Topic: Ethical Issues in Financial Reporting

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  • 3 Marks

FR – Nov 2023 – L2 – Q6b – Ethical Issues in Financial Reporting

List three types of non-financial information useful to stakeholders for decision-making.

Businesses are increasingly accepting that they are not only accountable to investors and lenders, but also accountable to a much wider group of people or stakeholders to which non-financial information is useful in understanding and taking informed decisions on financial statements of the entities.

Required:
State THREE of such useful non-financial information. (3 Marks)

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  • 8 Marks

FR – Nov 2023 – L2 – Q6a – Ethical Issues in Financial Reporting

Identify and discuss techniques for manipulating financial statements under ethical compliance.

The management of an entity experiencing a decline in profits or poor cash flows may use various forms of creative accounting techniques to manipulate the views shown by the financial statements while complying with all applicable accounting standards and regulations.

Required:
Identify and discuss FOUR techniques of creative accounting. (8 Marks)

 

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  • 15 Marks

FR – Nov 2022 – L2 – Q5 – Professional Behaviour and IAS 38 Conditions

Discuss professional behaviour and threats for accountants, and conditions for recognizing development costs.

(a) Explain briefly what is meant by professional behaviour and outline THREE threats that could affect the work of professional accountants. (5 Marks)

(b) IAS 38 prescribes the requirements for reporting intangible assets in the financial statements of an entity.

Required:
i. Explain FIVE conditions under which development costs can be recognised as intangibles in financial statements. (5 Marks)

ii. Highlight FIVE conditions, which should be considered to determine the useful life in the amortisation of intangible assets in the financial statements. (5 Marks)

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  • 6 Marks

FR – Nov 2019 – L2 – Q4a – Ethical Issues in Financial Reporting

Explain the concepts of substance over form and going concern in financial reporting.

The IASB’s framework for preparation and presentation of financial statements requires financial statements to be prepared on the basis that they comply with certain accounting concepts and underlying assumptions.

Required:

Explain the meaning of each of the following concepts and the underlying assumption:

  • Substance over form
  • Going concern
    (6 Marks)

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  • 15 Marks

FR – Nov 2020 – L2 – Q1b – Ethical Issues in Financial Reporting.

Analyze signs, causes, and solutions to overtrading at Ikoko Plc based on its financial statements.

Ikoko Plc started business 3 years ago following a research breakthrough that motivated large-scale customers to order the company’s new product.

The extract from the financial statements recently published is as follows:

Statement of Profit or Loss for the Year Ended December 31, 2014

 

Statement of Financial Position as at December 31, 2014

Required:
i. Discuss THREE signs that show Ikoko Plc is suffering from overtrading during the year ended December 31, 2014, from the published financial statements. (5 marks)
ii. Identify any FIVE possible causes of the problem from the published financial statements. (5 marks)
iii. Recommend any FIVE possible solutions to the problem. (5 marks)

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  • 4 Marks

FR – Nov 2018 – L2 – SB – Q4c – Ethical Issues in Financial Reporting

Identify and explain four creative accounting techniques that can manipulate the view given by financial statements.

Management may use various forms of creative accounting to manipulate the view given by financial statements. Identify and explain four creative accounting techniques.

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  • 6 Marks

FR – Mar/Jul 2020 – L2 – Q2d – Fundamental Principles of ICAN Code of Ethics

Explanation of five fundamental principles set out in the ICAN code of ethics.

Explain FIVE fundamental principles set out in the ICAN code of ethics.
(5 Marks)

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  • 3 Marks

FR – Nov 2023 – L2 – Q6b – Ethical Issues in Financial Reporting

List three types of non-financial information useful to stakeholders for decision-making.

Businesses are increasingly accepting that they are not only accountable to investors and lenders, but also accountable to a much wider group of people or stakeholders to which non-financial information is useful in understanding and taking informed decisions on financial statements of the entities.

Required:
State THREE of such useful non-financial information. (3 Marks)

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  • 8 Marks

FR – Nov 2023 – L2 – Q6a – Ethical Issues in Financial Reporting

Identify and discuss techniques for manipulating financial statements under ethical compliance.

The management of an entity experiencing a decline in profits or poor cash flows may use various forms of creative accounting techniques to manipulate the views shown by the financial statements while complying with all applicable accounting standards and regulations.

Required:
Identify and discuss FOUR techniques of creative accounting. (8 Marks)

 

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  • 15 Marks

FR – Nov 2022 – L2 – Q5 – Professional Behaviour and IAS 38 Conditions

Discuss professional behaviour and threats for accountants, and conditions for recognizing development costs.

(a) Explain briefly what is meant by professional behaviour and outline THREE threats that could affect the work of professional accountants. (5 Marks)

(b) IAS 38 prescribes the requirements for reporting intangible assets in the financial statements of an entity.

Required:
i. Explain FIVE conditions under which development costs can be recognised as intangibles in financial statements. (5 Marks)

ii. Highlight FIVE conditions, which should be considered to determine the useful life in the amortisation of intangible assets in the financial statements. (5 Marks)

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  • 6 Marks

FR – Nov 2019 – L2 – Q4a – Ethical Issues in Financial Reporting

Explain the concepts of substance over form and going concern in financial reporting.

The IASB’s framework for preparation and presentation of financial statements requires financial statements to be prepared on the basis that they comply with certain accounting concepts and underlying assumptions.

Required:

Explain the meaning of each of the following concepts and the underlying assumption:

  • Substance over form
  • Going concern
    (6 Marks)

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You're reporting an error for "FR – Nov 2019 – L2 – Q4a – Ethical Issues in Financial Reporting"

  • 15 Marks

FR – Nov 2020 – L2 – Q1b – Ethical Issues in Financial Reporting.

Analyze signs, causes, and solutions to overtrading at Ikoko Plc based on its financial statements.

Ikoko Plc started business 3 years ago following a research breakthrough that motivated large-scale customers to order the company’s new product.

The extract from the financial statements recently published is as follows:

Statement of Profit or Loss for the Year Ended December 31, 2014

 

Statement of Financial Position as at December 31, 2014

Required:
i. Discuss THREE signs that show Ikoko Plc is suffering from overtrading during the year ended December 31, 2014, from the published financial statements. (5 marks)
ii. Identify any FIVE possible causes of the problem from the published financial statements. (5 marks)
iii. Recommend any FIVE possible solutions to the problem. (5 marks)

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  • 4 Marks

FR – Nov 2018 – L2 – SB – Q4c – Ethical Issues in Financial Reporting

Identify and explain four creative accounting techniques that can manipulate the view given by financial statements.

Management may use various forms of creative accounting to manipulate the view given by financial statements. Identify and explain four creative accounting techniques.

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  • 6 Marks

FR – Mar/Jul 2020 – L2 – Q2d – Fundamental Principles of ICAN Code of Ethics

Explanation of five fundamental principles set out in the ICAN code of ethics.

Explain FIVE fundamental principles set out in the ICAN code of ethics.
(5 Marks)

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You're reporting an error for "FR – Mar/Jul 2020 – L2 – Q2d – Fundamental Principles of ICAN Code of Ethics"

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