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

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FINANCIAL REPORTING AND ETHICSWhatever the nature of the decision making, the individual chartered accountant,should be guided by the fundamental principles outlined in Section 100(5) ofthe Code of Ethics of July, 2009, issued by the International Federation ofAccountants. These may be re-cast, as follows:(a)IntegrityA professional accountant should be honest and straightforward in allbusiness and professional relationships;(b)(c)(d)(e)ObjectivityHe should not allow conflict of interest, bias or undue influence of otherpeople to sway his business or professional judgments;Professional Competence and Due CareA professional accountant should maintain professional knowledge andskills at the right level required of his calibre, so as to ensure that aclient or employer is not denied of competent professional services, basedon current pronouncements and practice, approaches and laws. Heshould act diligently and in conformity with applicable professionaland technical standards;ConfidentialityA professional accountant should preserve the confidentiality ofinformation which he obtains in consequence of business andprofessional relationships. He should not disclose any such informationto third parties without the knowledge and consent of his principal,unless there is a professional or legal obligation to disclose it. Aprofessional accountant should not use the information obtained, forhis personal benefit or that of third parties; andProfessional BehaviourHe has to comply with relevant laws, rules and regulations. A professionalaccountant should avoid any action which ridicules the profession and/or The Institute of Chartered Accountants of Nigeria. Where aProfessional Accountant or a member of The Institute of CharteredAccountants of Nigeria faces a dilemma in the course of duties, he isobliged to contact his professional body for guidance.We would try to present different frameworks for ethical decision making thatwe consider useful for exploring ethical dilemmas and identifying ethicalcourses of action. First would be a framework as presented by the MarkkulaCenter for Applied Ethics.184
DECISION MAKING IN ETHICS9.2 A FRAMEWORK FOR ETHICAL DECISION MAKING(a)(b)(c)(d)(e)(f)(g)Recognise an Ethical Issue(i) Is there something wrong personally, interpersonally, or socially?Could the conflict, the situation, or the decision be damaging topeople or to the community?(ii) Does the issue go beyond legal or institutional concerns? Whatdoes it do to people, who have dignity, rights, and hopes for abetter life together?Get the Facts(i)(ii)(iii)What are the relevant facts of the case? What facts are unknown?Do individuals and groups have an important stake in theoutcome? Do some have a greater stake because they have aspecial need or because we have special obligations to them?What are the options for acting? Have all the relevant personsand groups been consulted? If you showed your list of options tosomeone you respect, what would that person say?Evaluate Alternative Actions from Various Ethical PerspectivesWhich option will produce the best and do the least harm?Utilitarian Approach: The ethical action is the one that willproduce the greatest balance of benefits over harms.Even if not everyone gets all they want, will everyone’s rights and dignitystill be respected?Rights Approach: The ethical action is the one that most dutifullyrespects the rights of all affected.Which option is fair to all stakeholders?Fairness or Justice Approach: The ethical action is the one thattreats people equally, , or if unequally, , that treats peopleproportionately and fairly.Which option would help all to participate more fully in the life weshare as a family, community, society?Common Good Approach: The ethical action is the one thatcontributes most to the achievement of a quality common lifetogether.Would you want to become the sort of person who acts this way (e.g., aperson of courage or compassion)?185
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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 133 and 134: ETHICAL FRAMEWORK, CONCEPTS AND VAL
Page 147 and 148: 7THE ENVIRONMENT: CORPORATE,PROFESS
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Page 173 and 174: PROFESSIONAL ETHICSobjectivity are
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Page 177 and 178: PROFESSIONAL ETHICSabout conflicts
Page 179 and 180: PROFESSIONAL ETHICS(d)(e)Confidenti
Page 181 and 182: PROFESSIONAL ETHICSA. III onlyB. II
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Page 187 and 188: ETHICAL THREATS AND SAFEGUARDS(d)We
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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 205 and 206: ETHICAL THREATS AND SAFEGUARDS(iii)
Page 207 and 208: 11CORPORATE GOVERNANCE11.0 LEARNING
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Page 213 and 214: CORPORATE GOVERNANCEtrust, possible
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Page 217 and 218: CORPORATE GOVERNANCE(a)(b)(c)(d)(e)
Page 219 and 220: CORPORATE GOVERNANCE11.6.1 The law
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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
Page 229 and 230: CORPORATE GOVERNANCErelationship wi
Page 231 and 232: CORPORATE GOVERNANCE(e)(f)(g)(h)(i)
Page 233 and 234: 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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