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

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FINANCIAL REPORTING AND ETHICS(c)(d)Provision of educational programmes across the various disciplinesfocused strictly on environmental issues; andThe National Environmental Standards and Regulations EnforcementAgency (NESREA), in collaboration with the Nigeria CommunicationCommission (NCC), is brainstorming with the key stakeholders and thetelecommunications industry on the various options towards safer andbetter environment-friendly telecommunications operations in thecountry.12.8 MINIMISING THE THREATS TS OF SOCIAL COSTS AND LIABILITIESTo minimise the threats of social costs and liabilities, the following measuresare appropriate:(a)Introduction and consolidation of the principles and practice of goodcorporate governance which carries along with it great socialresponsibility and maximisation of stakeholders’ interests;(b)(c)(d)(e)(f)Optimisation of production capacity so as to accommodate environmentalcosts at the least possible costs;Multi-disciplinary teams should have clear distribution of tasks andfunctions, so as to provide a basis for determining environmentalimpacts and related costs;The nature of environmental costs should determine the capitalinvestment assessment method. According to Grinnell and Hunt (2000),discounted cash flow technique is preferred to payback period in viewof the long-time horizon for benefits to accrue from environmentalcapital investment;A responsible corporate citizen should not violate laws on environmentalmanagement. Consequently, a company should collaborate withGovernment and non-government agencies to save the earth from ruinsuch as global warming and climate disruption; andWaste on effluent discharges should be minimised.12.9 SOCIAL AND ENVIRONMENTAL FAILAILURESCases of social and environmental failures all over the world are frightening.They include the following which are hereby briefly discussed:(a)About half of the world’s temperate and tropical forests are no moreavailable. The rate at which forests are being pulled down in Africa,particularly in Nigeria, in the name of timber felling, is alarming. Therate of deforestation in Africa is about an acre a second;258
SOCIAL AND ENVIRONMENTAL ISSUES IN ETHICS(b)(c)(d)(e)(f)Environmentalists in the United States of America claim that aboutninety (90) per cent of the large predator fish (the big ones whichconsume the smaller specie) no longer exist and that seventy five (75)per cent of marine fisheries have been exhausted;Scientists say that human activities have increased the atmosphericcarbon dioxide, engineered planetary warming and climatic disruption;Persistent toxic chemicals are now found in all human beings;Everywhere, earth’s ice fields are melting; andThe sound and smoke emission from generators and factory plants inNigeria constitute serious health hazards.12.10 INVESTIGATIVE TIVE REPORTS TS AND PROFESSIONALISMSomething is investigative if it is concerned with research, conductingexamination or enquiry, with a view to establishing the circumstances orroot cause or causes of a riddle or puzzle of an issue. The Chambers Dictionary(2003) defines ‘professionalism’ as “the competence or the correct demeanourof those who are highly trained and disciplined………………….” TheChambers Dictionary further defines a “professional” as “someone who makeshis or her living by an art that is also practised” at highly skilled level.A professional accountant “who is a member of an IFAC member body” (IFAC,2009), is obliged to demonstrate the knowledge and practice of thefundamental principles of integrity, objectivity, professional competence anddue care, confidentiality and professional behaviour at all times, particularlyin writing investigative reports. He should do his report as though the casesare going for trial. The qualities of a good investigative report include thefollowing:(a)(b)(c)(d)It should be unambiguous, straight to the point and lucid;The report should be devoid, as much as possible, of all technical jargons;The report should not be libellous. The issues reported upon andrecommendations need only be stated; andThere is the timeliness of a report. Time is the essence in writing anddelivering reports before matters get worse.12.11 LEARNING WITH AND MANAGING PROFESSIONAL RESPONSIBILITIESTHROUGH CASE STUDIESAccording to Kayode A. J. (2005), “a case study is a written description of asituation which a decision-maker faced at some point in time.” With259
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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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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
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PROFESSIONAL ETHICSabout conflicts
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PROFESSIONAL ETHICS(d)(e)Confidenti
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PROFESSIONAL ETHICSA. III onlyB. II
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9DECISION MAKING IN ETHICS9. 0 LEAR
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DECISION MAKING IN ETHICS9.2 A FRAM
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ETHICAL THREATS AND SAFEGUARDS(d)We
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DECISION MAKING IN ETHICS4. A perso
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10ETHICAL THREATS TS AND SAFEGUARDS
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ETHICAL THREATS AND SAFEGUARDS(iv)(
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ETHICAL THREATS AND SAFEGUARDSto th
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ETHICAL THREATS AND SAFEGUARDSpayab
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ETHICAL THREATS AND SAFEGUARDS(a)Fi
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ETHICAL THREATS AND SAFEGUARDSimmin
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ETHICAL THREATS AND SAFEGUARDSHowev
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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 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
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
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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
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