An Outcomes Based Education Approach Accounting Essay

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ABSTRACT: Philippine Higher Education Institutions (HEIs) lag behind in the top 500 annual university rankings worldwide and even in the top 10 within the Asia-Pacific Region.(Times Higher Education (THE) and Quacquarelli (QS) Symonds,(2011) . The impact could be seen in the Philippine 's Competitive Index ranked 26th after Vietnam. Main problem is its 10-Year Basic Education which does not conform with international standards. Implications include mismatch of graduates against industry needs, inadequate skills and global competencies of the workforce and un-employability of graduates in the global environment.

The main problem (Research Question) of this study is how can Philippine HEIs shift towards an Outcomes-Based Education (OBE) and Quality Assurance (QA) System that can meet international standards. Specifically, the study aims to : 1) craft a Ten-year transition strategy (AY 2011/12-2021/22) for Philippine HEIs to become compliant to international accords 2) design a framework for an Outcomes-based Education (OBE) approach and typology-based Quality Assurance (QA) system for Philippine HEIs; and 3) propose a model Academic Program in the field of business (BS Accountancy) that applies OBE and typology-based QA using an actual case of an existing HEI- La Consolacion College Manila, Philippines .

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The conceptual framework primarily used the Balanced Scorecard (BSC) Methodology designed by Kaplan and Norton of Harvard University (Kaplan,2000) and the Baldrige Framework -Education Criteria for Performance Excellence (MBNQA,2010).

The outcomes-based framework presupposes quality and goals anchored on the VMGO of HEIs. Thus, HEIs define their VMGO in response to local contexts and their assessment of institutional strengths and weaknesses, the quality goals and outcomes of HEIs necessarily differ.In the Philippines, however, HEIs are not differentiated along the mission and functions vis-à-vis the national goals. Typology-Based QA for HEI must be classified into three types: a)Professional Institutes b) Colleges and c) Universities.

Thus, accrediting and certifying agencies such as CHED , PAAASCU/PACU-COA and SGS for ISO must use standards on the basis of this new Typology. There must be no "one size-fits-all" policy.

Key words : Outcomes-based Education (OBE),typology-based, Quality Assurance (QA) ,international standards, global competitiveness,K-12 (Kinder to Grade 12), Basic Education, Higher Educational Institutions (HEIs), VMGO (Vision-Mission, Goals & Objectives),global competencies, Malcolm Baldrige National Quality Award (MBNQA), Balanced ScoreCard (BSC), CHED (Commission on Higher Education), Deped (Department of Education), TESDA (Technical Education , Skills Development Authority),business ,accounting, technology

Introduction

Philippine Higher Education Institutions (HEIs) lag behind in the top 500 annual university rankings worldwide and even in the top 10 within the Asia-Pacific Region.(Times Higher Education (THE) and Quacquarelli (QS) Symonds,2011) . The impact could be seen in the Philippine 's Competitive Index ranked 26th after Vietnam, a late comer in the ASEAN (South East Asian) Region. Other identified problems include mismatch of graduates against industry needs, inadequate skills and global competencies of the workforce and un-employability of graduates in the global environment.

Both private and Government-funded studies (World Bank and Asian Development Bank-ADB) opined the following reasons: a) a 10-year Basic Educational System ,short of the 12-year pre-college international standards (Bologna and Washington Accords); b) an expert/teacher/-based learning and input-based quality assurance system.

The Philippine Government thru the Commission on Higher Education (CHED) and Department of Education (DepEd) plans to overhaul the educational system and embark on a long-term plan called "K-12" and a shift towards an Outcomes-based Education (OBE) for Higher Education.(TFQA,CHED,2012).

The Accounting profession in the Philippines has undergone a major transformation in the past ten years. These changes were influenced by the opening of the Philippine market to global economies. The professional accountant is faced with the challenge of understanding global transactions entered into by multinational firms here and abroad. The global environment rapidly changes, therefore, the professional accountant is expected to adapt to this fast-changing environment.

