COLLEGE OF ACCOUNTANCY

C-AE14 Conceptual Framework and Accounting Standards

First Semester AY 2025-2026

Module 2
A. Course Code – Title : C-AE14 – Conceptual Framework and Accounting Standards
B. Module No – Title : Module 2 – Ethics, Standardization and Globalization
C. Time Frame : 1 week – 3 hrs
D. Materials : Course Guide, Reference Materials, Writing Materials

1. Overview

Module 2 picks up from what we were able to accomplish in Module 1, that is, the
discovery of the nature and purpose of accounting. In this module, we dig deeper into the
ethical responsibility of accountants to serve the public’s interest. You will finally
understand why the title CPA has the word “public” at its very core.

The second part delves into the importance of standardization and globalization.
These are two big words that shape the Accountancy profession, whether in financial
reporting, assurance and other services. As a future accountant, you will be dealing with
different standards followed or adopted not just here in the Philippines but also world-
wide. Activities in the matching type format, sentence completion, and role playing can
help you attain the learning outcomes enumerated for this module.

(Suggested answers to some activities are provided at the end of this module. You may use
these as guides for better understanding after you have provided your own answers. By
complying with this instruction, know that you are developing the value of INTEGRITY
which is part of being a professional accountant. ☺)

2. Desired Learning Outcomes

Our goal is that, upon completing this module, you will be able to accomplish the following
learning outcomes which I now invite you to say out loud:

 “I can discuss the importance of ethics in the accounting profession.”

 “I can cite ways to apply the fundamental ethical principles in my life as an
Accountancy student.”
 “I can identify the organizations involved in the development and promulgation of
accounting standards.”
 “I can explain the process of how financial reporting standards are developed.”

Don’t forget to revisit these outcomes once you have completed the evaluation at the end
of this module. Place a check mark on each box to signify that you were able to achieve
our goals.

If you still have questions or difficulties with some topics, feel free to ask those questions
either through our Google classroom or through sms (text message) or class group chat
in messenger.

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 COLLEGE OF ACCOUNTANCY
C-AE14 Conceptual Framework and Accounting Standards
First Semester AY 2025-2026

3. Content/Discussion

Lesson 1 – Ethics and the Accountancy Profession

Now that you have gained an understanding of what accounting is and what it is for, it is now
time to learn the fundamental principles that every professional accountant must comply with in
the practice of the profession. As we have talked about in the preceding lessons, CPAs serve
different decision-makers by providing the information that they need. But you have to
remember that this responsibility is “not exclusively to satisfy the needs of an individual client or
employing organization” (IESBA, 2018 p.16). The International Ethics Standards Board for
Accountants (IESBA) stresses further that the distinguishing mark of the accountancy profession
is its acceptance of the responsibility to act in public interest. This is why those who pass the
licensure examination is given the title, Certified Public Accountant. The International Code of
Ethics for Professional Accountants (“the Code”) contains requirements and application material
to enable professional accountants to meet their responsibility to act in the public interest. The
fundamental principles are: Integrity, Objectivity, Professional Competence and Due Care,
Confidentiality and Professional Behavior.

Remember those days when you were asked to draw lines to connect one concept with another
concept? Let’s try to match the principles with their definitions/descriptions by drawing a line
from the words in Column A to the definitions/descriptions in Column B. The first one is done for
you as an example:

COLUMN A COLUMN B
Integrity o To comply with relevant laws and
regulations and avoid any conduct that
might discredit the profession

Objectivity o Not to disclose information acquired as a

result of professional and business
relationships without the express authority
from the owner of the information or unless
the security of the state is at risk

Professional Competence and Due Care o To be straightforward and honest in all

professional and business relationships

Confidentiality o Attain and maintain professional knowledge

and skill; and act diligently and in
accordance with applicable technical and
professional standards

Professional Behavior o Not to compromise professional or business

judgments because of bias, conflict of
interest, or undue influence
Imagine if accountants are not required to adhere to these ethical principles. What possible
consequences would there be? Complete the sentences below:

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 COLLEGE OF ACCOUNTANCY
C-AE14 Conceptual Framework and Accounting Standards
First Semester AY 2025-2026

1. If accountants do not have integrity, it is possible that

_____________________________________________________________________________________________.

2. If accountants are not objective or are biased towards serving the needs of a specific decision-
maker instead of serving the public’s interest, it is possible that
_____________________________________________________________________________________________.

