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Tarlac State University: Collegeof Business and Accountancy Department: Accountancy

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1K views11 pages

Tarlac State University: Collegeof Business and Accountancy Department: Accountancy

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Jamaica David
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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OBTL Plan AFAR 2: Accounting for Special Transaction

Republic of the Philippines


TARLAC STATE UNIVERSITY
Office of the Vice President for Academic Affairs
Collegeof Business and Accountancy
Department: Accountancy

VISION Tarlac State University is envisioned to be a premier university in Asia and the Pacific.

Tarlac State University commits to promote and sustain the offering of quality and programs in higher and advanced education
ensuring equitable access to education for people empowerment, professional development, and global competitiveness.
Towards this end, TSU shall:
1. Provide high quality instruction trough qualified, competent and adequately trained faculty members and support
MISSION staff.
2. Be a premier research institution by enhancing research undertakings in the fields of technology and sciences and
strengthening collaboration with local and international institutions.
3. Be a champion in community development by strengthening partnership with public and private organizations and
individuals.

E - xcellence
Q - uality
U - nity
CORE VALUES I - ntegrity
T - rust in God, Transparency & True Commitment
Y - earning for Global Competitiveness

Form No.: TSU-VPA-SF-55 Revision No.: 00 Effectivity Date: May 19, 2020 Page 1 of 11
OBTL Plan AFAR 2: Accounting for Special Transaction

Program Goals
To produce competent and ethical professional accountants, with an attitude of “learning to learn,” capable of adapting to change, and providing relevant contributions to the profession
and society in which they work.
Program Outcomes
GRADUATE should be able to:
1. Resolve business issues and problems with a global and strategic perspective using knowledge and technical proficiency in the areas of financial accounting and reporting, cost
accounting and management, accounting and control, taxation, and accounting information systems;
2.Conduct Accountancy/Accounting Information System research through independent studies of relevant literature and appropriate use of accounting theory and methodologies;
3. Employ technology as a business tool in capturing financial and non-financial information, generating reports and making decisions;
4. Apply knowledge and skills to successfully respond to various type of assessments; and (including professional licensure and certifications); and
5. Confidently maintain a commitment to good corporate citizenship, social responsibility and ethical practice in performing functions as an accountant.

Course Name Accounting for Special Transactions (AFAR 2)


Course Credits 3 units
Course Description This course is designed to provide fundamental knowledge to students concerning accounting for special transactions and advanced financial reporting
issues likely to be encountered in practice of their profession. It deals with the study of fundamental valuation accounting and accounting theory as applied
to special income and expense recognition methods and expanded business operation. The course includes specialized problems in partnership
accounting, revenue from contract with customers (PFRS 15) and accounting for domestic branches, The other topics deal with accounting for the effect of
changes in foreign exchange rates and other similar current issues. Likewise discussed are debt restructuring and accounting for financially distressed
corporations.
Contact Hours/ week 3 hours
Prerequisite FAR 3
Course Outcomes After completing this course, STUDENTS MUST HAVE DEMONSTRATED:
1. Familiarity with the concepts of partnership accounting, and other advanced financial reporting topics like special revenue recognition, home office
and branch accounting, corporate dissolution and liquidation, and foreign currency transactions and translations.
2. (Use of) Knowledge on preparations of financial statements, and other internal financial reports of different specialized industries and with
specialized accounting problems peculiar to their operations.
3. Understanding of the fundamental valuation accounting and accounting concepts as applied to specialized accounting problems.
4. Competence in preparation, analysis and evaluation of financial and other special reports needed by specific businesses.

Form No.: TSU-VPA-SF-55 Revision No.: 00 Effectivity Date: May 19, 2020 Page 2 of 11
OBTL Plan AFAR 2: Accounting for Special Transaction

COURSE OUTLINE AND TIMEFRAME


Course Content/Subject Matter
Week 1-5 A. Partnership Accounting
Week 5-6 B. Corporate Dissolution And Liquidation
Week 7-8 C. Revenue Recognition ( PFRS 15)
Week 9 D. Midterm Examination
Week 10 – 12 E. Revenue Recognition-Construction Accounting, Franchise and consignment Accounting
Week 12 - 14 F. Home Office, Branch and Agency Accounting (General and Special Procedure)
Week 15 - 17 G. Foreign Currency transactions, Hedging and Derivatives , and Foreign currency Translations
Week 18 H. Final Examination

