{"id":323,"date":"2020-08-12T11:20:02","date_gmt":"2020-08-12T11:20:02","guid":{"rendered":"http:\/\/www.placbillstrack.org\/cama\/?p=323"},"modified":"2020-08-12T12:19:11","modified_gmt":"2020-08-12T12:19:11","slug":"elementor-323","status":"publish","type":"post","link":"https:\/\/www.placbillstrack.org\/cama\/uncategorized\/elementor-323\/","title":{"rendered":"Elementor #323"},"content":{"rendered":"\t\t
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Schedules<\/p>

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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0First Schedule\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Sections 378 (1) and (6) (a) 380<\/p>

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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 FORM AND CONTENT OF COMPANY’S FINANCIAL STATEMENTS<\/p>

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PART I \u2014 GENERAL INFORMATION TO BE DISCLOSED<\/p>

GENERAL RULES AND FORMATS<\/p>

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SECTION A –<\/p>

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GENERAL INFORMATION TO BE DISCLOSED<\/p>

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1. All accounting information that assist users to assess the financial liquidity, profitability and viability of a company should be disclosed and presented in a logical, clear and understandable manner.<\/p>

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2. The financial statements of a company shall state \u2014<\/p>

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(a) the name of the company;<\/p>

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(b) the period covered;<\/p>

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(c) a brief description of its activities;<\/p>

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(d) its legal form; and<\/p>

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(e) its relationship with its significant local and overseas suppliers (if any) including the immediate and ultimate parent, associated or affiliated company.<\/p>

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3. Financial statements shall include the\u00a0\u00a0 \u2014<\/p>

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(a) statement of accounting policies;<\/p>

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(b) balance sheet;<\/p>

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(c) profit and loss account or income statement;<\/p>

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(d) notes on the accounts;<\/p>

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(e) statement of source and application of funds;<\/p>

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(f) value added statement; and<\/p>

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(g) five-year financial summary.<\/p>

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4. Financial implication of inter-company transfer and technical management agreements between the company and its significant local and overseas suppliers (if any), including its immediate and ultimate, associated, affiliated company shall be disclosed.<\/p>

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5. Financial statements shall show corresponding figures for the preceding period.<\/p>

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SECTION B \u2014 GENERAL RULES<\/p>

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6. (1) Subject to the following provisions of this Schedule, every \u2014<\/p>

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(a) balance sheet of a company shall show the items listed in either of the balance sheet formats set out in section C of this Part; and<\/p>

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(b) profit and loss account of a company shall show the items listed in any one of the profit and loss account formats so set out, in either case, in the order and under the headings and subheadings given in the format adopted.<\/p>

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(2) Subparagraph (1) is not to be read as requiring the heading or sub-heading for any items to be distinguished by any letter or number assigned to that item in the format adopted.<\/p>

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7. (1) Where, in accordance with paragraph 6 (1), a company’s balance sheet or profit and loss account for any year has been prepared by reference to one of the formats set out in section C of this Schedule, the directors of the company shall adopt the same format in preparing the accounts for subsequent years of the company unless in their opinion there are special reasons for a change.<\/p>

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(2) Particulars of any change in the format adopted in preparing a company’s balance sheet or profit and loss account in accordance with paragraph 6 (1) shall be disclosed, and the reasons for the change shall be explained in a note to the accounts in which the new format is first adopted.<\/p>

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8. (1) Any item required in accordance with paragraph 6 (1) to be shown in a company’s balance sheet or profit and loss account, may be shown in greater detail than required by the format adopted.<\/p>

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(2) A company’s balance sheet or profit and loss account may include an item representing or covering any asset or liability, income or expenditure not otherwise covered by any of the items listed in the format adopted, but the following shall not be treated as assets in any company’s balance sheet \u2014<\/p>

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(a)\u00a0\u00a0 preliminary expenses;<\/p>

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(b)\u00a0 expenses or commission on any issue of shares or debentures; and<\/p>

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(c)\u00a0\u00a0 research and development costs.<\/p>

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(3) In preparing a company’s balance sheet or profit and loss account, the directors of the company shall adopt the arrangement and subheadings otherwise required under subparagraph (1) in respect of the items to which an Arabic number is assigned in the format adopted, in any case where the special nature of the company’s business requires such adaptation.<\/p>

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(4) Items to which Arabic numbers are assigned in any of the formats set out in section B may be combined in a company’s accounts for any year if either \u2014<\/p>

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(a) their individual amounts are not material to assessing the state of affairs or profit or loss of the company for that year; or<\/p>

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(b) the combination facilitates that assessment:<\/p>

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Provided that in a case within paragraph (a) the individual amounts of any item so combined shall be disclosed in a note to the accounts.<\/p>

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(5) Subject to paragraph 9 (3), a heading or subheading corresponding to an item listed in the format adopted in preparing a company’s balance sheet or profit and loss account shall not be included if there is no amount to be shown for that item in respect of the year to which the balance sheet or profit and loss account relates.<\/p>

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(6) Every profit and loss account of a company shall show separately as additional items \u2014<\/p>

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(a) an amount set aside or proposed to be set aside to, or withdrawn or proposed to be withdrawn from, reserves; and<\/p>

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(b) the aggregate amount of any dividend paid and proposed.<\/p>

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9. (1) In respect of every item shown in a company’s balance sheet or profit and loss account, the corresponding amount for the year immediately preceding that to which the balance sheet or profit and loss account relates shall also be shown.<\/p>

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(2) Where that corresponding amount is not comparable with the amount to be shown for the item in question in respect of the year to which the balance sheet or profit and loss account relates, the former amount shall be adjusted and particulars of the adjustment and the reasons for it shall be disclosed in a note to the accounts.<\/p>

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(3) Paragraph 8 (5) does not apply in any case where an amount can be shown for the item in question in respect of the year immediately preceding that to which the balance sheet or profit and loss account relates, and that amount shall be shown under the heading or subheading required under subparagraph (1) for that item.<\/p>

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10. The amounts in respect of items representing assets or income may not be set off against amounts in respect of items representing liabilities or expenditure (as the case may be), or vice versa.<\/p>

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SECTION C \u2014 THE REQUIRED FORMATS FOR ACCOUNTS<\/p>

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Preliminary<\/em><\/p>

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11. References in this Part of this Schedule to the items listed in any of the formats set out below are to those items read together with any of the notes following the formats which apply to any of those items, and the requirement imposed by subparagraph 8 (1) to show the items, listed in any such format in the order adopted in the format, is subject to any provision in those notes for alternative positions for any particular items.<\/p>

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12. A number in brackets following any item in any of the formats set out under format 1 is a reference to the note of that number in the notes following the formats.<\/p>

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13. In the notes following the formats \u2014<\/p>

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(a) the heading of each note gives the required heading or subheading for the item to which it applies and a reference to any letter and number assigned to that item in the formats set out below (taking a reference in the case of Format 2 of the balance sheet formats \u00a0 to the item listed \u00a0 under assets or under liabilities as \u00a0 the case may require); and<\/p>

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(b) references to a numbered format are to the balance sheet format or, as the case may require, to the profit and loss account format of that number set out under format 1.<\/p>

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Balance Sheet Formats<\/em><\/p>

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FORMAT I<\/p>

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A. Called up Share Capital Not Paid (1)<\/strong><\/p>

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B. Fixed Assets<\/strong><\/p>

1. Land and buildings.<\/p>

2. Plant and machinery.<\/p>

3. Fixtures, fittings, tools and equipment.<\/p>

4. Construction-in-progress.<\/p>

5. Pre-payment for stocks in-transit.<\/p>

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C. Long-term Investments<\/strong><\/p>

1. Shares in group companies.<\/p>

2. Loans to group companies.<\/p>

3. Shares in related companies.<\/p>

4. Loans to related companies.<\/p>

5. Investments other than loans.<\/p>

6. Loans.<\/p>

7. Own shares (treasury shares) (4).<\/p>

8. Bonds, debentures and Federal Government Development Stocks.<\/p>

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D. Deferred Charges<\/strong><\/p>

1. Development costs.<\/p>

2. Concessions, patents, licences, franchise, trademarks and similar rights and assets (2).<\/p>

3. Goodwill (3).<\/p>

4. Pre-payment for services to be received.<\/p>

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E. Current Assets<\/strong><\/p>

I. Current Assets<\/strong><\/p>

1. Stocks<\/p>

2. Raw materials and consumables.<\/p>

3. Work-in-progress.<\/p>

4. Finished goods and goods awaiting sale.<\/p>

5. Pre-payment for stocks in transit.<\/p>

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II. Debtors (5)<\/strong><\/p>

1. Trade debtors.<\/p>

2. Amount owed by group companies.<\/p>

3. Amount owed by related companies.<\/p>

4. Other debtors.<\/p>

5. Called up share capital not paid (1).<\/p>

6. Pre-payments and accrued income.<\/p>

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III. Short-term investment<\/strong><\/p>

1. Shares in group companies.<\/p>

2. Own shares (Treasury shares) (4).<\/p>

3. Other investments.<\/p>

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IV. Cash in bank and at hand<\/strong><\/p>

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F. Prepayments and accrued income(6)<\/strong><\/p>

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G. Creditors: amounts falling due within one year<\/strong><\/p>

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1. Debenture loans (7).<\/p>

2. Bank loans and overdrafts.<\/p>

3. Payments received on account (8).<\/p>

4. Trade creditors.<\/p>

5. Bills of exchange payable.<\/p>

6. Amounts owed to group companies.<\/p>

7. Amounts owed to related companies.<\/p>

8. Other creditors including taxation (P.A.Y.E.) and National Provident Fund (social security) (9).<\/p>

9. Accruals and deferred income (10).<\/p>

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H. Net current assets (liabilities) (11)<\/strong><\/p>

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I. Total assets less current liabilities<\/strong><\/p>

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\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0 \u00a0 J. Creditors: amount falling due after more than one year<\/strong><\/p>

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1. Debenture loans (7).<\/p>

2. Bank loans and overdrafts.<\/p>

3. Payments received on account (8).<\/p>

4. Trade creditors.<\/p>

5. Bills of exchange payable.<\/p>

6. Amounts owed to group companies.<\/p>

7. Amounts owed to related companies.<\/p>

8. Other creditors including taxation and social security (9).<\/p>

9. Accruals and deferred income (10).<\/p>

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K. Provisions for liabilities and charges<\/strong><\/p>