3. If accountants are not professionally competent and do not exercise due diligence in the
practice of their profession, it is possible that
______________________________________________________________________________________________.

4. If accountants do not respect the confidentiality of information and carelessly divulge this
information to others, it is possible that
_____________________________________________________________________________________________.

5. If accountants do not behave professionally, it is possible that

_____________________________________________________________________________________________.

This exercise is meant to lead you towards the realization that these ethical principles form the
very foundation of our profession. If a CPA will disregard these principles, the interest of the public
will be sacrificed resulting to possible losses or damages. Even if you are just starting your journey
towards fulfilling your dreams to become a CPA someday, you should be able to internalize these
principles so that they become part of who you are, both personally and professionally. This effort is
aligned with the University’s mission to form you as future leaders in the Accountancy profession –
leaders who are BIASA, MAGANACA and MAYAP.

CPAs usually recite the Oath of a Certified Public Accountant during professional gatherings and
seminars as a reminder of our adherence to the Code of Ethics. For a few minutes, imagine yourself
to be a CPA reciting the following oath:

OATH OF A CERTIFIED PUBLIC ACCOUNTANT

As a Certified Public Accountant, I shall comply with the following principles of my profession:

I. INTEGRITY
I shall be straightforward and honest in all my professional and business relationships.
II. OBJECTIVITY
I shall not allow bias, conflict of interest or undue influence of others to override my
professional or business judgment.

III. PROFESSIONAL COMPETENCE AND DUE CARE

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 COLLEGE OF ACCOUNTANCY
C-AE14 Conceptual Framework and Accounting Standards
First Semester AY 2025-2026

I shall maintain professional knowledge and skill at the level required to ensure that my client
or employer receive competent professional services based on current developments in
practice, legislation and techniques; and I shall act diligently and in accordance with
applicable technical and professional standards.

IV. CONFIDENTIALITY
I shall respect the confidentiality of information acquired as a result of my professional and
business relationship. I shall not disclose any such information to third parties without
proper and specific authority, unless there is a legal or professional right or duty to disclose;
and I shall not use information for my personal advantage or those of third parties.

V. PROFESSIONAL BEHAVIOUR
I shall actively lead, participate and promote the programs and activities of my professional
organization; I shall comply with relevant laws and regulations; and I shall avoid any action
that will discredit the profession of accountancy in the Philippines.

I IMPOSE THIS OBLIGATION UPON MYSELF VOLUNTARILY WITHOUT MENTAL

RESERVATION OR PURPOSE OF EVASION. SO HELP ME GOD

Progress Check/Assignment:
From among the five fundamental ethical principles mentioned earlier, choose TWO which you can apply
to your daily life. State what these two principles are and explain briefly how you intend to apply this to
your life, particularly as an Accountancy student. (Maximum of 200 words only.)
Grading Rubrics: Content (5); Style (5); Spelling & Grammar (5); Compliance to word count (5)

My Commitment as an Ethical Accountancy Student

__________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________

Send your answer to our Google classroom in the classwork created for this task.

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 COLLEGE OF ACCOUNTANCY
C-AE14 Conceptual Framework and Accounting Standards
First Semester AY 2025-2026

Now let us revisit the desired learning outcomes. Put a check mark on the box/es if you were able
to accomplish these:

 “I can discuss the importance of ethics in the accounting profession.”

 “I can cite ways to apply the fundamental ethical principles in my life as an
Accountancy student.”

If you still have questions, concerns or difficulties, please contact me using the information that I have
provided so we can schedule an academic consultation.

