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FINANCIAL REPORTING AND ETHICSPowers of Auditors in Relation to a Subsidiary Company (Section367)Where a company has subsidiary(ies) which is a/are Nigerian company(ies), it is the duty of the subsidiary(ies) and its auditors to give theauditors of the holding company such information and explanations asmay be reasonably required for the duties of the auditors of the holdingcompany.The holding company’s auditors shall take all such steps as are reasonablyopen to them to obtain from the subsidiary information and explanationswhich are required for their duties.False Statement (section 369)It is an offence for an officer of a company to knowingly or recklessly makefalse statements to a company’s auditors. Statement (whether writtenor oral) which is misleading, false or deceptive which conveys or purportsany information or explanation required as the auditors.DonationsA company shall not have or exercise power either directly or indirectlyto make a donation or gift of any of its property or fraud to a politicalparty or political association or for any political purpose. Any officer indefault and any member who voted for the breach, shall be jointly andseverally liable to refund to the company, the sum or value of donationsor gift and in addition, the company and every such officer or membershall be guilty of an offence and liable to an amount equal to the valueof the donations or gift (Section 38(2).7.6.5 Professional requirements in financial reporting and auditingProfessional requirements are covered by the Statements of AccountingStandards (SAS) issued by the Nigerian Accounting Standards Board(NASB) and the International Accounting Standards (IAS) adopted withan effective date of April 1, 2001 as International Financial ReportingStandards (IFRS) issued by International Accounting Standards Board(IASB). They are briefly discussed as follows:SAS 1: Disclosure of Accounting PoliciesThe disclosure of Accounting Policies, such as the method of depreciationof fixed assets e.t.c, should be in accordance with the stipulations ofInternational Accounting Standard No. 1.SAS 2: Information to be disclosed in the Financial statementsSuch information should be quantitative and qualitative in nature toassist users in making informed decisions. The requirements of the166
THE ENVIRONMENT: CORPORATE, PROFESSIONAL AND REGULATORYStandard are in accord with those of the International AccountingStandard (IAS) No. 5SAS 3: Accounting for Propertyoperty, , Plant and EquipmentThe requirements of the Standard agree substantially with those ofInternationally Accounting Standard No. 16.SAS 4: On StocksThe Standard discusses various valuation methods and the need to beconsistent in the approach adopted. The requirements of the Standardaccord substantially with the requirements of International AccountingStandard No 2 – valuation and presentation of inventories in the contextof the historical cost system.SAS 5: On Construction ContractsThe Standard discusses various valuation approaches. It is in accordwith the International Accounting Standard (IAS) No. 11.SAS 6: On Extraordinary items and prior year adjustmentsThe Standard discusses, among others, such concepts as “exceptionalitems,” “ordinary activities”. The requirements are complementary toany disclosure expectations of the Companies and Allied Matters Actand regulated regulations, and IAS 8.SAS 7: On foreign currency conversions and translationsThe Standard discusses, exchange rates, among others. It accordssubstantially with the stipulations of IAS No 21.SAS 8: On accounting for employees’ retirement’s benefitsIt accords substantially with the stipulations of IAS No 21.SAS 9: Accounting for depreciationIt complies substantially with the requirements of IAS Nos. 19 and 25.SAS 10: Accounting By Banking and non-Bank FinancialInstitutions (Part 1)It complies substantially with IAS No 30.SAS 11: On leasesIts provisions accord substantially with those on IAS No. 17.SAS 12: Accounting for deferred taxesThe Standard complies substantially with IAS No 12.167
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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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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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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 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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