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CFAS Summary Overview, Conceptual Framework, All Pas

The document provides an overview of several key accounting concepts, principles, and standards. It discusses topics like the basic accounting concepts, common branches of accounting, sectors in accounting practice, accounting standards in the Philippines, the conceptual framework for financial reporting, and several Philippine Accounting Standards including PAS 1, 2, 7, 8, 10, 12, 16, 19, 20, 21, 23, 24, 26, 27, 28, 29, and 32. The document is presenting information covered in multiple lecture videos on introductory accounting topics.

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Aiza Bernadette Nahial
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204 views

CFAS Summary Overview, Conceptual Framework, All Pas

The document provides an overview of several key accounting concepts, principles, and standards. It discusses topics like the basic accounting concepts, common branches of accounting, sectors in accounting practice, accounting standards in the Philippines, the conceptual framework for financial reporting, and several Philippine Accounting Standards including PAS 1, 2, 7, 8, 10, 12, 16, 19, 20, 21, 23, 24, 26, 27, 28, 29, and 32. The document is presenting information covered in multiple lecture videos on introductory accounting topics.

Uploaded by

Aiza Bernadette Nahial
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as TXT, PDF, TXT or read online on Scribd
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(Lecture vid 1) - overview of accounting

BASIC ACCOUNTING CONCEPTS


1. double-entry system
2. going concern
3. separate entity
4. stable monetary unit
5. time period
6. materiality concept
7. cost-benefit
8. accrual basis of accounting
9. historical cost concept
10. concept of articulation
11. full disclosure principle
12.consistency concept
13. matching
14. residual equity theory
15. fund theory
16. realization
17. prudence

COMMON BRANCHES OF ACCOUNTING


1. Financial accounting
2. Management accounting
3. cost accounting
4. auditing
5. tax accounting
6. government accounting

4 SECTORS IN THE PRACTICE OF ACCOUNTING


1. Practice of public accountancy
2. practice in commerce and industry
3. practice in education/academe
4. practice in government

ACCOUNTING STANDARDS IN THE PHILIPPINES


1. PFRS
2. PAS
3. Interpretations

(Lecture vid 2)- conceptual framework for financial reporting


PRIMARY USERS
1. existing and potential investors
2. lenders and other creditors

QUALITATIVE CHARACTERISTICS
1. Fundamental qualitative characteristics
2. enhancing qualitative characteristics

FUNDAMENTAL QUALITATIVE CHARACTERISTICS


1. relevance
2. faithful representation

RELEVANT INFORMATION
1. predictive value
2. confirmatory value

FAITHFUL REPRESENTATION
1. Completeness
2. neutrality
3. free from error

ENHANCING QUALITATIVE CHARACTERISTICS


1.Comparability
2. verifiability
3. timeliness
4. understandability

ELEMENTS OF FINANCIAL STATEMENTS


1. assets
2. liability
3. equity
4. income
5. expenses

ASSET
1. right
2. potential to produce economic benefits
3. control

LIABILITY
1. obligation
2. transfer of an economic resource
3. present obligation as a result of past events

CONTRACTS
1. executory contract
2. executed contract

RECOGNITION
1. meets the definition A,L,Eq,I,Ex
2. provide useful information

DERECOGNITION
1. removal of A or L
2. ceases to meet definition of A or L

MEASUREMENT BASIS
1. historical cost
2. current value

CURRENT VALUE
1. fair value
2. value in use and fulfillment value
3. current cost

ENTRY VALUES
1. current cost
2. historical cost

EXIT VALUES
1. fair value in use and fulfillment value

CONCEPTS OF CAPITAL AND CAPITAL MAINTENANCE


1. financial concept of capital
2. physical concept of capital
(LAecture vid 3) - PAS 1, 2, 7

PAS 1 presentation of financial statements


FINANCIAL STATEMENTS
1. general purpose financial statements
2. special purpose financial statements

COMPLETE SET OF FINANCIAL STATEMENTS


1. Statement of Financial position
2. statement of profit or loss and other comprehensive income
3. statements of changes in equity
4. statements of cashflows
5. notes
6. additional statement of financial position

GENERAL FEATURES
1. fair presentration and compliance with PFRSs
2. going concern
3. accrual basis of accounting
4. materiality and aggregation
5. offsetting
6. frequency of reporting
7. comparative information
8. consistency of presentation

BALANCE SHEET / STATEMENT OF FINANCIAL POSITION


1. classified
2. unclassified (based on liquidity)

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME


1. single statement of sp/l ang oci (combination)
2. two statements (a) sp/l (b) oci (separate)

TOTAL COMPREHENSIVE INCOME


1. P/L
2. OCI

PRESENTATION OF EXPENSES
1. nature of expense method
2. function of expense method (more familiar)