The real business world demands that the professional accountant is expected to have mastered technical accounting knowledge and skills. He is often hired as a business advisor, tax and financial advisor, a financial analyst, communicator, negotiator or a manager. He is expected to be a technical expert with excellent communication skills to be able to meet the reporting and information needs of his clientele.

RESULTS AND DISCUSSIONS

On Objective 1: Transition Strategy to an Outcomes-Based Approach and Typography-based Quality Assurance (QA) System

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The 10-year Basic Education in the Philippines: Impact on Tertiary (College, University & Professional Higher Education): Local Context:

Low Performance of current 10-year BED graduates in college & licensure tests.

Mismatch of skills and competencies of graduates vs. industry needs

Tesda & CHED's inability to design & coordinate bridge and ladderized curriculum

Proposed Transition Strategies (SY 2012-2022)

Strategy 1- Redesign Senior High School (Grades 11 & 12) Curriculum as a Bridge Program.

Strategy 2: Junior College as G 11& 12 and as VocTech plus.

Strategy 3-Ladder-type of VocTech Plus leading to Formal College Degrees

Strategy 4- Ladder-type AB/BS Degree Programs (College/University )

Strategy 5-Re-Tool Faculty (GEC);NTP

Strategy 6-Invest in Lab and Facilities supporting VocTech and Dual Learning

Strategy 7: Vertically Integrate along Core Competencies

Strategy 8-Establish Industry partners for specific industry manpower requirements

Strategy 9- Explore non-tuition-fee based revenues to support Faculty/Staff development and facilities upgrade

On Objective No.1: OBE and Typology-Based QA

Frameworks and Models

The basic conceptual framework of this study adapted the Deming/Shewhart PDCA-Cycle, shown below.

Figure 1: Deming/Shewhart PDCA Cycle

However, to be able to translate to an OBE and Typology-based QA, HEIs must adopt the MBNQA (Baldrige) Model primarily because of its Results/Outcomes- based approach, as shown below.

The VMGO (Mission) of an HEI can be cascaded down the line : core and enabling functions such as Instruction, Faculty Development, Laboratory, Student Services, Facilities Management and Administration. These HEI tasks are translated as KRAs; and further cascaded into KPIs and quantifiable targets (results/outcomes).

Figure 2: MBNQA(Baldrige Award) Framework

This Model is further simplified by the BSC of Kaplan and Norton. The Kaplan BSC dovetails with Accreditation Agency major criteria and can be used by HEI in Operational Planning. The modified BSC for an HEI is shown below:

Figure 3: Kaplan & Norton's BSC adapted to HEIs

Typology-Based QA for HEI must be classified into three types: a) Professional Institutes b) Colleges and c) Universities. Institutes develop technical knowledge and skills that lead to professional practice (e.g engineering, management); while Colleges provide experiences to develop adults on thinking, problem-solving, decision-making, communication, technical and social skills to participate in various types of employment. Universities provide highly specialized educational experiences to train experts in various technical and disciplinal areas and develop new knowledge through research.

The outcomes-based framework presupposes quality and goals anchored on the VMGO of HEIs. Thus, HEIs define their VMGO in response to local contexts and their assessment of institutional strengths and weaknesses, the quality goals and outcomes of HEIs necessarily differ.

In the Philippines, however, HEIs are not differentiated along the mission and functions vis-à-vis the national goals.

Thus, accrediting and certifying agencies such as CHED , PAAASCU/PACU-COA and SGS for ISO must use standards on the basis of this new Typology. There must be no "one size-fits-all" policy.

