Financial Reporting and Ethics - The Institute of Chartered ...

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FINANCIAL REPORTING AND ETHICS(d)(e)These Standards shall be applied in accounting for interests inJoint Ventures and the reporting of joint assets, liabilities andincome and expenses in the financial statements of venturersand investors, regardless of the structures or forms under whichthe Joint Venture activities take place. However, they do not applyto venturers interests in jointly controlled entities held for tradingpurposes, by:(i)(ii)Venture capital organisations, orMutual funds, unit trusts and similar entities includinginvestment-linked insurance funds that are recognizedat cost, less any provision for impairment.A venture with an interest in a jointly controlled entity isexempted from proportionate consolidation and equity methodwhen it meets the following conditions:(i) There is evidence that the interest is acquired and heldexclusively with a view to its disposal within twelvemonths from acquisition and that management is activelyseeking a buyer;(ii) The venture is a wholly-owned subsidiary, or is a partiallyownedsubsidiary of another entity and its owners,including those not otherwise entitled to vote, have beeninformed about, and do not object to, the venture notapplying proportionate consolidation or the equitymethod;(iii) The venturer’s debt or equity instruments are not tradedin a public market (a domestic or foreign stock exchangeor an over-the-counter market, including local andregional markets);(iv) The venture did not file, nor is it in the process of filling,its financial statements with the Securities and ExchangeCommission or other regulatory organisations, for thepurpose of issuing any class of instruments in a publicmarket; and(v) The ultimate or any intermediate parent of the ventureproduces consolidated financial statements available forpublic use that comply with Statements of AccountingStandard (SAS) or International Accounting Standard(IAS).5.2.9 Financial Instruments PresentationRelevant standards are:IAS 32 Financial Instruments: Representation.IAS 39 Financial Instruments: Recognition and Measurement.100
ACCOUNTING STANDARDSIFRS 7 Financial Instruments: Disclosures.There is no SAS yet on the issues addressed by the three Standardsabove!(a)(b)In Nigeria, as in any other country, the use of financial instrumentsis rapidly expanding, but, unfortunately, there is no local accountingstandard yet to take care of their treatments. The use of financialinstruments, however, contributes to the risk profile of an entity.The accounting standards on financial instruments listed abovewere therefore developed to meet the following needs;(i) To assist financial statements users understand thesignificance of financial instruments’ to an entity’sfinancial position and performance; and the nature andextent of risk arising from financial instruments.(ii) To guide the recognition and measurement of financialassets and financial liabilities.According to the three Standards listed above, financial instrumentrefers to any contract that gives rise to a financial asset for oneentity and a financial liability to another entity.Financial asset refers to any asset that is:(i) cash;(ii) an equity instrument of another entity; and(iii) a contractual right:! to receive cash or another financial asset fromanother entity;! to exchange financial asset or financial liabilitieswith another entity; or a contract that will or maybe settled other than by the exchange of a fixedamount of cash or another financial asset for afixed number of the entity’s own equity instruments.For this purpose the entity’s own equity instruments do not includeinstruments that are themselves contracts for the future receiptor delivery of the entity’s own equity instruments.(c)Financial liability refers to a liability that is:(i) a contractual obligation:! to deliver cash or another financial asset to anotherentity; or! to exchange financial assets or financial liabilitieswith another entity under conditions that arepotentially unfavorable to the entity.(ii) a contract that will or may be settled in the entity’s ownequity instrument and is:101
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FINANCIAL REPORTING AND ETHICS1.3.3
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ACCOUNTING AND REPORTING POLICIESsu
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ACCOUNTING AND REPORTING POLICIES(j
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ACCOUNTING AND REPORTING POLICIES(i
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ACCOUNTING AND REPORTING POLICIES2.