1. Pensions and similar obligations.<\/p>

2. Taxation, including deferred taxation.<\/p>

3. Other provisions.<\/p>

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L. Accruals and deferred income (10)<\/strong><\/p>

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M. Capital and reserves<\/strong><\/p>

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1. Called up share capital (12)<\/p>

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2. Share premium account<\/p>

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3. Revaluation reserves<\/p>

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4. Other reserves<\/p>

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1. Capital redemption reserve.<\/p>

2. Reserve for own shares.<\/p>

3. Reserves provided for by the articles of association.<\/p>

4. Other reserves.<\/p>

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V. Profit and loss transferred from Profit and<\/strong><\/p>

Loss Account or Income Statement<\/strong><\/p>

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Balance Sheet Formats<\/strong><\/p>

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FORMAT 2<\/strong><\/p>

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ASSETS<\/strong><\/p>

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A. Called up share capital not paid(1)<\/strong><\/p>

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B. Tangible assets<\/strong><\/p>

1. Land and buildings.<\/p>

2. Plant and machinery.<\/p>

3. Fixtures, fittings, tools and equipment.<\/p>

4. Payments on account and assets in course of construction.<\/p>

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C. Long-term investment<\/strong><\/p>

1. Shares in group companies.<\/p>

2. Loans to group companies.<\/p>

3. Shares in related companies.<\/p>

4. Loans to related companies.<\/p>

5. Other investments other than loans.<\/p>

6. Other loans.<\/p>

7. Own shares (treasury shares) (4).<\/p>

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D. Deferred charges<\/strong><\/p>

1. Development costs.<\/p>

2. Concessions, patents, licences, trademarks and similar rights and assets (2).<\/p>

3. Goodwill (3).<\/p>

4. Payments on account.<\/p>

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E. Current assets<\/strong><\/p>

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I. Stocks<\/strong><\/p>

1. Raw materials and consumables.<\/p>

2. Work-in-progress.<\/p>

3. Finished goods and goods awaiting sale.<\/p>

4. Payments for stocks in transit.<\/p>

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II. Debtors (5)<\/strong><\/p>

1. Trade debtors.<\/p>

2. Amounts owed by group companies.<\/p>

3. Amounts owed by related companies.<\/p>

4. Other debtors.<\/p>

5. Called up share capital not paid (1).<\/p>

6. Pre-payments and accrued income (6).<\/p>

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III. Short-term investments<\/strong><\/p>

1. Shares in group companies.<\/p>

2. Own shares (Treasury Shares) (4).<\/p>

3.\u00a0\u00a0 Other investments.<\/p>

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IV. Cash in bank and at hand<\/strong><\/p>

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F. Pre-payments and accrued income (6)<\/strong><\/p>

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CAPITAL AND LIABILITIES<\/strong><\/p>

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A. Capital and reserves<\/strong><\/p>

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I. Called up share capital(12)<\/strong><\/p>

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II. Share premium account<\/strong><\/p>

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III. Revaluation reserve<\/strong><\/p>

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IV. Other reserves<\/strong><\/p>

1. Capital redemption reserves.<\/p>

2. Reserve for own shares (12A).<\/p>

3. Reserves provided for by the articles of association.<\/p>

4. Other reserves.<\/p>

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V. Profit and loss account (Retained earnings) (12B)<\/strong><\/p>

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B. Current liabilities<\/strong><\/p>

1. Debenture loans (7).<\/p>

2. Trade creditors.<\/p>

3. Bank loans and overdrafts.<\/p>

4. Payments received in advance (8).<\/p>

5. Bills of exchange payable.<\/p>

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C. Non-trade current liabilities<\/strong><\/p>

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1. Provision for pension and other similar obligations.<\/p>

2. Provisions for taxation including deferred taxes, National Provident Fund (social security) (9).<\/p>

3. Other provisions.<\/p>

4. Accruals and deferred income (10).<\/p>

5. Transactions between and within group:<\/p>

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(a) Amount owed to group companies.<\/p>

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(b) Amount owed to related companies.<\/p>

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(c) Others.<\/p>

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Portions of Long-Term Liabilities due in the Current Period.<\/strong><\/p>

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D. Long-term liabilities<\/strong><\/p>

4. Debenture loans (portions not due next year).<\/p>

5. Bonds (portion not due next year).<\/p>

6. Other long-term debts (portion not due next year).<\/p>

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Notes on the Balance Sheet Formats<\/strong><\/p>

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(1) Called up share capital not paid (Formats 1 and 2, items A and E II 5) \u2014 This item may be shown in either of the two positions given in Formats 1 and 2.<\/p>

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(2) Concessions, patents, licences, trademarks and similar rights and assets (Formats 1 and 2, item D2) \u2014 Amounts in respect of assets shall only be included in a company’s balance sheet under this item if either \u2014<\/p>

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(a) the assets were acquired for valuable consideration and are not required to be shown under goodwill; or<\/p>

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(b) the assets in question were created by the company itself.<\/p>

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(3) Goodwill (Formats 1 and 2, items D 3) \u2014 Amounts representing goodwill shall only be included to the extent that the goodwill was acquired for valuable consideration.<\/p>

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(4) Own shares (Formats 1 and 2, items C 7 and E III 2) \u2014 The nominal value of the shares held shall be shown separately.<\/p>

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(5) Debtors (Formats 1 and 2, items E II 1 – 6) \u2014 The amount falling due after more than one year shall be shown separately for each item included under debtors.<\/p>

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(6) Pre-payments and accrued income (Formats 1 and 2, items E II 6 and F) \u2014 This item may be shown in either of the two positions given in Formats 1 and 2.<\/p>

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(7) Debenture loans (7) (Format 1, items G 1 and B 1 and Format 2, item C 1) \u2014 The amount of any convertible loans shall be shown separately.<\/p>

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(8) Payments received on account (Format 1, items G 3 and J 3 and Format 2, item C 3) \u2014 Payments received on account of orders shall be shown for each of these items in so far as they are not shown as deductions from stocks.<\/p>

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(9) Other creditors including taxation \u00a0 (Format 1, items G 8 and J 8 and Format 2, item C 2) \u2014 The amount for creditors in respect of taxation shall be shown separately from the amount for other creditors.<\/p>

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(10) Accruals and deferred income (Format 1, items G 9, J 9 and L 1 and Format 2, item C 4) \u2014 The two positions given for this item in Format I at E 9 and H 9 are an alternative to the position at J, but if the item is not shown in a position corresponding to that at J, it may be shown in either or both of the other two positions (as the case may require). The two positions given for this item in Format 2 are alternatives.<\/p>

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(11) Net current assets (liabilities) (Format 1, item H) \u2014 In determining the amount to be shown for this item any amounts shown under pre-payments and accrued income shall be taken into account wherever shown.<\/p>

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(12) Called up share capital (Format 1, item K 1 and Format 2, item A) – The amount of allotted share capital and the amount of called up share capital which has been paid up shall be shown separately.<\/p>

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(13) Creditors \u2014 Amounts falling due within one year and after one year shall be shown separately for each of these items and their aggregate shall be shown separately for all of these items.<\/p>

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Profit and Loss Account Formats<\/strong><\/p>

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FORMAT 1<\/strong><\/p>

\u00a0<\/p>

(See note (17) below)<\/em><\/p>

\u00a0<\/p>

1. Turnover.<\/p>

2. Cost of sales (14).<\/p>

3. Gross profit or loss.<\/p>

4. Distribution expenses (14).<\/p>

5. Administration expenses (14).<\/p>

6. Other operating income (14).<\/p>

7. Income from shares in group companies.<\/p>

8. Income from shares in related companies.<\/p>

9. Income from other fixed asset investments (15).<\/p>

10. Other interest receivable and similar income (15).<\/p>

11. Amounts written off investments.<\/p>

12. Accrued interest expense and similar charges.<\/p>

13. Tax on profit or loss on ordinary activities.<\/p>

14. Profit or loss on ordinary activities after taxation.<\/p>

15. Extraordinary income.<\/p>

16. Extraordinary charges.<\/p>

17. Extraordinary profit or loss.<\/p>

18. Tax on extraordinary profit or loss.<\/p>

19. Other taxes under the above items.<\/p>

20. Profit or loss for the financial year.<\/p>

21. Earnings per share.<\/p>

22. Dividend per share.<\/p>

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\u00a0<\/p>

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Profit and Loss Account Formats<\/strong><\/p>

\u00a0<\/strong><\/p>

FORMAT 2<\/strong><\/p>

\u00a0<\/p>

1. Sales or revenue.<\/p>

2. Change in stocks of finished goods and in work-in-progress.<\/p>

3. Own work capitalised.<\/p>

4. Other operating income.<\/p>

5. (a) Raw materials and consumables. \u00a0 \u00a0<\/p>

(b) Other external charges.<\/p>

6. Staff costs:<\/p>

(a) wages and salaries;<\/p>

(b) other pension costs.<\/p>

7. (a) Depreciation of fixed \u00a0 assets, depletion and \u00a0 amortisation of wasting \u00a0 and intangible assets;<\/p>