PAS 2 Inventories

INVENTORIES ARE ASSETS


1. Finished goods
2. work in process
3. raw materials and manufacturing supplies

MEASUREMENT OF INVENTORIES (if what is lower, you choose it)


1. Lower of cost
2. net realizable value

COST OF INVENTORIES
1. cost of purchase
2. cost of conversion
3. other cost
COSTS THAT ARE EXPENSED WHEN INCURRED
1. abnormal amounts
2. selling costs
3. administrative overhead
4. storage costs

COST FORMULAS
1. specific identification
2. FIFO (first in first out)
3. weighted average cost

CHANGES OF PRICE IN INVENTORIES


1. write-downs
2. reversal of write-downs

PAS 7 statement of cash flows


ACTIVITIES
1. operating activities (current assest & liabilities)
2. investing activities (noncurrent assets)
3. financing activities (equity & non current liabilities)

REPORTING CASH FLOWS FROM OPERATING ACTIVITIES


1. direct method
2. indirect method

(Lecture vid 4) - PAS 8, 10, 12, 16

PAS 8 accounting policies, changes in accounting estimates and errors


HIERARCHY OF REPORTING STANDARDS
1. PFRS (standard)
2. Judgement
3. conceptual framework
4. pronouncement issued by other standard-setting bodies

SCOPE OF PAS 8
1. changes in accounting policy
2. changes in accounting estimate
3. correction of prior period error

CHANGES IN ACCOUNTING POLICY


1. transitional provision
2. retrospective application
3. if impracticable, prospective application

CHANGES IN ACCOUNTING ESTIMATE


1. prospective application

ERRORS
1. retrospective restatement
2. if impracticable, prospective application

AN ENTITY SHALL CHANGE ACCOUNTING POLICY IF:


1. required by PFRS
2. results to more relevant and reliable information
PAS 10 events after the reporting period
TWO TYPES OF EVENTS AFTER THE REPORTING PERIOD
1. adjusting events
2. non-adjusting events

PAS 12 income taxes


INCOME TAXES
1. accounting profit or loss
2. taxable profit (loss)

DIFFERENCES
1. permanent differences
2. temporary differences

TEMPORARY DIFFERENCES
1. taxable
2. deductible

PAS 16 PPE property, plant and equipment


CHARACTERISTICS OF PPE
1. tangible assets
2. used in normal operations
3. long-term in nature

ACQUISITION THROUGH EXCHANGE


1. fv of asset Given ip
2. fv of asset Received
3. carrying amt of asset Given up

SUBSEQUENT MEASUREMENT
1. cost model
2. revaluation model

COST MODEL LESS


1. Depreciation
2. impairment

(Lecture vid 5) PAS 19,20,21,23,24,26

PAS 19 employee benefits


4 CATEGORIES OF EMPLOYEE BENEFITS
1. short-term employee benefits
2. post-employment benefits
3. other long-term employee benefits
4. termination benefits

SHORT TERM COMPENSATED ABSENCES


1. accumulating
2. non-accumulating

ACCUMULATING COMPENSATED ABSENCES


1. vesting
2. non-vesting
POST-EMPLOYMENT BENEFITS
1. defined contribution plan
2. defined benefit plan

ACTUARIAL ASSUMPTIONS
1. Demographic assumption
2. financial assumption

PAS 20 accounting for government grants and disclosure of government assistance


RECOGNITION
1. attached conditions will be complied
2. grants will be received

CLASSIFIFCATIONS OF GOVERNMENT GRANTS ACCORDING TO ATTACHED CONDITION


1. grants related to assets
2. grants related to income

INITIAL MEASUREMENT
1. monetary grants
2. non-monetary grants

PRESENTATION OF GOVERNMENT GRANTS RELATED TO ASSETS/INCOME


1. gross presentation
2. net presentation

PAS 21 the effects of changes in foreign exchange rates


TWO WAYS OF CONDUCTING FOREIGN ACTIVITIES
1. foreign currency transactions
2. foreign operations

FOREIGN CURRENCY TRANSACTIONS


1. initial recognition
2. subsequent recognition

PAS 23 borrowing cost


BORROWING COSTS
1. interest
2. exchange differnces

DETERMINING BORROWING COST ELIGIBLE FOR CAPITALIZATION


1. specific borrowing
2. general borrowing

PAS 24 related party disclosures


PARTIES
1. related parties
2. unrelated parties

PAS 26 accounting and reporting by retirement benefit plans


FS OF DEFINED CONTRIBUTION PLAN
1. statement of net assets
2. statement of changes in net assets
3. accompanying notes to FS
(Lecture vid 6) - PAS 27, 28, 29, 32

PAS 27 separate financial statements

PAS 28 investment in associate and joint ventures


SHARES
1. ordinary shares (voting power)
2. preferences shares

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