AFAR Suggested Study Guide for May 2024 LECPA

(Designate a specific day of the week devoted for AFAR)

Suggested steps to master AFAR

1 Read the concept notes in the REO app to gain a bird's eye view of topic coverage and to recall the basics
2 Watch the recorded lectures on discussion of concepts
3 Answer the MCQs/exercises in your handouts (hardcopy)
4 Watch the recorded lectures on discussion of MCQs/exercises simultaneously with the handouts (hardcopy)
Warning: Videos are long because it is comprehensive and zero-based but you must watch it before attending live or F2F classes.
5 Answer on-line quizzers to test your proficiency and to develop your speed, accuracy, and endurance.
6 Answer monthly assessment and attend bi-monthly consultations to validate learnings and to clarify topics you deem difficult.
Note: Bi-monthly consultations are longer version of preweek or final coaching.
7 Take the preboard to simulate the actual LECPA and attend to discussion of preboard to validate learnings.
8 Feel free to message your reviewer for further concerns.
9 Avoid excusitis!!! Kung gusto may paraan, kung ayaw maraming dahilan!

Note:
ü Before doing the above steps, watch the "Introduction to AFAR" video
ü The above steps can be modified based on your personal learning styles. You know what will work best for you.
ü Always check "Updates and Corrigenda" for any updates.
ü Always check app notification for any updates or announcements
ü Please refer to AFAR Study Guide - Summary for the total hours that you need to complete AFAR.
ü Please refer to AFAR Study Guide - Details, you can use this as your checklist or todo list.
ü If you there
Since want additional
are a lot ofreadings,
topics in you
AFARcan check
and the precious
we lack summarytime,
of IFRS
therelated to AFAR
following is the in iasplus.com,
suggested ifrs.org of
completion or the
other website.
topics. You can modify a bit while you
ü progress. You can go faster but not slower.

SLOW PACED FAST PACED

(September 1 to April 25) (November 1 to April 25)
Month Week # Topic Topic
September 1 Partnership Formation
2 Partnership Operation
3 Partnership Dissolution
4 Catch-up back-log on the topics covered

October 1 Partnership Liquidation

2 Corporate Liquidation
3 Revenue Recognition (PFRS 15)
4 Catch-up back-log on the topics covered

November 1 Partnership Formation

2 Decentralized Operation Partnership Operation
3 Business Combination Partnership Dissolution
4 Catch-up back-log on the topics covered Partnership Liquidation
December 1 Separate and Consolidated FS (1/2) Corporate Liquidation
2 Separate and Consolidated FS (2/2) Revenue Recognition (PFRS 15)
3 Enjoy the holidays but keep the momentum. Revenue Recognition (Appendix: SME and Others)
4 Enjoy the holidays but keep the momentum. Decentralized Operation

January 1 Joint Arrangements Business Combination

2 Forex and Hyperinflation Separate and Consolidated FS (1/2)
3 Derivatives and Hedge Accounting Separate and Consolidated FS (2/2)
4 Catch-up back-log on the topics covered Joint Arrangements

February 1 Prepare for 1st Preboard Prepare for 1st Preboard

2 Not-for-Profit Organization Forex and Hyperinflation
3 Government Accounting Derivatives and Hedge Accounting
4 Catch-up back-log on the topics covered Not-for-Profit Organization

March 1 Job Order Costing Government Accounting

2 Process Costing Job Order Costing
3 Backflush & Activity-Based Costing Process Costing
4 Catch-up back-log on the topics covered Backflush & Activity-Based Costing

April 1 Joint and By-Products & Service Cost Allocation Joint and By-Products & Service Cost Allocation

2 Service Concession Arrangement & Insurance Contracts Service Concession Arrangement & Insurance Contracts
3 Focus efforts on mastering weak areas Focus efforts on mastering weak areas
Final Preboard Final Preboard
4 Go over final pre-board & answer all preweek materials Go over final pre-board & answer all preweek materials

May 1 Preweek Lecture Preweek Lecture

2 Preweek Lecture Preweek Lecture
3 Projected week of LECPA Projected week of LECPA
4 Enjoy while waiting for the LECPA results! Enjoy while waiting for the LECPA results!
Topics:
Partnership Accounting
Corporate Liquidation
Revenue Recognition
Home Office, Branch and Agency
1st PB
Business Combination
Separate and Consolidated FS
Coverage
Joint Arrangements
Forex and Hyperinflation
Derivatives and Hedge Accounting
Not-for-Profit Organizations
Government Accounting
Cost Accounting
Insurance Contracts
Service Concession Arrangement