OBE and Typology-Based QA

Table 1: Proposed OBE/Typology-based QA Criteria

Typology/Class 1: Professional Institutes

Criteria

Results: Outcomes (Competencies)

Focus

At least 70% enrolment in degree programs in the professional areas e.g engineering, IT, Management, Law, Medicine

Program

At least 60% of academic programs in professional areas e.g engineering, IT, Management, Law, Medicine , Education

Faculty

At least 50% of FT with relevant license and/or professional experience

Students-graduates

Technical knowledge and skills of the profession

Typology/Class 2: Colleges

Criteria

Results: Outcomes (Competencies)

Focus

Deepen the degree of theoretical and methodical knowledge in various fields of society. Develop competencies in adults to engage in various social discourses and development activities.

Program

At least 70% of undergraduate programs in humanities and philosophy and sciences-humanities, arts, social sciences and natural sciences.

Faculty

At least 50% of Full time and permanent faculty with relevant graduate degrees.

Students-graduates

Post-secondary (K-12) graduates. Bridge for Senior High/Junior Colleges and Community Colleges (associate degree, certificate, technical training (TESDA)

Typology/Class 3: Universities

Criteria

Results: Outcomes (Competencies)

Focus

Highly specialized, trained experts in various technical and disciplinal areas.

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Program

20% of active degree programs (at least 6 in graduate degree-MA/MS/Ph.D level.

1 active Ph.D Program in 3 disciplines

All graduate and 50% undergraduate degree with thesis

Faculty

Full time researcher- with MA; 30% full time and/or 20% of all full time ; active in Research; 5% faculty with research patents; referred journals and publications.

Students-graduates

Graduate students and , trained experts in the professional practice and/or discovery of new knowledge

ON OBJECTIVE No.3: PROPOSED Model OF AN OBE-;TYPOLOGY-BASED BSA Curriculum

In order to respond to internal and external pressures facing individuals who desire to enter the Accountancy profession, La Consolacion College Manila promptly adopted the following:

Quality Assurance (QA) - International Standards under ISO 1901:2008 a) These standards were observed in setting plans (KPI), teaching methodologies, systems and procedures, evaluation of performance, and feedback. b) These standards made 'continuous improvement' a norm among the personnel.

Outcomes-Based Education (OBE) - This approach was adopted by :

Devising a new curriculum; and

Annually reviewing and revising its corresponding syllabi to make sure that that the OBE approach, i.e, identifying the desired outcome in each topic and the assessment tools used to measure the success of the approach.

Among the changes in teaching methodologies that were adopted were:

Shift from teacher-centered approach to learner-centered approach;

Use of case studies to simulate actual work situations; Critical thinking;Use of technology and e-learning;

Problem - solving skills; Group learning;

Research, Analysis of current trends; and

Practical application through an internship program in a real external auditing firm.

Because the environment in which the professional accountant plays a significant role is dynamic, La Consolacion College Manila has always been quick to respond to any new concept that comes along.

Thus, La Consolacion College Manila's Curriculum Review Committee continuously reviews its BS Accountancy curriculum and its faculty members annually revise the syllabi in order to incorporate new teaching approaches .

A Model OBE and Typology-based Accounting Curriculum/Syllabus is proposed and shown in the succeeding section.

COURSE SYLLABUS in Financial Accounting 3

COURSE DESCRIPTION/SCOPE:

This course is the culmination of the Financial Accounting cluster. It deals with the preparation of a properly classified balance sheet, income statement, statement of changes in equity, and statement of cash flows, including the required disclosures and notes to the financial statements. It also covers reconstruction of accounts from incomplete records, change from cash basis to accrual basis of accounting, correction of errors, accounting changes, discontinued operations, earnings per share, accounting for changing prices, interim reporting, and other current related items. The students will also be exposed to the financial statement of specialized industries.

COURSE EXPECTED LEARNING OUTCOMES:

At the end of the course, the students are expected to:

Cognitive

Identify the principles underlying the preparation and presentation of financial statements.

Describe the accounting for fundamental errors and accounting changes.

Differentiate accounting for companies engaged in specialized industries with those engaged in the ordinary trade or business ; accrual from cash basis..

Psychomotor

Prepare financial statements under the singe-entry system.; and solve problems in realistic situations.