(b) Exceptional amounts written off current assets.<\/p>

8. Other operating charges.<\/p>

9. Income from shares in group companies.<\/p>

10. Income from shares in related companies.<\/p>

11. Income from other fixed asset investments (15).<\/p>

12. Other interest receivable and similar income (15).<\/p>

13. Amounts written off investments.<\/p>

14. Interest payable and similar charges (16).<\/p>

15. Tax on profit or loss on ordinary activities.<\/p>

16. Profit or loss on ordinary activities after taxation.<\/p>

17. Extraordinary income.<\/p>

18. Extraordinary charges.<\/p>

19. Extraordinary profit or loss.<\/p>

20. Tax on extraordinary profit or loss.<\/p>

21. Other taxes not shown under the above item.<\/p>

22. Profit or loss for the current year transferred to Retained Earnings or Reserve.<\/p>

\u00a0<\/p>

\u00a0<\/p>

Profit and Loss Account Formats<\/strong><\/p>

\u00a0<\/strong><\/p>

FORMAT 3<\/strong><\/p>

\u00a0<\/strong><\/p>

(See note (17) below)<\/em><\/p>

\u00a0<\/p>

A. Charges<\/strong><\/p>

1. Cost of sales (14).<\/p>

2. Distribution costs (14).<\/p>

3. Administrative expenses (14).<\/p>

4. Amounts written off investments.<\/p>

5. Interest payable and similar charges (16).<\/p>

6. Tax on profit or loss on ordinary activities.<\/p>

7. Profit or loss on ordinary activities after taxation.<\/p>

8. Extraordinary charges.<\/p>

9. Tax on extraordinary profit or loss.<\/p>

10. Other taxes not shown under the above items.<\/p>

11. Profit or loss for the financial year.<\/p>

\u00a0<\/p>

B. Income<\/strong><\/p>

1. Turnover.<\/p>

2. Other operating income.<\/p>

3. Income from shares in group companies.<\/p>

4. Income from shares in related companies.<\/p>

5. Income from other fixed asset investments (15).<\/p>

6. Other interest receivable and similar income (15).<\/p>

7. Profit or loss on ordinary activities after taxation.<\/p>

8. Extraordinary income.<\/p>

9. Profit or loss for the financial year.<\/p>

\u00a0<\/strong><\/p>

\u00a0<\/strong><\/p>

Profit and Loss Account Formats<\/strong><\/p>

\u00a0<\/strong><\/p>

FORMAT 4<\/strong><\/p>

\u00a0<\/strong><\/p>

A. Charges<\/strong><\/p>

1. Reduction in stocks of finished goods and in work-in-progress.<\/p>

2. (a) Raw materials and consumables;<\/p>

\u00a0\u00a0 (b) Other external charges.<\/p>

3. Staff costs:<\/p>

(a) wages and salaries;<\/p>

(b) other pension costs.<\/p>

4. (a) Depreciation and other amounts written off tangible and intangible fixed assets;<\/p>

(b) Exceptional amounts written off current assets.<\/p>

5. Other operating charges.<\/p>

6. Amounts written off investments.<\/p>

7. Interest payable and similar charges (16).<\/p>

8. Tax on profit or loss on ordinary activities.<\/p>

9. Profit or loss on ordinary activities after taxation.<\/p>

10. Extraordinary charges.<\/p>

11. Tax on extraordinary profit or loss.<\/p>

12. Other taxes not shown under the above items.<\/p>

13. Profit or loss for the financial year.<\/p>

\u00a0<\/p>

B. Income<\/strong><\/p>

1. Turnover.<\/p>

2. Increase in stocks of finished goods and in work-in-progress.<\/p>

3. Own work capitalised.<\/p>

4. Other operating income.<\/p>

5.\u00a0\u00a0 Income from shares in group companies.<\/p>

6.\u00a0\u00a0 Income from shares in related companies.<\/p>

7. \u00a0Income from other fixed asset investments (15).<\/p>

8.\u00a0\u00a0 Other interest receivable and similar income (15).<\/p>

9.\u00a0\u00a0 Profit or loss on ordinary activities after taxation.<\/p>

10. Extraordinary income.<\/p>

11. Profit or loss for the financial year.<\/p>

\u00a0<\/p>

Notes on the Profit and Loss Account Format<\/strong><\/p>

\u00a0<\/p>

(14) Cost of sales: distribution costs: administrative expenses – (Format 1, items 2, 4 and 5 and Format 3, items A 1, 2 and 3) – These items shall be stated after taking into account any necessary provisions for depreciation or diminution in value of assets.<\/p>

\u00a0<\/p>

(15) Income from other fixed asset investments: other interest receivable and similar income (Format 1, items 9 and 10: Format 2, items 11 and 12: Format 3, items B 5 and 6: Format 4, items B 7 and 8) \u2014 Income and interest derived from group companies shall be shown separately from income and interest derived from other sources.<\/p>

\u00a0<\/p>

(16) Interest payable and similar charges – (Format 1, item 12: Format 2, item 14: Format 3, item A 5: Format 1, item A 7) \u2014 The amount payable to group companies shall be shown separately.<\/p>

\u00a0<\/p>

(17) Formats 1 and 3 \u2014 The amount of any provisions for depreciation and diminution in value of tangible and intangible fixed assets falling to be shown under items 7 (a) and A 4 (a) respectively in Formats 2 and 4, shall be disclosed in a note to the accounts in any case where the profit and loss account is prepared by reference to Format 1 or Format 3.<\/p>

\u00a0<\/p>

PART II \u2014 ACCOUNTING PRINCIPLES AND RULES SECTION A<\/p>

ACCOUNTING PRINCIPLES<\/p>

\u00a0<\/p>

Preliminary<\/em><\/p>

\u00a0<\/p>

14. Subject to paragraph 15, the amounts to be included in respect of all items shown in a company’s financial statements shall be determined in accordance with generally accepted accounting principles, and with the accounting standards laid down from time to time by the Financial Reporting Council of Nigeria.<\/p>

\u00a0<\/p>

Departure from the Accounting Principles<\/em><\/p>

\u00a0<\/p>

15. If it appears to the directors of a company that there are special reasons for departing from any of the principles stated above in preparing the company’s financial statements in respect of any financial year they may do so, but particulars of the departure, the reasons for it and its effect shall be given in a note to the accounts.<\/p>

\u00a0<\/p>

SECTION A \u2014 HISTORICAL COST ACCOUNTING RULES<\/p>

\u00a0<\/p>

Preliminary<\/em><\/p>

\u00a0<\/p>

16. Subject to section C of this Part of this Schedule, the amounts to be included in respect of all items shown in a company’s financial statements shall be determined in accordance with the rules set out in paragraphs17-28.<\/p>

\u00a0<\/p>

\u00a0<\/em><\/p>

\u00a0<\/em><\/p>

Fixed Assets<\/em><\/p>

\u00a0<\/p>

17. Subject to any provision for depreciation or diminution in value made in accordance with paragraph 18 or 19, the amount to be included in respect of any fixed asset shall be its purchase price or production cost.<\/p>

\u00a0<\/p>

18. In the case of any fixed asset which has a limited useful economic life, the amount of \u2014<\/p>

\u00a0<\/p>

(a) its purchase price or production cost; or<\/p>

\u00a0<\/p>

(b) where it is estimated that the assets have a residual value at the end of the period of its useful economic life, its purchase price or production cost less that estimated residual value, shall be reduced by provisions for depreciation calculated to write off that amount systematically over the period of the asset’s useful economic life.<\/p>

\u00a0<\/p>

19. (1) Where a fixed asset investment of a description falling to be included under item B III of either the balance sheet formats set out in Part I of this Schedule had diminished in value, provisions for diminution in value may be made in respect of it and the amount to be included in respect of it may be reduced accordingly, and such provisions which are not shown in the profit and loss account shall be disclosed (either separately or in aggregate) in a note to the accounts.<\/p>

\u00a0<\/p>

(2) Provisions for diminution in value shall be made in respect of any fixed asset which had diminished in value if the reduction in its value is expected to be permanent (whether its useful economic life is limited or not), and the amount to be included in respect of it shall be reduced accordingly, and such provisions which are not shown in the profit and loss account, shall be disclosed (either separately or in aggregate) in a note to the accounts.<\/p>

\u00a0<\/p>

(3) Where the reasons for which any provision was made in accordance with subparagraph (1) or (2) have ceased to apply to any extent, that provision shall be written back to the extent that it is no longer necessary, and any amounts written back in accordance with this subparagraph which are not shown in the profit and loss account, shall be disclosed (either separately or in aggregate) in a note to the accounts.<\/p>

\u00a0<\/p>

Rules for determining particular fixed asset items<\/em><\/p>

\u00a0<\/p>

20. (1) Notwithstanding that an item in respect of development costs is included under fixed assets in the balance sheet formats set out in Part I of this Schedule, an amount may only be included in a company’s balance sheet in respect of development costs in special circumstances.<\/p>

\u00a0<\/p>

(2) If any amount is included in a company’s balance sheet in respect of development costs the following information shall be given in a note to the accounts \u2014<\/p>

\u00a0<\/p>

(a) the period over which the amount of those costs originally capitalised is being or is to be written off; and<\/p>

\u00a0<\/p>

(b) the reason for capitalising the development costs in question.<\/p>

\u00a0<\/p>

21. (1) The application of paragraphs 17 – 19 in relation to goodwill (in any case where goodwill is treated as an asset) is subject to the following provisions of this paragraph.<\/p>

\u00a0<\/p>

(2) The amount of the consideration for goodwill acquired by a company shall be reduced by provision for amortisation calculated to write off that amount systematically over a period of five years or less as may be determined by the directors of the company.<\/p>

\u00a0<\/p>

(3) In any case where any goodwill acquired by a company is shown or included as an asset in the company’s balance sheet, the period chosen for writing off the consideration for that goodwill and the reasons for choosing that period shall be disclosed in a note to the accounts.<\/p>

\u00a0<\/p>

Current assets<\/em><\/p>

\u00a0<\/p>

22. Subject to paragraph 23, the amount to be included in respect of any current asset shall be its purchase price or production cost.<\/p>

\u00a0<\/p>

23. (1) If the net realisable value of any current asset is lower than its purchase price or production cost, the amount to be included in respect of that asset shall be the net realisable value<\/p>

\u00a0<\/p>

(2) Where the reasons for which any provision for diminution in value was made in accordance with subparagraph (1) have ceased to apply to any extent, that provision shall be written back to the extent that it is no longer necessary.<\/p>

\u00a0<\/em><\/p>

Miscellaneous and supplementary provision <\/em><\/p>

\u00a0<\/em><\/p>

Excess of money owed over value received as an asset item<\/em><\/p>

\u00a0<\/p>

24. (1) Where the amount repayable on any debt owed by a company is greater than the value of the consideration received in the transaction giving rise to the debt, the difference may be treated as an asset.<\/p>

\u00a0<\/p>

(2) Where any such amount is so treated \u2014<\/p>

\u00a0<\/p>

(a) reasonable amounts shall be completely written off each year before repayment of the debt; and<\/p>

\u00a0<\/p>

(b) if the current amount is not shown as a separate item in the company’s balance sheet, it shall be disclosed in a note to the accounts.<\/p>

