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AFAR · Introductory

AFAR — Advanced Financial Accounting & Reporting

Partnerships, business combinations and consolidation under PFRS.

Instructor: Consol, The Titan EKII AI Faculty

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AFAR

Course content

14 modules · 142 lessons

1.Partnership Accounting 14 lessons

1.1 Nature, scope, and objectives
1.1.1 Differentiate from single proprietorship and corporation accounting
1.1.2 Concepts, principles, rules, practices, and procedures
1.2 Formation
1.2.1 Initial capital contribution
1.3 Operation / Dissolution / changes in ownership interest
1.3.1 Admission of a new partner
1.3.1.1 By purchase of interest
1.3.1.2 By investment
1.3.2 Withdrawal, retirement, or death of a partner
1.3.3 Incorporation of a partnership
1.4 Liquidation of partnership
1.4.1 Lump-sum method
1.4.2 Installment method
End-of-module quiz

2.Corporate Liquidation 4 lessons

2.1 Statement of Affairs
2.2 Statement of Deficiency
2.3 Statement of Realization and Liquidation
2.4 Order of priority of claimants of company assets
End-of-module quiz

3.Joint Arrangements (PFRS 11) 8 lessons

3.1 Joint Operations
3.1.1 Nature and scope
3.1.2 Differentiate from business combination
3.1.3 Standards, principles, and methods
3.2 Joint Venture (equity method)
3.2.1 Nature and scope
3.2.2 Differentiate from business combination
3.2.3 Standards, principles, and methods
End-of-module quiz

4.Revenue Recognition (PFRS 15) 24 lessons

4.1 Revenue from Contracts with Customers
4.1.1 Five-Steps Model Framework
4.1.2 Other Revenue Recognition Issues
4.1.2.1 Right of return
4.1.2.2 Principal-agent relationships
4.1.2.3 Non-refundable upfront fees
4.1.2.4 Licensing / Royalties
4.1.2.5 Repurchase arrangements
4.1.2.6 Gift Cards
4.1.2.7 Consignment arrangements
4.1.2.8 Bill-and-hold arrangements
4.1.2.9 Long-term Construction Contracts
4.1.2.9.1 Percentage of completion method
4.1.2.9.1.1 Input method
4.1.2.9.1.2 Output method
4.1.2.9.2 Contract Asset / Contract Liability
4.1.2.10 Franchise Operations (Franchisor's point of view)
4.1.2.10.1 Initial franchise fee
4.1.2.10.2 Continuing franchise fee
4.1.2.11 Accounting for Consignment Sales
4.1.2.11.1 Amount remitted
4.1.2.11.2 Ending inventory valuation
4.1.2.11.3 Determination of net income
4.1.3 Financial Statement Presentation
End-of-module quiz

5.Accounting for Home Office, Branch and Agency Transactions 6 lessons

5.1 Transactions on the books of home office and branch
5.1.1 General procedure
5.1.2 Special procedure (inter-branch transfer at billed price)
5.2 Reconciliation of reciprocal accounts
5.3 Individual and combined financial statements
5.4 Accounting for agency transactions
End-of-module quiz

6.Business Combination (PFRS 3) 7 lessons

6.1 Nature, scope, and characteristics
6.2 Statutory merger and consolidation (acquisition method)
6.2.1 Determination of Consideration Transferred
6.2.2 Recognition of Acquired Assets and Liabilities
6.2.3 Goodwill and Gain from a Bargain Purchase
6.2.4 Journal Entries
6.3 Financial Statement Presentation
End-of-module quiz

7.Separate Financial Statements (PAS 27) 5 lessons

7.1 Investment in Subsidiaries, Associates and Joint Ventures
7.1.1 At Cost
7.1.2 Financial Instruments (PAS 39)
7.1.3 Financial Instruments (PFRS 9)
7.2 Accounting for dividends and related disclosures
End-of-module quiz