Convert cash basis financial statements into accrual basis financial statements.

Solve problems on accounting for fundamental errors and accounting changes; specialized industries.

Affective

Integrate truthfulness in the preparation of financial statements.

COURSE OUTLINE

Week

Topic

Learning Approaches/Strategies

Assessment Tools

Expected Outcomes

1

Review of Financial Accounting 1 and 2 and overview of the course

Lecture-Discussion

Exercises

Recitation

Exercises

Recitation

Relate the course to Financial Accounting 1 and 2

2

Review of the accounting process:

Nature

Phases

Recording phase

Summarizing phase

Adjusting, closing and reversing entries

Lecture-Discussion

Problem-Solving

Board Work

Group/Team Learning

Quizzes

Exercises

Homework

Understand the nature of the accounting process and perform the steps in the cycle.

Evaluate the importance of making adjustments at the end of the accounting period prior to preparation of financial statements.

Journalize adjusting, closing, and reversing entries and to understand the need to prepare them.

3-4

Presentation of general purpose financial statements:

Nature of general-purpose financial statements.

Overall considerations in the preparation of financial statements.

Structure of financial statements.

Minimum requirements for the content of financial statements

Balance Sheet

Income Statement

Statement of Changes in Owner's Equity

Statement of Cash Flows

Accounting Policies and explanatory notes

Lecture-Discussion

Problem Solving

Power-point presentation

Group/Team Learning

Quizzes

Exercises

Homework

Recitation

Identify and understand the nature of general-purpose financial statements.

Identify and describe the basic financial statements.

Apply the principles relating to the presentation of general purpose financial statements.

Identify and evaluate critically the overall considerations in the preparation of general-purpose financial statements.

Describe the structure of financial statements.

Identify and describe the minimum requirements for the content of financial statements.

4

PRELIMINARY EXAMINATION

5-7

Accounting for results of operations and preparation of income statement and statement of changes in owner's equity.

Approaches to income measurements:

Economic Approach

Transaction Approach

Concepts of capital and capital maintenance

Financial Concept

Physical Concept

Comprehensive Income

Bases for recognition of Income

Accrual Basis

Cash Basis

Modified Cash Basis

Elements of Income Statement

Income

Expenses

Revenue, expenses, gains and losses

Definition

Recognition

Measurement

Derecognition requirements

Content of the Income Statement

Revenue

Results of operating Activities

Net Income

Change in Accounting Estimate

Definition and Nature

Accounting Treatment

Disclosure requirements

Change in Accouning Policies

Definition and nature

Accounting treatment

Disclosure requirements

Prior period errors

Definition and nature

Accounting treatment

Disclosure requirements.

Lecture-Dicussion

Problem Solving

Power Point Presentation

Case Analysis

Quizzes

Exercises

Homework

Recitation

Case analysis Presentation

Apply accounting standards relating to preparation of income statement and statement of changes in owner's equity.

Differentiate and evaluate the two approaches to income measurement.

Understand, differentiate, and evaluate the two concepts of capital and capital maintenance.

Understand the concept of comprehensive income and how it is measured.

Identify, describe, differentiate, and evaluate the three bases for recognition of income.

Define the elements of income statement and apply the standards relating to the recognition and measurement.

Identify, define and describe the content in accounting estimate and changes in accounting policies.

Analyze cases related to correction of errors.

Evaluate published income statements as to their compliance with prescribed standards and regulatory requirements of SEC and BIR.

Apply accounting standards relating to correction of fundamental errors.

8

Discontinued operations

Definition and nature

Accounting treatment

Financial Statement and disclosures

Lecture-Discussion

Problem Solving

Powerpoint Presentation

Case Analysis

Quizzes

Exercises

Homework

Recitation

Case analysis Presentation

Describe the nature of discontinued operations.

Identify and analyze appropriate financial statements of accounts related to it.

Prepare an income statement and statement of changes in owner's equity in accordance with international standards.

