JPIA 2017-2018 RCT Chapter

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Ms. flinky lynne hernandez - JPIA rct chapter candidate for Ms. Sportfest 2017 🎉

Go jpians!

"ms RCT 2017 - CBBA candidates"

Happy teachers day to all the teachers out there specially to the cbaa faculty members and rct instructors. May the lord always bless you . 😊😘🎉

Happy Birthday, VP for Finance - Marjune Mercado 🎉🎈

Let's learn the basics of IAS 23: Borrowing Costs.

The objective of IAS 23 is to prescribe the accounting treatment for borrowing costs. Borrowing costs include interest on bank overdrafts and borrowings, finance charges on finance leases and exchange differences on foreign currency borrowings where they are regarded as an adjustment to interest costs.

IAS 23 requires that borrowing costs directly attributable to the acquisition, construction or production of a 'qualifying asset' (one that necessarily takes a substantial period of time to get ready for its intended use or sale) are included in the cost of the asset. Other borrowing costs are recognized as an expense.

[Source: https://www.iasplus.com/en/standards/ias/ias23]
Ctto - (NfjpiaR4)

IAS 7: Statement of Cash Flows requires an entity to present a statement of cash flows as an integral part of its primary financial statements. Cash flows are classified and presented into operating activities (either using the 'direct' or 'indirect' method), investing activities or financing activities, with the latter two categories generally presented on a gross basis.

This standard's objective is to require the presentation of information about the historical changes in cash and cash equivalents of an entity by means of a statement of cash flows, which classifies cash flows during the period according to operating, investing, and financing activities.

[Source: www.iasplus.com/en/standards/ias/ias7]

For this week's , let's hear it from Emmanuel John Baliwag - a Certified Accounting Hawk for Basic Accounting and Partnership & Corporation:

1. CONCEPT OVER PROCESS
Mas madali ang accounting kung iintindihin mo 'yung concept kaysa sasauluhin mo 'yung process. Yun kasi malimit ang ginagawa, kaya kapag nagkabali-balintong 'yung tanong, hindi na minsan alam ang gagawin. Bumabalik at bumabalik lang 'yan sa basic principles at mas madali kung gets na gets 'yung mga 'yun.

2. 'WAG MAHIYANG MAGTANONG
Kung may hindi ka naiintindihan, 'wag ka mahihiya lumapit sa kung sinumang alam mo na may alam. Pare-pareho kayong alam ang hirap ng accounting, kaya, kayo-kayo rin ang dapat nagtutulungan.

3. POSITIVITY
Personally, sobrang nakakatulong 'yung optimism at positive ka lang. Wag mong isipin na hindi mo magagawa, na hindi mo kaya, kasi kaya nga may mga CPA na kasi may mga tao na kaya, at isipin mong isa ka sa kanila. Kaya nila, hindi imposible, so kaya mo rin.

4. MAHALIN MO ANG ACCOUNTING
Mas mahirap ang mag-aral ng accounting kung hindi mo mahal ang ginagawa mo. Parang real life lang .Kahit anong hirap, basta mahal mo ginagawa mo, kakayanin mo.



# JPIA RCT CHAPTER

Let's start the week right!

This week's standard is all about IAS 16. This standard outlines the accounting treatment for most types of property, plant and equipment.

Property, plant and equipment is at first measured at its cost, subsequently measured either using a cost or revaluation model, or depreciated so that its depreciable amount is allocated on a systematic basis over its useful life.

The objective of IAS 16 is to prescribe the accounting treatment for property, plant, and equipment. The principal issues are the recognition of assets, the determination of their carrying amounts, and the depreciation charges and impairment losses to be recognized in relation to them.

[Source: https://www.iasplus.com/en/standards/ias/ias16]



# RCT chapter