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FINANCIAL REPORTING AND ETHICS! a non-derivative for which the entity is or may beobliged to deliver a variable number of the entity’sown equity instruments.! a derivative that will be or may be settled otherthan by the exchange of a fixed amount of cash oranother financial asset for a fixed number of theentity’s own instruments.For this purpose the entity’s instruments do not includeinstruments that are themselves contracts for the future receiptor delivery of the entity’s own equity instruments.(i) Equity instrument refers to any contract that evidences aresidual interest in the assets of an entity after deductingall of its liabilities.(ii) A derivative is a financial instrument or contract withinthe scope of IAS 39 with all the following characteristics:Its value changes in response to the changes in a specifiedinterest rate, financial instrument price, commodity price,foreign exchange rate, index of prices or rate, credit ratingor credit index, or other variable, provided that in the caseof a non-financial variable the variable is not specific toa party to the contract.(d)(e)It requires no initial net investment or an initial net investmentthat is smaller than would be required for other types of contractthat would be expected to have a similar response to changes inmarket factors.It is settled at a future date.5.2.10 Impairment of AssetsRelevant standards are:International Accounting Standard 36: Impairment of AssetsThere is no SAS yet on the issues addressed by IAS 36!(a)When an asset is significantly impaired, its carrying value willprobably exceed the recoverable value except where the carryingvalue is adjusted for the effect of the impairment. Prudence,however, requires that assets are carried at no more than theirrecoverable value. IAS 36 prescribes the procedure an entityshould apply to ensure that its assets are not carried at morethan their recoverable amount. The standard guides theaccounting for impairment of all assets except inventories,deferred tax assets, financial assets, investment propertymeasured at fair value, biological assets related to agricultural102
ACCOUNTING STANDARDSactivity, non-current assets classified as held-for-sale, deferredacquisition costs under an insurance contract, assets arising fromemployee benefits, and assets arising from construction contracts.(b) IAS 36 requires an entity to carry out a review of its assets ateach balance sheet date to determine whether or not there isany indication that an asset may be impaired. If such indicationexists, the entity is required to estimate the recoverable amountof the asset. “Asset” in this context includes individual assetsand cash-generating units (CGUs).(c)Indications of impairment of assets may be obtained from twosources: internal sources and external sources.(i) External sources of information include:! significant unexpected decline in the market valueof an asset;! significant adverse changes that have taken place,in the technological, market, economic or legalenvironment in which the entity operates;! increase in market rates or market rate of returnon investments that are likely to decrease theassets recoverable amount materially; and! the carrying amount of the net assets of the entitybeing more than its market capitalization.(ii)Internal sources of information include:! evidence of obsolescence or physical damage ofan asset;! significant reduction concerning the extent towhich an asset is used or is expected to be used;! evidence that the economic performance of an assetis, or will be, worse than expected.(d)(e)Whether or not there is any indication of impairment, an entityis required to:(i) test an intangible asset with an indefinite useful life onan annual basis;(ii) test goodwill acquired in a business combination forimpairment annually.IAS 36 defines recoverable amount of an asset or a cashgeneratingunit (CGU) as the higher of:(i) the asset’s or CGU’s fair value less cost of selling;(ii) its value in use.If either of these amounts is greater than the asset’s carryingvalue, the asset is not impaired and it is not necessary to estimatethe recoverable amount.103
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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 51 and 52: AMALGAMATION, ABSORPTION AND RECONS
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Page 89 and 90: 5ACCOUNTING STANDARDS5.0 LEARNING O
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Page 109 and 110: ACCOUNTING STANDARDS(v)Actions requ
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Page 113 and 114: 6ETHICAL FRAMEWORK, CONCEPTSAND VAL
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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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