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

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FINANCIAL REPORTING AND ETHICSdisclosure in the financial statements. Such investments do notenable the investor to exercise significant influence or controlover the financial and operating decisions of the investeecompanies.(c)(d)These statements do not cover:(i) Stocks/inventory;(ii) Property, plant and equipment; accounting for leases;(iii) Investment in pension benefit plans and Life InsuranceEnterprises;(iv) Investment in subsidiaries and associates;(v) Investment in Joint Ventures;(vi) Goodwill, patents, trademarks and similar assets;The statements focus on three main forms of investments, namely;short-term investments (current investments);long-term investments, and investment properties.5.2.13 Business CombinationsRelevant Standards are:(a) Statement of Accounting Standard 26: Business Combinations(b) International Financial Reporting Standard 3: BusinessCombinations.These standards address the following matters:(a)(b)A business combination is the bringing together of separateentities or businesses into one reporting entity. The result of nearlyall business combinations is that one entity, the acquirer, obtainscontrol of one or more other businesses, the acquirees.The two Standards include the following salient features:(i) they require all business combinations within their scopeto be accounted for by applying the acquisition method;(ii) they require an acquirer to be identified for every businesscombination within their scope. The acquirer is thecombining entity that obtains control of the other combiningentities or businesses;(iii) they require an acquirer to measure the cost of a businesscombination as the aggregate of: the values, at the dateof exchange, of assets given, liabilities incurred orassumed, and equity instruments issued by the acquirer,in exchange for control of the acquire;(iv) they require an acquirer to recognize separately, at theacquisition date, the acquiree’s identifiable assets,liabilities and contingent liabilities that satisfy thefollowing recognition criteria at that date, regardless of106
ACCOUNTING STANDARDS(v)(vi)(vii)whether or not they had been previously recognized inthe acquiree’s financial statements:! In the case of an asset other than an intangibleasset, it is probable that any associated futureeconomic benefits will flow to the acquirer, and itsvalue can be measured reliably;! In the case of a liability other than a contingentliability, it is probable that an outflow of resourcesembodying economic benefits will be required tosettle the obligation, and its value can be measuredreliably;! In the case of an intangible asset or a contingentliability, its value can be measured reliably.they require the identifiable assets, liabilities andcontingent liabilities that satisfy the above recognitioncriteria to be measured initially by the acquirer at theirfair values at the acquisition date irrespective of the extentof any non-controlling interest;they require goodwill acquired in a business combinationto be recognized by the acquirer as an asset from theacquisition date, initially measured as the excess of thecost of the business combination over the acquirer’sinterest in the net value of the acquiree’s identifiableassets, liabilities and contingent liabilities.they require disclosure of information that enables usersof an entity’s financial statements to evaluate the natureand financial effect of:! Business combinations that were effected duringthe period;! Business combinations that were effected after thebalance sheet date but before the financialstatements are authorized for issue; and! Some business combinations that enable users ofan entity’s financial statements to evaluatechanges in the carrying amount of goodwill duringthe period.(d)The two Standards include specific requirements clarifying thatthe value of an intangible asset acquired in a businesscombination can normally be measured with sufficient reliabilityto qualify for recognition separately from goodwill. If anintangible asset acquired in a business combination has a finiteuseful life, there is a presumption that its value can be measuredreliably.107
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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 55 and 56: AMALGAMATION, ABSORPTION AND RECONS
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 97 and 98: ACCOUNTING STANDARDS(iii)Certain pe
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Page 101 and 102: ACCOUNTING STANDARDSIFRS 7 Financia
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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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