• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Free ACCA & CIMA online courses from OpenTuition

Free ACCA & CIMA online courses from OpenTuition

Free Notes, Lectures, Tests and Forums for ACCA and CIMA exams

  • ACCA
  • CIMA
  • FIA
  • OBU
  • Books
  • Forums
  • Search
  • Register
  • Login
  • ACCA Forums
  • Ask ACCA Tutor
  • CIMA Forums
  • Ask CIMA Tutor
  • FIA
  • OBU
  • Buy/Sell Books
  • All Forums
  • Latest Topics

ACCA December 2022 Exam results:
* Pass rates * Comments * Instant Poll * Competition *

Specially for OpenTuition students: 20% off BPP Books for ACCA & CIMA exams – Get your BPP Discount Code >>

Ethical issue

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Ethical issue

  • This topic has 1 reply, 2 voices, and was last updated 3 weeks ago by P2-D2.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • December 23, 2022 at 1:10 am #675045
    iamblaxx
    Participant
    • Topics: 1
    • Replies: 0
    • ☆

    Owusu is a chartered accountant who works in a team that reports to Mr. Frimpong, the
    finance director of Tesa Holdings. Frimpong is also a chartered accountant. He has a
    domineering personality. Tesa Holdings revalues commercial properties as allowed by IAS
    16. Valuation information received last year showed that the fair value of the property
    portfolio was 2% less than the carrying amount of the properties (with no single property
    being more than 4% different). A downward revaluation was not recognised on the grounds
    that the carrying amount was not materially different from the fair value. This year’s
    valuation shows a continued decline in the fair value of the property portfolio. It is now 5%
    less than the carrying amount of the properties with some properties now being 15% below
    the carrying amount. Owusu submitted workings to Frimpong in which he had recognised the
    downward revaluations in accordance with IAS 16. Frimpong has sent him an email in
    response in which he wrote “Stop bothering me with this rubbish. There is no need to write
    the properties down. The fair value of the portfolio is only 5% different from its carrying
    amount. Restate the numbers immediately”.
    Required:
    Describe the ethical issues in this scenario and explain how Owusu should address them

    December 30, 2022 at 8:16 am #675188
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6440
    • ☆☆☆☆☆

    Hi,

    You need to answer this question yourself first and then I can comment on what you have written.

    Thanks.

  • Author
    Posts
Viewing 2 posts - 1 through 2 (of 2 total)
  • You must be logged in to reply to this topic.
Log In

Primary Sidebar

ACCA News:

 

ACCA My Exam Performance for non-variant Applied Skills exams is available NOW

NEW! Download the ACCA Pass Guide

FREE Verifiable CPD for ACCA Members

ACCA mock exams and debrief videos

ACCA Options:  “Read the Mind of the Marker” articles

Subscribe to ACCA’s Student Accountant Direct

Donate

If you have benefited from OpenTuition please donate.

ACCA CBE 2023 Exams

Instant Poll * How was your exam, and what was the result?

BT CBE exam was.. | MA CBE exam was..
FA CBE exam was.. | LW CBE exam was..

Specially for OpenTuition students

20% off BPP Books

Get BPP Discount Code

Latest comments

  • John Moffat on Capital asset pricing model (part b) – ACCA Financial Management (FM)
  • John Moffat on Capital asset pricing model (part b) – ACCA Financial Management (FM)
  • palbu on Basic group structures – Impairment – ACCA (SBR) lectures
  • AkilaShaikh on Capital asset pricing model (part b) – ACCA Financial Management (FM)
  • AkilaShaikh on Capital asset pricing model (part b) – ACCA Financial Management (FM)

Copyright © 2023 · Support · Contact · Advertising · OpenLicense · About · Sitemap · Comments · Log in


We use cookies to show you relevant advertising, find out more: Privacy Policy · Cookie Policy