Accounting Ethics – NBC Institute

CR – May 2021 – L3 – Q5 – Regulatory Environment for Corporate Reporting

Discuss the benefits and criticisms of principle-based accounting standards and the consequences of transitioning from rule-based to principle-based standards.

Question

The debate over principle-based and rule-based accounting standards has increased as the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) seek to converge accounting standards for global uniformity. There have been divergent opinions as to whether rule-based standards are superior to principle-based standards and whether principle-based standards pose greater ethical challenges to accountants than rule-based standards.

Required:

a. What are the major benefits and basic criticisms of principle-based accounting standards? (10 Marks)

b. What are the consequences of transiting from rule-based to principle-based accounting standards? (5 Marks)

Answer

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Tags: Accounting Ethics, Accounting Standards Debate, Global Convergence, Principle-Based Standards, Rule-Based Standards
Level: Level 3

Topic: Regulatory Environment for Corporate Reporting

AAA – Nov 2012 – L3 – AII – Q11 – Ethical Issues in Auditing

Identifies the nature of ethical standards in the ICAN Code of Professional Conduct.

Question

Ethical standards as contained in the ICAN Code of Professional Conduct for Members are ………….. principles and statements.

Answer

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Tags: Accounting Ethics, Ethical Standards, ICAN Code, Principles, Professional Conduct
Level: Level 3

Topic: Ethical Issues in Auditing
Series: NOV 2012

AT – Nov 2023 – L3 – SC – Q6 – Tax Administration and Dispute Resolution

Outline of the fundamental features of NTP 2017 and principles from the IESBA codes for professional accountants.

Question

The National tax policy (NTP) 2017, provides fundamental guidelines for the orderly development of the Nigerian tax system. Professional accountants are one of the major stakeholders that are expected to drive the tenets of the tax policy for economic development of the country. In guiding professional accountants to behave in a responsible ethical manner, the International Ethics Standards Board for Accountants (IESBA) develops and issues in the public interest, high-quality ethical standards and other pronouncements for use by professional accountants around the world.

Required:

a. Explain FIVE fundamental features as provided for in the NTP 2017, which the existing and future taxes are expected to align with. (5 Marks)

b. Identify and explain FOUR principles and guidance for accountants as specified in the IESBA codes. (10 Marks)

Answer

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Topic: Tax Administration and Dispute Resolution
Series: NOV 2023

BMF – Nov 2022 – L1 – SA – Q10 – The Role of Professional Accountants in Business and Society

This question tests knowledge of the meaning of IESBA.

Question

The acronym ‘IESBA’ denotes:
A. International Ethical Standards Board for Accountants
B. International Ethics Standards Boards for Accountants
C. International Ethics Standard Board for Accountants
D. International Ethics Standards Board for Accountants
E. International Ethic Standard Board for Accountants

Answer

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Tags: Accounting Ethics, Ethical Standards, IESBA
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: NOV 2022

BL – Nov 2023 – L1 – SB – Q2a – Company Law

Explains the offense of fraudulent false accounting by Akampa, an accountant who used company funds for personal use and destroyed the receipt book to cover his tracks.

Question

Akampa is an accountant in the employment of Kampe Limited. At the end of last week, he found out that ₦50,000 was missing from the proceeds of sales in his custody. Casting his mind back, he remembered that he had expended the money in paying his son’s school fees. He therefore destroyed the receipt book representing the money so as to balance his account. What Akampa did has come to your knowledge.

Required:
Explain briefly the offense that Akampa has committed. (3 Marks)

Answer

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Tags: Accounting Ethics, Employee Theft, Fraudulent False Accounting
Level: Level 1

Topic: Company Law
Series: NOV 2023

CR – May 2021 – L3 – Q5 – Regulatory Environment for Corporate Reporting

Discuss the benefits and criticisms of principle-based accounting standards and the consequences of transitioning from rule-based to principle-based standards.

Question

Required:

a. What are the major benefits and basic criticisms of principle-based accounting standards? (10 Marks)

b. What are the consequences of transiting from rule-based to principle-based accounting standards? (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Ethics, Accounting Standards Debate, Global Convergence, Principle-Based Standards, Rule-Based Standards
Level: Level 3

Topic: Regulatory Environment for Corporate Reporting

AAA – Nov 2012 – L3 – AII – Q11 – Ethical Issues in Auditing

Identifies the nature of ethical standards in the ICAN Code of Professional Conduct.

Question

Ethical standards as contained in the ICAN Code of Professional Conduct for Members are ………….. principles and statements.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Ethics, Ethical Standards, ICAN Code, Principles, Professional Conduct
Level: Level 3

Topic: Ethical Issues in Auditing
Series: NOV 2012

AT – Nov 2023 – L3 – SC – Q6 – Tax Administration and Dispute Resolution

Outline of the fundamental features of NTP 2017 and principles from the IESBA codes for professional accountants.

Question

Required:

a. Explain FIVE fundamental features as provided for in the NTP 2017, which the existing and future taxes are expected to align with. (5 Marks)

b. Identify and explain FOUR principles and guidance for accountants as specified in the IESBA codes. (10 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Topic: Tax Administration and Dispute Resolution
Series: NOV 2023

BMF – Nov 2022 – L1 – SA – Q10 – The Role of Professional Accountants in Business and Society

This question tests knowledge of the meaning of IESBA.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Ethics, Ethical Standards, IESBA
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: NOV 2022

BL – Nov 2023 – L1 – SB – Q2a – Company Law

Explains the offense of fraudulent false accounting by Akampa, an accountant who used company funds for personal use and destroyed the receipt book to cover his tracks.