9

MIDTERM EXAMINATION

10-11

Balance Sheet

Elements of the Balance Sheet

Assets and Liabilities

Current

Non-Current

Owner's Equity

Contributed Capital

Retained Earnings

Capital maintenance adjustments

Forms of Balance Sheet presentation

Lecture-Discussion

Problem-Solving

Powerpoint presentation

Case Analysis

Quizzes

Exercises

Homework

Recitation

Case analysis Presentation

Define and describe the nature of a Balance Sheet

Identify and define the elements of the Balance Sheet.

Apply accounting standards relating to preparation of Balance Sheet.

Describe, differentiate and evaluate the forms of Balance Sheet presentation.

Assess the necessity of the balance sheet and its weaknesses.

Prepare a Balance Sheet in accordance with international standards.

12-13

Statement of Cash Flows

Purpose of the statement

Classification of cash flows

Operating Activities

Investing Activities

Financing Activities

Forms of Presentation

Direct Method

Indirect Method

Disclosure requirements

Lecture-Discussion

Problem-Solving

Powerpoint Presentation

Case Analysis

Quizzes

Exercises

Homework

Recitation

Case analysis Presentation

Describe the nature and purposes of the statement of cash flows.

Identify and describe the classification of cash flows.

Analyze transactions affecting both the balance sheet and income statement accounts and determine their effect on the statement of cash flows.

Prepare statement of cash flows using both the direct method and indirect method and in accordance with international standards.

14

PREFINAL EXAMINATION

15

Reconstruction of accounts

Statement from incomplete records (single-entry system)

Conversion from cash to accrual basis

Lecture-Discussion

Problem Solving

Powerpoint presentation

Case Analysis

Quizzes

Exercises

Homework

Recitation

Case analysis Presentation

Convert cash basis net income to accrual basis net income.

Differentiate single-entry system from the double-entry system.

Analyze case problems related to real-life situations.

Prepare financial statements from incomplete records.

Compute net income by analysis of changes in capital.

16

Interim Reporting

Definition and nature

Approaches in treatment of interim period

Independent approach (discreet approach)

Dependent approach (integral approach)

Minimum components of interim financial reports.

Recognition and measurement of income and expenses reported in the interim financial statements.

Lecture-Discussion

Problem Solving

Powerpoint presentation

Case Analysis

Quizzes

Exercises

Homework

Recitation

Case analysis Presentation

Define and describe the nature of interim reporting.

Differentiate and evaluate the two approaches in treatment of interim period.

Apply the principles of interim reporting in the analysis of actual case scenario.

Describe the minimum components of interim financial statements.

Apply the accounting standards of income and expenses reported in the interim financial statements.

17

-Segment reporting

Definition and nature

Types of segments

Business

Geographical

Identification of reportable segments

Lecture-Discussion

Problem Solving

Powerpoint presentation

Case analysis

Quizzes

Exercises

Homework

Recitation

Case analysis Presentation

Define and describe the nature of segment reporting.

Assess the need to present segment reports.

Analyze cases related to segment reporting.

Identify and differentiate the two types of segments.

Apply accounting standards relating to identification of reportable segments.

18

FINAL EXAMINATION

NEXT STEPS

The Philippine educational system must immediately implement the 12-year Basic education (K-12) to comply with international accords (Washington and Bologna).

HEIs in the Philippines. Strategies are offered during the 10-year transition stage (20012-2022

HEIs must adopt OBE approach and typology-based QA (crafted by the government CHED) to develop graduates with competencies in accord with international standards. Private accrediting and certifying agencies must subsequently revise criteria to conform with these new methodology and typology, to suit the needs of HEI's aligned with national Goals.

A Proposed Model Curriculum /Syllabus developed in this study may serve as a for all HEIs.

.

Acknowledgements

Acknowledgements are due to my colleagues in the Commission, fellow administrators and the President of LCCM for allowing and funding this study.