PHILIPPINE FINANCIAL REPORTING STANDARDS (PFRS) TRAINING: MASTERING COMPLIANCE AND IMPLEMENTATION

About Course

This comprehensive 24-hour training course is designed to equip participants with a deep understanding of the Philippine Financial Reporting Standards (PFRS) and their practical applications. It covers the essential principles, concepts, and guidelines of PFRS and provides hands-on exercises to prepare financial reports in compliance with regulatory requirements. The course is ideal for finance professionals seeking to enhance their knowledge, ensure compliance, and improve the quality of financial reporting in their organizations.

Understand the conceptual framework and objectives of the Philippine Financial Reporting Standards (PFRS).
Identify the key differences between PFRS and other international reporting frameworks.
Apply the principles and guidelines of PFRS in preparing and presenting financial statements.
Address specific reporting challenges and issues encountered in various industries.
Ensure compliance with the latest updates and amendments to PFRS.
Analyze and interpret financial statements prepared under PFRS to support decision-making.

Course Content

MODULE 1: INTRODUCTION TO PFRS

Introduction

00:00
Overview of PFRS and its Regulatory Framework

00:00
Conceptual Framework for Financial Reporting Part 1

00:00
Conceptual Framework for Financial Reporting Part 2

00:00
Key Differences Between PFRS and IFRS

00:00
Conceptual Framework for Financial Reporting Part 3

00:00
Roles of Financial Reporting in Decision-Making

00:00

MODULE 2: PRESENTATION OF FINANCIAL STATEMENTS

MODULE 3: ACCOUNTING FOR SPECIFIC TRANSACTIONS

MODULE 4: REVENUE RECOGNITION

MODULE 5: FINANCIAL INSTRUMENTS

MODULE 6: SPECIALIZED STANDARDS AND INDUSTRY-SPECIFIC TOPICS

MODULE 7: UPDATES AND AMENDMENTS TO PFRS

MODULE 8: CASE STUDIES AND APPLICATION

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About Course

What Will You Learn?

Course Content

MODULE 1: INTRODUCTION TO PFRS

Introduction

Overview of PFRS and its Regulatory Framework

Conceptual Framework for Financial Reporting Part 1

Conceptual Framework for Financial Reporting Part 2

Key Differences Between PFRS and IFRS

Conceptual Framework for Financial Reporting Part 3

Roles of Financial Reporting in Decision-Making

MODULE 2: PRESENTATION OF FINANCIAL STATEMENTS

Introduction

PFRS 1 – First-time Adoption of PFRS

PFRS 7 – Financial Instruments: Disclosures

PAS 1 – Presentation of Financial Statements

PAS 8 – Accounting Policies, Changes in Accounting Estimates, and Errors

MODULE 3: ACCOUNTING FOR SPECIFIC TRANSACTIONS

Introduction

PAS 16 – Property, Plant, and Equipment

PAS 38 – Intangible Assets

PAS 23 – Borrowing Costs

PAS 40 – Investment Property

PAS 37 – Provisions, Contingent Liabilities, and Contingent Assets

MODULE 4: REVENUE RECOGNITION

Introduction

PFRS 15 – Revenue from Contracts with Customers

PAS 18 – Revenue (Old Standard for Reference)

Common Challenges in Revenue Recognition

MODULE 5: FINANCIAL INSTRUMENTS

Introduction

PAS 32 – Financial Instruments: Presentation

PFRS 9 – Financial Instruments

Valuation Techniques and Impairment

MODULE 6: SPECIALIZED STANDARDS AND INDUSTRY-SPECIFIC TOPICS

Introduction

PFRS 4 – Insurance Contracts

PFRS 6 – Exploration for and Evaluation of Mineral Resources

PAS 41 – Agriculture

MODULE 7: UPDATES AND AMENDMENTS TO PFRS

Introduction

Overview of Recent Changes to PFRS

Practical Implications of Updates

Future Developments in Financial Reporting

MODULE 8: CASE STUDIES AND APPLICATION

Introduction

Analyzing Financial Statements Prepared Under PFRS

Practical Exercises on Compliance Issues

Student Ratings & Reviews

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