Alignment of Course Outcomes with Summative Assessment Tasks

Course Objectives Summative Assessment Task Details


Familiarity with the concepts of partnership Attendance Attendance is measured by the registration or signing -in of the students to the online
accounting, and other advanced financial class.
reporting topics like special revenue recognition, Poll Questioning during Lecture
home office and branch accounting, corporate Discussion To measure the attentiveness of the students while listening to the discussion of the
dissolution and liquidation, and foreign currency teacher online, poll questions will be flashed to the screen. The questions shall be
transactions and translations. Oral Exercises answered by the students to know if they are actually listening or not. This can be done
usually under synchronous learning.
(Use of) Knowledge on preparations of financial Portfolio Journal for work exercises
statements, and other internal financial reports of Oral Exercises can be done on a scheduled basis or by surprise relating to topic at hand
different specialized industries and with Formative Examinations or topic to be discussed as diagnostic assessment for student before discussion.
specialized accounting problems peculiar to their
operations. Summative Examinations Portfolio journal will be used for the work exercises assigned to the students, either
synchronous or asynchronous, which include but not limited to problem solving,
Understanding of the fundamental valuation theoretical applications and organization or business scenarios or case studies. This is
accounting and accounting concepts as applied effective in assessing the deeper understanding of the students on the topic.
to specialized accounting problems.
Patterned to the Licensure Examination of Certified Public Accountants (LECPA), the
Competence in preparation, analysis and traditional way of assessing students earned knowledge is through the conduct of the

Form No.: TSU-VPA-SF-55 Revision No.: 00 Effectivity Date: May 19, 2020 Page 3 of 11
OBTL Plan AFAR 2: Accounting for Special Transaction

evaluation of financial and other special reports formative and summative examinations. Formative examinations will be conducted per
needed by specific businesses topic or group of related topics. While summative examinations are divided into two,
midterm examination and final term examination. It can be done either through the
traditional proctored pen and paper test (if permitted by circumstances) or automated
examinations with the use of technology or electronic media websites and various
application for test measurements (if face to face is not allowed). To achieve the
outcomes expected from the accounting graduates, the formative and summative
assessments can be done in multiple choice questions, true or false, essay, problem
solving, creating financial statements, working papers or reports, and the likes.

LEARNING PLAN

Flexible Teaching
Textbook/ Assessment of Resource Time
Desired Learning Outcomes (DLOs) Course Content/Subject Matter and Learning
References Tasks (ATs) Materials Table
Activities (FTLAs)
Explain the role of the students, the faculty Introduction to Blended/ Flexible Learning TSU Code Online Discussion Poll Questioning LMS and Week
and the TSU administration in the conduct as applied to Tertiary Education. Student Manual of the pertinent (Optional - other 1
of blended/ flexible learning. i. Students Role College Code preliminaries in the Bonus Points) educational
ii. Instructors Role Various TSU conduct of platforms
TSU Administration Role Memo and blended/flexible (MS Teams,
Guidelines in the learning as applied Zoom,
conduct of to Tertiary Facebook,
blended / flexible Education. etc.)
learning.

1. Define and explain the purpose nature Chapter 1. Partnership Formation Millan, Use of online Attendance Internet Week
of partnership and how is differ from other i. Introduction Accounting for lecture (Slides, connection 1-5
business organizations. ii. Partnership as a Business Special Videos and Online Poll Questioning Electronic
2. Recognize the advantages and Organization Transactions discussion) during Lecture device
disadvantages of a Partnership business. iii. Accounting for Partnership 2018e Discussion LMS and
3. Identify the different forms of partnership, (Concept) Use of poll other
and the different kinds of partners. iv. Accounting for Partnership Dayag, Advanced questioning during Oral Exercises educational
4. Journalize Partnership transactions Formation Financial lecture discussion platforms

Form No.: TSU-VPA-SF-55 Revision No.: 00 Effectivity Date: May 19, 2020 Page 4 of 11
OBTL Plan AFAR 2: Accounting for Special Transaction

