Ethics is differentiating between right and wrong behaviour personally and professionally. As accountants, there is the expectation that we act objectively, with integrity, and competently. Ethics is increasingly a significant part of most professional accountancy exams, but there seems to be a disconnect between theory and application in Nigeria. Vanguard newspaper reported the 10 year jail-term judgement on the Chairman and Managing director of Ontario Oil … Continue reading Ethics in Nigeria
In a recent article, the BBC reported that Deutsche Bank had been fined $630 million by UK and USA regulators. According to the article, the bank had been negligent in detecting, investigating, and stopping some of its clients from laundering money from Russia through its Moscow, New York and London offices. The article explains in simple terms how a client of the Deutsche Bank illegally moved … Continue reading Money Laundering – ACCA Paper P7
People are not listed as assets of a company, although their skills and expertise may generate revenue. The exception to this is football players. They generate revenue for the club, and can be sold off (unlike regular employees – I hope!) Football players are a special group of assets, meeting the qualification criteria for IAS 38. In order to capitalise or put a value on … Continue reading Accounting & Football
That current assets should be listed in a certain order in the Statement of Financial Position? Continue reading “Do you know……”
Advanced level papers where questions are scenario based are to encourage students to think like accountants. that is to encourage realistic solutions, based on technical knowledge as covered in the syllabus, and from earlier (related) papers.
Passing the advanced Level papers, requires the student to apply theories sensibly to the scenario given. Do not be afraid to state your opinion or to give recommendations. After all, the exams are practice for the corporate world, where as an accountant, you may have to proffer solutions,make analysis based on scenarios.
In exams, there is the temptation to cram the answer sheets full of as much technical detail/definitions of theories etc as can be remembered, Continue reading “ADVANCED LEVEL PAPERS”
Tax avoidance is using existing legislation to reduce the tax liability. It is manipulating existing tax laws, to gain advantages which it was not intended for.
Tax evasion is the illegal practice of deliberately avoiding tax liability by understating, misrepresenting or withholding information. Continue reading “Tax Avoidance and Tax Evasion”