Intermediate Accounting III

Intermediate Accounting III

Course Description:

This course is the culmination of Intermediate Financial Accounting cluster. It deals with the presentation of general-purpose financial statements in accordance with Philippine Financial Reporting Standards (PFRS, PASs) including Statement of Financial Position, Statement of Comprehensive Income, Statement of Changes in Owners’ Equity, and Statement of Cash Flows, including the required disclosures and notes to the financial statements. It also covers reconstruction of accounts from incomplete records, cash basis to accrual accounting, single-entry system, accounting change, correction of errors, interim reporting, segment reporting, discontinued operation, book value per share, earnings per share, accounting for changing prices and application of PFRS for SMEs

Course Learning Outcomes:

Upon completion of the course students will be able to:

A. Cognitive

  1. Prepare general purpose financial statements that conform with the provisions of PAS 1 Presentation of Financial Statements.
  2. Prepare financial statements from incomplete records/records from single-entry system
  3. Convert cash basis financial statements into accrual basis financial statements
  4. Apply the provisions of PAS 8 Accounting Policies, Changes in Accounting Estimates and Errors in accounting for the effects of accounting changes and correction of errors.
  5. Explain accounting for discontinued operation as provided by relevant Philippine standards on financial reporting
  6. Identify reportable operating segments in accordance with PFRS 8 Operating Segments 
B. Psychomotor
  1. Compute total assets, liabilities and equity at a particular date, the comprehensive income or loss, the change in equity, and the cash flows during a given period.
  2. Compute corrected profit or loss after correcting accounting errors
  3. Compute profit or loss using the cash basis and the accrual basis of accounting 
C. Affective
  1. Comply with accounting standards in the preparation of financial statements and in accounting for changes and errors
  2. Support the work of the Financial Reporting and Standards Council and the Philippine Interpretations Committee in the development of accounting standards and relevant implementation guidance.
Enter this course