Advanced Financial Accounting and Reporting

This subject covers the candidates knowledge of the concepts and principles in advanced financial
accounting and reporting and the application of theseaccounting concepts including techniques and
methodology to problems likely to be encountered in practice. Candidates should know and
understand problems involving accounting of special transactions and their effects and presentation
in the financial statements including among others: accounting for partnerships, corporate
liquidation, joint arrangements, revenue recognition, home office and branch/principal and agency
transactions,business combinations and consolidations, foreign currency transactions and
translations, not-for-profit organizations, including government accounting and cost accounting and
treatment and presentation of consolidated financial statements,. Also, a working knowledge of the
standards related to these special topics is expected of the candidates.

Suggested improvements to align the BSA curriculum to the revised accounting board subjects:

Subject matter

1. The following topics could be incorporated in the partnership an corporation accounting:

a) Securities Regulation Code

b) SEC circular and issuances

c) Cooperatives
2. Remove irrelevant minor subjects, the management could put those subjects into the curriculum
of the senior high school, so the units for AFAR or any other major subjects could be higher.
3. The professors should inculcate to the minds of the students the relationship between those
subjects they are taking up and the actual board subject, which is AFAR.
4. The subjects which are covered by AFAR may also systematically be named (subject code) as
AFAR1 for Partnership and Corporation Accounting, AFAR 2 for Cost Accounting, AFAR3 for
Advanced Accounting 1 and AFAR4 for Advanced Accounting 2.

Faculty Development
1. The professors must have an experience in practice regarding the subject.
2. The professors must take CPE units from seminars about the updates related to the subject.
3. The HR department must assess the effectivity of teaching and credibility of the professor.

Way of Learning and Learning resources

1. Since AFAR is more on applications rather than theories, students must always be given
problems and exercises that they may also encounter in the board exam and in practice.
2. Let them have the Practical Accounting 2 as the main guide for all the problems they will
answer.
3. The books must always be the latest edition so the students will be aware of the changes.