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

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FINANCIAL REPORTING AND ETHICSCash AccountOpening balance 5,000 Debentures (15%) 2,000_____ Shareholders 3,0005,000 5,000ACCOUNTS FOR RISING STAR AR COMPANYRealisation AccountBuilding 30,000 Bills payable 2,000Machinery 25,000 Sunshine (P.C) 70,000Debtors 2,000Shareholders (profit) 15,000______72,000 72,000Sunshine Company AccountRealisation 70,000 Shareholders 70,000Balance Sheet of Sunshine CompanyLimited as at 31 January, , 2006.Fixed Assets:Goodwill ( 15,000 - 5,000) 10,000Buildings ( N45,000 + N3,000) 75,000Machinery ( N18,000 + N25,000)43,000128,000Current Assets:Stock 26,000Debtors ( N12,000 + 2,000) 14,00040,000Less Current Liabilities:Creditor 6000Bills payable 20008000Net Current Asset: 32,000160,000Issued Share Capital:12,000 ordinary shares at 10 per share 120,0004,000 preference shares at 10 per share 40,000160,00032
AMALGAMATION, ABSORPTION AND RECONSTRUCTIONILLUSTRAUSTRATION TION 3.4The following are the summarized balance sheets of two companies, Rose Ltdand Blacky Ltd as at 31 October 2008.Rose LtdSHARE CAPITAL:AL:ASSETSOrdinary shares of N1 each 150,000 Freehold property (at cost) 45,000Forfeited share capital 150 Plant & Machinery (at cost) 35,000Reserve account 10,000 Goodwill 10,000Profit & loss account 16,865 Stock 68,2765% Debenture 35,000 Sundry Debtors 25,850Sundry creditors 5,785 Balance at bank 33,674217,800 217,800NBlacky LtdORDINARY SHARESASSETSof 1 each fully paid 39,000 Freehold property (at cost) 13,0005% Debentures 7,000 Plant & machinery (at cost) 11,000Sundry creditors 25,700 Goodwill 10,000Bank overdraft 600 Stock 15,200Sundry debtors 9,500______ Profit & loss account 13,60072,300 72,300The two companies decided to amalgamate as on 31 st December, 2008 and anew company called Yellow Ltd was formed with an authorized capital of250,000 in ordinary shares of N1each. The following terms were agreed on:Rose Ltd(i)(ii)(iii)(iv)The consideration was 6 shares of 1 each fully paid to Rose Ltd inexchange for every 5 shares in Yellow Ltd and 1,000 cash.The debenture holders were to be allotted such debentures in YellowLtd bearing interest at 3½ % per annum as would bring them in thesame amount of interest.Yellow Ltd is to take over all assets and liabilities at their book values.The2,500 expenses of dissolution is to be paid by Rose Ltd.Blacky Ltd(i) The consideration was 1 share of 1 each, fully paid in Yellow Ltd inexchange for every 3 shares in Blacky Ltd and 500 in cash.(ii) The debenture holders were to be allotted such debentures in YellowLtd bearing interest at 3½% per annum as would bring them in thesame amount of interest.33
Page 4: FINANCIAL REPORTING AND ETHICS1.3.3
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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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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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