224 226
Introduction Lesson 7.1:
393
Business Entity as Actual Debtor, Possible Debtor, and Creditor (PAS 37/ PFRIC 6)
Lesson 11.1:
Business Entity as Holder or Issuer of Financial Instruments (PAS 32) Business Entity as Holder or Issuer of Financial Assets and Liabilities (PFRS 9) Disclosure Requirements for the Business Entity’s Financial Instruments (PFRS 7)
403 414 415 415
Business Entity as Asset-Owner (PAS 36)
Lesson 11.2:
234
Lesson 7.2:
Visual Chapter Summary Discussion Questions
243
Lesson 7.3:
Evaluation
Conceptual Framework and Accounting Standards
248 249 249
Visual Chapter Summary Discussion Questions
CHAPTER XII – EQUITY-RELATED TRANSACTIONS 421 Chapter Opener: For the Sake of Owners 421 Chapter Learning Objectives 422 Introduction 423 Lesson 12.1:
Evaluation
CHAPTER VIII – INVENTORIES, AGRICULTURE, AND MINERAL RESOURCES 255 Chapter Opener: Goods and Services, Business’ Main Contact Point to the World 255 Chapter Learning Objectives 256 Introduction 257 Lesson 8.1: Business Entity as Manufacturer or Merchandiser (PAS 2) 262 Lesson 8.2: Business Entity as Producer (PAS 41) 269 Lesson 8.3: Business Entity as Miner (PFRS 6/PFRIC 20) 274 Visual Chapter Summary
Business Entity as Equity Instrument Issuer (PFRS 2/ PFRIC 19) Business Entity as Dividend Distributor or as Cooperative (PFRS 17/PFRIC 2)
430
Lesson 12.2:
431 435 436 436
Business Entity as Profit-Generator (PAS 33)
Lesson 12.3:
Visual Chapter Summary Discussion Questions
Evaluation
CHAPTER XIII – REVENUE TRANSACTIONS 443
Chapter Opener: The Circulatory System of the Business
vi 275 275 275 275
Discussion Questions Discussion Questions
443 444 444 458
Chapter Learning Objectives
Evaluation Evaluation
Introduction Lesson 13.1: Lesson 13.2:
Business Entity as Seller/Service Provider (PFRS 15)
vii vii CHAPTER IX – PROPERTY, LEASES, AND INTANGIBLE ASSETS 281 Chapter Opener: The “Cup” That Holds the “Coffee” 281 Chapter Learning Objectives 282 Introduction 283 Lesson 9.1: Business Entity as Owner of Tangible Property (PAS 16/ PAS 40/PAS 23) 298 Lesson 9.2: Business Entity as Lessee or Lessor (PFRS 16) 304 Lesson 9.3: Business Entity as Owner of Intangible Property (PAS 38/ PFRIC 12/SIC-29/SIC-32) 319 Lesson 9.4: Business Entity with Discontinued Operations and Assets for Disposal (PFRS 5) 323 Visual Chapter Summary 324 Discussion Questions 324 Evaluation CHAPTER X – INVESTMENTS IN BUSINESS ORGANIZATIONS, CONSOLIDATION, AND GOODWILL 335 Chapter Opener: Interdependence and Connection: Ultimate Goal of the Mature Person 336 Chapter Learning Objectives 336 Introduction 337 Lesson 10.1: Business Entity as Acquirer and Parent (PFRS 3/PFRS 10) 359 Lesson 10.2: Business Entity as Investor in Joint Arrangements and Associates (PFRS 11/PAS 28) 374 Lesson 10.3: Other Business Investor Reporting with Disclosure Requirements (PAS 27/PFRS 12) 381 Visual Chapter Summary 382 Discussion Questions 382 Evaluation 281 281 Chapter Opener: The “Cup” That Holds the “Coffee” Chapter Learning Objectives 282 283 Introduction Lesson 9.1: Business Entity as Owner of Tangible Property (PAS 