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

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FINANCIAL REPORTING AND ETHICS(p)(q)DividendProposed dividend for the year is recognized as a liability only whendeclared and approved by shareholders at the Annual General Meeting.Retirement BenefitsArrangement for retirement benefits for members of staff is based onthe provisions of the Nigerian Pension Act 2004, which is contributory.The matching contributions of 8.5% and 16.5% for staff and bankrespectively are based on current salaries and eligible allowances andare charged to profit and loss account. Membership of the scheme isopen to members of staff upon confirmation of employment with theBank.The Bank also maintains the defined benefit plan scheme based on16.5% and 8.5% contributions on current salaries and eligibleemoluments by the bank and staff respectively for employees who arenot covered under the Nigeria Pensions Act 2004.(r)Off Balance Sheet EngagementsTransactions that are not currently recognized as assets or liabilities inthe balance sheet but which nonetheless give rise to credit risks,contingencies and commitments are reported off balance sheet. Suchtransactions include letters of credit, bonds, guarantees, indemnities,acceptances, trade related contingencies such as documentary credit,etc.Outstanding and unexpired commitments at the year end in respect ofthese transactions are shown by way of note to the financial statements.Income on off balance sheet engagements is in form of commissionwhich is recognized as and when transactions are executed.(s)Income Recognition(i)(ii)(iii)Interest Income and Interest ExpenseInterest is accrued on daily balances on all assets and liabilitiesto which interest is applicable.Fees, Commissions and Other IncomesFees and commissions, where material, are amortized over thelife of the related service. Otherwise fees, commissions and otherincomes are recognized as earned upon completion of the relatedservice.Investment IncomeThis is recognized on an accrual basis and credited to the profitand loss account.14
ACCOUNTING AND REPORTING POLICIES(iv)(v)Lease Finance IncomeThis is recognized on a basis that provides a constant yield onthe outstanding principal over the lease term.Dividend IncomeThis is recognized on actual basis and credited to the profit andloss account.(t)ProvisionsProvision is recognized when the company has a present obligationwhether legal or constructive as a result of a past event for which it isprobable that an outflow of resources embodying economic benefitswill be required to settle the obligation in accordance with the Statementof Accounting Standard (SAS) 23.The excerpt above is similar to the earlier one except that in the latterexcerpt, certain assumptions which guided group entity were made.These include; the basis used in consolidating the accounts and thetreatment of the goodwill arising on consolidation.2.3 CHOICE OF ACCOUNTING POLICIESJudgment is required in the choice of the accounting policies which areappropriate to the circumstances of an enterprise and are best suited to presentthe “true and fair view” of its results and financial position.In the choice and application of the appropriate accounting policies, there areinstances where some fundamental concepts contradict one another. It ishowever not possible to develop general rules for the exercise of judgment.The following principles have been evolved for use in particular circumstances:(a)Substance Over FormAlthough business transactions are often governed by legal principles,but where the legal principles contradict the financial reality, suchtransactions should be accounted for in accordance with their substanceand financial reality and not merely with their legal form.(b)(c)ObjectivityThis principle provides that the accountant preparing the financialstatements should exercise independence of judgment supported byverifiable evidence in his choice of an accounting policy.FairnessThis principle requires that the choice of an accounting policy shouldbe such that the reports prepared do not favor any user group orsegment of society.15
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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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5ACCOUNTING STANDARDS5.0 LEARNING O
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ACCOUNTING STANDARDS(i)(ii)(iii)(iv
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ACCOUNTING STANDARDSThere is no SAS
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ACCOUNTING STANDARDS5.2.4 Borrowing
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ACCOUNTING STANDARDS(iii)Certain pe
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ACCOUNTING STANDARDSby venture capi
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ACCOUNTING STANDARDSIFRS 7 Financia
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ACCOUNTING STANDARDSactivity, non-c
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ACCOUNTING STANDARDSin the year inc
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ACCOUNTING STANDARDS(v)(vi)(vii)whe
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ACCOUNTING STANDARDS(v)Actions requ
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ACCOUNTING STANDARDSAccounting stud
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6ETHICAL FRAMEWORK, CONCEPTSAND VAL
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ETHICAL FRAMEWORK, CONCEPTS AND VAL
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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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