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

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FINANCIAL REPORTING AND ETHICSthe process of issuing SAS similar to IAS 23 so that borrowerscould be properly guided as to how to account for the costs ofborrowing, rather than treating all the categories of the costs asmere interests on borrowing!5.2.5 Related Party DisclosuresesRelevant standards are:International Accounting Standard 24: Related Party Disclosures.There is no SAS yet on the issues addressed by IAS 24!(a)Business transactions are usually effected on an arm’s lengthbasis. This basis cannot be sustained when transactions arecarried out between related parties. A related party relationshipcan, therefore, affect the financial position and results of an entity.IAS 24 addresses this problem by requiring disclosures whichwill draw to the possibility that the reported financial positionand result may have been affected by the presence of relatedparty relationships.(b)(c)(d)(e)A related party transaction is a transfer of resources or obligationbetween related parties, regardless of whether or not a price ischarged.Close members of the family of an individual are those familymembers who may be expected to influence, or be influencedby, that individual in their dealings with the entity. They mayinclude: i) the individual’s domestic partner and children; or ii)children of the individual’s domestic partner; and dependantsof the individual or the individual’s domestic partner.The most common related party relationship is where one entityis a subsidiary or an associate of another entity.In considering whether or not a related party relationship existsbetween two parties, one must look at the substance of therelationship, not merely the legal form. IAS 24 gives examplesof certain relationships that do not necessarily result in relatedparties.(i)(ii)Two entities that have a director (or key managementpersonnel) in common. This relationship will notnecessarily give rise to related parties unless the directoris able to influence the two entities in their mutualtransactions.Two venturers, simply because they share joint control overa joint venture.96
ACCOUNTING STANDARDS(iii)Certain persons and entities, simply because of their rolein their dealings with the enterprise. Examples are:! trade unions;! utility companies;! government departments and agencies;! customers, suppliers, franchisers, distributors; andgeneral agents with whom the entity transacts asignificant volume of business, simply by reasonof the economic dependence.(f)According to IAS 24, the following transactions should bedisclosed if they occur between related parties:(i) Purchases and sales of goods (finished and unfinished).(ii) Purchases or sales of property and other assets.(iii) Rendering of services.(iv) Leases(v) Transfers of research and development(vi) Transfers under license arrangement(vii) Provision of guarantees and collateral security(viii) Settlement of liabilities on behalf of the entity.5.2.6 Consolidated and Separate Financial StatementsRelevant Standards are:(a)(b)Statement of Accounting Standard 27: Consolidated and SeparateFinancial Statements.International Accounting Standard 27: Consolidated and SeparateFinancial Statements.These standards address the following matters:(a)(b)(c)Both IAS 27 and SAS 27 provide that there is the need for theparent company to combine its financial position and earningsreports with those of its various subsidiaries into an overall reportas if they were a single economic entity.The main objective of the two Statements is to reduce alternativemethods in accounting for subsidiaries in consolidated financialstatements and in accounting for investments in the separatefinancial statements of a parent, venture or investor.The two Statements apply in the preparation and presentationof consolidated financial statements for a group of entities underthe control of a parent; they also apply in accounting forinvestments in subsidiaries, jointly controlled entities and associateswhen an entity elects, or is required by local regulations, topresent separate financial statements.97
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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 93 and 94: ACCOUNTING STANDARDSThere is no SAS
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Page 113 and 114: 6ETHICAL FRAMEWORK, CONCEPTSAND VAL
Page 115 and 116: 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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