relating to formation, operation, v. Bonus or Revaluation approach Accounting and Portfolio Journal (MS Teams,
dissolution and liquidation on Initial Investments Reporting 2019e Use of scheduled for work Zoom,
5. Prepare, Analyze and interpret and unannounced exercises Facebook,
Partnership financial statements Chapter 2. Partnership Operations Guerrero, oral exercises etc.)
6. Understand the concept and the different i. Distribution Of Profit Or Losses Advanced Formative Portfolio
methods on how to divide profit and ii. Methods of Dividing Profit or Loss Accounting Use of case study Examinations Journal
losses of the Partnership to partners. iii. Illustration (Procedural and related articles Printed
7. Appreciate and recognize Changes in iv. Financial Statements For A Approach) Summative Module
the profit and loss ratio and can prepare Partnership Use of work Examinations Video Links
corrections on errors of Partnership net v. Changes In The Profit And Loss Baysa and exercises such as Slides
income in prior periods. Ratio Lupisan, theoretical Case Study
8. Define, and identify the nature, and scope vi. Correction Of Partnership Net Advanced application and and related
of Partnership dissolution. Income in Prior Period Accounting 2018 problem solving articles
9. Categorize the different factors that e
causes dissolutions Chapter 3. Partnership Dissolution
10. Identify the difference between admission i. Nature of Partnership Dissolution
of partner/s by means of purchase of ii. Accounting for Partnership
interest against by means of investment. Dissolution
11. Solve problems relating to different iii. Admission of Partner (Purchase
causes of dissolution. of interest, Revaluation of asset
12. Define, and explain the nature and scope and Investment in partnership)
of Partnership Liquidation in general. iv. Withdrawal, Retirement or Death
13. Determine and prepare the different steps of a Partner
in liquidating the partnership on a v. Incorporation of a Partnership
lumpsum and on installment basis
14. Prepare schedule of safe payment and Chapter 4. Partnership Liquidation
cash priority program. And identify the i. Liquidation
difference in their preparation. ii. Procedures in Liquidation
iii. Methods of Liquidation
iv. Pro-forma Entries
v. Lump-sum Liquidation
vi. Installment Liquidation
vii. Schedule of Safe Payments
Cash Priority Program
Millan, Use of online Attendance Internet Week

Form No.: TSU-VPA-SF-55 Revision No.: 00 Effectivity Date: May 19, 2020 Page 5 of 11
OBTL Plan AFAR 2: Accounting for Special Transaction

1. Understand the accounting concept of Chapter 5. Corporate Liquidation Accounting for lecture (Slides, connection 5- 6
distressed corporation. i. Introduction Special Videos and Online Poll Questioning Electronic
2. Journalize transactions needed in ii. Corporate Liquidation Transactions discussion) during Lecture device
liquidation. iii. Statement of Affairs 2018e Discussion LMS and
3. Prepare and determine the different iv. Statement of Deficiency Use of poll other
terminologies utilized in preparing the v. Statement of Realization and Dayag, Advanced questioning during Oral Exercises educational
statement of Affairs, deficiency Liquidation Financial lecture discussion platforms
statements and statement of realization Accounting and Portfolio Journal (MS Teams,
and liquidation Reporting 2019e Use of scheduled for work Zoom,
4. Evaluate, and analyze the above and unannounced exercises Facebook,
mentioned statements and appreciate Guerrero, oral exercises etc.)
their importance . Advanced Formative Portfolio
Accounting Use of case study Examinations Journal
and related articles Printed
Summative Module
Use of work Examinations Video Links
exercises such as Slides
theoretical Case Study
application and and related
problem solving articles

Flexible Teaching
Textbook/ Assessment of Resource Time
Desired Learning Outcomes (DLOs) Course Content/Subject Matter and Learning
References Tasks (ATs) Materials Table
Activities (FTLAs)
1. Understand the application of the Chapter 6. Revenue Recognition – Millan, Use of online Attendance Internet Week
general and specific principles of PFRS Contracts with Customers (PFRS15) Accounting for lecture (Slides, connection 7-8
15 to account for revenues from i. Introduction Special Videos and Online Poll Questioning Electronic
construction contracts, franchise ii. Core Principle of IFRS 15 Transactions discussion) during Lecture device
contracts and revenues from iii. The Five-Step Process 2018e Discussion LMS and
consignment contracts. iv. Contract Costs Use of poll other
2. Recognize the five –steps process in v. Presentation Dayag, Advanced questioning during Oral Exercises educational
revenue recognition vi. Other Revenue Recognition Financial lecture discussion platforms
3. Specify some other revenue recognition Issues Accounting and Portfolio Journal (MS Teams,