Grounded on these ethical principles, you may now move forward in your studies as you learn about
standardization and globalization in the next part of this module.

Lesson 2 – Standardization and Globalization

Remember when we talked about accounting as the service activity that provides the
information needs of different users in order to make informed decisions? I hope you haven’t
forgotten about that. For this module, let us zoom in on HOW these information needs would be
provided by accountants.

When we hear the word “HOW” this usually pertains to the manner or procedure followed
for a certain process. Procedures are based on certain “rules” or “standards”. Different people may
have different ways of doing things, right? So, how does this relate to accounting?

Let us say a creditor would like to assess whether the company has the ability to pay their
obligations as they fall due. This creditor would require the company to submit a financial report
which usually comes in the form of audited financial statements. “Audited” means that a CPA in public
practice has performed review and analytical procedures to determine if the company has complied
with the generally accepted accounting principles (GAAPs).

What are these GENERALLY ACCEPTED ACCOUNTING PRINCIPLES and why is it important
that entities use them in preparing their financial reports?

To be “generally accepted” means that many entities, from sole proprietorships up to the
more complex form of organizations like corporations, found these principles to provide sound basis
for the preparation of useful accounting reports. Financial information is after all considered to be
the lifeblood of capital markets worldwide. Users of financial information need to make sure that
they trust the financial statements because these were prepared using GAAP. Standards for financial
reporting have been developed to guide accountants in the preparation of these reports. Standards
serve as benchmarks for quality. But even if there are standards, if different companies in different
countries have different standards, this would greatly affect how users of financial information would
compare different financial statements.

For example, Investor A is comparing the financial statements of Company A (an American
company) with that of Company B (a company in the UK). While the financial statements may look
similar at a glance, there may be intrinsic differences caused by social, economic, political and legal
factors. Different countries also have in mind the varying needs of the users of financial statements
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C-AE14 Conceptual Framework and Accounting Standards
First Semester AY 2025-2026

as basis for their national regulatory requirements. As an analogy, while the end product – say, a dish
– may look the same, there may be different ingredients which were prepared and cooked using
different procedures.

Going back to our example, these underlying differences would make it difficult for Investor
A to make a meaningful comparison. However, if different countries would adopt the same financial
reporting standards, comparisons would be more meaningful, although some differences would still
inevitably exist. Standards should also be widely accepted across and beyond borders. To be widely
accepted means that worldwide users of financial information TRUST the financial statements
prepared using these standards.

In the Philippines, we follow International Financial Reporting Standards (IFRS) in the

preparation of financial statements. These standards originated from the United Kingdom through
the IFRS Foundation which has a three-tier governance structure, based on an independent
standard-setting Board of experts, the International Accounting Standards Board (IASB)
governed and overseen by Trustees from around the world (IFRS Foundation Trustees) who in turn
are accountable to a monitoring board of public authorities (IFRS Foundation Monitoring Board).

The IFRS Foundation is a not-for-profit international organization responsible for developing

a single set of high-quality global accounting standards that bring transparency, accountability and
efficiency to financial markets around the world. This Foundation serves the public interest by
fostering trust, growth and long-term financial stability in the global economy. Based on its website,
ifrs.org, about 169 jurisdictions have required financial statements to be prepared using IFRS. You
may follow this link to find out more about these jurisdictions. https://www.ifrs.org/use-around-
the-world/use-of-ifrs-standards-by-jurisdiction/

You can view the profile of the Philippines in terms of its adoption of the IFRS through this
link:
https://www.ifrs.org/use-around-the-world/use-of-ifrs-standards-by-jurisdiction/view-
jurisdiction/philippines/

https://www.ifrs.org/content/dam/ifrs/publications/jurisdictions/pdf-
profiles/philippines-ifrs-profile.pdf

In the Philippines, we refer to the IFRS Standards as Philippine Financial Reporting

