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

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FINANCIAL REPORTING AND ETHICS5. Which of the following is NOT an Investment Ratio?A. Quick Asset Ratio.B. Dividend Cover.C. Earnings Yield.D. Dividend Per Share.E. Earnings Per Share.4.12.2 SHORT ANSWER QUESTIONS1. The financial statements of a group of companies are otherwise called........2. Interpretation of financial statements involves................. to the variousratios so as to ascertain a firm’s financial strengths, weaknesses, opportunitiesand threats.3. State the group of ratios which measure the overall performance andeffctiveness of a company.4. Cash ratio is given by the formula....................5. The formula for Earnings Yield is.......................Refer to Suggested Solutions in Appendix I, Page 263.88
5ACCOUNTING STANDARDS5.0 LEARNING OBJECTIVESAfter studying this chapter, the reader will be able to understand:! The responsibility of the Nigerian Accounting Standards Board (NASB);! The International Accounting Standards Board (IASB) and the;! International Federation of Accountants (IFAC);! The various Accounting Standards issued by NASB, IASB and IFAC; and! The compliance requirements of the standards.5.1 INTRODUCTIONThe Nigerian Accounting Standard Board (NASB) is the government agencyshouldered with the responsibility of issuing Statements of AccountingStandards (SAS) on various accounting topics. The Board was established inSeptember 1982, at the instance and sponsorship of the Institute of CharteredAccountants of Nigeria (ICAN), having realized the necessity of setting localaccounting standards that would take into account the customs, laws, level ofeconomic development and other peculiarities of the country. The first SASissued by the Board was on Disclosure of Accounting Policies, in 1982. TheBoard was made a parastatal of government, under the supervision of theFederal Ministry of Commerce, in May 1992. It was made an autonomous bodyin 2003, with the enactment of Act No.22 of the National Assembly, the NASBAct 2003. The composition of the institutions/organisations represented on theBoard was enlarged from eight in 1984 to fourteen in 2003 and from thirteencouncil members to eighteen council members.At the international level, there are International Accounting Standards (IASs)issued by the International Accounting Standards Board (IASB) of theInternational Federation of Accountants (IFAC), as well as the InternationalFinancial Reporting Standards (IFRSs) issued also by the IFAC. Many IASsand IFRSs have been issued to ensure uniformity in the application of variousaccounting principles and to guide preparers and users of financial statements.With SASs in place, preparers of financial statements in Nigeria are tode-emphasize compliance with the provisions of a similar InternationalAccounting Standard (IAS). In other words, if there is any conflict between the89
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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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Page 113 and 114: 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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