\u00a0<\/p>

Assets included at a fixed amount<\/em><\/p>

\u00a0<\/p>

25. (1) The assets which fall to be included among the \u2014<\/p>

\u00a0<\/p>

(a) fixed assets of a company under the item, “tangible assets”, or<\/p>

\u00a0<\/p>

(b) current assets of a company under the item, “raw material and consumables”,<\/p>

\u00a0<\/p>

may be included at a fixed quantity and value.<\/p>

\u00a0<\/p>

(2) Subparagraph (1) applies to assets of a kind which are constantly being replaced, where \u2014<\/p>

\u00a0<\/p>

(a) their overall value is not material to assessing the company’s state of affairs; and<\/p>

\u00a0<\/p>

(b) their quantity, value and composition are not subject to material variation.<\/p>

\u00a0<\/p>

Determination of purchase price or production cost<\/em><\/p>

\u00a0<\/p>

26. (1) The purchase price of an asset shall be determined by adding to the actual price paid any expenses incidental to its acquisition.<\/p>

\u00a0<\/p>

(2) The production cost of an asset shall be determined by adding to the purchase price of the raw materials and consumables used, the amount of the costs incurred by the company which are directly attributable to the production of that asset.<\/p>

\u00a0<\/p>

(3) In addition, there may be included in the production cost of an asset \u2014<\/p>

\u00a0<\/p>

(a) a reasonable proportion of the costs incurred by the company which are only indirectly attributable to the production of that asset, but only to the extent that they relate to the period of production; and<\/p>

\u00a0<\/p>

(b) interest on capital borrowed to finance the production of that asset, to the extent that it accrues in respect of the period of production:<\/p>

\u00a0<\/p>

Provided that in a case within paragraph (a) above, that the inclusion of the interest in determining the cost of that asset and the amount of the interest so included is disclosed in a note to the accounts.<\/p>

\u00a0<\/p>

(4) In the case of current assets distribution, costs may not be included in production costs.<\/p>

\u00a0<\/p>

27. (1) Subject to the qualification mentioned below the purchase price or production of \u2014<\/p>

\u00a0<\/p>

(a) any assets which fall to be included under any item shown in a company’s balance sheet under the general item “stocks”; and<\/p>

\u00a0<\/p>

(b) any assets which are tangible assets (including investments), may be determined by the application of any of the methods mentioned in sub- paragraph (2) below in relation to any such assets of the same class, and the method chosen must be one which appears to the directors to be appropriate in the circumstances of the company.<\/p>

\u00a0<\/p>

(2) Those methods are \u2014<\/p>

\u00a0<\/p>

(a) the method known as “first in, first out” (FIFO);<\/p>

\u00a0<\/p>

(b) the method known as “last in, first out” (LIFO);<\/p>

\u00a0<\/p>

(c) a weighted average price; and<\/p>

\u00a0<\/p>

(d) any other method similar to any of the methods mentioned above.<\/p>

\u00a0<\/p>

(3) Where in the case of any company \u2013<\/p>

\u00a0<\/p>

(a) the purchase price or production cost of assets falling to be included under any item shown in the company’s balance sheet has been determined by the application of any method permitted by this paragraph, and<\/p>

\u00a0<\/p>

(b) the amount shown \u00a0 in respect of \u00a0 that item differs \u00a0 materially from the \u00a0 relevant alternative amount given below in this paragraph,<\/p>

\u00a0<\/p>

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 the difference shall be disclosed in a note to the accounts.<\/p>

\u00a0<\/p>

(4) Subject to subparagraph (5) below, for the purposes of subparagraph (3) (b), the relevant alternative amount, in relation to any item shown in a company’s balance sheet, is the amount which would have been shown in respect of that item if assets of any class included under that item at an amount determined by any method permitted by this paragraph had instead been included at their replacement cost as at the balance sheet date.<\/p>

\u00a0<\/p>

(5) The relevant alternative amount may be determined by reference to the most recent actual purchase price or production cost before the balance sheet date of the assets of any class included under the item in question instead of by reference to their replacement cost as at that date, but only if the former appears to the directors of the company to constitute the more appropriate standard of comparison in the case of assets of that class.<\/p>

\u00a0<\/p>

(6) For the purposes of this paragraph, assets of any description shall be regarded as tangible if assets of that description are substantially indistinguishable one from another.<\/p>

\u00a0<\/p>

Substitution of original stated amount where price or cost unknown<\/em><\/p>

\u00a0<\/p>

28. Where there is no record of the purchase price or production cost of any assets of a company or of any price, expenses or costs relevant for determining its purchase price or production cost in \u00a0 accordance with paragraph 26, or \u00a0 any such record cannot be \u00a0 obtained without unreasonable expense or delay, its purchase price or production cost shall be taken for the purposes of paragraph 17 – 23 to be the value record of its value made on or after its acquisition or production by the company.<\/p>

\u00a0<\/p>

\u00a0<\/p>

SECTION C<\/p>

\u00a0<\/p>

ALTERNATIVE ACCOUNTING RULES<\/p>

\u00a0<\/p>

Preliminary<\/em><\/p>

\u00a0<\/p>

29. (1) The rules set out in section B are referred to in this Schedule as the historical cost accounting rules.<\/p>

\u00a0<\/p>

(2) Those rules, with the omission of paragraphs 16, 21 and 25 – 28, are referred to below in this Part of the Schedule as the depreciation rules, and references in this Schedule to the historical cost accounting rules do not include the depreciation rules as they apply by virtue of paragraph 32.<\/p>

\u00a0<\/p>

30. Subject to paragraph 32 to 34, the amount to be included in respect of assets of any description mentioned in paragraph 26 may be determined on any basis so mentioned.<\/p>

\u00a0<\/em><\/p>

Alternative accounting rules<\/em><\/p>

\u00a0<\/em><\/p>

31. (1) Intangible fixed assets, other than goodwill, may be included at their current cost.<\/p>

\u00a0<\/p>

(2) Tangible fixed assets may be included at a market value determined as at the date of their valuation or at their current cost.<\/p>

\u00a0<\/p>

(3) Investment of any description falling to be included under item B III of either of the balance sheet formats set out in Part I of this Schedule may be included either \u2014<\/p>

\u00a0<\/p>

(a) at a market value determined as at the date of their last valuation, or<\/p>

\u00a0<\/p>

(b) at a value determined on any basis which appears to the directors to be appropriate in the circumstances of the company, but in the latter case particulars of the method of valuation adopted and of the reasons for adopting it shall be disclosed in a note to the accounts.<\/p>

\u00a0<\/p>

(4) Investments of any description falling to be included under item C III of either of the balance sheet formats set out in Part I of this Schedule may be included at their current cost.<\/p>

\u00a0<\/p>

(5) Stocks may be included at their current cost.<\/p>

\u00a0<\/p>

Application of the depreciation rules<\/em><\/p>

\u00a0<\/em><\/p>

32. (1) Where the value of any assets of a company is determined on any basis mentioned in paragraph 31, that value shall be, or (as the case may require) be the starting point for determining, the amount to be included in respect of that asset in the company’s accounts, instead of its purchase price or production cost or any value previously so determined for that asset; and the depreciation rules shall apply accordingly in relation to any such asset with the substitution for any reference to its purchase price or production cost of a reference to the value most recently determined for that asset on any basis mentioned in paragraph 31.<\/p>

\u00a0<\/p>

\u00a0\u00a0\u00a0\u00a0 (2) The amount of any provision for depreciation required in the case of any fixed asset by paragraph 18 or 19 as it applies by virtue of sub-paragraph (1) is referred to below in this paragraph as the adjusted amount, and the amount of any provision which would be required by that paragraph in the case of that asset according to the historical cost accounting rules, is referred to as the historical cost amount.<\/p>

\u00a0<\/p>

(3) Where subparagraph (1) applies in the case of any fixed asset, the amount of any provision for depreciation in respect of that asset \u2014<\/p>

\u00a0<\/p>

(a) included in any item shown in the profit and loss account in respect of amounts written off assets of the description in question; or<\/p>

\u00a0<\/p>

(b) taken into account in stating any item so shown which is required by note (14) of the notes on the profit and loss account formats set out in Part I of this Schedule to be stated after taking into account any necessary provisions for depreciation or diminution in value of assets included under it, may be\u00a0\u00a0 the historical cost amount instead of the adjusted amount provided that the amount of any difference between the two is shown separately in the profit and loss account or in a note to the accounts.<\/p>

\u00a0<\/p>

Additional information to be provided in case of departure from historical costs accounting rules.<\/em><\/p>

\u00a0<\/p>

33. (1) This paragraph applies where the amount to be included in respect of assets covered by any item shown in a company’s accounts have been determined on any basis mentioned in paragraph 31.<\/p>

\u00a0<\/p>

(2) The items affected and the basis of valuation adopted in determining the amounts of the assets in question in the case of such item shall be disclosed in a note to the accounts.<\/p>

\u00a0<\/p>

(3) In the case of each balance sheet item affected (except stocks) either \u2014<\/p>

\u00a0<\/p>

(a) the comparable amounts determined according to the historical cost accounting rules; or<\/p>

\u00a0<\/p>

(b) the differences between those amount and the corresponding amounts actually shown in the balance sheet in respect of that item, shall be shown separately in the balance sheet or in a note to the accounts.<\/p>

\u00a0<\/p>

(4) In subparagraph (3), references in relation to any item to the comparable amounts determined as there mentioned are references to-<\/p>

\u00a0<\/p>

(a) the aggregate amount which would be required to be shown in respect of that item if the amounts to be included in respect of all the assets covered by that item were determined according to the historical cost accounting rules; and<\/p>

\u00a0<\/p>

(b) the aggregate amount of the cumulative provisions for depreciation or diminution in value which would be permitted or required in determining those amounts according to those rules.<\/p>

\u00a0<\/p>

\u00a0<\/p>

Revaluation reserve<\/em><\/p>

\u00a0<\/p>

34. (1) With respect to any determination of the value of an asset of a company on any basis mentioned in paragraph 31, the amount of any profit or loss arising from that determination (after allowing, where appropriate, for any provisions for depreciation or diminution in value made otherwise than by reference to the value to be determined and any adjustment of any such provisions made in the light of that determination) shall be credited or (as the case may be) debited to a separate reserve (“the revaluation reserve”).<\/p>

