This textbook is a guide for accounting students and educators undertaking accountancy research as practiced by auditors and consultants in government and industry. Accountancy research primarily aims to solve problems in organizations, industry, the public sector, and society. Accounting and financial reporting serve the interests of the users of financial information and, ultimately, the public’s welfare by providing relevant and reliable financial statements that aid in making sound business decisions for economic and societal development. This textbook aims to equip the learners with a thorough understanding of the Conceptual Framework of Financial Reporting issued by the International Accounting Standards Board, which provides the theoretical anchor of the International Financial Reporting Standards (IFRSs) on which the Philippine Financial Reporting Standards (PFRSs) are based. It also covers topics on the standards that have been issued to date to give in-depth knowledge about the objective, scope, classification, recognition, measurement, presentation, and disclosure requirements for business transactions and accounts. Knowledge to be gained from using this textbook builds on prior skills developed from basic accounting subjects that focused on the accounting process for simpler transactions. In this textbook, learners will be upskilled with more intricate accounts and transactions, enabling them to confidently prepare and present the statement of financial position, the statement of comprehensive income, the statement of cash flows, the statement of changes in equity, and the explanatory notes and disclosures, in accordance with financial reporting standards, and to prepare them for higher accounting subjects. Conceptual Framework and Accounting Standards
ABOUT THE AUTHOR
EUGENIO V. VILLACERAN, CPA, MBA, CTT
He is a certified public accountant, a holder of a master’s degree in business administration, and a certified tax technician. He graduated from the Polytechnic University of the Philippines-Manila with a bachelor’s degree in accountancy (magna cum laude), and placed among the top 20 passers in the CPA licensure examinations. He earned his MBA from De La Salle University-Manila. Mr. Villaceran has served in various capacities in the areas of finance, accounting, and tertiary and continuing professional education in the last three decades. These include stints as program head of the Accountancy Department at the Far Eastern University, manager of the Technical Advisory Group of KPMG Philippines (a Big Four accounting firm), and as the technical and training director at the Philippine Institute of Certified Public Accountants (PICPA), the accredited integrated professional organization of CPAs in the country. His subject specialties are the fundamentals of accounting, business management, and financial reporting standards. Besides being a book author, Mr. Villaceran is also a business consultant, a professional lecturer, a social media marketer, a good governance advocate, and a follower of Jesus Christ.
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