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

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FINANCIAL REPORTING AND ETHICS(b)(c)(d)Membership of the board should rest on the following attributes:(i)(ii)(iii)(iv)(v)Uprightness in character;Distinctive competencies;Knowledge on board matters;Entrepreneurial bias; andSense of accountability, integrity, commitment to the taskof corporate and institutional building.The position of the chairman and chief executive officer shouldideally be separated and held by different persons;There should be a strong non-executive independent director asvice chairman of the board, where the position of the chairmanand chief executive officer are combined in one individual.11.9.4 Managing the Affairs of the Board(a)The board should meet regularly, at least once in a quarter, withsufficient notices and a formal schedule of matters or agendaspecifically reserved for deliberations, so as to maintain effectivecontrol over the company, the executive and management.(b)(c)(d)There should be an agreed procedure for directors to takeindependent professional advice whose cost should be borne bythe company, in furtherance of their duties, if necessary.All directors should have access to the advice and services of thecompany secretary who should be appointed by the board and isresponsible for ensuring that corporate procedures are followedand that applicable rules and regulations are complied with.His removal should be decided by the board only.All the directors should have access to the advice and services ofother professionals in the areas where such assistance willimprove the quality of their contributions to the overall decisionmaking process.11.9.5 The Position of Non-Executive Directors(a)Non-executive directors should bring independent judgment tobear on issues such as integrity, performance, resourcemanagement; making key appointments and ethical standards;(b)(c)Shareholders’ approval is required where directors’ servicecontracts are to exceed three years;Other than their fees and allowances, non-executive directorsshould not be dependent on the company for their income. Theyshould be independent and not be involved in business228
CORPORATE GOVERNANCErelationship with the company, a situation that could fetter orencumber their independent judgment;(d)(e)(f)(g)(h)Non-executive directors should neither participate in thecompany’s share option scheme nor be pensionable by thecompany;An appointment as non-executive director should be for aspecified period and re-appointment should be a product ofexcellent performance;It is for the entire board to decide the appointments of nonexecutivedirectors. These should be done through a well-definedformal selection process;Skills mix of executive non-directors should reflect the range ofthe competency needs of the company;Proper company and board orientation should be undertaken bynewly appointed directors and, where necessary, formal trainingaimed at making them effective in the discharge of their dutiesshould be given at company cost.11.9.6 The Role of Executive Directors(a)(b)There should be full and clear disclosure of directors’ totalemolument, those of the chairman and highest paid director,including pension contributions, stock options, where theearnings are in excess of N500,000;In the determination of their remuneration, executive directorsshould not play any active role.11.9.7 Compensation of Board Members(a)The remuneration of executive directors should not be fixed inthe shareholders’ meeting, but by the board;(b)(c)The remuneration should be recommended by the appropriatecommittees, wholly or mainly composed of non-executive /independent directors and chaired by a non-executive director;The following should be disclosed in relation to directors’remuneration:(i)(ii)(iii)Directors’ emolument and those of the chairman andhighest paid director;Relevant information about stock options and any pensioncontribution; andFuture service contract.229
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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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7THE ENVIRONMENT: CORPORATE,PROFESS
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THE ENVIRONMENT: CORPORATE, PROFESS
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8PROFESSIONAL ETHICS8. 0 LEARNING O
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PROFESSIONAL ETHICSobjectivity are
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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 and 226: CORPORATE GOVERNANCE(a)(b)Greenbury
Page 227: CORPORATE GOVERNANCE11.9.2 Boards d
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
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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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