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

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FINANCIAL REPORTING AND ETHICSOyeyipo & Sons LtdRealisation (Pc) 500,800 Ordinary shares 150,800Cash 300,000_______ Current Liabilities 50,000500,800 500,800Sundry Members Account (Ordinary)Ordinary shares in Oyeyipo 150,800 Ordinary shares 100,000Cash 300,000 Revenue reserve 300,000_______ Realisation 50,800450,800 450,800Current LiabilitiesOyeyipo & Sons 50,000 Bal b/d 50,000Ordinary Shares in Oyeyipo & Sons LtdOyeyipo & Sons Ltd 150,800 Sundry member A/c 150,800IN THE BOOK OF OYEYIPO & SONSOPENING JOURNALDR CRFixed Assets 150,000Current Assets N (240,000-40,000) 200,000Goodwill (Balancing figure) 150,800Current Liabilities 50,000Ordinary Shares 130,000Share premium 20,800Bank _______ 300,000500,800 500,800Being assets and liabilities taken over on absorption of Chukwu & SonsLimited by Oyeyipo & Sons limited.48
AMALGAMATION, ABSORPTION AND RECONSTRUCTIONJournals To o Reflect Transactions Occurring After AbsorptionDR CR1. Preference Share Capital Account 40,000Share Premium Account 2,000Redemption of Redeemable PreferenceShare Account ______ 42,00042,000 42,000Being transfer of redeemable Preference Shares and premiumpayable to Redemption of Redeemable Preference Shares account.2. Bank Account 44,000Ordinary Share Capital Account 40,000Share Premium Account 4,000Being proceeds of issue of 800,000 Ordinaryshares at a premium of 5k per share.N3. Redemption of Redeemable Preference SharesAccount 42,000Bank Account 42,000Being redemption of redeemable preferenceshares at a premium of 5% per share4. Share Issue Expense Account 60,800Bank Account 60,800Being payment of share issue expenses.5. Share Premium Account 60,800Share Issue Expense Account 60,800Being share issue expenses written off topremium account.Determination of Purchase Consideration260,000 ordinary shares of 50k each at 58k per share 150,800Cash 300,000Current Liabilities taken over 50,000500,8003.9 RECONSTRUCTIONThe ideal goal that every company strives to achieve is a balanced capitalstructure. A balanced capital structure is one in which the long term funds(share capital plus long term liabilities) adequately cover investment in long49
Page 4: FINANCIAL REPORTING AND ETHICS1.3.3
Page 11 and 12: ACCOUNTING AND REPORTING POLICIESsu
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Page 19 and 20: 3AMALGAMATION, ABSORPTION ANDRECONS
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Page 67 and 68: 4ANALYSIS AND INTERPRETATION TION O
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Page 89 and 90: 5ACCOUNTING STANDARDS5.0 LEARNING O
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Page 93 and 94: ACCOUNTING STANDARDSThere is no SAS
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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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