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FINANCIAL REPORTING AND ETHICS(e) Sub-section 220.5The professional accountant in public practice shall not take up a specificengagement or shall resign from one or more conflicting engagementswhere a conflict of interest brings about a threat to one or more of thefundamental principles which include professional behaviour,confidentiality or objectivity, which cannot be eliminated or reduced toan acceptable level through the use of safeguards.(f) Sub-section 220.6Where a professional accountant in public practice has asked for aclient’s consent to act for another party (whether or not the party is anexisting client) on a matter in respect of which there are conflictinginterests and the consent has not been granted by the client, he shallnot continue to act for one of the parties in the matter which occasionsthe conflicts of interest.8.5 FUNDAMENTAL AL PRINCIPLES OF THE CODE OF ETHICS FOR PROFESSIONALACCOUNTANTS ANTS OF JULY 2009, ISSUED BY THE INTERNATIONAL TIONAL FEDERATIONOF ACCOUNTANTS.ANTS.The fundamental principles are worthy of recall here, as a means of remindingprofessional accountants of their committed adherence to the code of ethics inall spheres of professional lives. The fundamental principles are brieflydiscussed as follows:(a)(b)(c)IntegrityThis is the attribute of being honest and straight forward in all businessand professional relationships, without any distinction.ObjectivityA professional accountant should not bring in bias (that is, prejudice),conflict of interest or “undue influence of others to override professionalor business judgments.”Professional Competence and Due CareThis has to do with the continued enhancement and display of professionalknowledge and skills at the appropriate required levels. The attributesstated will ensure that an employer or a client obtains the best services,on current thinking in the world of accountancy, and based on prevailinglegislation and techniques. A professional accountant should actdiligently and in consonance with the extant technical and professionalstandards.178
PROFESSIONAL ETHICS(d)(e)ConfidentialityA professional accountant should preserve the confidentiality ofwhatever information acquired during and after engaging in businessand professional relationships. He should therefore not disclose suchinformation to third parties without the express permission of his clientor employer. “The exception to this rule is where there is a legal orprofessional right or duty to disclose.” A professional accountant shouldnot use the information for his personal advantage or benefit of thirdparties.Professional BehaviourHe should comply with the relevant laws, regulations and the Code ofEthics (IFAC, 2009). A professional accountant should at all times avoidactions which are discrediting to the profession and The Institute ofChartered Accountants of Nigeria.ILLUSTRAUSTRATION TION 8.1Obaluaye sighted a private car and three-men gang raping a 12 year old girlby the corner. He reasoned that he could not on his own challenge the men andsave the girl from further assault. Obaluaye was hurrying to his farm but couldstill not face the gory sight. Walking a few yards away, he saw a patrol vehicleof the police. He ran across and reported the case to the police patrol team,supplying the vehicle descriptions of type and number and the location of thehorror. In a few minutes, Obaluaye disappeared and the police apprehendedthe miscreants. The girl was liberated. Discuss Obaluaye’s action from theutilitarianism and deontology points of view.SUGGESTED SOLUTION 8.1The action of Obaluaye to come to the rescue of the teenage girl being raped iscourageous, virtuous and deserving of reward. If Obaluaye saw the gory event,and failed to blow the whistle of alerting the police patrol team, the rapistswould have further harmed the victim, escaped and perhaps inflicted the sameor worse indignity on others they could lay their hands on.Utilitarianism can best be described as a system of ethical balance or equation.The concept desires to locate balance of good consequences as against baddevelopments. Utilitarian attempts to maximise good or right over bad orwrong. The concept insists that rights and duties derive from the ultimateobjective of overall good maximisation. According to Cottell and Perlin, theethical weighting and summing of probable consequences of action is knownas “ the calculus of Utilitarian ethics”.179
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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 127 and 128: ETHICAL FRAMEWORK, CONCEPTS AND VAL
Page 147 and 148: 7THE ENVIRONMENT: CORPORATE,PROFESS
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Page 171 and 172: 8PROFESSIONAL ETHICS8. 0 LEARNING O
Page 173 and 174: PROFESSIONAL ETHICSobjectivity are
Page 175 and 176: PROFESSIONAL ETHICS(c)(d)The type o
Page 177: PROFESSIONAL ETHICSabout conflicts
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
Page 197 and 198: ETHICAL THREATS AND SAFEGUARDSpayab
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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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Page 213 and 214: CORPORATE GOVERNANCEtrust, possible
Page 215 and 216: CORPORATE GOVERNANCEAn agent has im
Page 217 and 218: CORPORATE GOVERNANCE(a)(b)(c)(d)(e)
Page 219 and 220: CORPORATE GOVERNANCE11.6.1 The law
Page 221 and 222: CORPORATE GOVERNANCEILLUSTRAUSTRATI
Page 223 and 224: CORPORATE GOVERNANCEimitated. They
Page 225 and 226: CORPORATE GOVERNANCE(a)(b)Greenbury
Page 227 and 228: 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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