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University of Saint Louis Accountancy Review Calendar 1 st semester SY 2016-2017

DAY NO.

FAR TOPIC

AFAR TOPIC

TAX TOPIC

DATE and TIME OF DRILL

Cash to Accrual

Purpose

Single-entry computation of
profit

Reconciling profit using the


transaction approach

Convert cash basis revenues


and expenses to accrual
basis revenues and expenses

Partnership Formation

PRINCIPLES OF TAXATION
Nature,
scope,
classification, and essential
characteristics
Principles of sound tax
system
Limitations on the power of
taxation
Tax evasion vs. tax
avoidance
Situs/place of taxation

IFRS for Small and Medium Sized


Entities

Reporting requirements

Peculiarities

Principles for reporting


investments in equity and
debt securities

Partnership Operation

PRINCIPLES OF TAXATION
Double taxation
Legislation of tax laws
Impact of taxes in nation
building
Ethical tax compliance and
administration
Organization of the Bureau
of Internal Revenue, Bureau
of
Customs,
Local
Government Tax Collecting
Units,
Board
of
Investments,
Philippine
Economic Zone Authority

Interim Reporting (IAS 34)

Purpose

Principles for Recognition

Partnership Operations

Remedies of the government


Definition,
scope,
prescriptive period
Administrative remedies
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University of Saint Louis Accountancy Review Calendar 1 st semester SY 2016-2017

Judicial actions

Employee Benefits (IAS 19)

Defined benefit plan

Defined benefit liability (asset)

Partnership Liquidation

Remedies of the government


Additions
to
Tax
(Surcharge,
Interest,
Compromise penalty)
Other sanctions (Criminal
penalties,
Closure
of
Business, Collection of
Delinquent Taxes)
Powers of the Bureau of
Internal Revenue

Income Tax (IAS 12)

Accounting profit

Taxable profit

Corporate Liquidation

Statement of Affairs

Deficiency Statement

Statement of realization and


Liquidation

Remedies of the taxpayer


Definition,
scope,
prescriptive period
Taxpayers rights
Administrative
remedies
(Protesting of Assessment,
Recovery of excess or
erroneously paid taxes,
Request
for
the
compromise, abatement or
refund or credit of taxes,
Request for rulings)
Judicial remedies
Expanded jurisdiction of the Court of
Tax Appeals

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University of Saint Louis Accountancy Review Calendar 1 st semester SY 2016-2017


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Finance Lease

Taxpayer and tax base


Joint Arrangements (PFRS 11)

Individuals
Joint Operations

Corporations
Joint Venture (Equity

Partnerships
method)

Joint ventures
Accounting for SME

Estates and trusts

Co-ownerships
Tax exempt individuals and
organizations

Gross income
Inclusions in the gross
income
Exclusions/exemptions from
gross income
Income from compensation
Gross income
Income from business
Passive income subject to
final withholding tax
Capital gains

Operating Lease

Installment Sales

Borrowing Costs (IAS 23)

Nature

Criteria for capitalizing


borrowing costs

Long term Construction Contracts


IAS 11 / PFRS 15

Share-based payments (IFRS 2)

Franchise Operations Franchisors


point of view - IAS 18 / IFRS 15

Deductions from gross income


Itemized deductions
Items not deductible
Optional standard deduction
Deductions allowed under
special laws

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Book Value per share and Earnings


per Share

Franchise Accounting SME


Consignment Sales IFRS 15

Accounting periods
Accounting methods
Reconciliation of income
under PFRS and income
under tax accounting

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University of Saint Louis Accountancy Review Calendar 1 st semester SY 2016-2017


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Other Comprehensive Income

Accounting for Home Office, Branch


and Agency Transactions

Tax return preparation and filing and


tax payments
Manual filing
Electronic filing and Esubmission
Large taxpayers and nonlarge taxpayers
Income tax credits

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Retained Earnings

Accounting for Business Combination


(PFRS 3)

Tax return preparation and filing and


tax payments
Venue and time of filing of
tax returns
Venue and time of payment
Modes of payment
Use of tax tables
Accomplishing of various
income tax returns and
forms

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Dividends (IFRIC 17)

Separate Financial Statement (PAS 27)

Withholding taxes (at source,


expanded or creditable withholding
tax, final withholding taxes and
withholding tax on government
payments)
Time of withholding
Income payments subject to
withholding
Year-end withholding of tax
and requirements
Venue and time of filing of
withholding tax returns
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University of Saint Louis Accountancy Review Calendar 1 st semester SY 2016-2017

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15

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Venue and time of payment

Share split, treasury shares


and other equity transactions
Recapitalization and quasireorganization

Consolidated Financial Statements


(PFRS 10)

Withholding taxes (at source,


expanded or creditable withholding
tax, final withholding taxes and
withholding tax on government
payments)
Modes of payment
Time of payment
Use of tax tables and rates
Use of various withholding
tax returns and forms

