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Philippine CPA: Advanced Financial Accounting and Reporting (AFAR) · review course

PHCPA-02 · Professional qualifications

CertiFi's review course for Advanced Financial Accounting and Reporting (AFAR) in the Philippine CPA Licensure Examination. Sixteen lessons follow the 14 topics of the Board of Accountancy's table of specifications effective from the October 2022 LECPA: partnerships, corporate liquidation, joint arrangements, special revenue topics, home office and branch, business combinations and consolidation, derivatives and foreign currency, not-for-profit and government accounting, cost accounting, insurance contracts and service concessions. Each lesson has worked examples in pesos, exam tips and a large original practice question bank.

Who it's for

Accountancy graduates and reviewees preparing to sit the AFAR paper of the Philippine CPA Licensure Examination who want structured, exam-focused revision with plenty of practice.

What you'll be able to do

  • Account for partnership formation, operation, dissolution and liquidation, and for corporate liquidation using a statement of affairs
  • Apply PFRS 15 to special revenue arrangements, including consignment, long-term construction contracts and franchises
  • Prepare home office and branch, business combination, separate and consolidated financial statement figures under PFRS 3, PFRS 10, PFRS 11 and PAS 27
  • Account for derivatives, hedges and foreign currency transactions and translate foreign operations under PFRS 9, PAS 21 and PAS 29
  • Record not-for-profit and national government agency transactions under the net asset model, PPSAS and the GAM
  • Apply job order, process, backflush, activity-based, joint product and service department costing, and explain PFRS 17 and IFRIC 12

Lessons

  1. 1Partnership accounting and the AFAR exam6 min video
  2. 2Corporate liquidation5 min video
  3. 3Joint arrangements (PFRS 11)5 min video
  4. 4Revenue recognition I: the five-step model, special arrangements and consignment5 min video
  5. 5Revenue recognition II: long-term construction contracts and franchises5 min video
  6. 6Home office, branch and agency accounting5 min video
  7. 7Business combinations (PFRS 3)5 min video
  8. 8Separate financial statements (PAS 27)5 min video
  9. 9Consolidated financial statements (PFRS 10)5 min video
  10. 10Derivatives, foreign currency transactions and hedge accounting5 min video
  11. 11Translation of foreign currency financial statements (PAS 21 and PAS 29)5 min video
  12. 12Not-for-profit organisations5 min video
  13. 13Government accounting: national government agencies and the GAM5 min video
  14. 14Cost accounting I: costing systems, job order, process and backflush costing5 min video
  15. 15Cost accounting II: activity-based costing, joint and by-products, service cost allocation5 min video
  16. 16Other special topics: insurance contracts (PFRS 17) and service concessions (IFRIC 12)5 min video