LATE ENROLLEES
(January 1 to April 25)
Topic
Partnership Formation & Operation
Corporate Liquidation
Revenue Recognition (Appendix: SME and Others)
Decentralized Operation

Prepare for 1st Preboard

Business Combination
Separate and Consolidated FS
Joint Arrangements

Forex and Hyperinflation

Derivatives and Hedge Accounting
Not-for-Profit Organization and Government Accounting
Job Order Costing and Process Costing

Joint and By-Products & Service Cost Allocation

Service Concession Arrangement & Insurance Contracts

Focus efforts on mastering weak areas
Final Preboard
Go over final pre-board & answer all preweek materials

Preweek Lecture
Preweek Lecture
Projected week of LECPA
Enjoy while waiting for the LECPA results!
 AFAR Study Guide - Summary

Read Concepts Answer MCQs Watch Video Answer Exercises

in REO app in handouts in REO app in REO app
No. Topic Description (hours) (hours) (hours)* (hours)
0 Introduction to AFAR 1.00
1. Partnership 0.67 4.13 10.90 2.00
2. Corporate Liquidation 0.17 0.67 2.44 0.50
3 Revenue Recognition (PFRS 15, SME and Old US GAAP) 1.33 2.83 8.25 2.00
4. Decentralized Operation 0.17 1.50 4.23 2.00
5. Business Combination 0.50 1.67 4.83 2.50
6. Separate and Consolidated FS 0.50 2.00 8.23 4.17
7. Joint Arrangements 0.33 1.00 2.93 0.67
8. Forex and Hyperinflation 0.33 1.33 4.98 1.50
9. Derivatives and Hedge Accounting 0.33 2.00 4.75 2.00
10. Not-for-Profit Organization 0.50 0.67 1.72 0.67
11. Government Accounting 0.67 0.67 1.98 0.50
12. Cost Accounting 1.67 3.83 12.16 5.17
13. Insurance Contracts 0.17 0.33 1.47 0.42
14. Service Concession Arrangement 0.33 0.17 0.68 0.25
Total 7.67 22.80 70.55 24.33
 Total TOTAL
vs. TOS Quizzers
(hours) (in %)

17.70 14.23% 14.29% 75

3.78 3.04% 5.71% 26
14.42 11.59% 14.29% 95
7.90 6.35% 5.71% 45
9.50 7.64% 8.57% 50
14.90 11.98% 12.80% 60
4.93 3.96% 5.71% 31
8.15 6.55% 45
10.00%
9.08 7.31% 47
3.55 2.86% 2.86% 35
3.81 3.06% 2.86% 15
22.83 18.36% 14.29% 124
2.38 1.92% 15
2.86%
1.43 1.15% 15
124.35 100% 100% 678
 AFAR STUDY GUIDE - DETAILS

In
Minutes Hours
INTRO INTRODUCTION TO AFAR 60 1.00

TOPIC 1: PARTNERSHIP
Subtopic 1: Partnership Formation
A. Read concepts in the REO app/website 10 0.17
B. Watch "Partnership Formation Concepts Lecture" 63 1.04
C. Answer MCQs in the handout 38 0.63
D. Watch "Discussion of MCQs" 61 1.01
E. Answer Exercise No. 1 in the REO app/website 30 0.50

Subtopic 2: Partnership Operation

A. Read concepts in the REO app/website 10 0.17
B. Watch "Partnership Operation Concepts Lecture" 64 1.07
C. Answer MCQs in the handout 60 1.00
D. Watch "Discussion of MCQs" 142 2.37
E. Answer Exercise No. 2 in the REO app/website 30 0.50

Subtopic 3: Partnership Dissolution

A. Read concepts in the REO app/website 10 0.17
B. Watch "Partnership Dissolution Concepts Lecture" 22 0.37
C. Answer MCQs in the handout 60 1.00
D. Watch "Discussion of MCQs" 114 1.90
E. Answer Exercise No. 3 in the REO app/website 30 0.50

Subtopic 4: Partnership Liquidation

A. Read concepts in the REO app/website 10 0.17
B. Watch "Partnership Liquidation Concepts" 32 0.53
C. Answer MCQs in the handout 90 1.50
D. Watch "Discussion of MCQs" 157 2.62
E. Answer Exercise No. 4 in the REO app/website 30 0.50

