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

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FINANCIAL REPORTING AND ETHICS(b)(c)(d)(e)or professional right or duty to disclose. He shall not useinformation obtained for his own personal advantage;Direct his affairs with courtesy and excellent inter-personalrelationship;Execute his professional cores with thoroughness, skillfully anddue diligence. He shall comply with all the relevant laws andregulations. He shall avoid all acts which can discredit theprofession;Uphold objectivity and firmness of purpose in the discharge ofhis professional duties. A professional accountant shall not bebiased, allow conflict of interest to take over his businessjudgments; andDisplay competence and due care in all works executed.The public interest is the collective welfare of the people and entitieswhich the professional accountant serves. It cannot be compromised.An outstanding touch of a profession is acceptance of its responsibilityto the members of the public which include employers, investors,business and financial community, and those who rely on the objectivityand reputation of professional accountants. The reliance thrusts publicinterest and responsibility on the profession of accountancy.There are other ethical standards which are stipulated in the Code ofThe Institute of Chartered Accountants of Nigeria, captioned ‘Statements.’They provide more information on what is expected of members in somerespects. Most of the Statements refer to those in practice and employeesof practicing firms. The other standards which are available only underthe Statements are ‘Independence’ and ‘Confidentiality.’Table 1: Analysis of the Statements of Ethical Standards ds issued by TheInstitute of Chartered Accountants of NigeriaNumberSubject Matter (sic)Those to whom Applicable1. Integrity, Objectivity and Independence All MembersPreface – Integrity, Objectivity, Framework etc All Members, PracticingIntroduction – Safeguarding Objectivity Members, Affiliates andSection A –Objectivity and Independence and Employees of Practicingthe AuditFirmsSection B-Objectivity and Independence in Practicing Members,Financial Reporting and similar Non-Audit Affiliates and Employees ofRolesPracticing FirmsSection C-Objectivity and Independence in Practicing Members,130
ETHICAL FRAMEWORK, CONCEPTS AND VALUENumberSubject Matter (sic)Those to whom ApplicableProfessional Roles other than covered in Affiliates and Employees ofSection A and BPracticing Firms.Section D-DefinitionsAll Members2. Conflicts of Interest Practicing Members,Affiliates and Employees ofPracticing Firms3. Confidentiality All Members4. Changes in a Professional Appointment Practicing Accountants,Affiliates and Employees ofPracticing Firms5. Consultancy Practicing Members,Affiliates and Employees ofPracticing Firms6. Associations with Non-Members Practicing Members,Affiliates and Employees ofPracticing Firms7. Fees Practicing Members,Affiliates and Employees ofPracticing Firms8. Obtaining Professional Work Practicing Members,Affiliates and Employees ofPracticing Firms9. Names and Letterheads of Practicing Firms Practicing Members,Affiliates and Employees ofPracticing Firms10. Second and Other Opinions All Members11. Members in Business Members in Business12. Enforcement of Ethical Standards All MembersNo doubt, professional accountants encounter everyday dilemmas of loyalty,conflicts of value and disagreements about their roles and responsibilities inthe society. There are no absolute rules on conduct for professional accountantswhich will assist them to provide automatic and precise solutions to allsituations of dilemmas. Nevertheless, appropriately identifying moral conflicts,mulling over them and using the tools of ethical analyses as prescribed in theCode are invaluable. It is therefore up to the accountant to decide what is rightand appropriate in any circumstance.Statement No. 1 titled ‘Integrity’, ‘Objective’ and ‘Independence’ offers moreexplanations and represents the topics which have already been discussedunder the Fundamental Principles, by way of reinforcement. ‘Independence’131
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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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4ANALYSIS AND INTERPRETATION TION O
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ANALYSIS AND INTERPRETATION OF FINA
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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
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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 111 and 112: ACCOUNTING STANDARDSAccounting stud
Page 113 and 114: 6ETHICAL FRAMEWORK, CONCEPTSAND VAL
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Page 147 and 148: 7THE ENVIRONMENT: CORPORATE,PROFESS
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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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