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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 2 years 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: 7171
    • ☆☆☆☆☆

    Hi,

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

    Thanks.

  • Author
    Posts
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