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

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FINANCIAL REPORTING AND ETHICSBad debt 40,000Profit and Loss Account 352,0001,352,000! Step 2. Source of CreditRevaluation surplus on Land & Building:(900,000-700,000) 200,0001,500,000 Ordinary Share Capital (60%) 900,000500,000 Preference Share Capital (50%) 250,000Directors’ loan (30%) 42,0001,392,000! Step 3. Determination of minimum cash requiredNew plant and Machinery 90,000Re-organisation cost 50,000Bank overdraft (40% of 1,140,000) 456,000Creditors 148,000Less Accruals 15,000 133,000Less cash in hand (10,000)Minimum cash required 719,000! Step 4. Source of CashOrdinary Share (capital 1 for 2 @ 0.4(1,500,000 x 0.5 x 0.40) 300,000Preference share capital 500,000 x 1 x 0.5 250,000Debenture holders (50%) 200,000750,000Capital Reduction AccountReorganisation Cost 50,000 Ordinary Share 900,000Patents 360,000 Preference Shares 250,000Plant and Machinery 90,000 Land and Buildings 200,000Stock 400,000 Directors’ Loan 42,000Bad Debt 400,000Accrued Expenses 60,000Profit and Loss 352,000Capital Reserve 40,0001,392,000 1,392,000Patent AccountBalance b/d 500,000 Capital reduction 360,000_______ Balance c/d 140,000500,000 500,00062
AMALGAMATION, ABSORPTION AND RECONSTRUCTIONLand and Buildings AccountBalance b/d 700,000 Balance c/d 900,000Capital reduction 200,000900,000 900,000Plant and Machinery AccountBalance b/d 100,000 Capital reduction 90,000Balance c/d 10,000100,000 100,000Stock AccountBalance b/d 1,200,000 Capital reduction 400,000Balance c/d 800,0001,200,000 1,200,000Debtors AccountBalance b/d 830,000 Capital reduction 40,000Balance c/d 790,000830,000 830,000NCarrygo Company LimitedBalance Sheet as at 30 th September, , 2008Fixed Assets:Land and Buildings 900,000Plant and Machinery (10,000+90,000) 100,0001,000,000Intangible Assets:Patent 140,0001,140,000Current Assets:Stock 800,000Debtors 790,000Bank 31,000Investment 150,000Current Liabilities 1,771,000Accruals (60,000+15,000) 75,000Directors Loan 98,000Debenture interest 14,000Bank overdraft 684,000Net current assets 871,000 900,000Total assets less current liabilities 2,040,00063
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FINANCIAL REPORTING AND ETHICS1.3.3
Page 11 and 12: ACCOUNTING AND REPORTING POLICIESsu
Page 13 and 14: ACCOUNTING AND REPORTING POLICIES(j
Page 15 and 16: ACCOUNTING AND REPORTING POLICIES(i
Page 17 and 18: ACCOUNTING AND REPORTING POLICIES2.
Page 19 and 20: 3AMALGAMATION, ABSORPTION ANDRECONS
Page 21 and 22: AMALGAMATION, ABSORPTION AND RECONS
Page 61: AMALGAMATION, ABSORPTION AND RECONS
Page 67 and 68: 4ANALYSIS AND INTERPRETATION TION O
Page 69 and 70: ANALYSIS AND INTERPRETATION OF FINA
Page 89 and 90: 5ACCOUNTING STANDARDS5.0 LEARNING O
Page 91 and 92: ACCOUNTING STANDARDS(i)(ii)(iii)(iv
Page 93 and 94: ACCOUNTING STANDARDSThere is no SAS
Page 95 and 96: ACCOUNTING STANDARDS5.2.4 Borrowing
Page 97 and 98: ACCOUNTING STANDARDS(iii)Certain pe
Page 99 and 100: ACCOUNTING STANDARDSby venture capi
Page 101 and 102: ACCOUNTING STANDARDSIFRS 7 Financia
Page 103 and 104: ACCOUNTING STANDARDSactivity, non-c
Page 105 and 106: ACCOUNTING STANDARDSin the year inc
Page 107 and 108: ACCOUNTING STANDARDS(v)(vi)(vii)whe
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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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