\u00a0<\/p>

(2) The amount of the revaluation reserve shall be shown in the company’s balance sheet under a separate subheading in the position given for the item “revaluation reserve” in Format 1 or 2 of the balance sheet formats set out in Part 1 of this Schedule, but need not be shown under that name.<\/p>

\u00a0<\/p>

(3) The revaluation reserve shall be reduced to the extent that the amount standing to the credit of the reserve are in the opinion of the directors of the company no longer necessary for the purpose of the accounting policies adopted by the company; but an amount may only be transferred from the reserve to the profit and loss account if either \u2014<\/p>

\u00a0<\/p>

(a) the amount in question was previously charged to that account; or<\/p>

\u00a0<\/p>

(b) it represents realised profit.<\/p>

\u00a0<\/p>

(4) The treatment for taxation purposes of amount credited or debited to the revaluation reserve shall be disclosed in a note to the accounts.<\/p>

\u00a0<\/p>

PART III \u2014 NOTES TO THE ACCOUNTS<\/p>

\u00a0<\/p>

Preliminary<\/em><\/p>

\u00a0<\/p>

35. Any information required in the case of any company by the following provisions of this Part of the Schedule shall (if not given in the company’s accounts) be given by way of a note to those accounts.<\/p>

\u00a0<\/p>

Disclosure of accounting policies<\/em><\/p>

\u00a0<\/p>

36. The accounting policies adopted by the company in determining the amounts to be included in respect of item shown in the balance sheet and in determining the profit or loss of the company shall be stated (including such policies with respect to the depreciation and diminution in value of assets).<\/p>

\u00a0<\/p>

Information supplementing the balance sheet<\/em><\/p>

\u00a0<\/p>

37. Paragraphs 38 to 50 require information which either supplement the information given with respect to any particular items shown in the balance sheet or is otherwise relevant to assessing the company’s state of affairs in the light of the information so given.<\/p>

\u00a0<\/p>

Share capital and debentures<\/em><\/p>

\u00a0<\/p>

38. (1) The following information shall be given with respect to the company’s share capital \u2014<\/p>

\u00a0<\/p>

(a) the authorised share capital; and<\/p>

\u00a0<\/p>

(b) where shares of more than one class have been allotted, the number and aggregate nominal value or shares of each class allotted.<\/p>

\u00a0<\/p>

(2) In the case of any part of the allotted share capital that consists of redeemable shares, the following information shall be given \u2014<\/p>

\u00a0<\/p>

(a) the earliest and latest dates on which the company has power to redeem those shares;<\/p>

\u00a0<\/p>

(b) whether those shares must be redeemed in any event or are liable to be redeemed at the option of the company or of the shareholder; and<\/p>

\u00a0<\/p>

(c) whether any (and, if so, what) premium is payable on redemption.<\/p>

\u00a0<\/p>

39. (1) If the company has \u00a0 allotted any shares during the financial year, the following information shall be given \u2014<\/p>

\u00a0<\/p>

(a) the reason for making the allotment;<\/p>

\u00a0<\/p>

(b) the classes of shares allotted; and<\/p>

\u00a0<\/p>

(c) as regards each class of shares, the number allotted, their aggregate nominal value, and the consideration received by the company for the allotment.<\/p>

\u00a0<\/p>

(2) With respect to any contingent right to the allotment of shares in the company, the following particulars shall be given \u2014<\/p>

\u00a0<\/p>

(a) the number, description and amount of the shares in relation to which the right is exercisable;<\/p>

\u00a0<\/p>

(b) the period during which it is exercisable; and<\/p>

\u00a0<\/p>

(c) the price to be paid for the shares allotted.<\/p>

\u00a0<\/p>

(3) In subparagraph (2) “contingent right to the allotment of shares” means any option to subscribe for shares and any other right to require the allotment of shares and to any person whether arising on the conversion into shares of securities of any other description or otherwise.<\/p>

\u00a0<\/p>

40. (1) If the company has issued any debenture during the financial year to which the accounts relate, the following information shall be given \u2014<\/p>

\u00a0<\/p>

(a) the reason for making the issue;<\/p>

\u00a0<\/p>

(b) the classes of debentures issued; and<\/p>

\u00a0<\/p>

(c) as respect each class of debentures, the amount issued and consideration received by the company for the issue.<\/p>

\u00a0<\/p>

(2) Particulars of any redeemed debenture which the company has power to re-issue shall also be given.<\/p>

\u00a0<\/p>

(3) Where any of the company’s debenture are held by a nominee of or trustee for the company, the nominal amount of the debentures and the amount at which they are stated in the accounting records kept by the company in accordance with section 324 of this Act shall be stated.<\/p>

\u00a0<\/p>

Fixed Assets<\/em><\/p>

\u00a0<\/p>

41. (1) In respect of each item which is or would but for paragraph 8 (4)(b) be shown under the general item “fixed assets” in the company’s balance sheet, the following information shall be given \u2014<\/p>

\u00a0<\/p>

(a) the appropriate amount in respect of that item as at the date of the beginning of the financial year and as at the balance sheet date respectively;<\/p>

\u00a0<\/p>

(b) the effect on any amount shown in the balance sheet in respect of that item of \u2014<\/p>

\u00a0<\/p>

(i) any revision of the amount in respect of any asset included under that item made during,<\/p>

\u00a0<\/p>

(ii) that year on any basis mentioned in paragraph 31,<\/p>

\u00a0<\/p>

(iii) acquisitions during that year of any asset,<\/p>

\u00a0<\/p>

(iv) disposals during that year of any assets; and<\/p>

\u00a0<\/p>

(v) any transfer of assets of the company to and from that item during that year.<\/p>

\u00a0<\/p>

(2) The reference in subparagraph (1) (a) to the appropriate amount in respect of any item as at any date there mentioned, is a reference to amounts representing the aggregate amounts determined, as at that date, in respect\u00a0\u00a0 of assets falling to be included under that item on either of the following bases, that is to say \u2014<\/p>

\u00a0<\/p>

(a) on the basis of purchase price or production cost (determined in accordance with paragraphs 21 and 27); or<\/p>

\u00a0<\/p>

(b) on any basis mentioned in paragraph 31 (leaving out of account in either case any provision for depreciation or diminution in value).<\/p>

\u00a0<\/p>

(3) In respect of each item within sub-paragraph (1) \u2014<\/p>

\u00a0<\/p>

(a) the cumulative amount of provisions for depreciation or diminution in value of assets included under that item as at each date mentioned in subparagraph (1) (a);<\/p>

\u00a0<\/p>

(b) the amount of any such provisions made in respect of the financial year;<\/p>

\u00a0<\/p>

(c) the amount of any adjustment made in respect of any such provisions during that year in consequence of the disposal of any assets; and<\/p>

\u00a0<\/p>

(d) the amount of any other adjustments made in respect of any such provisions during that year, shall also be stated.<\/p>

\u00a0<\/p>

42. Where any fixed asset of the company, other than listed investments, are included under any item shown in the company’s balance sheet at an amount determined on any basis mentioned in paragraph 31, the following information shall be given \u2014<\/p>

\u00a0<\/p>

(a) the years (if they are known to the directors) in which the assets were severally valued and the several values; and<\/p>

\u00a0<\/p>

(b) in the case of assets that have been valued during the financial year, the name of the persons who valued them or particulars of their qualification for doing so and (whichever is stated) the bases of valuation used by them.<\/p>

\u00a0<\/p>

43. In relation to any amount which is or would but for paragraph 8 (4) (b) be shown in respect of the item “land and buildings” in the company’s balance sheet, there shall be stated \u2014<\/p>

\u00a0<\/p>

(a) how much of the amount is ascribable to land held under statutory right of occupancy and how much to land held under a sublease; and<\/p>

\u00a0<\/p>

(b) how much of the amount ascribable to land held under a sublease is ascribable to land held on long lease and how much to land held on short lease.<\/p>

\u00a0<\/p>

Investments<\/em><\/p>

\u00a0<\/p>

44. (1) In respect of the amount of each item which is or may for paragraph 8 (4) (b) be shown in the company’s balance sheet under the general item ” in “investments” (whether as fixed assets or as current assets) shall be stated \u2014<\/p>

\u00a0<\/p>

(a) how much of that amount is ascribable to listed investments; and<\/p>

\u00a0<\/p>

(b) how much of any amount so ascribable is ascribable to investments as respects which there has been granted a listing on a recognised stock exchange and how much to other listed investments.<\/p>

\u00a0<\/p>

(2) Where the amount of any listed investments is stated for any item in accordance with subparagraph (1) (a), the following amounts shall also be stated \u2014<\/p>

\u00a0<\/p>

(a) the aggregate market value of those investments where it differs from the amount stated; and<\/p>

\u00a0<\/p>

(b) both the market value and the stock exchange value of any investments of which the former value is, for the purposes of the accounts, taken as being higher than the latter<\/p>

\u00a0<\/p>

Reserves and provisions<\/em><\/p>

\u00a0<\/p>

45. (1) Where any amount is transferred \u2014<\/p>

\u00a0<\/p>

(a) to or from any reserves;<\/p>

\u00a0<\/p>

(b) to any provisions for liabilities and charges; or<\/p>

\u00a0<\/p>

(d)\u00a0 from any provisions for liabilities and charges otherwise than for the purpose for which the provision was established, and the reserves or provisions are or will but for paragraph 8 (4) (b) be shown as separate items in the company’s balance sheet,<\/p>

\u00a0<\/p>

the information mentioned in the following sub-paragraph shall be given in respect of the aggregate of reserves or provisions included in the same item.<\/p>

\u00a0<\/p>

(2) That information is \u2014<\/p>

\u00a0<\/p>

(a) the amount of the reserves or provisions as at the date of the beginning of the year and as at the balance sheet date respectively;<\/p>

\u00a0<\/p>

(b) any amount transferred to or from the reserves or provisions during that year; and<\/p>

\u00a0<\/p>

(c) the source and application respectively of any amount so transferred.<\/p>

\u00a0<\/p>

(3) Particulars shall be given of each provision included in the item “other provisions” in the company’s balance sheet in any case where the amount of that provision is material.<\/p>

