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

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FINANCIAL REPORTING AND ETHICSSAS 13: Accounting for InvestmentsThe Standard is principally in agreement with IAS 25.SAS 14: Accounting in the petroleum Industry: Upstream Activities.SAS 15: On accounting By Bank and non-Bank financial Institutions(Part art II)It complies with IAS No. 30.SAS 16: Accounting for Insurance Business.SAS 17: Accounting in the Petretroleum Industry: DownstreamActivitiesSAS 18: Statement of Cash flowIt complies substantially with IAS 7 (Revised).SAS 19: Accounting for Deferred taxesThe Standard is in accord with IAS 2 (Revised).SAS 20: Abridged Financial StatementsSAS 21: Earnings per shareIt complies with IAS 33.SAS 22: Accounting for research and development costsIt complies with IAS 38.SAS 23: Provisions, Contingent liabilities and Contingent assets.It complies with IAS 37.SAS 24: Segment ReportingIt accords with IAS No. 14.SAS 25: Telecommunications ActivitiesSAS 26: Business CombinationsIt accords with IFRS No.3.SAS 27: Consolidated and Separated financial statementsIt complies with IAS No. 27 (Revised).SAS 28: Investments in AssociatesIt complies with IAS No. 28.168
THE ENVIRONMENT: CORPORATE, PROFESSIONAL AND REGULATORYSAS 29: Interests ests In joint VenturenturesesIt complies with IAS No. 31.SAS 30: Interim Financial ReportingThe Standard complies with IAS 34.7.7 SUMMARY AND CONCLUSIONSThis chapter discusses what a corporation is, its interests and professionalresponsibilities. It also examines the concept of accountability, the role ofprofessional accountants in globalization, incorporation of companies and thecomponents of financial statements of quoted entities. This chapter concludeswith professional requirements in financial reporting and auditing.Refer to Comprehensive Questions and Suggested Solutions in Appendix II,page 269.7.8 REVISION QUESTIONS7.8.1 MULTIPLE-TIPLE-CHOICE QUESTIONS1. A corporation sole isA. a corporation which has only one single member at a time.B. made up of individuals who associate together.C. a sole business owner.D. a partnership business.E. a corporation which has two members at a time.2. The interests of corporations extend to(i) current investors.(ii) potential investors.(iii) customers.A. (i) and (ii) onlyB. (ii) and (iii) onlyC. (i) and (iii) onlyD. (i), (ii) and (iii)E. (ii) only3. A professional accountant should comply with the fundamental principlesof(i) integrity.(ii) objectivity.(iii) confidentiality.A. (iii) onlyB. (ii) onlyC. (ii) and (iii)D. (i), (ii) and (iii)E. (i) and (iii) only169
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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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ETHICAL FRAMEWORK, CONCEPTS AND 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 195 and 196: ETHICAL THREATS AND SAFEGUARDSto th
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Page 201 and 202: ETHICAL THREATS AND SAFEGUARDSimmin
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Page 207 and 208: 11CORPORATE GOVERNANCE11.0 LEARNING
Page 209 and 210: CORPORATE GOVERNANCE11.3.1 Nature(a
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Page 217 and 218: 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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