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ICPC has initiated a number of interventions in the education Other Related Offences Act allows. ICPC to: ✓ study practices, systems or. The ICPC Act brought a fresh and decisive perspective to the fight against corruption in the literature/naturalswiss-csalas.info Michelsen. the companies and Allied Matters Act or created under the authority of any law in. Nigeria;. "Corruption" includes bribery, fraud and other related offences;.

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Act No 5. Laws of the Federation of Nigeria. An Act to prohibit and prescribe punishment for corrupt practices and other related offences. 13th day of June. The act seeks to prohibit and prescribe punishment for corrupt practices and other related offences. It establishes an Independent Corrupt Practices and Other . Applica on of provisions of this Act to any prescribed offence. General This Act may be cited as Corrupt prac ces and other Related offences Act and.

Paola R. The purpose of this study is to raise questions about Technical Interpretation 14 ICPC 14 from the Accounting Standards Committee with regards to the statutory characteristics of Brazilian cooperative societies. Applying the concept of adjustment to present value APV is the main point of this study, which was not taken into account when ICPC 14 was elaborated. Cooperative societies are legal entities with an aim, nature, workings, and principles that are different from for-profit organizations. Act n. Moreover, the quorum for the workings and deliberation of the General Assembly is based on the number of associates and not on capital. In Brazil, among the 13 operating areas, agricultural cooperatives stand out for the important role they play in the economy.

It bears mentioning that ICPC 14 CPC, does not make any reference to the minimum capital stipulated in the statute of each cooperative and its classification; however, it is understood that in the absence of this minimum capital, as well as the permanence of 20 people in the society, they are essential for the continuity of the cooperative.

Given these assumptions, the first record to be made is the transfer of the value of the share capital to non-current assets. Subsequently, as a long term debt is concerned, an entry is required that reflects the present value of this debt.

As time passes, the earnings on the debt recorded in nominal values are realized and should therefore be recognized. We understand that some alternatives could be used for recording this appropriately.

As the subject has not yet been properly evaluated and discussed, we envision that the possibility for recording will depend on the alternative chosen. These possibilities could be raised by more in-depth studies than the one presented in this essay. It is hoped that among the various possibilities, academics and researchers will provide a contribution that can help in offering solutions that contribute to obtaining the best accounting information possible.

In light of the above, one question remains: If the aim of ICPC 14 CPC, is to enable a more faithful representation of the information contained in the Balance Sheet of these entities, there are important questions that have not been contemplated by the aforementioned instruction. Considering the statutes of Brazilian cooperatives, it is possible to perceive that this financial liability does not have short term characteristics, since as a general rule these statutes present clauses that impede the payment of redemptions in less than a year.

This represents a clear indication of the need for adjustment to present value, in accordance with the determination of CPC 12 CPC, , for quotas that are transferred to liabilities.

It is clear after carrying out a preliminary analysis that the adoption of ICPC 14 CPC, will result in an increase in the debt ratios of cooperatives.

Some more so, others less so, but the debt ratios of cooperatives will be affected. As seen, in exceptional cases the reclassification of the portion of capital to liabilities can leave net equity with a negative value. These consequences depend directly on the clauses contained in each statute and the respective capital structure of the cooperative.

Finally, we conclude that ICPC 14 CPC, , which presents quite a solid set of concepts and practical cases, needs complementary studies in order for the accounting statements of cooperative societies to be able to faithfully represent the equity position of these entities.

Arenaza, I.

Accounting in a cooperative company. Canning, J.

Economics of accountancy: New York: The Ronald Press Company. Retrieved from http: CPC 12 - Ajuste a valor presente. Detilleux, J. Cooperatives and International Accounting Standards: Editora Abril Revista Exame: Diferentes consideraciones en torno al capital social de las sociedades cooperativas. Hendriksen, E. Teoria da contabilidade Antonio Z. Sanvicente, trad. Co-operatives and the equity-liabilities puzzle: Accounting Horizons , 26 4 , Revista de Estudios Cooperativos , 89 89 , Martins, E.

Ross, S. Santos, A. Ajuste a valor presente. Mosquera, R. Szuster, N. Temos do que nos orgulhar na Contabilidade brasileira.

Independent Corrupt Practices Commission

Vatter, W. The fund theory of accounting and its implications for financial reports. Chicago, IL: University of Chicago Press. Vialcanet, R. Revista de Contabilidad - Spanish Accounting Review , 17 2 , Correspondence address: This is an open-access article distributed under the terms of the Creative Commons Attribution License. Services on Demand Journal.

Articles ICPC December 02, ; Accepted: June 24, How to cite this article. Archived from the original on 13 October Retrieved 11 October The Nation. Check date values in: The Guardian. Archived from the original PDF on 22 December Daily Triumph.

Daily Independent Lagos. Mustapha Akanbi Foundation. Nigerian Lawyers Association.

ICPC what is missing?

Archived from the original PDF on 27 February The Will. City Flavour Magazine. Archived from the original on 15 February Retrieved 28 January Sharp Edge News. The Mace. Archived from the original on 26 June This Day. Why Obasanjo's war on corruption is faltering". The News Lagos. The Punch. Archived from the original on 8 November Retrieved 27 August Retrieved from " https: Law enforcement in Nigeria Anti-corruption agencies Corruption in Nigeria.

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