\u00a0<\/p>

Provision for taxation.<\/em><\/p>

\u00a0<\/p>

46. The amount of any provisions for taxation other than deferred taxation shall be stated.<\/p>

\u00a0<\/p>

Details of indebtedness<\/em><\/p>

\u00a0<\/p>

47. (1) In respect of each item shown under “creditors” in the company’s balance sheet there shall be stated \u2014<\/p>

\u00a0<\/p>

(a) the aggregate amount of any debt included under that item which are payable or repayable otherwise than by instalments and fall due for payment or repayment after the end of five years beginning with the day next following the end of the financial year; and<\/p>

\u00a0<\/p>

(b) the aggregate amount of any debt so included which are payable or repayable by instalments and any of which fall due for payment after the end of that period, and in the case of debts \u00a0 within paragraph (a), the aggregate amount of instalments falling due after the end of that period shall also be disclosed for each such item.<\/p>

\u00a0<\/p>

(2) Subject to sub-paragraph (3), in relation to each debt falling to be taken into account under subparagraph (1), the terms of payments or repayment and the rate of any interest payable on debt shall be stated.<\/p>

\u00a0<\/p>

(3) If the number of debts is such that, in the opinion of the directors, compliance with sub- paragraph (2) would result in a statement of excessive length, it shall be sufficient to give a general indication of the terms of payment or repayment and the rates of any interest payable on the debts.<\/p>

\u00a0<\/p>

(4) In respect of each item shown under “creditors” in the company’s balance sheet there shall be stated \u2014<\/p>

\u00a0<\/p>

(a) the aggregate amount of any debt included under that item in respect of which any security has been given by the company; and<\/p>

\u00a0<\/p>

(b) an indication of the nature of the securities so given.<\/p>

\u00a0<\/p>

(5) References in this \u00a0 paragraph to an \u00a0 item shown under \u00a0 “creditors” in the company’s balance sheet include references where amounts falling due to creditors within one year and after more than one year are distinguished in the balance sheet \u2014<\/p>

\u00a0<\/p>

(a) in a case within subparagraph (1), to \u00a0 an item shown under the latter of those categories; and<\/p>

\u00a0<\/p>

(b) in a case within subparagraph (4), to an item shown under either of those categories, and references to items shown under “creditors” include references to items which would, but for paragraph 8 (4) (b), be shown under that heading.<\/p>

\u00a0<\/p>

48. If any fixed cumulative dividends on the company’s shares are in arrears, there shall be stated \u2014<\/p>

\u00a0<\/p>

(a) the amount of the arrears; and<\/p>

\u00a0<\/p>

(b) the period for which the dividends or, if there is more than one class, each class of them is in arrears.<\/p>

\u00a0<\/p>

Guarantee and other financial commitments<\/em><\/p>

\u00a0<\/p>

49. (1) Particulars shall be given of any charge on the assets of the company to secure the liabilities of any other person, including where practicable, the amount secured.<\/p>

\u00a0<\/p>

(2) The following information shall be given with respect to any other contingent liability not provided for \u2014<\/p>

\u00a0<\/p>

(a) the amount or estimated amount of that liability;<\/p>

\u00a0<\/p>

(b) its legal nature; and<\/p>

\u00a0<\/p>

(c) whether any valuable \u00a0 security has been \u00a0 provided by the \u00a0 company in connection with that liability and if so, what.<\/p>

\u00a0<\/p>

(3) There shall be stated, where practicable \u2014<\/p>

\u00a0<\/p>

(a) the aggregate amount or estimated amount of contracts for capital expenditure, if not provided for; and<\/p>

\u00a0<\/p>

(b) the aggregate amount or estimated amount of capital expenditure authorised by the directors which has not been contracted.<\/p>

\u00a0<\/p>

(4) Particulars shall be given of \u00a0 any \u2014<\/p>

\u00a0<\/p>

(a) pension commitments included under any provision shown in the company’s balance sheet; and<\/p>

\u00a0<\/p>

(b) such commitment for which no provision has been made, and where any such commitment relates wholly or partly to pensions payable to past directors of the company, separate particulars shall be given of that commitment so far as it relates to such pensions.<\/p>

\u00a0<\/p>

(5) Particulars shall also be given of any other financial commitment which \u2014<\/p>

\u00a0<\/p>

(a) have not been provided for; and<\/p>

\u00a0<\/p>

(b) are relevant to assessing the company’s state of affairs.<\/p>

\u00a0<\/p>

(6) Commitments within any of the preceding subparagraphs undertaken on behalf of or for the benefit of \u2014<\/p>

\u00a0<\/p>

(a) any holding company or fellow subsidiary of the company; or<\/p>

\u00a0<\/p>

(b) any subsidiary of the company, \u00a0<\/p>

\u00a0<\/p>

\u00a0\u00a0 shall be stated separately from the other commitments within that subparagraph and commitments within \u00a0 paragraph (a) shall be stated separately from those within paragraph (b).<\/p>

\u00a0<\/p>

Miscellaneous matters<\/em><\/p>

\u00a0<\/em><\/p>

50. (1) Particulars shall be given of any case where the purchase price or production cost of any asset is for the first time determined under paragraph 28.<\/p>

\u00a0<\/p>

(2) Where any outstanding loan made under the authority of section 184 (3) (b) or (c) of this Act (various cases of financial assistance by a company for purchase of its own shares) are included under any item shown in the company’s balance sheet, the aggregate amount of those loans shall be disclosed for each item in question.<\/p>

\u00a0<\/p>

(3) The aggregate amount which is recommended for distribution by way of dividend shall be stated.<\/p>

\u00a0<\/p>

Information supplementing the profit and loss account<\/em><\/p>

\u00a0<\/p>

51. Paragraphs 52 to 56 require information which either supplements the information given with respect to any particular items shown in the profit and loss account or otherwise provides particulars of income or expenditure of the company or of circumstances affecting the items shown in the profit and loss account.<\/p>

\u00a0<\/p>

Separate statement of certain items of income and expenditure<\/em><\/p>

\u00a0<\/p>

52. (1) Subject to the provisions of this paragraph, each of the amounts mentioned in this paragraph shall be stated.<\/p>

\u00a0<\/p>

(2) The amount of the interest on or any similar charges in respect of \u2014<\/p>

\u00a0<\/p>

(a) bank loans and overdrafts, and loans made to the company (other than bank loans and overdrafts) which \u00a0 are repayable \u2014<\/p>

\u00a0<\/p>

(i) than by instalments and fall due for repayment before the end of five years beginning with the day next following the end of the financial year; or<\/p>

\u00a0<\/p>

(ii) by instalments the last of which falls due for payment before the end of that period; and<\/p>

\u00a0<\/p>

(b) loans of any other kind made to the company, but this sub-paragraph shall not apply to interest or charges on loans to the company from group companies, but with that exception, it applies to interest or charges on all loans, whether made on the security of debentures or not.<\/p>

\u00a0<\/p>

(3) The amounts respectively set aside for redemption of share capital and for redemption of loans.<\/p>

\u00a0<\/p>

(4) The amount of income from list investments.<\/p>

\u00a0<\/p>

(5) The amount of rents from land (after deduction of ground rents, rates and other outgoings). This amount need only be stated if a substantial part of the company’s revenue for the financial year consists of rents from land.<\/p>

\u00a0<\/p>

(6) The amount charged to revenue in respect of sum payable in respect of the hire of plant and machinery.<\/p>

\u00a0<\/p>

(7) The amount of the remuneration \u00a0 of the auditors (taking \u00a0 “remuneration” for the purposes of this subparagraph, as including any sums paid by the company in respect of the auditors’ expenses).<\/p>

\u00a0<\/p>

53. (1) The basis on which the charge for Nigerian corporation tax and Nigerian income tax is computed shall be stated.<\/p>

\u00a0<\/p>

(2) Particulars shall be given of any special circumstances affecting liability in respect of taxation of profits, income or capital gains for the financial year or liability in respect of taxation of profits, income or capital gains for succeeding financial years.<\/p>

\u00a0<\/p>

(3) The following amount shall be stated \u2014<\/p>

\u00a0<\/p>

(a) the amount of the charge for Nigerian corporation tax;<\/p>

\u00a0<\/p>

(b) if that amount would have been greater but for relief from double taxation, the amount which it would have been but for such relief;<\/p>

\u00a0<\/p>

(c) the amount of the charge for Nigerian income tax; and<\/p>

\u00a0<\/p>

(d) the amount of the charge for taxation imposed outside Nigeria profits, income and (so far as charged to revenue) capital gains, and these amounts shall be stated separately in respect of the amount which is or would but for paragraph 8 (4) (b) be shown under the following items in the profit and loss account, that is to say “tax on profit or loss on ordinary activities” and “tax on extraordinary profit or loss”.<\/p>

\u00a0<\/p>

Particulars of turnover<\/em><\/p>

\u00a0<\/p>

54. (1)\u00a0\u00a0 If in the course of the financial year the company has carried on business of two or more lines that, in the opinion of the directors, differ substantially from each other, there shall be stated in respect of each line (describing it) \u2014<\/p>

\u00a0<\/p>

(a) the amount of the turnover attributable to that line; and<\/p>

\u00a0<\/p>

(b) the amount of the profit or loss of the company before taxation which is in the opinion of the directors attributable to that line.<\/p>

\u00a0<\/p>

(2) If in the course of the financial year the company has supplied markets that in the opinion of the directors, differ substantially from each other, the turnover attributable to each such market shall also be stated.<\/p>

\u00a0<\/p>

(3) In this paragraph “market” means a market delimited by geographical bounds.<\/p>

\u00a0<\/p>

(4) The source, in terms of business or in terms of market, of turnover or (as the case may be), of profit or loss, the directors of the company shall have regard to the manner in which the company’s activities are organised.<\/p>

\u00a0<\/p>

(5) For the purposes of this paragraph \u2014<\/p>

\u00a0<\/p>

(a) classes of business which, in the opinion of the directors, do not differ substantially from each other shall be treated as one class; and<\/p>

\u00a0<\/p>

(b) markets which, in the opinion of the directors, do not differ substantially from each other shall be treated as one market, and any amount properly attributable to one line of business or (as the case may be) to one market which are not material, may be included in the amount stated in respect of another.<\/p>