Standards (PFRSs). There are some aspects that the local standard-setting body has not adopted
like the aspect of revenue recognition under IFRS 15 for real estate companies that avail of the relief
granted by the Securities and Exchange Commission (SEC). The IFRS Foundation lists the following
as the relevant Philippine jurisdictional authority as far as standards in financial reporting are
concerned:
1. Philippine Financial and Sustainability Reporting Standards Council (PFSRSC)
2. Philippine Interpretations Committee (PIC)
3. Philippine Sustainability Reporting Committee (PSRC)
4. Board of Accountancy (BOA)
5. Philippine Securities and Exchange Commission (SEC)
6. Insurance Commission (IC)
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C-AE14 Conceptual Framework and Accounting Standards
First Semester AY 2025-2026

7. Bangko Sentral ng Pilipinas (BSP)

Although these entities provide the standards, guidelines and other regulatory requirements
for financial reporting, the main financial reporting standard-setting body in the Philippines is still
the Financial Sustainability and Reporting Standards Council (FSRSC).

The Financial and Sustainability Reporting Standards Council (FSRSC) which was established
by the Professional Regulation Commission (PRC) under the Implementing Rules and Regulations of
the Philippine Accountancy Act of 2004 to assist the Board of Accountancy (BOA) in carrying out its
power and function to promulgate accounting standards in the Philippines. The FSRSC’s main
function is to establish generally accepted accounting principles in the Philippines.

The FSRSC is the successor of the Accounting Standards Council (ASC). The ASC was created
in November 1981 by the Philippine Institute of Certified Public Accountants (PICPA) to establish
generally accepted accounting principles in the Philippines. The FSRSC carries on the decision made
by the ASC to converge Philippine accounting standards with international accounting standards
issued by the International Accounting Standards Board (IASB). The FSRSC has full discretion in
developing and pursuing the technical agenda for setting accounting standards in the Philippines.
Financial support is received principally from the PICPA Foundation.

The FSRSC monitors the technical activities of the IASB and invites comments on exposure
drafts of proposed IFRSs as these are issued by the IASB. When finalized, these are adopted as
Philippine Financial Reporting Standards (PFRSs). The FSRSC similarly monitors issuances of the
International Financial Reporting Interpretations Committee (IFRIC) of the IASB, which it adopts as
Philippine Interpretations. PFRSs and Philippine Interpretations approved for adoption are
submitted to the BOA and PRC for approval.

The FSRSC formed the Philippine Interpretations Committee (PIC) in August 2006 to assist
the FSRSC in establishing and improving financial reporting standards in the Philippines. The role of
the PIC is principally to issue implementation guidance on PFRSs. The PIC Members are appointed
by the FSRSC and include accountants in public practice, the academe and regulatory bodies and
users of financial statements. The PIC replaced the Interpretations Committee created by the ASC in
2000.
The FSRSC established the Philippine Sustainability Reporting Committee (PSRC) on October
21, 2022, to evaluate the International Sustainability Standards Board’s IFRS Sustainability
Disclosure Standards for local use and to issue local interpretation and guidance. The PSRC consists
of seventeen (17) members from accounting firms, government and regulatory bodies, business and
industry associations and the academe.

The FSRSC stakeholders include preparers, auditors, regulators, investors, advisors, and the
general public.

The FSRSC consists of a chairman and members who are appointed by the BOA and include
representatives from the BOA, Securities and Exchange Commission (SEC), Bangko Sentral ng
Pilipinas (BSP), Bureau of Internal Revenue (BIR), Insurance Commission (IC), Commission on Audit
(COA), Financial Executives Institute of the Philippines (FINEX), and PICPA.

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C-AE14 Conceptual Framework and Accounting Standards
First Semester AY 2025-2026

The development of IFRS Standards follows a thorough, transparent and participatory due
process. The Due Process Handbook published by the IFRS Foundation in June 2016 discloses the
principles from which the due process requirements were built. These are:
• Transparency –the IASB conducts its standard-setting process in a transparent manner;
• Full and fair consultation –considering the perspectives of those affected by IFRS globally;
and
• Accountability –the IASB analyses the potential effects of its proposals on affected parties
and explains the rationale for why it made the decisions it reached in developing or changing
a Standard.