Form No.: TSU-VPA-SF-55 Revision No.: 00 Effectivity Date: May 19, 2020 Page 6 of 11
OBTL Plan AFAR 2: Accounting for Special Transaction

concerns Reporting 2019e Use of scheduled for work Zoom,


4. Define and explain the nature, scope, Chapter7. Revenue Recognition – and unannounced exercises Facebook,
and characteristics of construction Contracts with Customers: Construction Guerrero, oral exercises etc.) Week
contracts. Accounting Advanced Formative Portfolio 10 - 12
5. Identify and differentiate the different i. Introduction Accounting Use of case study Examinations Journal
methods of revenue recognition in ii. Construction Contracts and related articles Printed
construction accounting iii. Construction Revenue PFRS 15: Summative Module
6. Solve simple and complex problems iv. Construction Cost Revenue from Use of work Examinations Video Links
relating to different concerns in v. Methods of Revenue Recognition Contracts with exercises such as Slides
construction accounting in Construction Accounting Customers theoretical Case Study
7. Journalize the different transaction vi. Recognition of Expected or application and and related
necessary in construction accounting. Anticipated Losses problem solving articles
vii. Changes in Estimates
8. Prepare and evaluate financial viii. Contract Retention
statements of a construction business. ix. Financial Statement Presentation
9. Define, explain and appreciate the
concept , nature and scope of franchise Chapter 8. Revenue Recognition –
and licensing business and consignment Contracts with Customers: Franchise and
10. Apply the five-step process in Consignment
recognizing revenue from franchise and i. Franchise and Licensing
licensing transactions and from ii. Franchise Accounting
consignment. (Application of PFRS 15)
11. Journalize all transactions related to iii. Contract cost
franchising and licensing business. And iv. Uncertainty in the collectability of
from consignment Contract Revenue
12. Appreciate theoretical accounting v. Consignment Arrangements
concepts applied to these special vi. Principal vs. Agent Consideration
revenue transactions and relate them in vii. Consignment Accounting
solving problems

1. Define the purpose, nature, scope, and Chapter 9. Home Office, Branch, and Millan, Accounting Use of online Attendance Internet Week
characteristics of home office. Agency Accounting for Special lecture (Slides, connection 12-14
2. Identify the accounting concept of a i. Branch and Agency distinguished Transactions Videos and Online Poll Questioning Electronic

Form No.: TSU-VPA-SF-55 Revision No.: 00 Effectivity Date: May 19, 2020 Page 7 of 11
OBTL Plan AFAR 2: Accounting for Special Transaction

home office and understand nature of ii. Accounting for an Agency 2018e discussion) during Lecture device
establishing an agency and branch. iii. Accounting for Branch Discussion LMS and
3. Determine the advantages and Operations Dayag, Advanced Use of poll other
disadvantages of establishing an agency iv. Reciprocal Accounts Financial questioning during Oral Exercises educational
and a branch v. Individual Financial Statements Accounting and lecture discussion platforms
4. Journalize all needed entries relating to vi. Combined Financial Statements Reporting 2019e Portfolio Journal (MS Teams,
general and special transaction for vii. Reconciliation of Reciprocal Use of scheduled for work Zoom,
agency and branch operations Accounts Guerrero, and unannounced exercises Facebook,
5. Recognize the different special problems viii. Special Problems in Accounting Advanced oral exercises etc.)
in accounting for branch operations for Branch Operations Accounting Formative Portfolio
6. Prepare and appraise Combined (Shipments to branch billed at Use of case study Examinations Journal
financial statements of home office and above cost; and Inter-branch and related articles Printed
branch transactions) Summative Module
Use of work Examinations Video Links
exercises such as Slides
theoretical Case Study
application and and related
problem solving articles

1. Outline the standard and accounting Chapter 10. Foreign Currency Transaction Millan, Accounting Use of online Attendance Internet Week
concept of Foreign currency transaction i. Introduction for Special lecture (Slides, connection 15-17
and translation (PAS 12) ii. Accounting for Foreign Currency Transactions Videos and Online Poll Questioning Electronic
2. Evaluate the effect of foreign currency Transaction 2018e discussion) during Lecture device
transaction to the company’s revenue. iii. Foreign Currency Transaction Discussion LMS and
3. Appreciate the nature of Hedging and with Hedging Dayag, Advanced Use of poll other
Derivatives and their advantages and iv. Fair Value Hedge Financial questioning during Oral Exercises educational
disadvantages v. Cash flow Hedge Accounting and lecture discussion platforms
4. Identify the different methods of Hedging Reporting 2019e Portfolio Journal (MS Teams,
and how to use them as a tool in Chapter 11. Foreign Currency Translation Use of scheduled for work Zoom,
managing business. i. Introduction Guerrero, and unannounced exercises Facebook,
5. Understand the different foreign currency ii. Accounting Procedures (Current Advanced oral exercises etc.)
translation methods . and prepare Method and Temporal Method) Accounting Formative Portfolio
financial statement applying these iii. Goodwill Arising from the Principles and Use of case study Examinations Journal
methods Acquisition of Foreign Subsidiary Procedural and related articles Printed
6. Solve special problems concerning iv. Functional Currency is the Application 2017e Summative Module

