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

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FINANCIAL REPORTING AND ETHICS7.5.3 IncorporationThe following documents are to be presented to the Corporate AffairsCommission for the purpose of incorporation of a company:(a)(b)(c)Memorandum and Articles of Association;Statement of Authorized Share Capital - (2 forms) (the ‘a & b’)should bear the appropriate amount of stamp duty. This can bepaid for, at the Federal Ministry of Finance and EconomicDevelopment Stamp Duty Office in any State of the Federation;Other forms to be filed along with the Memorandum and Articlesof Association are:(i) CAC 1: Availability of name;(ii) CAC 2: Allotment of shares;(iii) CAC 3: Particulars of registered office;(iv) CAC 4: Compliance with CAMA requirements;(v) CAC 7: Particulars of directors; and(vi) CAC 7A: Particulars of secretary.The above, together with the written consent of the minimum numberof directors and the appropriate amount of fees payable.7.5.4 Registration of Specialised Companies / Business Names /ProfessionsApplications for incorporation / registration of companies or businessnames to carry on certain business must be supported with the evidenceof capability.Some of the businesses or professions affected are:(a)(b)(c)Medical or hospital, pharmaceutical;Engineering and related professions; andAccountancy, architecture and law.Applications are required to be accompanied with a photocopy of thecertificate of one of the directors in the field.7.5.5 Memorandum of AssociationIt shall state:(a) Name of the company;(b) Registered office situated in Nigeria;(c) The name of the business;(d) Restriction on the powers of the company;(e) That the company is a private or public company;(f) That the liability of its members is limited by shares or byguarantee or is unlimited; and154
THE ENVIRONMENT: CORPORATE, PROFESSIONAL AND REGULATORY(g) The amount of authorized share capital, not less than N10,000for a private company and N50,000for a public company.7.5.6 Articles of AssociationThese are articles for regulating companies’ activities. The articles shall:(a)(b)(c)(d)State the number of members;Be printed;Be signed by each subscriber; andBear the same stamp duty.7.5.7 Registration of Companies (Section 35)Upon registration of the Memorandum and Articles of Association, theCommission shall certify under the seal:(a)(b)(c)(d)That the company is incorporated;That the liability of the members is limited by shares or guaranteein the case of a limited company;That the liability of the members is unlimited, in the case of anunlimited company;That the company is a private or public company.The certificate of incorporation is a prima facie evidence that allrequirements of the Act have been complied with and that theassociation is a company authorized to be registered and is so dulyregistered under the Act.7.5.8 Capacity and powers of Companies (Section 38)Except to the extent that a company’s memorandum or any enactmentotherwise provides, every company shall, for the furtherance of itsauthorized business or objects, have all the powers of a natural personof full capacity.7.5.9 Effect of Memorandum and Articles (Section 41)The Memorandum and Articles, when registered, shall have the effectof a contract under seal between the company and its members andofficers, and between the members and officers themselves wherebythey agree to observe and perform the provisions of the memorandumand articles.7.5.10 Conversion and Re-registration of Companies (Section 50)A private company having a share capital may be re-registered as apublic company if:(a)A special resolution that it should be so re-registered is passed;and155
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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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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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Page 109 and 110: ACCOUNTING STANDARDS(v)Actions requ
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Page 113 and 114: 6ETHICAL FRAMEWORK, CONCEPTSAND VAL
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Page 147 and 148: 7THE ENVIRONMENT: CORPORATE,PROFESS
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Page 177 and 178: PROFESSIONAL ETHICSabout conflicts
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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
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Page 201 and 202: ETHICAL THREATS AND SAFEGUARDSimmin
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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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