This process includes, public Board Agenda

meetings broad broadcast live from their Consultation
London office; agenda papers that inform the
Board’s deliberations; discussion and decision
summaries that are made available after
meetings; and comment letters received on
consultation documents. Maintenance Research
Programme IFRS Programme
The steps in the standard-setting process are
the following:

1. Agenda consultation – Priorities are

Standard-setting
defined and a project work plan is
Programme
developed after the Board conducts a
review and consultation. This is done
every five years.

2. Research programme – Each project begins with research to explore the issues, identify
possible solutions and decide whether there is a need for standard-setting. These ideas are
expressed in the form of a Discussion Paper for public comment.

3. Standard-setting programme – The research and comments on the Discussion Paper are
reviewed and amendments to Standards are proposed. Proposals for new standards or
amendments to existing ones are then published in an Exposure Draft for public consultation.
The Board analyses feedback and refines proposals before the new Standard or an
amendment to a Standard is issued.

4. Maintenance programme – Consultations on the implementation of a new or amended

Standard are done in order to identify any problems that may need to be addressed. If the
need arises, the IFRS Interpretations Committee (IFRIC) may decide to create and IFRIC
Interpretation of the Standard or recommend a narrow-scope amendment. These
amendments will follow the usual due process. Post-implementation reviews are conducted
after a few years to assess whether the Standard is achieving its objective and if not, whether
there is a need for any amendment.

For more information, including a short video on how standards are developed, you may check out
this link: https://www.ifrs.org/about-us/how-we-set-standards/#maintenance.
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 COLLEGE OF ACCOUNTANCY
C-AE14 Conceptual Framework and Accounting Standards
First Semester AY 2025-2026

Progress Check/Assignment:
Let’s check your understanding of the things that we have discussed.
Please discuss the importance of a globally accepted set of financial reporting standards. You may
use up to 150 words only.
Grading Rubrics: Content (5); Style (5); Spelling & Grammar (5); Compliance to word count (5)

Promoting Transparency, Accountability and Efficiency through IFRS

__________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________
1. What do these acronyms stand for?

1.) IFRS - _______________________________________________________________________________

2.) IASB - _______________________________________________________________________________

3.) FSRSC - _______________________________________________________________________________

4.) SEC - ________________________________________________________________________________

5.) PRC - ________________________________________________________________________________

6.) BOA - ________________________________________________________________________________

7.) PFRS - _______________________________________________________________________________

8.) IFRIC - ______________________________________________________________________________

9.) PSRC - _______________________________________________________________________________

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C-AE14 Conceptual Framework and Accounting Standards
First Semester AY 2025-2026

2. Write the major steps in the development of financial reporting standards in the appropriate
box. Include some key words related to these steps.

Agenda Consultation

Maintenance
Research Programme
Programme

Standard-setting
Programme

At this point, kindly check if you were able to attain the desired learning outcomes for this lesson:
 “I can identify the organizations involved in the development and promulgation
of accounting standards.”
 “I can explain the process of how financial reporting standards are developed.”

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C-AE14 Conceptual Framework and Accounting Standards
First Semester AY 2025-2026

4. Self- Evaluation
Name _______________________________________________________ Year and Section:_______________
Test 1. Identify the ethical principle that is being referred to in the following:
1. Alex had a long day working as a junior auditor in an accounting firm. His mother asked him
about his day and he excitedly shared with her the audit findings in a popular fast-food
restaurant that was their firm’s client. Alex violated the ethical principle of
___________________________.

2. Betty, a CPA, was approached by her college classmate Cathy who was the owner of a coffee
shop. Cathy wants to borrow ten million pesos from the bank in order to renovate part of her
house. She applied for a business loan and the bank requested that she submit an audited set
of financial statements. Cathy requested Betty if the financial statements can be “adjusted” to
reflect that the coffee shop is earning even if it is not, so that the bank would lend her money.
Betty said that she cannot do it because doing so might be beneficial for Cathy but this would
be to the disadvantage of the bank and its depositors. Betty’s refusal to distort the accounting
information to benefit one party over another manifests her adherence to the ethical
principle of ______________________________.