TOPIC 2: CORPORATE LIQUIDATION

A. Read concepts in the REO app/website 10 0.17
B. Watch "Corporate Liquidation Lecture" 70 1.17
C. Answer MCQs in the handout 40 0.67
D. Watch "Discussion of MCQs" 87 1.46
E. Answer Exercise No. 1 in the REO app/website 30 0.50

TOPIC 3: REVENUE RECOGNITION

Subtopic 1: PFRS 15 Revenue Recognition
A. Read concepts in the REO app/website 60 1.00
B. Watch "Revenue Recognition Concepts Lecture" 150 2.51
C. Answer all MCQs in your handout 120 2.00
D. Watch "Discussion of MCQs" 229 3.82
E. Watch "PFRS 15 in Actual Practice" 6 0.11
F. Answer Exercise 1 and 2 in the REO app/website 60 1.00

Subtopic 2: Appendix: Revenue Recognition (PFRS for SMEs)

A. Read concepts in the REO app/website 20 0.33
B. Watch "Revenue Recognition (PFRS for SMEs) Concepts" 24 0.40
C. Answer MCQ1 to MCQ7 20 0.33
D. Watch "Discussion of MCQs (Q1 to Q7)" 16 0.27
E. Answer Exercise 3 in the REO app/website 30 0.50

Subtopic 3: Appendix: Revenue Recognition (Old US GAAP)

A. Read concepts in the REO app/website 20 0.33
B. Watch "Revenue Recognition (Old US GAAP) Concepts" 27 0.46
C. Answer MCQ8 to MCQ15 30 0.50
D. Watch "Discussion of MCQs" 42 0.70
E. Answer Exercise 4 in the REO app/website 30 0.50

TOPIC 4: DECENTRALIZED OPERATION

A. Read concepts in the REO app/website 10 0.17
B. Watch "Decentralized Operation Concepts Lecture" 43 0.71
C. Answer all MCQs in the handout 90 1.50
D. Watch "Discussion of MCQs" 211 3.52
E. Answer Exercise Nos. 1 & 2 in the REO app/website 120 2.00

TOPIC 5: BUSINESS COMBINATION

 A. Read concepts in the REO app/website 30 0.50
B. Watch "Business Combination Concepts Lecture" 103 1.71
C. Answer all MCQs in the handout 100 1.67
E. Watch "Discussion of MCQs" 187 3.12
F. Answer Exercise No. 1 to 3 in the REO app/website 150 2.50

TOPIC 6: SEPARATE & CONSOLIDATED FS

A. Read concepts in the REO app/website 30 0.50
B. Watch "Separate Financial Statement Concepts" 18 0.30
C. Watch "Consolidated Financial Statement Concepts" 185 3.08
D. Answer all MCQs in the handout 120 2.00
E. Watch "Discussion of MCQs" 282 4.69
F. Watch "SFS and CFS in Actual Practice" 9 0.15
G. Answer Exercise Nos. 1 to 4 in the REO app/website 250 4.17

TOPIC 7: JOINT ARRANGEMENTS

A. Read concepts in the REO app/website 20 0.33
B. Watch "Joint Arrangements Concepts" 65 1.08
C. Answer all MCQs in the handout 60 1.00
D. Watch "Discussion of MCQs" 102 1.70
F. Watch "Joint Arrangement in Actual Practice" 9 0.15
G. Answer Exercise No. 1 in the REO app/website 40 0.67

TOPIC 8: FOREX & HYPERINFLATION

A. Read concepts in the REO app/website 20 0.33
B. Watch "Forex and Hyperinflation Concepts" 130 2.16
C. Answer all exercises/MCQs in your handout 80 1.33
D. Watch "Discussion of MCQs" 162 2.70
E. Watch "Forex in Actual Practice" 7 0.12
F. Answer Exercise Nos. 1 to 3 in the REO app/website 90 1.50

TOPIC 9: DERIVATIVES & HEDGE ACCOUNTING

A. Read concepts in the REO app/website 20 0.33
B. Watch "Derivatives Concepts" 30 0.50
C. Watch "Hedge Accounting Concepts" 72 1.20
D. Answer MCQs in your handout 120 2.00
E. Watch "Discussion of MCQs" 172 2.87
F. Watch "Derivatives and Hedge Accounting in Actual Practice" 12 0.19
F. Answer Exercise No. 1 & 2 in the REO app/website 120 2.00

