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The Nigerian Accountant 2015 Contents JANUARY/MARCH, 2015 Vol.48, No.1 4 OPINION Business Re-organisation in Nigeria: Key Tax * Considerations and Common Pitfalls 6 HEALTH Harmattan and Your Health * 8 NEWS/EVENTS The Nigerian 21 TECHNICAL ACCOUNTANT Corporate Performance and Corporate Social (ISSN: 0048 – 0371) is published * Responsibility quarterly for N400 by THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA 34 DEVELOPMENT The Changing Nature of Auditors’ Report HEAD OFFICE: * Plot 16, Idowu Taylor Street, Mergers in Professional Service Firms Victoria Island, Lagos. * P.O. Box 1580, Lagos. Telephone: (01) 7642294, 7642295 49 COVER ARTICLE Fax: (01) 4627048 Managing the Impact of Declining Oil Prices E-mail: [email protected] * Website: www.ican-ngr.org 54 CONFERENCE ANNEXE OFFICE: Reminiscences of 19th IFAC WCOA, Rome, Italy 82, Murtala Mohammed Way, * Ebute Metta, Lagos. Telephone: (01) 7642297, 7642298 ICAN CENTRE: Plot 12, Kofo Kasumu Street, Amuwo Odofin, Lagos. The views expressed by correspondents or* contributors in this journal are not necessarily those of the Institute. By making submissions to The Nigerian Accountant, the contributors undertake that the contributions are original and have not been accepted or submitted elsewhere for publication. The Institute reserves the right to refuse, cancel,* amend or suspend an advertisement or insertion and no liability can be accepted for loss arising from non-publication or late publication of any advertisement or insertion. All articles are subject to editing. © No part of this publication may be 63 LEGAL MATTERS reproduced* without the prior written ICAN Disciplinary Tribunal Ruling permission of the publisher. * THE NIGERIAN ACCOUNTANT 1 January/March, 2015 THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA (Established by Act of Parliament No.15 of 1965) Officers & Council Members Vision Statement 2014-2015 To be a leading global President , professional body. Chidi Onyeukwu AJAEGBU FCS, MBF, Dip. in Polygraph (USA), FCA Vice President Mission Samuel Olufemi DERU (Otunba), FCA Statement 1st Deputy Vice President To produce Titus Alao SOETAN (Deacon), FCA world-class chartered 2nd Deputy Vice President Isma’ila Muhammadu ZAKARI (Alhaji), mni, BSc, FCA accountants, regulate and continually enhance their Immediate Past President Kabir Alkali MOHAMMED (Alhaji), mni, MFR, FCIS, CGMA, FCA ethical standards and technical competence in Honorary Treasurer (Mrs.), BSc, MSc, ACPIN, FCIB, FCA the public interest. Onome Joy OLAOLU Members Oye Clement AKINSULIRE (Chief), MSc, MBA, FNIM, FCA ICAN LIAISON OFFICES Davidson Chizuoke ALARIBE (Chief), MA, CFA, MIMC, MNIM, FCA Abuja Liaison Office: Ibrahim Madugu Abdullahi BABAYO, FCA Akintola Williams House Sunday Abayomi BAMMEKE, BSc, FCA Plot 2048, Michael Okpara Way, Adaku Chilaka CHIDUME-OKORO (HRH), BSc, MSc, FCA Zone 7, Wuse District, Abuja. Uchenna Ifesinachi EROBU (Mrs.), MBA, FCA Tel: 09 – 8722302, 07034520270 Comfort Olujumoke EYITAYO (Mrs.), mni, CFA, FCA (Mallam), BSc, FCA E-mail: [email protected], Tijjani Musa ISA Razak JAIYEOLA (Alhaji), BSc, CRISC, FCA [email protected] BSc, MSc, FIICA, FCTI, FCA