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3AMALGAMATION, ABSORPTION ANDRECONS
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AMALGAMATION, ABSORPTION AND RECONS
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Page 67 and 68: 4ANALYSIS AND INTERPRETATION TION O
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Page 89 and 90: 5ACCOUNTING STANDARDS5.0 LEARNING O
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Page 93 and 94: ACCOUNTING STANDARDSThere is no SAS
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Page 109 and 110: ACCOUNTING STANDARDS(v)Actions requ
Page 111 and 112: ACCOUNTING STANDARDSAccounting stud
Page 113 and 114: 6ETHICAL FRAMEWORK, CONCEPTSAND VAL
Page 115 and 116: ETHICAL FRAMEWORK, CONCEPTS AND VAL
Page 147 and 148: 7THE ENVIRONMENT: CORPORATE,PROFESS
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THE ENVIRONMENT: CORPORATE, PROFESS
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8PROFESSIONAL ETHICS8. 0 LEARNING O
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PROFESSIONAL ETHICSobjectivity are
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PROFESSIONAL ETHICS(c)(d)The type o
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PROFESSIONAL ETHICSabout conflicts
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PROFESSIONAL ETHICS(d)(e)Confidenti
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PROFESSIONAL ETHICSA. III onlyB. II
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9DECISION MAKING IN ETHICS9. 0 LEAR
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DECISION MAKING IN ETHICS9.2 A FRAM
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ETHICAL THREATS AND SAFEGUARDS(d)We
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DECISION MAKING IN ETHICS4. A perso
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10ETHICAL THREATS TS AND SAFEGUARDS
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ETHICAL THREATS AND SAFEGUARDS(iv)(
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ETHICAL THREATS AND SAFEGUARDSto th
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ETHICAL THREATS AND SAFEGUARDSpayab
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ETHICAL THREATS AND SAFEGUARDS(a)Fi
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ETHICAL THREATS AND SAFEGUARDSimmin
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ETHICAL THREATS AND SAFEGUARDSHowev
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ETHICAL THREATS AND SAFEGUARDS(iii)
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11CORPORATE GOVERNANCE11.0 LEARNING
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CORPORATE GOVERNANCE11.3.1 Nature(a
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CORPORATE GOVERNANCEThe company sho
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CORPORATE GOVERNANCEtrust, possible
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CORPORATE GOVERNANCEAn agent has im
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CORPORATE GOVERNANCE(a)(b)(c)(d)(e)
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CORPORATE GOVERNANCE11.6.1 The law
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CORPORATE GOVERNANCEILLUSTRAUSTRATI
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CORPORATE GOVERNANCEimitated. They
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CORPORATE GOVERNANCE(a)(b)Greenbury
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CORPORATE GOVERNANCE11.9.2 Boards d
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CORPORATE GOVERNANCErelationship wi
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CORPORATE GOVERNANCE(e)(f)(g)(h)(i)
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CORPORATE GOVERNANCE(vi)Inquisitive
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CORPORATE GOVERNANCE(e)ConsultancyA
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CORPORATE GOVERNANCEThe incoming au
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CORPORATE GOVERNANCEIn summary, acc
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CORPORATE GOVERNANCEAccording to Th
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CORPORATE GOVERNANCE3. A body corpo
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12SOCIAL AND ENVIRONMENTALISSUES IN
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SOCIAL AND ENVIRONMENTAL ISSUES IN
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APPENDIX ISUGGESTED SOLUTIONS TO RE
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SUGGESTED SOLUTIONS TO REVISION QUE
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SUGGESTED SOLUTIONS TO REVISION QUE
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APPENDIX IICOMPREHENSIVE QUESTIONS
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COMPREHENSIVE QUESTIONS AND SUGGEST
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APPENDIX IIICASE STUDY 1Karsashi, a
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CASE STUDIES(iii)(iv)The floor sale
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CASE STUDIESShare price and dividen
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CASE STUDIESSUGGESTED SOLUTION(A) A
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CASE STUDY 3The following informati
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CASE STUDIESCASE STUDY 4Ologobojo i
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APPENDIX IVTable 1:SUMMARY OF INTER
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SUMMARY OF INTERNATIONAL ACCOUNTING
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APPENDIX VGLOSSARY OF TERMSAbsorpti
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GLOSSARY OF TERMSEthical Objectivis
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APPENDIX VIBIBLIOGRAPHYChambers Ham
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APPENDIX VIISTUDY AND EXAMINATION T
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STUDY AND EXAMINATION TECHNIQUES7.3
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INDEXAAbsorption, 17, 19, 39, 40, 4
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INDEXProfessional Behaviour, 136, 1
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