16/ PAS 40/PAS 23) Business Entity as Lessee or Lessor (PFRS 16) 298 304 Lesson 9.2: Lesson 9.3: Business Entity as Owner of Intangible Property (PAS 38/ PFRIC 12/SIC-29/SIC-32) Business Entity with Discontinued Operations and Assets for Disposal (PFRS 5) 319 Lesson 9.4: 323 324 Visual Chapter Summary Discussion Questions 324 Evaluation 335 Chapter Opener: Interdependence and Connection: Ultimate Goal of the Mature Person 336 336 Chapter Learning Objectives Introduction Lesson 10.1: 337 Business Entity as Acquirer and Parent (PFRS 3/PFRS 10) Business Entity as Investor in Joint Arrangements and Associates (PFRS 11/PAS 28) 359 Lesson 10.2: 374 Lesson 10.3: Other Business Investor Reporting with Disclosure Requirements (PAS 27/PFRS 12) 381 382 Visual Chapter Summary Discussion Questions Evaluation CHAPTER XI – PROVISIONS, CONTINGENCIES, AND IMPAIRMENT 391 Chapter Opener: Uncertainty 391 Chapter Learning Objectives 392 Introduction 393 Lesson 11.1: Business Entity as Actual Debtor, Possible Debtor, and Creditor (PAS 37/ PFRIC 6) 403 Lesson 11.2: Business Entity as Asset-Owner (PAS 36) 414 Visual Chapter Summary 415 Discussion Questions 415 Evaluation 382
Business Entity as Insurer (PFRS 17)
462
Business Entity as Government Grantee (PAS 20/SIC- 10)
Lesson 13.3:
viii
464 465 465
Visual Chapter Summary Discussion Questions
Evaluation
CHAPTER XIV – EXPENSE TRANSACTIONS: EMPLOYEE BENEFITS AND INCOME TAX 473 Chapter Opener: Eating to Live, Spending to Receive 473 Chapter Learning Objectives 474 Introduction 474 Lesson 14.1: Business Entity as Employer (PAS 19/PFRIC 14) 489 Lesson 14.2: Business Entity as Retirement Benefit Plan (PAS 26) 491 Lesson 14.3: Business Entity as Income Taxpayer (PAS 12/PFRIC 21/ PFRIC 23/SIC-25) 504 Visual Chapter Summary 505 Discussion Questions 505 Evaluation CHAPTER XV – COMPREHENSIVE FINANCIAL REPORTING STANDARDS 513 Chapter Opener: Why We Love K-Dramas 514 Chapter Learning Objectives 514 Introduction 515 Lesson 15.1: Business Entity as First-time Adopter (PFRS 1/PFRS 14) 523 Lesson 15.2: Business Entity with Specific Presentation and Disclosure Standards (PAS 24/PFRS 8/PAS 34/PFRIC 10) 534 Lesson 15.3: Business Entity with Foreign Currency Elements, Transactions, and Operations (PAS 21/PFRIC 16/PFRIC 22)
539
Business Entity with Euro Currency or in Hyperinflationary Economy (PAS 29/PFRIC 7/SIC-7)
Lesson 15.4:
542 543 543 549 553 557 570
Visual Chapter Summary Discussion Questions
ix
Evaluation
Table of IFRS Standards
Bibliography
Image Attribution
Index
CHAPTER XII – EQUITY-RELATED TRANSACTIONS 421 Chapter Opener: For the Sake of Owners 421 Chapter Learning Objectives 422 Introduction 423 Lesson 12.1:
Business Entity as Equity Instrument Issuer (PFRS 2/ PFRIC 19) Business Entity as Dividend Distributor or as Cooperative (PFRS 17/PFRIC 2)
430
Lesson 12.2:
2025 Higher Education Learning Solutions for the Business and Accountancy Program 87
431 435 436
Business Entity as Profit-Generator (PAS 33)
Lesson 12.3:
Visual Chapter Summary Discussion Questions
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