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FINANCIAL REPORTING AND ETHICSclue to our ethical choices. This actually helps in making senseof any ethical reasons. So, emotions certainly can inform ourethical judgments and can motivate us to act out of deep concernfor others, but they cannot be all there is to ethical judgment.The main point here is that good ethical judgments are consideredjudgments, rather than unexamined biases or emotionalintuitions. It is important to feel strongly about our ethicalconvictions, but feelings alone are not enough – we must thinkcarefully about our ethical judgments in order to ensure thatthey are justified and consistent.(b)Ethics is not merely a religionThough most religions present ethical standards, not everyoneis religious, yet ethics applies to everyone. Most religions doadvocate high standards but sometimes do not address all thetypes of problems we face.Unlike religion, ethics appeals to reasons rather than authorityto justify its principles. A religious person might believe it iswrong to steal because “Thou shalt not steal” is one of the TenCommandments of the Bible. But using ethics as our base, wecan justify our conclusion that we should not steal because it ismorally wrong to harm another person and, when we deprive aperson of what is rightfully theirs, we harm them.(c)Ethics is not merely being legalA good system of law does incorporate ethical standards, butlaws can deviate from what is ethical, the two domains aretherefore different. Laws can be totally unethical especially in atotalitarian regime. Law can be an instrument of operation,oppression and exploitation, designed to serve the interest ofthe few. For example the South African laws which until 1994enforced a cruel racial apartheid in that country.On the other hand, there are things we should (ethically speaking)do, for example, give to charities, even though they are not legallyrequired.(d)Ethics is not merely adhering to culturally accepted normsWhile some cultures are quite ethical, others are corrupt or blindto certain ethical concerns. It is not a satisfactory ethical standardto say “When in Rome, do as the Romans” though it is advisableto be sensitive to cultural norms when entering anotherenvironment.114
ETHICAL FRAMEWORK, CONCEPTS AND VALUE(e)(f)(g)Ethics is not scienceThough social and natural science can provide importantinformation to help us make better ethical choices. Science alonedoes not tell us what we ought to do. It may provide informationfor what humans are like. But ethics provides reasons for howhumans ought to act. And just because something is scientificallyor technologically possible does not make it ethical.Ethics is not the same as valuesValues imply the conscious prioritising of different behavioralalternatives or standard that are perceived possible, worthwhileor esteemed for the individual, an institution or nation value ismore personal that factual.Ethics is not the same as moralityMorality refers to the beliefs and practices about good and evilby means of which we guide our behavior. Morality refers toprinciples or standards of human conduct. For some people ethicsis a code of conduct and yet for other it is a form of etiquette orrules guiding human beings in their private and public life.Technically, ethics is not morality.6.1.2 What then is Ethics someone may be asking?Ethics is the general term for attempts to state or determine what isgood, both for the individual and for the society as a whole. The ChambersDictionary (2003) defines ethics as “the science of morals; that branchof philosophy which is concerned with human character and conduct; asystem of morals or rules of behaviour; and a treatise on morals.”Solomon (1994) also describes the aim of ethics as “first of all, thequest for, and the understanding of, the good life, living well, a lifeworth living. It is largely a matter of perspective: putting every activityand goal in its place, knowing what is worth doing and what is notworth doing, knowing what is worth wanting and having and knowingwhat is not worth wanting and having. It is also, within business itself,keeping in mind what is ultimately important and essential and whatis not, what serves our overall career goals and what does not, what ispart of business and what is forbidden to business, even when increasedprofit – the most obvious measure of business success – is at stake.”Ethics, just as Medicine and Military techniques or Strategy, exploreshow human beings should act in all earthly situations, not only for theachievement of stated objectives. The aims being pursued should bring115
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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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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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