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

More documents

Recommendations

Info

FINANCIAL REPORTING AND ETHICSits outcomes, or its underlying principles, this approach looks atthe character of the decision maker. Basically the theoryholds that good actions come from good people.For Aristotle, one of the original proponents of virtue ethics, theprimary objective is not the abstract knowledge of the good butto become a good person or develop a moral character. He assertsthat before one can even begin to inquire into the nature of thegood, one must first have received a proper upbringing in moralconduct 2 . It would appear from Aristotle’s position that, in orderto become good, it is necessary to be good already. Thus CraneAndrew and Matten Dirk, defined virtue ethics along the followingline:Virtue ethic contends that morally correct actions arethose undertaken by actors with virtuous characters.Therefore, the formation of a virtuous character is thefirst step towards morally correct behaviour.This formation of a virtuous character entails ensuring that theactor possesses the knowledge of the good, through ‘goodupbringing.’ It does not depend on the mechanical applicationof universal principle (as Kant or even Mill, would have usbelieve)’ but requires, “certain disposition, a desire, tendency orwillingness to do good as well as a sufficient amount of lifeexperience to draw from.” 3 This disposition, according to Aristotlecan only be natured over time, preferably from childhood.Olusegun Oladipo also seems to express this view when he positsthat…morality is not simply about making obedience torules a common social habit...but the inculcation ofvirtues, that is, the traits of characters that promotehuman conviviality…6.4 “RULES-BASED”AND “PRINCIPLES-BASED” APPROACHES TO ETHICALCONDUCTThe ethical standards of behaviour enunciated in the Code of ProfessionalConduct for adherence by the members of the Institute of Chartered Accountantsof Nigeria are designed as ‘pillars of guidance,’ to safeguard the integrity ofthe professional body and obviate untold humiliation in the eyes of the world.Over time, experts have spotlighted various traits of unethical behaviour whichinclude the following:(a)(b)An act of behaviour which is irrational and unacceptable to commonsense;Conduct which is unheard of or which falls far short on moral pedestal;126
ETHICAL FRAMEWORK, CONCEPTS AND VALUE(c)(d)Behaviour which runs counter to accepted norms; andAny conduct which is not in consonance with the code of standardprofessional stipulation.The pivotal manifestation of unethical behaviour is the failure to adhere tothe moral prescriptions or objectives of a profession, that is, credibility,professionalism, quality of service and confidence. This indication isprofessional misconduct. By way of illustration, the Institute of CharteredAccountants of Nigeria has issued a Code of Morals or Ethics. The morals are‘rules-based’ and ‘principles-based’, discussed as follows:6.4.1 ‘Rules-Based’ Ethical BehaviourPerhaps the best way to discuss this type of unethical behaviour is tohave a look at the section on the Enforcement of Ethical Standards andEnforcement Procedures issued by the Institute