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

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FINANCIAL REPORTING AND ETHICSCapital ReductionThis is a scheme approved by the court in which the nominal par values of a company’spaid up share capital is reduced.Cash EquivalentsThese are the short-term highly liquid investments that readily convert into specificamount of cash and which are subject to an insignificant risk of changes in values.Code of ConductIt is a document published by a government agency, professional body, tradeassociation etc outlining model procedures for good practice in a particular field, orbody.Code of EthicsIt is a formal statement that acts as a guide for how people within a particularorganisation should act and make decisions in an ethical fashion.ControlThis is the power to govern the financial and operating policies of another so as toobtain benefits from its activities.DeontologismIt holds that what makes an action right is not the sum of its consequences, but thefact that it conforms to the moral law.Descriptive EthicsIt is the study of people’s beliefs about morality.DilutionA decrease in the proportional claim on earnings and assets of a share of a commonstock because of the issuance of additional shares.EmotivismMoral propositions are expressions one’s emotions about some specific behaviour.EmpiricalIt is based on observation or experience, derived solely from experience.Ethical EgoismThis is the theory in ethics which holds that an action is morally right if the consequencesof that action are more favourable than unfavourable only to the agent performingthe action.Ethical LeaderCan simply be regarded as a virtuous leader; he operates with high ethical standardsand pursues the good for the benefit of the society.294
GLOSSARY OF TERMSEthical ObjectivismIt holds Moral values are absolute or eternal, not changing.Ethical RelativismIt denies the objectives status of normal values.EthicsIt is the study of principles or standard of human conduct.EuthanasiaMercy killing or painless killing to relieve suffering.Exceptional ItemsThese are those items that, though are normal to the activities of an enterprise, areabnormal because of the frequency of occurrence and size. An example is abnormallyhigh bad debt figure. They are material items from ordinary activities of an entitythat need to be disclosed separately because of their size or incidence.Financial InstrumentThis is any contract that gives rise to both a financial asset of one entity and financialliability or equivalent instrument of another entity.Financial StatementsThese are the means of communicating to interested parties information on theresources, obligations and performances of the reporting entity or enterprise. Theyinclude, Balance Sheet; Profits and Loss Accounts; Cash flow statements; Value AddedStatement and Five-year financial summary.Fororeign EntityThis is a foreign operation whose activities are not integral part of those of the parent.Fororeign OperationsThis is a subsidiary, associated company, joint venture or branch whose activities arebased or conducted in a country other than the country of the parent. It may or maynot constitute a foreign entity.Intangible AssetThis is an identifiable non-monetary asset without physical substance held for use inthe production and supply of goods or services or for rental to others.JustificationGiving reasons for something, confirmation.LiabilitiesThese represent obligations of the enterprise arising from past events, settlement ofwhich is expected to result in an outflow from the enterprise of resources embodyingeconomic benefits.295
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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
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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)
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11CORPORATE GOVERNANCE11.0 LEARNING
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CORPORATE GOVERNANCE11.3.1 Nature(a
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CORPORATE GOVERNANCEThe company sho
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CORPORATE GOVERNANCEtrust, possible
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CORPORATE GOVERNANCEAn agent has im
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CORPORATE GOVERNANCE(a)(b)(c)(d)(e)
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CORPORATE GOVERNANCE11.6.1 The law
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CORPORATE GOVERNANCEILLUSTRAUSTRATI
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CORPORATE GOVERNANCEimitated. They
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CORPORATE GOVERNANCE(a)(b)Greenbury
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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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Page 245 and 246: 12SOCIAL AND ENVIRONMENTALISSUES IN
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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
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Page 289 and 290: APPENDIX IVTable 1:SUMMARY OF INTER
Page 291 and 292: SUMMARY OF INTERNATIONAL ACCOUNTING
Page 293: APPENDIX VGLOSSARY OF TERMSAbsorpti
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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