This course is a continuation of Intermediate Accounting I. It is designed to cover the discussion, appreciation and application of the Philippine Financial Reporting Standards (PFRS) on the liabilities, financial and non-financial, and shareholders’ equity including disclosure requirements. It also deals with contemporary issues such as leases, employee benefits, and income taxes. Financial liabilities shall include accounts and other trade payable, loans payable, commercial paper, derivative financial liabilities, accrued expense payable, returnable deposits and current of maturities of long-term debt, bonds payable, long-term notes payable while Nonfinancial liabilities shall include advances / deposits from customers, agency liabilities (VAT, SSS, Withholding tax, Income tax, Property tax), and warrants.Accounting for shareholders’ equity shall cover contributed capital, retained earnings and other shareholders’ equity accounts such as revaluation surplus, unrealized losses in FA@FVTOCI, Foreign currency translation adjustment. The related internal control, ethical issues and management of liabilities and shareholders’ equity are also covered. It also deals with contemporary issues such as borrowing costs, leases, employees retirement benefits, deferred income tax, other provisions and contingencies. 

Notes: pwc
At certain point, there should be a discussion of significant accounting judgements and estimates in practice including the required disclosures. The three new accounting standards (IFRS 15, 16 and 9) and any future updates in accounting standards must be covered in intermediate accounting rather than in Accounting for special transactions.

This course focuses on the core concepts and techniques for entering the international marketplace. Emphasis is on the effect of sociocultural, demographic, economic, technological, and political-legal factors in the foreign trade environment. The course illustrates the unique nature of international business including the patterns of world trade, currency exchange, and international finance, globalization of the firm, international marketing, and operating procedures of the multinational enterprise. It demonstrates how international business variables affect the trade process. It highlights the realities of international business; some of its advantages and its problems that come when business is conducted on the international stage. Finally, the course studies the world trading system, including the World Trade Organization (WTO) and international trade agreements.