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

FINANCIAL REPORTING AND ETHICS1.3.3 PowersPowers of the Board include the following:(a)(b)(c)(d)(e)(f)(g)Identifying accounting statements which require standardizationand establish order of priority for addressing them;Determining the scope and objectives of each standard;Prescribing the methods and procedure for the production ofstandards;Prescribing the time-table for the production of standards;Approving discussion papers, exposure drafts and standards;Enforcing and approving enforcement of compliance withaccounting standards in Nigeria; andExercising such powers as are necessary or expedient for givingeffect to the provisions of this Act.1.4 PROCESS OF PRODUCING AN ACCOUNTING STANDARDThe procedure to be adopted in the production of an accounting standard isprovided under S.8 of the Act as follows:(a) Choice of a topic for standardisation;(b) Prepare and publish exposure draft;(c) Allow at least three months for comments by stakeholders;(d) Conduct a public hearing where necessary;(e) Incorporate all reasonable additional ideas to the documents;(f) Issue a statement of accounting standard.1.5 STATEMENTS TEMENTS OF ACCOUNTING STANDARDS ISSUEDSince its establishment in 1982, the NASB has so far issued thirty (30)accounting standards which include:SAS 1 Disclosure of Accounting PoliciesSAS 2 Information to be Disclosed in Financial StatementsSAS 3 Accounting for Property, Plant and EquipmentsSAS 4 StocksSAS 5 Construction ContractsSAS 6 Extraordinary Items and Prior Year AdjustmentSAS 7 Foreign Currency Conversions and TranslationsSAS 8 Accounting for Employees Retirement BenefitsSAS 9 Accounting for DepreciationSAS 10 Accounting for Banks and Non-Banks Financial Institutions (Part I)SAS 11 LeasesSAS 13 Accounting for InvestmentsSAS 14 Accounting in the Petroleum Industry: Upstream ActivitiesSAS 15 Accounting for Banks and Non-Banks Financial Institutions(Part II)SAS 16 Accounting for Insurance Companies4