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FAR · Introductory

FAR — Foundations of Financial Reporting

Master the conceptual framework and core PFRS standards tested in FAR.

Instructor: Tallia, The Reporter EKII AI Faculty

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FAR

About this course

An introductory CPA-review course covering the conceptual framework, measurement, and the core PFRS standards tested in FAR.

Course content

9 modules · 148 lessons

1.Development of Financial Reporting Framework, Standard-Setting Bodies & Regulation of the Accountancy Profession 9 lessons

1.1 History, Development & Functions of the Standard-Setting Bodies 1.1–1.1.4 Free preview 1
1.2 Regulation & Environment of the Accounting Profession in the Philippines 1.2–1.2.3
End-of-module quiz

2.Conceptual Framework, Accounting Process & Presentation of Financial Statements 27 lessons

2.1 The Conceptual Framework for Financial Reporting 2.1–2.1.4
2.2 The Accounting Process 2.2–2.2.3
2.3 Presentation of the Financial Statements 2.3–2.3.1
- 2.3.1General features
2.3.2 Statement of Financial Position 2.3.2–2.3.2.2
- 2.3.2.1Definition of elements
- 2.3.2.2Classified Statement of Financial Position
2.3.3 Statement of Comprehensive Income 2.3.3–2.3.3.4
2.3.4 Statement of Changes in Equity
2.3.5 Statement of Cash Flows 2.3.5–2.3.5.2
- 2.3.5.1Sections of the statement of cash flows
- 2.3.5.2Cash flows from operations: direct and indirect methods
2.3.6 Notes to the Financial Statements
2.3.7 Earnings Per Share 2.3.7–2.3.7.2
- 2.3.7.1Basic EPS
- 2.3.7.2Diluted EPS
End-of-module quiz

3.Cash and Other Financial Assets 13 lessons

3.1 Cash
3.1.1 Nature and composition of cash
3.1.2 Bank reconciliation
3.1.3 Petty cash fund
3.2 Other Financial Assets
3.2.1 Financial assets at fair value through profit or loss
3.2.2 Financial assets at fair value through other comprehensive income
3.2.3 Financial assets at amortized cost
3.2.3.1 Trade and other receivables
3.2.3.1.1 Valuation using allowance for doubtful accounts
3.2.3.1.2 Transfer of receivables (pledging, assignment, factoring)
3.2.3.2 Other financial assets at amortized cost (investment in bonds)
3.2.4 Investment in associates and joint venture
End-of-module quiz

4.Non-financial Assets 46 lessons

4.1 Inventories
4.1.1 Nature
4.1.2 Capitalizable cost at initial recognition
4.1.3 Inventory cost flow assumptions
4.1.4 Subsequent measurement (lower of cost or NRV)
4.1.5 Estimation procedures (gross profit & retail inventory method)
4.2 Property, Plant and Equipment
4.2.1 Nature
4.2.2 Capitalizable cost at initial recognition
4.2.3 Borrowing costs
4.2.4 Subsequent expenditures
4.2.5 Subsequent measurement
4.2.5.1 Cost method
4.2.5.1.1 Depreciation
4.2.5.1.2 Depreciation methods
4.2.5.1.3 Changes in useful life and depreciation methods
4.2.5.2 Revaluation
4.2.6 Impairment
4.2.7 Retirement and disposals
4.3 Investment Property
4.3.1 Nature
4.3.2 Capitalizable cost at initial recognition
4.3.3 Measurement subsequent to initial recognition
4.3.3.1 Cost method
4.3.3.2 Fair value method
4.3.4 Derecognition and reclassification
4.4 Intangible Assets
4.4.1 Nature
4.4.2 Capitalizable cost at initial recognition
4.4.3 Subsequent expenditures
4.4.4 Subsequent measurements
4.4.4.1 Finite lives assets - amortization
4.4.4.2 Indefinite lives assets
4.4.5 Impairment
4.4.6 Derecognition
4.5 Biological Assets
4.5.1 Nature, distinction from bearer plants and agricultural produce
4.5.2 Capitalizable cost at initial recognition
4.5.3 Subsequent measurement
4.6 Non-current Assets Held for Sale (or disposal group)
4.6.1 Nature and criteria for classification
4.6.2 Capitalizable cost at initial recognition
4.6.3 Measurement subsequent to initial recognition
4.6.4 Reclassification
4.6.5 Derecognition
4.7 Prepaid Expenses and Other Assets
End-of-module quiz

5.Financial Liabilities 5 lessons

5.1 Classification of financial liabilities
5.2 Initial recognition
5.3 Debt issue cost
5.4 Measurement using effective interest method
5.5 Troubled debt restructuring
End-of-module quiz

6.Non-financial Liabilities, Provisions and Contingencies 4 lessons

6.1 Liabilities arising from customer loyalty programs
6.2 Warranties and product guarantees
6.3 Unearned revenues (contracts, gift certificates, subscriptions)
6.4 Other provisions and contingencies
End-of-module quiz

7.Shareholders' Equity 10 lessons

7.1 Share capital transactions
7.1.1 Initial issuance, stock issuance cost
7.1.2 Treasury share transactions
7.1.3 Retirement, conversion
7.2 Retained earnings
7.2.1 Correction of prior period errors and change in accounting policies
7.2.2 Dividends
7.2.3 Quasi reorganization and recapitalization
7.3 Cumulative other comprehensive income
7.4 Computation of book value per share
End-of-module quiz

8.Other Topics 30 lessons

8.1 Share-based payment transactions
8.1.1 Equity-settled
8.1.2 Cash-settled
8.1.3 Equity-settled with cash alternative
8.2 Leases
8.2.1 Books of Lessee
8.2.1.1 Initial recognition of right-of-use asset and lease liability
8.2.1.2 Subsequent measurement (incl. changes in estimates)
8.2.1.3 Financial statement presentation
8.2.1.4 Exemption to recognition and measurement principles
8.2.2 Books of Lessor
8.2.2.1 Direct finance lease
8.2.2.2 Manufacturer's or dealer's lease
8.2.2.3 Operating lease
8.2.3 Sale-leaseback
8.3 Income Tax
8.3.1 Accounting profit and taxable profit
8.3.2 Book basis and tax basis
8.3.3 Current and deferred income tax computation and accounting
8.3.4 Financial statement presentation and disclosure
8.4 Employee Benefits
8.4.1 Nature and classification
8.4.2 Recognition and measurement (defined benefit & defined contribution)
8.4.3 Presentation and disclosures
8.5 Interim Reporting
8.5.1 Purpose and components of interim financial reports
8.5.2 Recognition of income, expenses, assets and liabilities
8.6 Operating Segments
8.6.1 Identifying operating segments
8.6.2 Reporting segment information
End-of-module quiz

9.Other Reporting Frameworks 4 lessons

9.1 Applicability and salient differences from PFRS
9.1.1 PFRS for SMEs
9.1.2 PFRS for Small Entities
9.1.3 Reporting for microenterprises
End-of-module quiz

Visual Learning Maps

One-page visual syntheses of the key lessons — review the whole course at a glance.

Regulation & Environment of the Accounting Profession in the Philippines

Regulation & Environment of the Accounting Profession in the Philippines

The Conceptual Framework for Financial Reporting

The Conceptual Framework for Financial Reporting

Notes to the Financial Statements

Notes to the Financial Statements

Discussions

Questions & conversations from this course's lessons. Open a lesson to start or join a thread under its video.

S01EP01 History, Development & Functions of the Standard-Setting Bodies · Demo Student

This course includes

9 modules
148 lessons
Subject: Financial Accounting and Reporting
Level: Introductory
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