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

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FINANCIAL REPORTING AND ETHICS(c) Notice of increase of authorized share capital shall be given tothe Commission within 15 days, after passing the resolution.Penalty for default is N50 per day;(d) Increase of authorized share capital shall not take effect unlesswithin six months of giving notice of the increase to thecommission, 25% of the authorized share capital, including theincrease has been issued and the directors have delivered to thecommission a statutory declaration verifying same;(e) Rights and liabilities attached to the shares of a company shallbe dependent on the term of issue and of a company’s articlesand despite anything contrary, the articles include the right toattend any general meeting and vote at such meeting.(f) Returns of allotment of shares are to be within one month of theallotment and liability for default is a fine of N50 for every dayduring which the default continues;(g) A company should issue a certificate within two months afterallotment or within three months after transfer of shares. Aliability for default is N50 per day; and(h) A company should not give financial assistance for purchase ofits own shares; default is a fine not exceeding N500.7.5.14 Debentures (Sections 166 - 210)Debentures are instruments issued to the company. Each debentureevidences a distinct debt, e.g. of N100each. It is defined by the Act asincluding ‘debenture stock, bonds and any other securities of a companywhether constituting a charge on the assets of the company or not’(S. 650(1)).Types of Debentures es (Section 171)These are:(a)(b)(c)(d)(e)Registered Debentures: Payment to the registered holder.Bearer Debentures: Payment to bearer. They are negotiableinstruments.Perpetual Debentures: They are made “irredeemable orredeemable only on the happening of a contingency, howeverremote, or on the expiration of a period, however long…” (Section171).Convertible Debentures: They are issued “upon the terms that inlieu of redemption or payment…… may be converted into sharesof the company….(Section 172).Secured and Naked Debentures: A secured debenture is onewhich is secured by a charge over the company’s property andnaked debenture on the other hand is one which is not securedby any charge (S. 173).158
THE ENVIRONMENT: CORPORATE, PROFESSIONAL AND REGULATORYCreation of DebenturesA debenture may be a simple instrument or by such an instrumentcovered by a trust deed. Section 168 provides for matters to be includedin the statement of the debentures.Fixed and Floating Charges (Section 178)A ‘floating charge’ means an equitable charge over the whole or specifiedpart of company’s undertakings and ‘assets’ including cash and uncalledcapital of the company, both present and future.A ‘fixed charge’ on any property has priority over a floating chargeaffecting that property unless otherwise stated.Power of the Court (Section 180)Wherever a fixed or floating charge has become enforceable, the Courtshall have power to appoint a receiver and in the case of a floatingcharge, a receiver and manager of the assets subject to the charge.A receiver or manager shall not be appointed as a means of enforcingdebentures not secured by any charge. Where a receiver or a receiverand manager is appointed by the Court, advertisement to this effect ismade by the receiver or the receiver and manager in the Gazette and intwo daily newspapers.Debentures es Trust Deed (Section 184 (1))Every Trust Deed, which on its own is both contract and legal documentwhen effected, must state the following matters:(a)(b)(c)(d)(e)The maximum sum which the company may raise by issuingdebentures of the same class;The maximum discount payable;The nature of the assets involved;The date of payment of interest and of the principal; andThe circumstances in which the mortgage, charge or security maybe realized, etc.A debentures trust deed, after its preparation, should be submitted forregistration and payment of appropriate stamp duty, and thereafter,filed with the Corporate Affairs Commission. Failure to register asrequired will render it void against the liquidator and any creditor ofthe company.Transferability of Debentures es (Section 189)Debentures are transferable, except when there is an express provisionin the terms of any debenture restricting its transfer.159
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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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ACCOUNTING STANDARDSactivity, non-c
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ACCOUNTING STANDARDSin the year inc
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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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Page 207 and 208: 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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