3. Following the case presented in number 2, Cathy persisted in convincing Betty by offering a
huge amount in exchange for this “adjustment” in the financial reports. Betty’s refusal to
accept this amount shows that she upholds the principle of ______________________________.

4. Dante, who became a CPA forty years ago, still attends seminars and workshops to be updated
with the recent trends in the profession. When he performs his professional services, he
makes sure that he carefully plans and checks the work of his assistants. Danny manifests
__________________________________________.

5. Edgar, a CPA, posted profanities and mean comments to a local celebrity on Facebook and
Twitter. The local celebrity filed a complaint against him, citing that Edgar violated the ethical
principle of ________________________________________.

Test II. Explain briefly how financial reporting standards are developed (Use up to 100 words
only). Grading Rubrics: Content (5); Style (5); Spelling & Grammar (5); Compliance to word count (5)

__________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________
__________________________________________________________________________________________________________________

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 COLLEGE OF ACCOUNTANCY
C-AE14 Conceptual Framework and Accounting Standards
First Semester AY 2025-2026

E. References

Cabrera, M. E., Ocampo, R. R., & Cabrera, G. A. (2018). Conceptual Framework and Accounting
Standards. Manila, Philippines: GIC Enterprises & Co., Inc.

Empleo, P. M., & Robles, N. S. (2019). The Philippine Financial Reporting Conceptual Framework and
Accounting Standards. Mandaluyong City, Philippines: Millennium Books, Inc.

IESBA. (2020). The International Code of Ethics for Professional Accountants. ethicsboard.org.
Retrieved June 11, 2020, from https://www.ethicsboard.org/publications/final-
pronouncement-restructured-code-19

IFRS Foundation. (2017). ifrs.org. Retrieved June 11, 2020, from https://www.ifrs.org/use-around-
the-world/use-of-ifrs-standards-by-jurisdiction/philippines/#participant

International Accounting Standards Board. (2018, March). Conceptual Framework for Financial
Reporting. London, United Kingdom.

Millan, Z. V. (2019). Conceptual Framework and Accounting Standards. Baguio City, Philippines:
Bandolin Enterprise Publishing and Printing.

Valix, C. T., Peralta, J. F., & Valix, C. A. (2019). Conceptual Framework and Accounting Standards.
Manila, Philippines: GIC Enterprises & Co., Inc.

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 COLLEGE OF ACCOUNTANCY
C-AE14 Conceptual Framework and Accounting Standards
First Semester AY 2025-2026

F. Suggested Answers to Activities

Activity 1
COLUMN A COLUMN B
Integrity o To comply with relevant laws and
regulations and avoid any conduct that
might discredit the profession.

Objectivity o Not to disclose information acquired as

a result of professional and business
relationships without the express
authority from the owner of the
information or unless the security of the
state is at risk.

Professional Competence and Due Care o To be straightforward and honest in all

professional and business
relationships.

Confidentiality o Attain and maintain professional

knowledge and skill; and act diligently
and in accordance with applicable
technical and professional standards.

Professional Behavior o Not to compromise professional or

business judgments because of bias,
conflict of interest, or undue influence.

Activity 2
1. If accountants do not have integrity, it is possible that they might lose their credibility as
professionals.
2. If accountants are not objective or are biased towards serving the needs of a specific decision-
maker instead of serving the public’s interest, it is possible that other parties would suffer
losses or damages.
3. If accountants are not professionally competent and do not exercise due diligence in the
practice of their profession, it is possible that they might become liable for negligence for
offering poor quality services.
4. If accountants do not respect the confidentiality of information and carelessly divulge this
information to others, it is possible that they might be sued for divulging confidential
information.
5. If accountants do not behave professionally, it is possible that they lose credibility and might
even discredit the profession.

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