Form No.: TSU-VPA-SF-55 Revision No.: 00 Effectivity Date: May 19, 2020 Page 8 of 11
OBTL Plan AFAR 2: Accounting for Special Transaction

foreign currency transactions and Currency of Hyperinflationary Use of work Examinations Video Links
translations Economy PFRS 9: Financial exercises such as Slides
v. Hedge of Net Investment in Instruments theoretical Case Study
Foreign Operations application and and related
PAS 21: The problem solving articles
Effect of Changes
in Foreign
Exchange Rates

Suggested Readings
and References Textbooks:
ADVANCED FINANCIAL ACCOUNTING AND REPORTING, Dayag 2019 edition
ADVANCED ACCOUNTING, Guerrero
ACCOUNTING FOR SPECIAL TRANSACTIONS, Millan 2018 edition

Other references:
Relevant Philippine Financial Reporting Standards (PFRS)
Relevant Philippine Accounting Standards (PAS)
Relevant International Financial Reporting Interpretations Committee (IFRIC)

Course
Requirements
Grading System STUDENT PERFORMANCE EVALUATION Weight Grade Equivale Description Remark Grade Equivalence Description Remarks
nce s
Attendance, Poll Questioning and Oral 20% 1.00 98-100 Excellent Passed 3.00 75% Passing Passed
Exercises %

Portfolio Journal for work exercises 20% 1.25 95-97 Excellent Passed 3.50 75-78% C. Failure C. Failure

Formative Examinations 20% 1.50 92-94 Very Good Passed 4.00 71-74% C. Failure C. Failure

Summative Examinations 40% 1.75 89-91 Very Good Passed 5.00 Failed Failure Failed

Form No.: TSU-VPA-SF-55 Revision No.: 00 Effectivity Date: May 19, 2020 Page 9 of 11
OBTL Plan AFAR 2: Accounting for Special Transaction

TOTAL 100% 2.00 86-89 Good Passed DRP Dropped Dropped Dropped

Credit Grade (Final Grade) = (Midterm Grade + 2.25 83-85 Good Passed INC Incomplete Incomplete Incomplete
Final Term Grade) / 2 2.50 80-81 Good Passed UD Unofficially Failure Failed
Dropped
2.75 78-79 Satisfactory Passed
Abide by the BSA Retention Policy to qualify for
BS Accountancy Program.

Policies Online/ Flexible Teaching and Learning:

1. Microsoft Teams will be used as the primary platform in every class; thus, all students are advised to download and install the aforementioned
application. Just go to office.com. and login using your @student.tsu.edu.ph account, choose Teams from the list of applications, from there your
enrolled subjects will appear;
2. To uphold delivery of quality instruction, the class may also use added online platforms and applications like Zoom Cloud Meeting, FB
Messenger, Telegram and the like.
3. There are specific periods or schedules wherein synchronous learning shall be required. The student shall be ready as such to attend the said
scheduled meeting and make the necessary adjustments to be able to attend and be present.
4. Plagiarism in case of copyrighted articles is strictly prohibited and direct copying of classmates work will be sanctioned by not accumulating any
points, both on the part of the two or more parties involved.
5. Required output such as the Portfolio Journal for work exercises shall be submitted on the scheduled time stipulated or announced by the
instructor in charge. Failure to do so will render your portfolio non admissible for grading purposes.

Course Title: AY/Term of Effectively: Prepared by: Reviewed by:

ACCOUNTING FOR SPECIAL AY: 2020-2021


TRANSACTIONS (AFAR 2) PROF. VENUS L. CATACUTAN, CPA, MBA PROF. HENRY D. RUFINO, CPA, MBA
1st SEMESTER Faculty Chairperson

Recommending Approval:

Form No.: TSU-VPA-SF-55 Revision No.: 00 Effectivity Date: May 19, 2020 Page 10 of 11
OBTL Plan AFAR 2: Accounting for Special Transaction

DR. JHONEL C. PANLILIO, CPA


Dean

Approved:

DR. ERWIN P. LACANLALE


Vice President for Academic Affairs

Form No.: TSU-VPA-SF-55 Revision No.: 00 Effectivity Date: May 19, 2020 Page 11 of 11

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