\u00a0<\/p>

Particulars of staff<\/em><\/p>

\u00a0<\/p>

55. (1) The following information shall be given with respect to the employees of the company \u2014<\/p>

\u00a0<\/p>

(a) the average number of persons employed by the company in the financial year; and<\/p>

\u00a0<\/p>

(b) the average number of persons so employed within each category of persons employed by the company.<\/p>

\u00a0<\/p>

(2) The average number required by sub-paragraph (1) (a) or (b) shall be determined by dividing the relevant annual number by the number of weeks in the financial year.<\/p>

\u00a0<\/p>

(3) The relevant annual number shall be determined by ascertaining for each week in the financial year for the purposes of \u2014<\/p>

\u00a0<\/p>

(a) subparagraph (1) (a), the number of persons employed under contracts of service by the company in that week (whether throughout the week or<\/p>

\u00a0<\/p>

(b) subparagraph (1) (b), the number of persons in the category in question of persons so employed, and in either case, adding together all the weekly numbers.<\/p>

\u00a0<\/p>

(4) In respect of all persons employed by the company during the financial year who are taken into account in determining the relevant annual number for the purposes of subparagraph (1) (a), there shall be stated the aggregate amounts respectively of \u2014<\/p>

\u00a0<\/p>

(a) wages and salaries paid or payable in respect of that behalf; and<\/p>

\u00a0<\/p>

(b) other pension costs so incurred, save in if those amounts or any of them are stated in the profit and loss account.<\/p>

\u00a0<\/p>

(5) The categories of persons employed by the company by reference to which the number required to be disclosed by sub-paragraph (1) (b) is to be determined, shall be such as the directors may select, having regard to the manner in which the company’s activities are organised.<\/p>

\u00a0<\/p>

Miscellaneous matters<\/em><\/p>

\u00a0<\/p>

56. (1) Where any amount relating to any preceding year is included in any item in the profit and loss account, the effect shall be stated.<\/p>

\u00a0<\/p>

(2) Particulars shall be given of any extraordinary income or charges arising in the year.<\/p>

\u00a0<\/p>

(3) The effect shall be stated of any transaction that are exceptional by virtue of size or incidence though they fall within the ordinary activities of the company.<\/p>

\u00a0<\/p>

\u00a0<\/em><\/p>

General<\/em><\/p>

\u00a0<\/p>

57. (1) Where sums originally denominated in foreign currencies have been brought into account under any item shown in the balance sheet or profit and loss account, the basis on which those sums have been translated into Nigerian currency shall be stated.<\/p>

\u00a0<\/p>

(2) Subject to the following sub-paragraph, in respect of every item stated in a note to the accounts, the corresponding amount for the financial year immediately preceding that to which the accounts relate shall also be stated and where the corresponding amount is not comparable, it shall be adjusted and particulars of the adjustment and the reasons for it shall be given.<\/p>

\u00a0<\/p>

(3) Subparagraph (2) shall not apply in relation to any amount stated by virtue of any of the following provisions of this Act \u2014<\/p>

\u00a0<\/p>

(a) section 383 as it applies Parts I and II of the Third Schedule (proportion of share capital of subsidiaries and other bodies corporate held by the company, etc.);<\/p>

\u00a0<\/p>

(b) sections 384 and 385 and the Third Schedule to this Act (particulars of loans to directors, etc.); and<\/p>

\u00a0<\/p>

(c) paragraphs 41 and 45.<\/p>

\u00a0<\/p>

PART IV \u2014 SPECIAL PROVISIONS WHERE THE COMPANY IS A HOLDING OR SUBSIDIARY COMPANY<\/p>

\u00a0<\/p>

Company’s own financial statements<\/em><\/p>

\u00a0<\/p>

58. Where a company is a holding company or a subsidiary of another body corporate and any item required by Part I of this Schedule to be shown in the company’s balance sheet in relation to group companies includes \u2014<\/p>

\u00a0<\/p>

(a) amounts attributable to dealings with or interests in any holding company or fellow subsidiary of the company; or<\/p>

\u00a0<\/p>

(b) amounts attributable to dealings with or interests in any subsidiary of the company, the aggregate amounts within paragraphs (a) and (b) respectively shall be shown\u00a0\u00a0 as separate items, either by way of sub-division of the relevant item in the balance sheet or in a note to the company’s accounts.<\/p>

\u00a0<\/p>

59. (1) Subject to the following sub-paragraph, where the company is a holding company, the number, description and amount of the shares in and debentures of the company held by its subsidiaries or their nominees shall be disclosed in a note to the company’s accounts.<\/p>

\u00a0<\/p>

(2) Subparagraph (1) shall not apply in relation to any shares or debentures \u2014<\/p>

\u00a0<\/p>

(a) in the case of which the subsidiary is concerned as personal representative; or<\/p>

\u00a0<\/p>

(b) in the case of which it is concerned as trustee, provided that in the latter case neither the company nor any subsidiary of the company is beneficially interested under the trust, otherwise than by way of security only for the purposes of a transaction entered into by the ordinary course of a business which includes the lending of money.<\/p>

\u00a0<\/em><\/p>

The Second Schedule to this Act has effect for the interpretation of the reference in this sub-paragraph to a beneficial interest under a trust.<\/em><\/p>

\u00a0<\/p>

Consolidated accounts of holding company and subsidiaries<\/em><\/p>

\u00a0<\/p>

60. Subject to paragraphs 62 and 65, the consolidated balance sheet and profit and loss account shall combine the information contained in the separate balance sheets and profit and loss accounts of the holding company and of the subsidiaries dealt with by the consolidated accounts, but with such adjustments (if any) as the directors of the holding company think necessary.<\/p>

\u00a0<\/p>

61. Subject to paragraphs 62 to 65, and to Part V of this Schedule, the consolidated accounts shall, in giving the information required by paragraph 60, comply so far as practicable with the requirements of this Schedule and with the other requirements of this Act as if they were the accounts of an actual company.<\/p>

\u00a0<\/p>

62. The following provisions of this Act, namely \u2014<\/p>

\u00a0<\/p>

(a) section 382 as it applies to the Sixth Schedule; and<\/p>

\u00a0<\/p>

(b) sections 578 – 579 and the Sixth Schedule,<\/p>

\u00a0<\/p>

if relating to accounts, other than group accounts, shall not, by virtue of paragraphs 60 and 61, apply for the purposes of the consolidated accounts.<\/p>

\u00a0<\/p>

63. Paragraph 61 is without prejudice to any requirement of this Act which applies (otherwise than by virtue of paragraph 61 or 62) to group accounts.<\/p>

\u00a0<\/p>

64. (1) Notwithstanding paragraph 61, the consolidated accounts prepared by a holding company may deal with an investment of any member of the group in the shares of anybody corporate by way of the equity method of accounting in any case where it appears to the directors of the holding company that that body corporate is so closely associated with any member of the group as to justify the use of that method in dealing with investments by that or any other member of the group in the shares of that body corporate.<\/p>

\u00a0<\/p>

(2) In this paragraph, references to the group, in relation to consolidated accounts prepared by a holding company, are references to the holding company and the subsidiaries dealt with by the accounts.<\/p>

\u00a0<\/p>

65. Notwithstanding paragraphs 60 and 61, paragraphs 17 – 19 and 21 shall not apply to any amount shown in the consolidated balance sheet in respect of goodwill arising on consolidation.<\/p>

\u00a0<\/p>

66. In relation to any subsidiaries of the holding company not dealt with by the consolidated accounts, paragraphs 58 and 59 shall apply for the purpose of those accounts as if those accounts were the accounts of an actual company of which they were subsidiaries.<\/p>

\u00a0<\/p>

\u00a0<\/p>

Group financial statements not prepared as consolidated financial statements<\/em><\/p>

\u00a0<\/p>

67. Group financial statements which are not prepared as consolidated statements, together with any notes to those statements, shall give the same equivalent information as that required to be given by consolidated financial statements by virtue of paragraphs 60 t- 66.<\/p>

\u00a0<\/p>

Provisions of general application<\/em><\/p>

\u00a0<\/p>

68. (1) This paragraph applies where the company is a holding company and either \u2014<\/p>

\u00a0<\/p>

(a) does not prepare group accounts; or<\/p>

\u00a0<\/p>

(b) prepares group accounts which do not deal with one or more of its subsidiaries, and references below in this paragraph to the company’s subsidiaries shall be read in a case within paragraph (b) as references to such of the company’s subsidiaries as are excluded from the group accounts.<\/p>

\u00a0<\/p>

(2) Subject to the provisions of this paragraph \u2014<\/p>

\u00a0<\/p>

(a) the reasons why the subsidiaries are not dealt with in group accounts; and<\/p>

\u00a0<\/p>

(b) a statement showing any qualification contained in the reports of the auditors of the subsidiaries on their accounts for their respective years ending with or during the year of the company, and any note or saving contained in those accounts to call attention to a matter which, apart from the note or saving, would properly have been referred to in such a qualification, in so far as the matter which is the subject of the qualification or note is not covered by the company’s own accounts and is material from the point of view of its members, shall be given in a note to the company’s accounts.<\/p>

\u00a0<\/p>

(3) Subject to the following provisions of this paragraph, the aggregate amount of the total investment of the holding company in the shares of the subsidiaries under the equity method of valuation shall be stated in a note to the company’s financial statements.<\/p>

\u00a0<\/p>

(4) Subparagraph (3) shall not apply where the company is a wholly-owned subsidiary of another body corporate incorporated in Nigeria if there is indeed in a note to the company’s accounts a statement that in the opinion of the directors of the company the aggregate value of the assets of the company consisting of shares in or amounts owing (whether on account of a loan or otherwise) from, the company’s subsidiaries is not less than the aggregate of the amounts at which those assets are stated or included in the company’s balance sheet.<\/p>

\u00a0<\/p>

(5) In so far as information required by any of the preceding provisions of this paragraph to be stated in a note to the company’s accounts is not obtainable, a statement to that effect shall be given instead in a note to those accounts.<\/p>

\u00a0<\/p>

(6) The Commission may, on the application or with the consent of a company’s directors, direct that in relation to any subsidiary, subparagraphs (2) and (3) shall not apply or shall apply only to such extent as may be provided by the direction.<\/p>