Share Capital (nature,


recognition, and
measurement)
Issuance and retirement of
preference and ordinary
shares

Foreign Currency Transactions


-Without hedging activities (import,
export, lending, and borrowing
transactions)

Compliance Requirements

Administrative requirements
(registration, issuance of
receipts, printing of
receipts)

Attachments to the income


tax return, including CPA
certificate, per NIRC
requirement

Keeping of books of
accounts and records,
including report of
inventories

Prescriptive period of
maintain books of accounts
and other accounting
records
Estate tax

Gross estate

Deductions allowed to
estate

Tax credit

Provisions and Contingencies


Recognition and measurement criteria

Hedges where hedge accounting is Not


Required (Undesignated Hedges)

Exposed Asset (Import) or


Liability (Export) Position

Speculation

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University of Saint Louis Accountancy Review Calendar 1 st semester SY 2016-2017

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Premiums and warranties


Unearned revenues for gift
certificates and subscriptions

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Debt Restructuring

Nature and forms

Principles of derecognition

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Accounts Payable and Other Trade


Payables

Initial recognition

Subsequent measurement

Hedge that requires a Hedge


Accounting:

Fair value hedge

Hedge of a Firm Commitment


(Purchase or Sale
Transaction)

Cash flow hedge

Hedge of a Firm Commitment


(Purchase or Sale
Transaction)

Hedge of a Forecasted
transaction (Purchase or Sale
Transaction)

Hedge of a net investment in


foreign entity
Translation of Foreign Currency
Financial Statements (PAS 21/PAS 29)

Not for profit organizations

Voluntary health and welfare


organizations (VHWO)

Hospitals and other health


care organizations

Colleges and Universities

Other not for profit


organizations such as
churches, museums, fraternity
association, etc.

Venue and time of filing of


tax returns
Venue and time of payment

Estate tax

Modes of payment

Use of tax tables

Accomplishing of tax
returns and forms

Attachments to the tax


return

Administrative requirements

Donors tax

Gross gift

Exemptions

Tax rates in general and


when the donee is a
stranger

Venue and time of filing of


tax returns

Venue and time of payment


Donors tax

Modes of payment

Use of tax tables

Accomplishing of tax
returns and forms

Attachments to the tax


return

Administrative requirements

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University of Saint Louis Accountancy Review Calendar 1 st semester SY 2016-2017


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Non-Current Assets Held For Sale

Classification criteria

Initial and subsequent


measurement principles

Government Accounting General


Fund

Basic Concepts in
Government Accounting

Budget Process

Journal Entries Books of


National Government Agency
Accounting for insurance contracts by
insurers (PFRS 4)

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Biological Assets

22

Intangibles Amortization

Accounting for build, operate & transfer


(IFRIC 12)

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Research and development


expenditures
Intangibles- Subsequent expenditures

Job Order Costing

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Intangibles Nature and Recognition


Principles

Process Costing

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Investment Property

Backflush Costing (JIT system)

Value added tax

Output VAT

Input VAT

VAT tax credits

Value added tax

Refund of excess input VAT

Venue and time of filing of


donors tax returns

Venue and time of payment

Modes of payment
Value added tax

Accomplishing of tax
returns and forms

Attachments to the tax


return

Invoicing, and Accounting


requirements
Percentage tax

Tax base and tax rates

Venue and time of filing of


tax returns

Venue and time of payment

Modes of payment
Percentage tax

Use of tax rates

Accomplishing of tax
returns and forms
TAXATION UNDER THE LOCAL
GOVERNMENT CODE

Scope and different types of


local taxes (Limited to Real
property tax, local business
tax)

Tax base and tax rates

Venue and time of filing of


tax returns

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University of Saint Louis Accountancy Review Calendar 1 st semester SY 2016-2017


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PPE- Impairment

Service Cost Allocation

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Depreciation Methods

Activity-based costing (ABC)

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Property, Plant and Equipment


Nature, Recognition principle
And Initial recognition basis

Joint and by-product costing

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Inventory Estimation

Standard Costing

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Inventories (IAS 2)

Partnership Formation

Senior Citizens Law

Exemption from income tax


of qualified senior citizens

Tax incentives for qualified


establishments selling
goods and services to
senior citizens
Magna Carta for Disabled Persons

Tax incentives for qualified


establishments selling
goods and services to
senior citizens
Special Economic Zone Act

Policy and the Philippine


Economic Zone Authority
(PEZA)

Registration of investments

Fiscal incentives to PEZAregistered economic zone


enterprises
Omnibus Investments Code (Book 1
of Executive Order 226)

Policy and the Board of


Investment (BOI)

