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

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FINANCIAL REPORTING AND ETHICS(d)The two Statements do not deal with methods of accounting forbusiness combinations and their effects on consolidation,including goodwill arising on a business combination.5.2.7 Investments in AssociatesRelevant Standards are:(a)(b)Statement of Accounting Standard 28: Investments in AssociatesInternational Accounting Standard 28: Investments in AssociatesThese standards address the following matters:(a)(b)An investor may have a significant influence in an entity that isneither a subsidiary nor a joint venture, so that it does not appearin the consolidated financial statements under the provisions ofthe SAS 27/IAS 27: In Consolidated and Separate FinancialStatements it is important that the user be made aware of thenature and implications of this investment. These Standards,therefore, provide the basis for accounting for ownership interestsin associates.In IAS 27 and SAS 27, we have considered an investment situationwhich enables the investor to exercise control over the financialand operating policies of the investee. Control is presumed toexist when an investor owns more than 50% of the voting powerof an investee. Under the CAMA 1990 (as amended) the mereownership of more than 50% in normal value of the equity sharecapital of a company by another company, results in a parentsubsidiaryrelationship.(c)(d)(e)Another type of intercompany investment involves the acquisitionof a substantial (but not controlling) proportion of the shares ofanother company. Because of the substantial nature of theinvestment, the investor is usually able to exercise a significantinfluence in the decision making process of the investee. In thisinvestment situation the investee is an associate of the investor.The two Standards set out the criteria to establish significantinfluence and provide specific requirements on accounting forassociates in the consolidated financial statements under theequity method and the disclosures required. Generally, significantinfluence is considered as one entity having the power toparticipate in the financial and operating policies of anotherentity but without having control or joint control over thesepolicies.The Standards shall be applied by all entities in accounting forinvestments in associates, except investments in associates held98
ACCOUNTING STANDARDSby venture capital organisations, mutual funds, unit trusts andsimilar entities when those investments are classified as heldfor trading and accounted for at fair value.(f)Furthermore, the Standards provide exemptions from applicationof the equity method similar to those provided for certain parentsnot to prepare consolidated financial statements. Theseexemptions include when the investor is also a parent exemptedin accordance with paragraph 41 of SAS 27 – On Consolidatedand Separate Financial Statements, and when the investor,though not such parent in accordance with paragraph 42 of SAS27 - On Consolidated and Separate Financial Statements.5.2.8 Interests ests in Joint VenturenturesesRelevant Standards are:(a)(b)Statement of Accounting Standard 29: Interests in Joint VenturesInternational Accounting Standard 31: Financial Reporting ofInterests in Joint Ventures.These standards address the following matters:(a)(b)(c)Joint Venture is a contractual arrangement whereby two or moreparties pool their resources together for a given economicobjective. This form of business undertaking is different fromPartnership in that it is not permanent and it is usually for aparticular objective. Joint Venture is formed mainly in order totake advantage of the resource possessed by the respectiveparties in the Joint Venture. One party may possess technologicalknow-how; others may have the financial resources, manpower,physical infrastructure, etc.The method and pattern of accounting and reporting for JointVenture activities have often posed challenges to conventionalmethods of accounting. For instance, in some Joint Ventures, therespective venturers keep records of their transactions in theirbooks, while no separate records are kept for the joint venture.In other cases, records of transactions are kept both in the booksof the individual venturers and in the books of the Joint Venture.These Standards (SAS 29 and IAS 31) establish guidelines as tothe scope of accounting for interests in Joint Ventures, thealternative methods that might be adopted and the limitedcircumstances under which interests in Joint Ventures might beaccounted for at cost, less any provision for impairment.99
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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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Page 147 and 148: 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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