This course is a continuation of Intermediate Accounting 1. It is designed to cover the discussion, appreciation and application of the Philippine Financial Reporting Standards (PFRS) on the liabilities, financial and non-financial, and shareholders’ equity including disclosure requirements. It also deals with contemporary issues such as leases, employee benefits and income taxes. Financial liabilities shall include accounts and other trade payable, loans payable, commercial paper, derivative financial liabilities, accrued expense payable, returnable deposits and current maturities of long-term debt, bonds payable, long-term notes payable while non-financial liabilities shall include advances/ deposits from customers, agency liabilities (VAT, SSS, Withholding Tax, Income Tax, Property Tax), and warrants.
- Sensei: Michael Auditor