\u00a0<\/p>

(7) Where in any case within sub-paragraph (1) (b) the group accounts are consolidated accounts, references above in this paragraph to the company’s accounts and the company’s balance sheet respectively, shall be read as references to the consolidated accounts and the consolidated balance sheet.<\/p>

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>

69. Where a company has subsidiaries whose years did not end with that of the company, the following information shall be given in relation to each such subsidiary (whether or not dealt with in any group accounts prepared by the company) by way of a note to the company’s accounts or (where group accounts are prepared) to the group accounts, that is to say \u2014<\/p>

\u00a0<\/p>

(a) the reasons why the company’s directors consider that the subsidiaries’ years should not end with that of the company;<\/p>

\u00a0<\/p>

(b) the dates of which the subsidiaries’ year ending last before that of the company respectively ended or the earliest and latest of those dates; and<\/p>

\u00a0<\/p>

(c) the date immediately following the last statements when the accounts will be consolidated or be re-classified where appropriate as investment properties (long time investments).<\/p>

\u00a0<\/p>

PART V \u2014 INTERPRETATION OF SCHEDULE<\/p>

\u00a0<\/p>

70. The following paragraphs apply for the purposes of this Schedule and its interpretation.<\/p>

\u00a0<\/p>

Assets: fixed or current<\/em><\/p>

\u00a0<\/p>

71. Assets of a company are taken to be fixed assets if they are intended for use on a continuing basis in the company’s activities and any assets not intended for such use shall be taken to be current assets.<\/p>

\u00a0<\/p>

Balance sheet date<\/em><\/p>

\u00a0<\/p>

72. “Balance sheet date” in relation to a balance sheet, means the date as at which the balance sheet was prepared.<\/p>

\u00a0<\/p>

Capitalisation<\/em><\/p>

\u00a0<\/p>

73. References to capitalising any work or costs are to treating that work or those costs as a fixed asset.<\/p>

\u00a0<\/p>

Fellow subsidiary<\/em><\/p>

\u00a0<\/p>

74. A body corporate is treated as a fellow subsidiary of another body corporate if both are subsidiaries of the same body corporate but neither is the other’s.<\/p>

\u00a0<\/em><\/p>

Group companies<\/em><\/p>

\u00a0<\/p>

75. “Group company” in relation to any company, means anybody corporate which is that company’s \u00a0 subsidiary or holding company, \u00a0 or a subsidiary \u00a0 of that company’s \u00a0 holding company.<\/p>

\u00a0<\/p>

Historical cost accounting rules<\/em><\/p>

\u00a0<\/p>

76. References to the historical cost accounting rules shall be read in accordance with paragraph 29.<\/p>

\u00a0<\/p>

Leases<\/em><\/p>

\u00a0<\/p>

77. (1) “Long lease” means a lease with respect to which the portion of the term for which it was granted remaining unexpired at the end of the year is \u2014<\/p>

\u00a0<\/p>

(a) in case of a right of occupancy to land, not less than 50 years;<\/p>

\u00a0<\/p>

(b) in any other case, not less than 12 months.<\/p>

\u00a0<\/p>

(2) “Short lease” means a lease which is not a long lease.<\/p>

\u00a0<\/p>

(3) “Lease” includes an agreement for a lease.<\/p>

\u00a0<\/p>

Listed investment<\/em><\/p>

\u00a0<\/p>

78. “Listed investment” means an investment as respects which there has been granted a listing on a recognised stock exchange, or on any stock exchange of repute (other than a recognised stock exchange) outside Nigeria.<\/p>

\u00a0<\/p>

Loan<\/em><\/p>

\u00a0<\/p>

79. A loan is treated as falling due for repayment, and an instalment of a loan is treated as falling due for payment, on the earliest date on which the lender could require repayment or (as the case may be) payment, if he exercised all options and rights available to him.<\/p>

Materiality<\/em><\/p>

\u00a0<\/p>

80. Amounts which in the particular context of any provision of this Schedule, the disclosure of which will influence the opinion of the reader or user of financial statements, and which are not material may be disregarded for the purposes of that provision.<\/p>

\u00a0<\/p>

Notes to the accounts<\/em><\/p>

\u00a0<\/p>

81. Notes to a company’s accounts may be contained in the accounts or in a separate document annexed to the accounts.<\/p>

\u00a0<\/p>

Provisions<\/em><\/p>

\u00a0<\/p>

82. (1) References to provisions for depreciation or diminution in value of assets are to any amount written off by way of providing for depreciation or diminution in value of assets.<\/p>

\u00a0<\/p>

(2) Any reference in the profit and loss account formats set out in Part I of this Schedule to the depreciation of, or amounts written off, assets of any description is to any provision for depreciation or diminution in value of assets of that description.<\/p>

\u00a0<\/p>

83. References to provisions for liabilities or charges are to any amount retained as reasonably necessary for the purpose of providing for any liability or loss which is either likely to be incurred, or certain to be incurred, but uncertain as to amount or as to the date on which it will arise.<\/p>

\u00a0<\/p>

Purchase price<\/em><\/p>

\u00a0<\/p>

84. References (however expressed) to the purchase price of any asset of a company or of any raw materials or consumables used in the production of any such asset, include any consideration (whether in cash or otherwise) given by the company in respect of that asset or in respect of those materials or consumables (as the case may require). This includes the costs of putting it into condition ready for its intended use.<\/p>

\u00a0<\/p>

Realised profits<\/em><\/p>

\u00a0<\/p>

85. Without prejudice to \u2014<\/p>

\u00a0<\/p>

(a) the construction of any other expression (where appropriate) by reference to accepted accounting principles or practice; or<\/p>

\u00a0<\/p>

(b) any specific provision for the treatment of profits of any description as realised,<\/p>

\u00a0<\/p>

it is declared for the avoidance of doubt that references in this Schedule to realised profits, in relation to a company’s accounts, are to such profits of the company’s, fall to be treated as realised profits for the purposes of those accounts in accordance with principles generally accepted with respect to the determination, for accounting purposes, of realised profits at the time when accounts are prepared.<\/p>

\u00a0<\/p>

Related companies<\/em><\/p>

\u00a0<\/p>

86. (1) “Related company”, in relation to any company, means anybody corporate (other than one which is a group company in relation to that company) in which that company holds on a long-term basis a qualifying capital interest for the purpose of securing a contribution to that company’s own activities by the exercise of any control or influence arising from that interest.<\/p>

\u00a0<\/p>

(2) In this paragraph “qualifying capital interest” means, in relation to anybody corporate, an interest in shares comprised in the equity share capital of that body corporate of a class carrying rights to vote in all circumstances at general meetings of that body corporate.<\/p>

\u00a0<\/p>

(3) Where \u2014<\/p>

\u00a0<\/p>

(a) a company holds a qualifying capital interest in a body corporate;<\/p>

\u00a0<\/p>

(b) a company exercises material influence in matters relating to dividends, commercial and financial policies; and<\/p>

\u00a0<\/p>

(c) the nominal value of any relevant shares in that body corporate held by that company is equal to twenty per cent or more of the nominal value of all relevant shares in that body corporate, it shall be presumed to hold that interest on the basis and for the purpose mentioned in subparagraph (1), unless the contrary is shown.<\/p>

\u00a0<\/p>

(4) In subparagraph (3) “relevant shares” means, in relation to anybody corporate, any such shares in that body corporate as are mentioned in subparagraph (c).<\/p>

\u00a0<\/p>

Staff costs<\/em><\/p>

\u00a0<\/p>

87. (1) “Pension \u00a0 costs” includes any (past or present) costs, \u00a0 other contributions by the company for the purposes of any pension scheme established for the purpose of providing pensions for persons employed by the company, any sums set aside for that purpose and any amounts paid by the company in respect of pensions without first being so set aside.<\/p>

\u00a0<\/p>

(2) Any amount stated in respect of either of the above items or in respect of the item “wages and salaries” in the company’s profit and loss account shall be determined by reference to payments made or costs incurred in respect of all persons employed by the company during the year who are taken into account in determining the relevant annual number for the purposes of paragraph 55 (1) (a).<\/p>

\u00a0<\/p>

Turnover<\/em><\/p>

\u00a0<\/p>

88. “Turnover”, in relation to a company, means the amounts derived from the provision of goods and services falling within the company’s ordinary activities, after deduction of \u2014<\/p>

\u00a0<\/p>

(a) Trade discounts;<\/p>

\u00a0<\/p>

(b) value added tax; and<\/p>

\u00a0<\/p>

(c) any other taxes based on the amounts so derived.<\/p><\/td><\/tr><\/tbody><\/table>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Schedules \u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0First Schedule\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Sections 378 (1) and (6) (a) 380 \u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 FORM AND CONTENT OF COMPANY’S FINANCIAL STATEMENTS \u00a0 PART I \u2014 GENERAL INFORMATION TO BE DISCLOSED GENERAL RULES AND FORMATS \u00a0 SECTION A – \u00a0 GENERAL INFORMATION TO BE DISCLOSED \u00a0 1. All accounting information that assist users to assess the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ocean_front_end_style_editor":"no","ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"0","ocean_second_sidebar":"0","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"0","ocean_custom_header_template":"0","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"0","ocean_menu_typo_font_family":"0","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"0","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"off","ocean_gallery_id":[],"footnotes":""},"categories":[1],"tags":[],"class_list":["post-323","post","type-post","status-publish","format-standard","hentry","category-uncategorized","entry"],"yoast_head":"\nElementor #323 - COMPANIES AND ALLIED MATTERS ACT, 2019<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.placbillstrack.org\/cama\/uncategorized\/elementor-323\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Elementor #323 - COMPANIES AND ALLIED MATTERS ACT, 2019\" \/>\n<meta property=\"og:description\" content=\"Schedules \u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0First Schedule\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Sections 378 (1) and (6) (a) 380 \u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 FORM AND CONTENT OF COMPANY’S FINANCIAL STATEMENTS \u00a0 PART I \u2014 GENERAL INFORMATION TO BE DISCLOSED GENERAL RULES AND FORMATS \u00a0 SECTION A – \u00a0 GENERAL INFORMATION TO BE DISCLOSED \u00a0 1. 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