8.Consolidated Financial Statements (PFRS 10) 4 lessons

8.1 Consolidation procedures
8.1.1 Net income, dividends, amortization, impairment of goodwill
8.1.2 Intercompany transactions (inventories, land, depreciable assets)
8.1.3 Net income / OCI / equity, RE, dividends attributable to parent, NCI, group
End-of-module quiz

9.Derivatives and Hedging Accounting (PFRS 9) 17 lessons

9.1 Accounting for Derivatives
9.1.1 Recognition of derivatives
9.1.2 Types of Derivatives
9.1.2.1 Forwards and Futures
9.1.2.2 Options
9.2 Hedging Foreign Currency Exposures
9.2.1 Foreign Currency Forward Contracts
9.2.1.1 Undesignated hedges (no hedge accounting)
9.2.1.1.1 Exposed asset (import) or liability (export) position
9.2.1.1.2 Speculation
9.2.1.2 Hedges requiring hedge accounting
9.2.1.2.1 Fair value hedge
9.2.1.2.1.1 Hedge of a firm commitment
9.2.1.2.2 Cash flow hedge
9.2.1.2.2.1 Hedge of a firm commitment
9.2.1.2.2.2 Hedge of a forecasted transaction
9.2.1.2.2.3 Hedge of a net investment in a foreign entity
End-of-module quiz

10.Translation of Foreign Currency Financial Statements (PAS 21 / PAS 29) 3 lessons

10.1 Translation to Presentation Currency (closing/current rate method)
10.2 Translation to Functional Currency (remeasurement)
10.3 Restatement (hyperinflationary economy)
End-of-module quiz

11.Not-for-Profit Organizations 4 lessons

11.1 Voluntary health and welfare organizations (VHWO)
11.2 Hospitals and other health care organizations
11.3 Colleges and Universities
11.4 Other NPOs (churches, museums, fraternities, associations)
End-of-module quiz

12.Government Accounting - General Fund 4 lessons

12.1 Basic concepts in government accounting
12.2 Budget process
12.3 Government Accounting Manual (GAM)
12.4 Journal entries (Books of National Government Agency)
End-of-module quiz

13.Cost Accounting 35 lessons

13.1 System of cost accumulation
13.1.1 Actual vs Normal vs Standard Costing
13.2 Job-order Costing System
13.2.1 Journal entries
13.2.2 Statement of Goods Manufactured and Sold
13.2.3 Scrap, waste, spoilage and rework
13.2.4 Cost accumulation (materials, labor, overhead)
13.3 Process Costing System
13.3.1 Journal entries
13.3.2 Cost of Production Report
13.3.2.1 FIFO method
13.3.2.2 Average method
13.3.3 Accounting for lost units
13.3.3.1 Normal lost units (end of process)
13.3.3.2 Abnormal lost units
13.3.4 Cost accumulation (materials, labor, overhead)
13.4 Backflush / JIT Costing System
13.4.1 Journal entries
13.4.2 Cost accumulation
13.5 Activity-Based Costing System
13.5.1 Traditional vs ABC allocation
13.5.2 Total product cost: Traditional vs ABC
13.5.3 Activity levels, cost pools, activity drivers
13.5.4 Cost pool rates and overhead application
13.6 Joint and By-Products
13.6.1 Allocating joint costs to products
13.6.1.1 Market (sales) value method
13.6.1.2 Average units method
13.6.1.3 Weighted average method
13.6.2 Allocating joint costs to by-products
13.6.3 Treatment of by-products
13.7 Service Cost Allocation
13.7.1 Direct method
13.7.2 Step-down method
13.7.3 Reciprocal method
End-of-module quiz

14.Other Special Topics 7 lessons

14.1 Insurance contracts by insurers (PFRS 17)
14.1.1 Types of insurance contracts
14.1.2 Changes in accounting policies
14.1.3 Recognition and measurement of insurance & reinsurance contracts
14.2 Service Concession Arrangement (IFRIC 12)
14.2.1 Financial asset
14.2.2 Intangible asset
End-of-module quiz

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This course includes

14 modules
142 lessons
Subject: Advanced Financial Accounting and Reporting
Level: Introductory
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