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FINANCIAL REPORTING AND ETHICS6.14 PROFESSIONAL VALALUES, ETHICS, S, ATTITUDE TITUDE AND CODE OF CONDUCTFOR ACCOUNTANTSANTSThe level of ethical principles that an accountant knows and complies withdetermines his professional values and not necessarily his technical skills.Attitude is our disposition, perspective, viewpoint, or outlook. It is how weview the world. The level of an accountant’s professional values determineshis attitude. Attitude they say is everything, and one’s perceived level ofmaturity is based on your attitude. A change in attitude is the key to success.Nothing is more important: not education, aptitude, health, wealth oropportunity. Great men and women share this opinion. For example, ThomasJefferson wrote “Nothing can stop the man with the right mental attitudefrom achieving his goal; nothing on earth can help the man with the wrongmental attitude.”Accountants must be confident and not arrogant, while arrogancedemonstrates ignorance confidence depicts competence.The code of conduct is the codification of the ethical principles, values, beliefsand theories into a document which is referred when with challenges andserves as a reference guide to determine the appropriateness or otherwise ofan action.Code of conduct is a document published by a government agency, professionalbody, trade association etc outlining model procedures for good practice in aparticular field. It gives examples of excellent and bad behaviour, andrecommendations regarding how things should be done. The obviousadvantage of code of conduct is that it provides guidance to people whogenuinely want to behave properly but who do not know what they should doin order to achieve this aim. The code also contains practical guidance onformulating, implementing and monitoring equal opportunity policies. It isthe same thing as staff handbook.A code of ethics on the other hand is a formal statement that acts as a guidefor how people within a particular organisation should act and make decisionsin an ethical fashion. Codes of ethics commonly address issues such as conflictof interest, behaviour toward competitors, privacy of information, gift giving,and making and receiving political contributions.As a professional accountant, you have the primary responsibility to complywith the institutes’ code of conduct. You are also encouraged to visitwww.ifac.org to download a copy of IFAC’s code of conduct.142
ETHICAL FRAMEWORK, CONCEPTS AND VALUE6.15 IMPORTANCE OF ETHICAL COURAGE AND ETHICAL LEADERSHIPTo be courageous means to be brave, it is the quality of not giving way to feareven when faced with danger. Courage is required for every professionalaccountant that wishes to be ethical, to apply his knowledge in ethics. Nowonder that Theodore. Roosevelt, a past President of the United States ofAmerica once stated:The law of worthy life is fundamentally the law of strife. It is by grimstruggle and resolute courage that we move on to better things.A Nation without ethical, courageous and effective leadership is a rudderlessship which will capsize in the ‘rough and tumble’ of human life andgovernance.According to Koontz, O’ Donnel and Weihrich (1980), ‘leadership’ is theinfluence or the art or process of influencing people so that they strive willinglyand enthusiastically towards the achievement of group goals.An ethical leader can simply be regarded as a virtuous leader; he operateswith high ethical standards and pursues the good for the benefit of the society.He is a person of honesty, integrity and trust. The ethical leader is mindfulthat the needs and realistic expectations of others in the society must be satisfiedif his own needs and realistic expectations are to be met.An ethical leader, is one who understands his responsibilities, duties and rightsand those of others and hence he seeks ways to uphold them. Such a leader iscommitted to upholding the social contract that guides the co-existence of allcitizens.An ethical leader therefore would influence people ethically to willingly andenthusiastically strive towards the achievement of ethical group goals. Everyaccountant occupies a reasonable position of authority and can indeedinfluence people ethically. And therefore must courageously disassociatehimself actively and passively from every form or unethical practice.6.16 SUMMARY AND CONCLUSIONSThe chapter examines the concept of ethics, nature and framework forprofessional accountants, “rules-based”/ “principles-based” approaches toethical behaviour. Among others, it also discusses the foundation of theaccounting profession, accountants and their stakeholders and theories ofmoral behaviour.Refer to Comprehensive Questions and Suggested Solutions in Appendix II,page 269.143
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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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4ANALYSIS AND INTERPRETATION TION O
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ANALYSIS AND INTERPRETATION OF FINA
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5ACCOUNTING STANDARDS5.0 LEARNING O
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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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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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