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FINANCIAL REPORTING AND ETHICSentity. Therefore, the information contained therein should enableusers to understand the risks and conditions which have affectedor may affect the performance and financial position of the entity.(c)(d)(e)The current format of reporting as stipulated by the Companiesand Allied Matters Act, 1990, does not provide for adequateinformation for effective analysis and comparison of entitieswhose operations cut across different classes of business andgeographical boundaries.The primary objectives of SAS 24 and IFRS 8, therefore, are to:(i) require classification by segments in terms of businessand location;(ii) determine what constitutes material segments; and(iii) specify formats for the presentation of financialstatements by segments.These Standards apply to all companies whose securities arepublicly traded carrying on different classes or operating indifferent geographical areas. All other entities who choose todisclose segmental information in their financial statementsshould comply with the provisions of these standards.5.3 SUMMARY AND CONCLUSIONSAccounting standards all over the world are set with a view to ensuringuniformity in the way enterprises prepare and present their financial statementsfor the use of various interested parties. The unified financial statements wouldallow for comparative analysis on the performance of competing businessorganisations. The standardization, therefore, has the primary objective ofensuring objective comparison of the performance of enterprises beforeinvestment and other decisions are taken by users.This chapter gives highlights of nine out of the thirty Statements of AccountingStandards (SAS) issued so far by the Nigerian Accounting Standards Board(NASB), twelve out of the forty-one International Accounting Standards (IAS)issued so far by the International Accounting Standards Board, and three outof the seven International Financial Reporting Standards (IFRS) issued by theIASB. This is done with a view to showing the efforts so far made to ensuregood marriage between theory and practice in the field of Accounting, and toensure standardization in the treatment of various accounting issues when itcomes to the preparation of financial statements/reports. Each of the Standardscontains some background information on the theoretical or conceptual aspectsof the Accounting topic addressed, including definitional issues, beforeoutlining how the issues are to be practicalized by relevant enterprises inNigeria and beyond to ensure standardization and uniformity in application.110
ACCOUNTING STANDARDSAccounting students should take it as a challenge to master the contents of allthe SASs, IASs, IFRSs and IPSASs with a view to obtaining sustainableknowledge of financial accounting, specifically, and accounting, generally.Refer to Comprehensive Questions and Suggested Solutions in Appendix II,page 269.5.4 REVISION QUESTIONS5.4.1 MULTIPLE-TIPLE-CHOICE QUESTIONS1 One of the following Accounting Standards aims at ensuring uniformity inpreparing and presenting financial statements in respect of constructioncontracts:A. Statement of Accounting Standard No.3B. Statement of Accounting Standard No.5C. Statement of Accounting Standard No.4D. Statement of Accounting Standard No.10E. Statement of Accounting Standard No.62. Information provided in a Statement of Cash Flows will assist users in thefollowing, except:A. Assessing the impact of its current transactions on its financialposition.B. Assessing enterprise’s ability to meet its debt obligations.C. Estimating capital expenditure requirements.D. Evaluating enterprises ability to finance ongoing operations.E. Assessing the ability of the enterprise to generate positive netfuture cash flows.3. According to International Accounting Standard Number 23, the followingare borrowing costs except:A. Interest on short term and long term business.B. Finance charges in respect of finance lease.C. Interest on bank overdraft.D. Amortisation of discount or premium relating to borrowing.E. Installation expenses incurred on an equipment procured fromborrowed fund.4. Which of the following Accounting Standards deals with Research andDevelopment Costs?A. SAS 28B. SAS 24C. SAS 2D. SAS 22E. SAS 165. Matters relating to Business Combinations are the subject ofA. SAS 26B. SAS 30C. SAS 29D. SAS 4E. SAS 18111
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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 59 and 60: 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 109: ACCOUNTING STANDARDS(v)Actions requ
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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