of Chartered Accountantsof Nigeria, reproduced as follows:“This Statement shall apply to all members:1.1 The power of the Institute to enforce ethical standards is derivedfrom The Institute of Chartered Accountants of Nigeria (ICAN)Act 1965 and this power is conferred on the Accountants’Disciplinary Tribunal and the Tribunal, in this respect, isindependent of the Council of the Institute.1.2 The Investigating Panel considers complaints against the conductof members, and is empowered to initiate disciplinary action byreferring appropriate cases to the Disciplinary Tribunal foradjudication.1.3 Where a complaint is against the conduct of a firm having morethan one partner, the complaint shall be deemed to have beenmade against each and every member who was partner in thesaid firm at the material time, for the purposes of this statement.1.4 Any failure to follow the guidance in fundamental principles orin the statements shall also be taken into account by thecommittee of the Institute responsible for regulating the work ofmembers and member firms.1.5 Where a complaint is received by the Institute alleging a case ofmisconduct against a member, such a member shall be requestedby the Investigating Panel to furnish his defence or reaction tothe complaint within 14 days of the receipt of the request to doso.127
Page 4:
FINANCIAL REPORTING AND ETHICS1.3.3
Page 11 and 12:
ACCOUNTING AND REPORTING POLICIESsu
Page 13 and 14:
ACCOUNTING AND REPORTING POLICIES(j
Page 15 and 16:
ACCOUNTING AND REPORTING POLICIES(i
Page 17 and 18:
ACCOUNTING AND REPORTING POLICIES2.
Page 19 and 20:
3AMALGAMATION, ABSORPTION ANDRECONS
Page 21 and 22:
AMALGAMATION, ABSORPTION AND RECONS
Page 23 and 24:
Page 25 and 26:
Page 27 and 28:
Page 29 and 30:
Page 31 and 32:
Page 33 and 34:
Page 35 and 36:
Page 37 and 38:
Page 39 and 40:
Page 41 and 42:
Page 43 and 44:
Page 45 and 46:
Page 47 and 48:
Page 49 and 50:
Page 51 and 52:
Page 53 and 54:
Page 55 and 56:
Page 57 and 58:
Page 59 and 60:
Page 61 and 62:
Page 63 and 64:
Page 65 and 66:
Page 67 and 68:
4ANALYSIS AND INTERPRETATION TION O
Page 69 and 70:
ANALYSIS AND INTERPRETATION OF FINA
Page 71 and 72:
Page 73 and 74:
Page 75 and 76: ANALYSIS AND INTERPRETATION OF FINA
Page 89 and 90: 5ACCOUNTING STANDARDS5.0 LEARNING O
Page 91 and 92: ACCOUNTING STANDARDS(i)(ii)(iii)(iv
Page 93 and 94: ACCOUNTING STANDARDSThere is no SAS
Page 95 and 96: ACCOUNTING STANDARDS5.2.4 Borrowing
Page 97 and 98: ACCOUNTING STANDARDS(iii)Certain pe
Page 99 and 100: ACCOUNTING STANDARDSby venture capi
Page 101 and 102: ACCOUNTING STANDARDSIFRS 7 Financia
Page 103 and 104: ACCOUNTING STANDARDSactivity, non-c
Page 105 and 106: ACCOUNTING STANDARDSin the year inc
Page 107 and 108: ACCOUNTING STANDARDS(v)(vi)(vii)whe
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 125: ETHICAL FRAMEWORK, CONCEPTS AND VAL
Page 147 and 148: 7THE ENVIRONMENT: CORPORATE,PROFESS
Page 149 and 150: THE ENVIRONMENT: CORPORATE, PROFESS
Page 171 and 172: 8PROFESSIONAL ETHICS8. 0 LEARNING O
Page 173 and 174: PROFESSIONAL ETHICSobjectivity are
Page 175 and 176: PROFESSIONAL ETHICS(c)(d)The type o
Page 177 and 178:
PROFESSIONAL ETHICSabout conflicts
Page 179 and 180:
PROFESSIONAL ETHICS(d)(e)Confidenti
