NEGROS ORIENTAL STATE UNIVERSITY

Instructor: Frederick Celestial Roda, CPA

Course Code:
ACCY 403

Course Title:

Updates of in Financial Reporting Standards

Course Description:

This course deals with the basic concepts and methodology of auditing with emphasis on
financial audits
by independent CPAs. The topics covered are the responsibilities of professional accountants;
the audit
process; audit objectives, evidence, procedures, auditing standards, and the elements of the
independent
auditor’s report. All areas included shall apply the Philippine Standards on Auditing (PSA) and
other
regulatory laws and regulations. Also discussed are basic approaches to audit of computerized
records,
internal auditing and government auditing.
This course deals with the basic concepts and methodology of auditing with emphasis on
financial audits
by independent CPAs. The topics covered are the responsibilities of professional accountants;
the audit
process; audit objectives, evidence, procedures, auditing standards, and the elements of the
independent
auditor’s report. All areas included shall apply the Philippine Standards on Auditing (PSA) and
other
regulatory laws and regulations. Also discussed are basic approaches to audit of computerized
records,
internal auditing and government auditing.
This course complements the course in Auditing but is limited to the areas that have an
immediate consequence to information technology (IT) as used in business. It discusses the
impact of information technology on the auditor’s study and evaluation of internal controls,
emphasizing the previously learned IT-related risks and controls in a CIS environment. It tackles
the audit of IT function as a whole and the audit of CIS in support of financial statement audit. It
introduces tools and techniques in Auditing around, auditing through, and Auditing with the
computer (using Audit Command Language [ACL] as generalized audit software [GAS]).
Moreover, the course also covers emerging IT-related topics affecting the public accounting
profession, such as cloud computing and artificial intelligence. The subject covers the following
topics: Introduction to IT Audit, IT Audit Standards, Developing and Implementing a Risk-Based
IT Audit Strategy, General Controls, Application Controls, Conducting the Audit Using
Information Technology, Computer-Assisted Audit Techniques, and Completing the Audit.State,
explain and discuss the nature of auditing and its societal role, the characteristics of accounting
as a profession, the significant provision of RA9298, and the operations of a public accounting
firm.
2. Explain and discuss the nature, objectives, uses, scope and limitations of an independent
audit and its
underlying theoretical foundations
3. Have a conceptual view of the audit process and be able to explain and discuss the nature
and
significance of each step in the process.
4. Explain, discuss and apply with reasonable level of competence the concept and principles of
internal
control and techniques used to review and evaluate an internal control system.
5. Explain, discuss, and demonstrate the concepts and methodology of statistical audit
samplings, the
basic approach to auditing computerized records.
6. Appreciate the need for high standards of professional competence, integrity, and
objectivity, and be
able to explain, discuss and apply the ethical and technical standards of the accountancy
profession.
7. Identify the different types of audit reports and give the appropriate situations when these
reports
should be rendered
This course provides the subject financial reporting frameworks and standards
continuously evolve to ensure relevance and faithful representation of financial information
presented in an entity’s financial statements. Amendments, revisions, and promulgation of new
financial reporting standards are necessary to encompass and address the changes in the business
environment due to innovative business practices and emerging business models. This course aims
to update the learners on the current issues on financial reporting. Recently released financial
reporting frameworks and standards, including application guidance and interpretations of the
authoritative bodies and regulatory agencies are explored in this course. At the end of the course,
learners shall be able to apply the requirements of the recently released reporting frameworks and
financial reporting standards in the initial recognition, accounting for subsequent transactions, and
presentation of elements affected in the financial statements

At the end of the course, the learners are expected to:

1. Develop mastery of the concepts and principles used in preparing financial statements
in accordance with accounting standards.
2. Improve knowledge and enhance understanding of the International Financial Reporting

Standards (IFRS), International Accounting Standards (IAS), and related interpretations.

3. Improve knowledge and enhance understanding of the Philippine Financial Reporting
Standards (PFRS), Philippine Accounting Standards (PAS), and related interpretations.
4. Familiarize students with the standard-setting bodies and authoritative organizations of
Accountancy
5. Develop the skill of interpreting written standards and making arguments in its
application.

Required Readings:

Valix, Conrado T., Peralta, Jose F., Valix, Christian Aris. Intermediate Accounting Vol.I. Manila: GIC
Enterprises & Co., Inc. 2022

Cabrera, Elenita B. Financial Accounting and Reporting, Theory & Practice Vol. I and II. Manila: GIC
Enterprises & Co., Inc. 2022

Philippine Accounting Standards (PAS) and Philippine Financial Reporting Standards (PFRS) issued by
FRSC.

International Accounting Standards (IAS) and Intenational Financial Reporting Standards (IFRS) issued by
IASB.

Topics Covered/ Weekly Lecture Schedule:

Week 1: NOrSU Pre-liminaries

Week 2- 6: Topic 1 – Presentation of Financial Statements

Week 7-12: Topic 2 – Financial and Non-Financial Assets

Week 13-18: Topic 3 – Noncurrent Assets

Prepared by:

Frederick C. Roda