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

More documents

Recommendations

Info

FINANCIAL REPORTING AND ETHICSIn more politically and economically informed countries or societies, it hasbeen mooted that a way of strengthening corporate governance is the operationof a structure of two-tier board. Thus, there would be an executive board, anda supervisory board, for necessary checks and balances.11.9 CORPORATE TE GOVERNANCE IN NIGERIA: : THEORETICAL FRAMEWORKThere is no gainsaying the fact that effective corporate governance is anenduring factor which enables an establishment to evolve business excellence.It is capable of enhancing board competence and teamwork which will resultin much improved benefits to the shareholders.As a means of obtaining good governance in Nigeria so as to move with time,the Securities and Exchange Commission and the Corporate Affairs Commissioninstituted a seventeen member committee headed by Atedo Peterside N. A.,the Managing Director and Chief Executive of IBTC Chartered Bank Plc, in June2000. Membership of the committee cut across regulatory bodies, personalitiesand disciplines. The terms of reference of the committee were:(a)(b)(c)(d)Identifying lapses in the current corporate governance practices inNigeria, with respect to public companies;Examining practices in other jurisdictions with a view to adoptinginternational best practices in corporate governance in Nigeria;Making recommendations on appropriate changes to be effected in thecurrent governance practices; andExamining other issues which relate to governance in Nigeria.The committee came up with a draft code of corporate governance on 12 July,2001. It was highly publicized and appraised by the various stakeholders. Thefinal report centred on Code of Best Practices on Corporate Governance in Nigeriaand was approved by the Boards of the Securities and Exchange Commission,being the regulatory authority of the capital market, and the Corporate AffairsCommission as the regulatory authority of companies in Nigeria. The mainthrusts of the code are the directors of the boards who row the boards of corporateorganisations, and the responsibilities of other stakeholders, shareholders andprofessional bodies.11.9.1 REGULATORY FRAMEWORK FOR CORPORATE AND ENTERPRISEGOVERNANCEThe Code of Best Practices (2003) identified three ‘key players’ in theimplementation process and prescribed the functions andresponsibilities for each of them. The principal actors are the boards ofdirectors, shareholders and audit committees. They are briefly discussed,as follows:226
CORPORATE GOVERNANCE11.9.2 Boards ds of Directors: Their Functions, Responsibilities andComposition.These may be summarily highlighted, thus:(a)RESPONSIBILITIES AND FUNCTIONS OF A BOARD OFDIRECTORS:Responsibilities ---------(i) The board of directors should be in firm control of theaffairs of the company in a lawful, efficient and effectivemanner, such that the organisation may increasinglyimprove on its value creation; and(ii) The board should, with due regard to the other stakeholders’interests, ensure that the value created is shared amongthe interested parties such as the shareholders andemployees.FunctionsThe functions of the board should include, but not limited to, thefollowing:(i)(ii)(iii)(iv)(v)(vi)Strategic planning;Selection, performance appraisal and compensation ofsenior executive members;Succession planning;Communicating with the shareholders;Ensuring the integrity of financial controls and reports;andEnsuring that ethical standards are maintained and thatthe company complies with the laws of Nigeria.(b)(c)(d)The chairman’s primary responsibility is to ensure effective operationof the board and as much as possible distance himself from theday-to-day running of the company which is the primaryresponsibility of the chief executive officer and management team;The board is the main custodian of the corporation’s accountability;andIt moderates the conflicting interests of the stakeholders.11.9.3 Composition of Board of Directors(a)The board should be composed in such a way as to ensure thediversity of experience, without compromising compatibility,integrity, availability and independence;227
Page 4:
FINANCIAL REPORTING AND ETHICS1.3.3
Page 11 and 12:
ACCOUNTING AND REPORTING POLICIESsu
Page 13 and 14:
ACCOUNTING AND REPORTING POLICIES(j
Page 15 and 16:
ACCOUNTING AND REPORTING POLICIES(i
Page 17 and 18:
ACCOUNTING AND REPORTING POLICIES2.
Page 19 and 20:
3AMALGAMATION, ABSORPTION ANDRECONS
Page 21 and 22:
AMALGAMATION, ABSORPTION AND RECONS
Page 23 and 24:
Page 25 and 26:
Page 27 and 28:
Page 29 and 30:
Page 31 and 32:
Page 33 and 34:
Page 35 and 36:
Page 37 and 38:
Page 39 and 40:
Page 41 and 42:
Page 43 and 44:
Page 45 and 46:
Page 47 and 48:
Page 49 and 50:
Page 51 and 52:
Page 53 and 54:
Page 55 and 56:
Page 57 and 58:
Page 59 and 60:
Page 61 and 62:
Page 63 and 64:
Page 65 and 66:
Page 67 and 68:
4ANALYSIS AND INTERPRETATION TION O
Page 69 and 70:
ANALYSIS AND INTERPRETATION OF FINA
Page 71 and 72:
Page 73 and 74:
Page 75 and 76:
Page 77 and 78:
Page 79 and 80:
Page 81 and 82:
Page 83 and 84:
Page 85 and 86:
Page 87 and 88:
Page 89 and 90:
5ACCOUNTING STANDARDS5.0 LEARNING O
Page 91 and 92:
ACCOUNTING STANDARDS(i)(ii)(iii)(iv
Page 93 and 94:
ACCOUNTING STANDARDSThere is no SAS
Page 95 and 96:
ACCOUNTING STANDARDS5.2.4 Borrowing
Page 97 and 98:
ACCOUNTING STANDARDS(iii)Certain pe
Page 99 and 100:
ACCOUNTING STANDARDSby venture capi
Page 101 and 102:
ACCOUNTING STANDARDSIFRS 7 Financia
Page 103 and 104:
ACCOUNTING STANDARDSactivity, non-c
Page 105 and 106:
ACCOUNTING STANDARDSin the year inc
Page 107 and 108:
ACCOUNTING STANDARDS(v)(vi)(vii)whe
Page 109 and 110:
ACCOUNTING STANDARDS(v)Actions requ
Page 111 and 112:
ACCOUNTING STANDARDSAccounting stud
Page 113 and 114:
6ETHICAL FRAMEWORK, CONCEPTSAND VAL
Page 115 and 116:
ETHICAL FRAMEWORK, CONCEPTS AND VAL
Page 117 and 118:
Page 119 and 120:
Page 121 and 122:
Page 123 and 124:
Page 125 and 126:
Page 127 and 128:
Page 129 and 130:
Page 131 and 132:
Page 133 and 134:
Page 135 and 136:
Page 137 and 138:
Page 139 and 140:
Page 141 and 142:
Page 143 and 144:
Page 145 and 146:
Page 147 and 148:
7THE ENVIRONMENT: CORPORATE,PROFESS
Page 149 and 150:
THE ENVIRONMENT: CORPORATE, PROFESS
Page 151 and 152:
Page 153 and 154:
Page 155 and 156:
Page 157 and 158:
Page 159 and 160:
Page 161 and 162:
Page 163 and 164:
Page 165 and 166:
Page 167 and 168:
Page 169 and 170:
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 and 178: PROFESSIONAL ETHICSabout conflicts
Page 179 and 180: PROFESSIONAL ETHICS(d)(e)Confidenti
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
Page 193 and 194: ETHICAL THREATS AND SAFEGUARDS(iv)(
Page 195 and 196: ETHICAL THREATS AND SAFEGUARDSto th
Page 197 and 198: ETHICAL THREATS AND SAFEGUARDSpayab
Page 199 and 200: ETHICAL THREATS AND SAFEGUARDS(a)Fi
Page 201 and 202: ETHICAL THREATS AND SAFEGUARDSimmin
Page 203 and 204: ETHICAL THREATS AND SAFEGUARDSHowev
Page 205 and 206: ETHICAL THREATS AND SAFEGUARDS(iii)
Page 207 and 208: 11CORPORATE GOVERNANCE11.0 LEARNING
Page 209 and 210: CORPORATE GOVERNANCE11.3.1 Nature(a
Page 211 and 212: CORPORATE GOVERNANCEThe company sho
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: CORPORATE GOVERNANCE(a)(b)Greenbury
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
Page 235 and 236: CORPORATE GOVERNANCE(e)ConsultancyA
Page 237 and 238: CORPORATE GOVERNANCEThe incoming au
Page 239 and 240: CORPORATE GOVERNANCEIn summary, acc
Page 241 and 242: CORPORATE GOVERNANCEAccording to Th
Page 243 and 244: CORPORATE GOVERNANCE3. A body corpo
Page 245 and 246: 12SOCIAL AND ENVIRONMENTALISSUES IN
Page 247 and 248: SOCIAL AND ENVIRONMENTAL ISSUES IN
Page 263 and 264: APPENDIX ISUGGESTED SOLUTIONS TO RE
Page 265 and 266: SUGGESTED SOLUTIONS TO REVISION QUE
Page 267 and 268: SUGGESTED SOLUTIONS TO REVISION QUE
Page 269 and 270: APPENDIX IICOMPREHENSIVE QUESTIONS
Page 271 and 272: COMPREHENSIVE QUESTIONS AND SUGGEST
Page 277 and 278:
APPENDIX IIICASE STUDY 1Karsashi, a
Page 279 and 280:
CASE STUDIES(iii)(iv)The floor sale
Page 281 and 282:
CASE STUDIESShare price and dividen
Page 283 and 284:
CASE STUDIESSUGGESTED SOLUTION(A) A
Page 285 and 286:
CASE STUDY 3The following informati
Page 287 and 288:
CASE STUDIESCASE STUDY 4Ologobojo i
Page 289 and 290:
APPENDIX IVTable 1:SUMMARY OF INTER
Page 291 and 292:
SUMMARY OF INTERNATIONAL ACCOUNTING
Page 293 and 294:
APPENDIX VGLOSSARY OF TERMSAbsorpti
Page 295 and 296:
GLOSSARY OF TERMSEthical Objectivis
Page 297 and 298:
APPENDIX VIBIBLIOGRAPHYChambers Ham
Page 299 and 300:
APPENDIX VIISTUDY AND EXAMINATION T
Page 301 and 302:
STUDY AND EXAMINATION TECHNIQUES7.3
Page 303 and 304:
INDEXAAbsorption, 17, 19, 39, 40, 4
Page 305 and 306:
INDEXProfessional Behaviour, 136, 1
Page 307 and 308:
307
Page 309:
309
show all

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

Create successful ePaper yourself

Delete template?

Save as template?