Page 181 and 182:
PROFESSIONAL ETHICSA. III onlyB. II
Page 183 and 184:
9DECISION MAKING IN ETHICS9. 0 LEAR
Page 185 and 186:
DECISION MAKING IN ETHICS9.2 A FRAM
Page 187 and 188:
ETHICAL THREATS AND SAFEGUARDS(d)We
Page 189 and 190:
DECISION MAKING IN ETHICS4. A perso
Page 191 and 192:
10ETHICAL THREATS TS AND SAFEGUARDS
Page 193 and 194:
ETHICAL THREATS AND SAFEGUARDS(iv)(
Page 195 and 196:
ETHICAL THREATS AND SAFEGUARDSto th
Page 197 and 198:
ETHICAL THREATS AND SAFEGUARDSpayab
Page 199 and 200:
ETHICAL THREATS AND SAFEGUARDS(a)Fi
Page 201 and 202:
ETHICAL THREATS AND SAFEGUARDSimmin
Page 203 and 204:
ETHICAL THREATS AND SAFEGUARDSHowev
Page 205 and 206:
ETHICAL THREATS AND SAFEGUARDS(iii)
Page 207 and 208:
11CORPORATE GOVERNANCE11.0 LEARNING
Page 209 and 210:
CORPORATE GOVERNANCE11.3.1 Nature(a
Page 211 and 212:
CORPORATE GOVERNANCEThe company sho
Page 213 and 214:
CORPORATE GOVERNANCEtrust, possible
Page 215 and 216:
CORPORATE GOVERNANCEAn agent has im
Page 217 and 218:
CORPORATE GOVERNANCE(a)(b)(c)(d)(e)
Page 219 and 220:
CORPORATE GOVERNANCE11.6.1 The law
Page 221 and 222:
CORPORATE GOVERNANCEILLUSTRAUSTRATI
Page 223 and 224:
CORPORATE GOVERNANCEimitated. They
Page 225 and 226:
CORPORATE GOVERNANCE(a)(b)Greenbury
Page 227 and 228:
CORPORATE GOVERNANCE11.9.2 Boards d
Page 229 and 230:
CORPORATE GOVERNANCErelationship wi
Page 231 and 232:
CORPORATE GOVERNANCE(e)(f)(g)(h)(i)
Page 233 and 234:
CORPORATE GOVERNANCE(vi)Inquisitive
Page 235 and 236:
CORPORATE GOVERNANCE(e)ConsultancyA
Page 237 and 238:
CORPORATE GOVERNANCEThe incoming au
Page 239 and 240:
CORPORATE GOVERNANCEIn summary, acc
Page 241 and 242:
CORPORATE GOVERNANCEAccording to Th
Page 243 and 244:
CORPORATE GOVERNANCE3. A body corpo
Page 245 and 246:
12SOCIAL AND ENVIRONMENTALISSUES IN
Page 247 and 248:
SOCIAL AND ENVIRONMENTAL ISSUES IN
Page 249 and 250:
Page 251 and 252:
Page 253 and 254:
Page 255 and 256:
Page 257 and 258:
Page 259 and 260:
Page 261 and 262:
Page 263 and 264:
APPENDIX ISUGGESTED SOLUTIONS TO RE
Page 265 and 266:
SUGGESTED SOLUTIONS TO REVISION QUE
Page 267 and 268:
SUGGESTED SOLUTIONS TO REVISION QUE
Page 269 and 270:
APPENDIX IICOMPREHENSIVE QUESTIONS
Page 271 and 272:
COMPREHENSIVE QUESTIONS AND SUGGEST
Page 273 and 274:
Page 275 and 276:
Page 277 and 278:
APPENDIX IIICASE STUDY 1Karsashi, a
Page 279 and 280:
CASE STUDIES(iii)(iv)The floor sale
Page 281 and 282:
CASE STUDIESShare price and dividen
Page 283 and 284:
CASE STUDIESSUGGESTED SOLUTION(A) A
Page 285 and 286:
CASE STUDY 3The following informati
Page 287 and 288:
CASE STUDIESCASE STUDY 4Ologobojo i
Page 289 and 290:
APPENDIX IVTable 1:SUMMARY OF INTER
Page 291 and 292:
SUMMARY OF INTERNATIONAL ACCOUNTING
Page 293 and 294:
APPENDIX VGLOSSARY OF TERMSAbsorpti
Page 295 and 296:
GLOSSARY OF TERMSEthical Objectivis
Page 297 and 298:
APPENDIX VIBIBLIOGRAPHYChambers Ham
Page 299 and 300:
APPENDIX VIISTUDY AND EXAMINATION T
Page 301 and 302:
STUDY AND EXAMINATION TECHNIQUES7.3
Page 303 and 304:
INDEXAAbsorption, 17, 19, 39, 40, 4
Page 305 and 306:
INDEXProfessional Behaviour, 136, 1
Page 307 and 308:
307
Page 309:
309
show all

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

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?