Question

Required:
Explain briefly the offense that Akampa has committed. (3 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Ethics, Employee Theft, Fraudulent False Accounting
Level: Level 1

Topic: Company Law
Series: NOV 2023

Question Tag: Accounting Ethics

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CR – May 2021 – L3 – Q5 – Regulatory Environment for Corporate Reporting

Discuss the benefits and criticisms of principle-based accounting standards and the consequences of transitioning from rule-based to principle-based standards.

AAA – Nov 2012 – L3 – AII – Q11 – Ethical Issues in Auditing

Identifies the nature of ethical standards in the ICAN Code of Professional Conduct.

AT – Nov 2023 – L3 – SC – Q6 – Tax Administration and Dispute Resolution

Outline of the fundamental features of NTP 2017 and principles from the IESBA codes for professional accountants.

BMF – Nov 2022 – L1 – SA – Q10 – The Role of Professional Accountants in Business and Society

This question tests knowledge of the meaning of IESBA.

BL – Nov 2023 – L1 – SB – Q2a – Company Law

Explains the offense of fraudulent false accounting by Akampa, an accountant who used company funds for personal use and destroyed the receipt book to cover his tracks.

CR – May 2021 – L3 – Q5 – Regulatory Environment for Corporate Reporting

Discuss the benefits and criticisms of principle-based accounting standards and the consequences of transitioning from rule-based to principle-based standards.

AAA – Nov 2012 – L3 – AII – Q11 – Ethical Issues in Auditing

Identifies the nature of ethical standards in the ICAN Code of Professional Conduct.

AT – Nov 2023 – L3 – SC – Q6 – Tax Administration and Dispute Resolution

Outline of the fundamental features of NTP 2017 and principles from the IESBA codes for professional accountants.

BMF – Nov 2022 – L1 – SA – Q10 – The Role of Professional Accountants in Business and Society

This question tests knowledge of the meaning of IESBA.

BL – Nov 2023 – L1 – SB – Q2a – Company Law

Explains the offense of fraudulent false accounting by Akampa, an accountant who used company funds for personal use and destroyed the receipt book to cover his tracks.

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Question Tag: Accounting Ethics

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CR – May 2021 – L3 – Q5 – Regulatory Environment for Corporate Reporting

Discuss the benefits and criticisms of principle-based accounting standards and the consequences of transitioning from rule-based to principle-based standards.

You're reporting an error for "CR – May 2021 – L3 – Q5 – Regulatory Environment for Corporate Reporting"

AAA – Nov 2012 – L3 – AII – Q11 – Ethical Issues in Auditing

Identifies the nature of ethical standards in the ICAN Code of Professional Conduct.

You're reporting an error for "AAA – Nov 2012 – L3 – AII – Q11 – Ethical Issues in Auditing"

AT – Nov 2023 – L3 – SC – Q6 – Tax Administration and Dispute Resolution

Outline of the fundamental features of NTP 2017 and principles from the IESBA codes for professional accountants.

You're reporting an error for "AT – Nov 2023 – L3 – SC – Q6 – Tax Administration and Dispute Resolution"

BMF – Nov 2022 – L1 – SA – Q10 – The Role of Professional Accountants in Business and Society

This question tests knowledge of the meaning of IESBA.

You're reporting an error for "BMF – Nov 2022 – L1 – SA – Q10 – The Role of Professional Accountants in Business and Society"

BL – Nov 2023 – L1 – SB – Q2a – Company Law

Explains the offense of fraudulent false accounting by Akampa, an accountant who used company funds for personal use and destroyed the receipt book to cover his tracks.

You're reporting an error for "BL – Nov 2023 – L1 – SB – Q2a – Company Law"

CR – May 2021 – L3 – Q5 – Regulatory Environment for Corporate Reporting

Discuss the benefits and criticisms of principle-based accounting standards and the consequences of transitioning from rule-based to principle-based standards.

You're reporting an error for "CR – May 2021 – L3 – Q5 – Regulatory Environment for Corporate Reporting"

AAA – Nov 2012 – L3 – AII – Q11 – Ethical Issues in Auditing

Identifies the nature of ethical standards in the ICAN Code of Professional Conduct.

You're reporting an error for "AAA – Nov 2012 – L3 – AII – Q11 – Ethical Issues in Auditing"

AT – Nov 2023 – L3 – SC – Q6 – Tax Administration and Dispute Resolution

Outline of the fundamental features of NTP 2017 and principles from the IESBA codes for professional accountants.

You're reporting an error for "AT – Nov 2023 – L3 – SC – Q6 – Tax Administration and Dispute Resolution"

BMF – Nov 2022 – L1 – SA – Q10 – The Role of Professional Accountants in Business and Society

This question tests knowledge of the meaning of IESBA.

You're reporting an error for "BMF – Nov 2022 – L1 – SA – Q10 – The Role of Professional Accountants in Business and Society"

BL – Nov 2023 – L1 – SB – Q2a – Company Law

Explains the offense of fraudulent false accounting by Akampa, an accountant who used company funds for personal use and destroyed the receipt book to cover his tracks.

You're reporting an error for "BL – Nov 2023 – L1 – SB – Q2a – Company Law"

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