Program : BACHELOR OF SCIENCE IN
ACCOUNTING INFORMATION SYSTEM (BSAIS)
Course Code : CFAS 123
Course Title : Conceptual Framework and Accounting Standards
Course Credit : 3 units Contact Hours : 54
BULACAN POLYTECHNIC COLLEGE
Bulihan, City of Malolos
, COURSE DESCRIPTION :
This course introduces the nature, purpose, status, scope and limitations of the broad field
of accounting theory. It deals with the study of the conceptual/theoretical accounting framework for
the financial reporting; objective of general-purpose financial reporting, the reporting entity,
qualitative characteristics of useful financial information, cost constraint on useful financial
information, underlying assumptions, elements of financial statements; their recognition and
measurement, concept of capital and capital maintenance. The basic financial instrument
framework covering financial assets and financial liabilities is likewise introduced in this course
GENERAL LEARNING OUTCOMES
Expected Graduate Attributes Learning Outcome
● Critical and creative thinker; 1. Understand the definition, overall objective of
● Good working attitude; accounting and describe the practice of the
● Globally and locally accountancy profession in the Philippines.
competitive as professionals; 2. Describe and understand the nature, purpose and
● Competent, sensitive, usefulness of a Conceptual Framework.
productive, and responsive 3. Understand the objective and limitations of financial
member of society; reporting.
● Well-informed and expert 4. Identify the qualitative characteristics of accounting
communicator in his field of 5. Know the general objective of financial statements and
specialization; explain the assumptions underlying the preparation of
● Capable, creative and financial statements.
competent accounting 6. Identify the elements of Financial Statements.
technician; and 7. Know the guideline in the presentation and disclosure
● Morally and socially of financial information.
responsive. 8. Identify the components of financial statements
9. Know the preparation of a statement of financial
position.
10. Understand the current and noncurrent classification
of assets and liabilities.
11. Understand the objective and usefulness of an income
statement.
12. Understand the nature and purpose of a statement of
cash flows.
13. Know the recognition and reporting of a change in
accounting policies, estimate and errors.
14. Understand the concept of events after the reporting
period.
15. Know the requirement for disclosure of related party
relationship.
16. Know the measurement of inventory in the statement if
financial position
17. Identify the methods of depreciating property, plant
and equipment.
18. Know the proper accounting treatment of government
grant.
19. Distinguish specific borrowing and general borrowing
in relation to capitalization of borrowing costs.
20. Identify the factors that indicate significant influence.
21. Know the basic principle for the recognition of
impairment.
22. Understand and know the requirements for the
ACCOUNTING INFORMATION SYSTEM (BSAIS)
Course Code : CFAS 123
Course Title : Conceptual Framework and Accounting Standards
Course Credit : 3 units Contact Hours : 54
BULACAN POLYTECHNIC COLLEGE
Bulihan, City of Malolos
, COURSE DESCRIPTION :
This course introduces the nature, purpose, status, scope and limitations of the broad field
of accounting theory. It deals with the study of the conceptual/theoretical accounting framework for
the financial reporting; objective of general-purpose financial reporting, the reporting entity,
qualitative characteristics of useful financial information, cost constraint on useful financial
information, underlying assumptions, elements of financial statements; their recognition and
measurement, concept of capital and capital maintenance. The basic financial instrument
framework covering financial assets and financial liabilities is likewise introduced in this course
GENERAL LEARNING OUTCOMES
Expected Graduate Attributes Learning Outcome
● Critical and creative thinker; 1. Understand the definition, overall objective of
● Good working attitude; accounting and describe the practice of the
● Globally and locally accountancy profession in the Philippines.
competitive as professionals; 2. Describe and understand the nature, purpose and
● Competent, sensitive, usefulness of a Conceptual Framework.
productive, and responsive 3. Understand the objective and limitations of financial
member of society; reporting.
● Well-informed and expert 4. Identify the qualitative characteristics of accounting
communicator in his field of 5. Know the general objective of financial statements and
specialization; explain the assumptions underlying the preparation of
● Capable, creative and financial statements.
competent accounting 6. Identify the elements of Financial Statements.
technician; and 7. Know the guideline in the presentation and disclosure
● Morally and socially of financial information.
responsive. 8. Identify the components of financial statements
9. Know the preparation of a statement of financial
position.
10. Understand the current and noncurrent classification
of assets and liabilities.
11. Understand the objective and usefulness of an income
statement.
12. Understand the nature and purpose of a statement of
cash flows.
13. Know the recognition and reporting of a change in
accounting policies, estimate and errors.
14. Understand the concept of events after the reporting
period.
15. Know the requirement for disclosure of related party
relationship.
16. Know the measurement of inventory in the statement if
financial position
17. Identify the methods of depreciating property, plant
and equipment.
18. Know the proper accounting treatment of government
grant.
19. Distinguish specific borrowing and general borrowing
in relation to capitalization of borrowing costs.
20. Identify the factors that indicate significant influence.
21. Know the basic principle for the recognition of
impairment.
22. Understand and know the requirements for the