TOPIC 10: NOT-FOR-PROFIT ORGANIZATION

A. Read concepts in the REO app/website 30 0.50
B. Watch "Not-for-Profit Organization Concepts" 57 0.95
C. Answer MCQs in your handout 40 0.67
D. Watch "Discussion of MCQs" 39 0.65
E. Watch "Not-for-Profit Organizations in Actual Practice" 8 0.13
F. Answer Exercise Nos. 1 & 2 in the REO app/website 40 0.67

TOPIC 11: GOVERNMENT ACCOUNTING

A. Read concepts in the REO app/website 40 0.67
B. Watch "Government Accounting Concepts" 62 1.03
C. Answer MCQs in your handout 40 0.67
D. Watch "Discussion of MCQs" 44 0.74
E. Watch "Goverment Accounting in Actual Practice" 12 0.21
F. Answer Exercise No. 1 in the REO app/website 30 0.50

TOPIC 12: COST ACCOUNTING

Subtopic 1: Job Order Costing
A. Read concepts in the REO app/website 20 0.33
B. Watch "Job Order Costing Concepts" 63 1.05
C. Answer MCQs in your handout 40 0.67
D. Watch "Discussion of MCQs/Exercises" 94 1.57
E. Answer Exercise No. 1 in the REO app/website 40 0.67

Subtopic 2: Process Costing

A. Read concepts in the REO app/website 30 0.50
B. Watch "Process Costing Concepts" 31 0.52
C. Answer Exercise 1 to 3 in your handout 30 0.50
D. Watch "Exercise 1 One Department - WAVG vs FIFO" 42 0.70
E. Watch "Exercise 2 WAVG - Two Departments" 35 0.58
F. Watch "Exercise 3 FIFO - Two Departments" 42 0.70
G. Watch "Process Costing Spoilage Concepts" 21 0.35
H. Answer Exercise 4 to 9 in your handout 60 1.00
 I. Watch "Exercise 4, 5 and 6 Spoilage - Discrete vs Continuous" 63 1.05
J. Watch "Exercise 7 Discrete - Normal and Abnormal Spoilage" 51 0.85
K. Watch "Exercise 8 Reconstructive Problem" 32 0.53
L. Watch "Exercise 9 Operations Costing" 10 0.17
M. Watch "Process Costing Summary" 7 0.12
N. Answer Exercise Nos. 2 & 3 in the REO app/website 150 2.50

Subtopic 3: Backflush Costing

A. Read concepts in the REO app/website 15 0.25
B. Watch "JIT and Backflush Costing Concepts" 30 0.50
C. Answer all Exercises in your handout 20 0.33
D. Watch "Discussion of MCQs" 23 0.39
E. Answer Exercise No. 4 in the REO app/website 30 0.50

Subtopic 4: Activity-Based Costing

A. Read concepts in the REO app/website 15 0.25
B. Watch "Activity-Based Costing Concepts" 23 0.39
C. Answer all exercises in your handout 20 0.33
D. Watch "Discussion of Exercises" 20 0.33
E. Answer Exercise No. 5 in the REO app/website 30 0.50

Subtopic 5: Joint and By-Products

A. Read concepts in the REO app/website 15 0.25
B. Watch "Joint and By-Products Concepts" 21 0.35
C. Answer all Exercises 40 0.67
D. Watch "Discussion of Exercises" 82 1.36
E. Answer Exercise No. 6 in the REO app/website 40 0.67

Subtopic 6: Service Department Cost Allocation

A. Read concepts in the REO app/website 5 0.08
B. Watch "Service Department Cost Allocation Concepts" 11 0.18
C. Answer all Exercises 20 0.33
D. Watch "Discussion of Exercise 1 to 2" 30 0.49
E. Answer Exercise No. 7 in the REO app/website 20 0.33

TOPIC 13: INSURANCE CONTRACTS

A. Read concepts in the REO app/website 20 0.33
B. Watch "Insurance Contracts Concepts" 51 0.85
C. Answer all Review Questions in your handout 20 0.33
D. Watch "Discussion of MCQs" 27 0.45
E. Watch "Insurance Contract in Actual Practice" 10 0.17
F. Answer Exercise No. 1 in the REO app/website 15 0.25

TOPIC 14: SERVICE CONCESSION ARRANGEMENT

A. Read concepts in the REO app/website 10 0.17
B. Watch "Service Concession Arrangement Concepts" 17 0.28
C. Answer all Exercises & Review Questions in your handout 10 0.17
D. Watch "Discussion of Exercises" 18 0.30
E. Watch "Service Concession Arrangement in Actual Practice" 6 0.10
F. Answer Exercise No. 1 in the REO app/website 25 0.42

TOTAL 7,553 126