
Exploration cost
Accounting for exploration asset

CHAPTER 32
PFRS 8
OPERATING SEGMENTS

Definition of operating segment


Criteria for a reportable operating segment
Chief operating decision maker
Information to be disclosed for a reportable segment

CHAPTER 33
PFRS 9
FINANCIAL INSTRUMENT

Initial and subsequent measurement of financial asset


Financial asset at fair value through profit or loss
Financial asset at fair value through other comprehensive income
Debt instrument at amortized cost
Debt instrument at fair value through other comprehensive income
CHAPTER 34
PFRS 13
FAIR VALUE MEASUREMENT

Definition of fair value


Valuation method for measuring fair value
Fair value hierarchy

CHAPTER 35
PFRS 15
REVENUE FROM CONTRACTS WITH CUSTOMERS

Core principle of revenue recognition


Five-step model for revenue recognition
Definition of contract, performance obligation, and transaction price
Recognition of revenue at a point in time
Recognition of revenue over time
Sale with a right of return
Consignment arrangement
Bill and hold arrangement
Customer loyalty program

CHAPTER 36
PFRS 16
LEASES

Definition of lease
Operating lease model for lessee
Finance lease model for lessee
Measurement of right of use asset
Measurement of lease liability
Operating lease model for lessor
Finance lease model for lessor

CHAPTER 37
IFRIC INTERPRETATIONS

IFRIC 1
Change in existing decommissioning, restoration, and similar liabilities

IFRIC 2
Members’ shares in cooperative entities and similar instrument
IFRIC 17
Distribution of noncash assts to owners

IFRIC 19
Extinguishing financial liabilities with equity instruments

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