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FINANCIAL REPORTING AND ETHICSacquired the necessary paper qualifications which will fulfillthe professional standards set; and(c)As with other professions, how the accountancy profession willsustain its integrity rests on the members being able to providequality services as well as the capacity of the profession in beingable to efficiently and effectively respond to what the societyand economy demand.Regulation can be implemented through self-regulation and externalregulation. Under the former, government accords the professional bodythe responsibility for regulating the profession. Under external regulation,government regulates the profession. This is done through an agency ofgovernment or an independent body, created and accorded delegatedregulatory powers by the government. In practice, self – regulation andexternal regulation work together and are employed to regulate theprofession.8. 2 CODE OF ETHICS OF INTERNATIONAL TIONAL FEDERATION OF ACCOUNTANTSANTS(IFAC) ON SELF-REGUL-REGULATION / CURRENT DEVELOPMENTS IN PROFESSIONALETHICS AND CONDUCTThe International Federation of Accountants (IFAC) through its InternationalEthics Standards Board for Accountants issued the revised July 2009 Code ofEthics to regulate the activities of professional accountants among memberbodies, including The Institute of Chartered Accountants of Nigeria. The generalapplication of the Code touches on many and diverse issues which include thefollowing:8.2.1 IntegrityAccording to Section 110.1 of the Code, a professional accountant owesthe obligation to be honest and straight forward in all business andprofessional relationships. The concept of “integrity” carries along fairdealing and truthfulness. Section 110.2 of the Code says that aprofessional accountant should not deliberately be associated withreturns, reports, etc which he believes contains a statement or statementsfurnished recklessly, which are false or misleading and for obscureinformation required to be made available. When the professionalaccountant is made aware that the accountant has been involved ingenerating such false or misleading information, the professionalaccountant should dissociate himself from such information.8.2.2 ObjectivityProfessional accountants are under obligation not to negotiate theirbusiness or professional judgment on account of bias, undue influenceof other people or indeed conflict of interest. Situations which may impair172
PROFESSIONAL ETHICSobjectivity are not clear - cut. It is up to a professional accountant todetect situations of impairment. He should not render a professionalservice where a situation or relationship unduly influences or biasesthe accountant’s professional judgment in regard to that service.8.2.3 Professional Competence and Due CareProfessional accountants are obliged to demonstrate and maintainprofessional skills and knowledge so as to deliver competent services.They should act diligently, as required by applicable professional andtechnical standards.Competent and diligent professional service calls for the use of soundand analytical mind in applying professional skills and knowledge inthe course of executing such services. Attaining and maintainingprofessional competence is a continuing endeavour which should leadto the understanding of developments in business, technical andprofessional areas. Diligence includes the obligation to act within therequirements of an assigned work, taking into account timeliness,carefulness and thoroughness in execution.A professional accountant should ensure that those who are under hisauthority and working for him in a professional situation are inpossession of appropriate training and are well supervised. Wherenecessary, a professional accountant is obliged to prepare the minds ofclients, employers and other users of the professional accountant’sservices on the possible limitations which are inherent in the servicesrendered.8.2.4 ConfidentialityThe concept of confidentiality, according to IFAC (2009), restrainsprofessional accountants from:(a)(b)Disclosing confidential information obtained in the course ofbusiness and professional interactions, outside the company oremployment house, without proper and clear – cut authority, orwithout prejudice to a professional or legal duty to so disclose;andUsing confidential information obtained as a result of businessand professional relationships, for their personal benefits or theadvantage of third parties.A professional accountant should maintain confidentiality, whereverhe might be, cognisant of the possibility of inadvertent disclosure whichcould take place, to a close business colleague or “a close or immediatefamily member.” Equally, he should maintain confidentiality of173
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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 183 and 184: 9DECISION MAKING IN ETHICS9. 0 LEAR
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Page 207 and 208: 11CORPORATE GOVERNANCE11.0 LEARNING
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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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