Preferred areas of
investment

Investments Priority Plan

Registration of investments

Fiscal incentives to BOI


registered enterprises
Barangay Micro Business
Enterprises (BMBEs) Act

Registration of BMBes

Fiscal Incentives to BMBEs


Double Taxation Agreements (DTA)

Nature and purpose of


DTAs

Manner of giving relief from


double taxation

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University of Saint Louis Accountancy Review Calendar 1 st semester SY 2016-2017

Procedure for availment of


tax treaty benefits

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Call and Put Options

Partnership Operation

TARIFF AND CUSTOMS CODE

Functions of the Bureau of


Customs

Functions of the Tariff


Commission

Nature of tariff and customs


duties

Basis of assessment of duty

Documents required for


importation of goods

Documents required for


export of goods

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Interest Rate Swaps

Partnership Dissolution

PRINCIPLES OF TAXATION
Nature,
scope,
classification, and essential
characteristics
Principles of sound tax
system
Limitations on the power of
taxation
Tax evasion vs. tax
avoidance
Situs/place of taxation

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Futures Contract

Partnership Liquidation

Remedies of the government


Definition,
scope,
prescriptive period
Administrative remedies
Judicial actions

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University of Saint Louis Accountancy Review Calendar 1 st semester SY 2016-2017


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Forward Contracts

Installment Sales

Remedies of the government


Additions
to
Tax
(Surcharge,
Interest,
Compromise penalty)
Other sanctions (Criminal
penalties,
Closure
of
Business, Collection of
Delinquent Taxes)
Powers of the Bureau of
Internal Revenue

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Investments in Associates (equity


method of accounting)

Long term Construction Contracts


IAS 11 / PFRS 15

Remedies of the taxpayer


Definition,
scope,
prescriptive period
Taxpayers rights
Administrative
remedies
(Protesting of Assessment,
Recovery of excess or
erroneously paid taxes,
Request
for
the
compromise, abatement or
refund or credit of taxes,
Request for rulings)
Judicial remedies
Expanded jurisdiction of the Court of
Tax Appeals

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Investments in Debt Instruments

Financial Assets at Fair Value


through Profit or Loss (Except
Derivatives)

Financial Assets at Fair Value


through Other
Comprehensive Income

Accounting for Business Combination


(PFRS 3)

Taxpayer and tax base

Individuals

Corporations

Partnerships

Joint ventures

Estates and trusts

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University of Saint Louis Accountancy Review Calendar 1 st semester SY 2016-2017

Co-ownerships
Tax exempt individuals and
organizations

Financial Assets at Amortized


Cost

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Loans and Receivables (Financial


Assets at Amortized Cost)

Separate Financial Statement (PAS 27)

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Cash & Cash Equivalents

Consolidated Financial Statements


(PFRS 10)

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Presentation of Financial Statements


( IAS 1, IAS 8, IAS 10, IAS 7,
IFRS 5, IAS 33, IAS 18 / IFRS
15)

Statement of Financial
Position

Statement of Comprehensive
Income

Statement of Cash Flows

Statement of Changes in
Equity

Notes to the Financial


Statements

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Conceptual Framework

Basic Objectives of Financial


Statements

Qualitative Characteristics of
Financial Statements

Elements of Financial

Hedge that requires a Hedge


Accounting:

Fair value hedge

Hedge of a Firm Commitment


(Purchase or Sale
Transaction)

Cash flow hedge

Hedge of a Firm Commitment


(Purchase or Sale
Transaction)

Hedge of a Forecasted
transaction (Purchase or Sale
Transaction)

Hedge of a net investment in


foreign entity
Translation of Foreign Currency
Financial Statements (PAS 21/PAS 29)

Gross income
Inclusions in the gross
income
Exclusions/exemptions from
gross income
Income from compensation
Gross income
Income from business
Passive income subject to
final withholding tax
Capital gains
Deductions from gross income
Itemized deductions
Items not deductible
Optional standard deduction
Deductions allowed under
special laws

Compliance Requirements

Administrative requirements
(registration, issuance of
receipts, printing of
receipts)

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University of Saint Louis Accountancy Review Calendar 1 st semester SY 2016-2017

Statements
Financial Capital and Physical
Capital

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Accounting Process

Adjusting Entries

Accounting Cycle

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Development of Financial Reporting


Framework and Standard-Setting
Bodies, Regulation of the
Accountancy Profession

Government Accounting General


Fund

Basic Concepts in
Government Accounting

Budget Process
Journal Entries Books of National
Government Agency
Process Costing

Attachments to the income


tax return, including CPA
certificate, per NIRC
requirement

Keeping of books of
accounts and records,
including report of
inventories
Prescriptive period of maintain books
of accounts and other accounting
records
Value added tax

Output VAT

Input VAT
VAT tax credits

Percentage tax

Tax base and tax rates

Venue and time of filing of


tax returns

Venue and time of payment


Modes of payment

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