Contact Person: Nasiru MUHAMMAD, Sylvester Chukwudi NWANNA, MSc, MBA, MCIM, FCA Mr. Gabriel Arinze Hilda Ozoh OFURE, MBA, FCA Monica Ngozi OKONKWO, MSc, ACIB, CFA, CFC, FCA Kaduna Liaison Office: Nnamdi Anthony OKWUADIGBO (Mazi), BSc, FCA 3, Kanta Road, Ali Turaki House, Innocent OKWUOSA, MSc, ACIB, FCA Kaduna. Tajudeen Adewale OLAYINKA, MBF, FCA Tel: 08036788275 Sam Onyebuchi ONUKWE, MBA, MSc, FCS, FCA E-mail: [email protected], Etofolam Felix OSUJI, MSc, FCTI, FCA [email protected] Hart Wahab Odafen OZOYA (Rev.), MBA, ACIS, ACS, FCA Contact Person: Tayo PHILLIPS, MBA, FCA Mrs. A.A. Adegoke Oyebowale Rafiu RAJI, BSc, FCA Queensley Sofuratu SEGHOSIME, MBA, FCA Kano Liaison Office: Samuel UKURA, FCA Murtala Mohammed Library Complex Haruna Nma YAHAYA (Alhaji), BSc, MBA, ANIM, FCA Ahmadu Bello Way, P.O. Box 11283, Kano. Tel: 08035900399 Registrar/Chief Executive Email: [email protected], Rotimi A. OMOTOSO, MBA, FCIB, FCA [email protected] Contact Person: Mr. A.H. Umaru Auditor PriceWaterhouseCoopers (Chartered Accountants) THE NIGERIAN ACCOUNTANT 2 January/March, 2015 From The Editor EDITORIAL BOARD t is a known fact that this is not the best of time for Nigeria’s Chairman economy. Prior to the downward trend in the oil price at the Razak JAIYEOLA (Alhaji), BSc, CRISC, FCA international market, the country has been undaunted with Members problems of Boko Haram insurgence, Ebola Virus Disease and Oye AKINSULIRE (Chief), MSc, MBA, FNIM, FCA Iseveral other challenges that had taken a toll on the socio-political Moses O. ADEBOYE, BSc, FCA and economic welfare of the nation. Solomon Oluwole ADELEKE (Deacon), FCA The recent fall in oil prices has no doubt affected the nation Joseph K. ACHUA, PhD, ACA negatively due to the fact that the Nigerian economy is solely oil Peter AJIBADE, BSc, MBA, FCA dependent. Our cover article entitled “Managing the Impact of Aisha Uwani ALIYU (Mrs.), BSc, MSc, ACA Declining Oil Prices” by Uyi Akpata delved into what should be Yohanna G. JUGU, MBA, PhD, ACA done in the face of such decline in the major revenue source of Saheed LASISI, BSc, FCA Ndubuisi MGBOKO, BSc, MBA, ACTI, FCA the country. Deji MUSTAPHA (Alhaji), BSc, MBA, FCA He explained that though the fall in the oil prices had negatively Rasaki MURITALA (Alhaji), BSc, FCTI, FCA affected the country in many ways but quickly expressed optimism Frederick I. OGUNJUBOUN, FCA that there is no reason for panic as Nigerian companies are believed Augustine OJEH, HND, BSc, MSc, ACA to be resilient enough to weather the storm after a while. Darlington I. ONWUBIKO, BSc, ACA According to him, this is not a new experience since the country Efe OVRAWAH (Mrs.), BSc, MBA, ACA has gone through a similar situation in 2008 when oil prices fell to $38 and $40 per barrel and emerged stronger from it. He Editor expressed confidence that the country and the economy would BUNMI OWOLABI (Mrs.) ultimately benefit from the current drop in oil prices as it would Deputy Editor lead to economic diversification. DAYO KOWE The 19th edition of the World Congress of Accountants (WCOA) themed organised Assistant Editor “Learning from the Past: Building the Future”, MUYIWA DARE by the International Federation of Accountants (IFAC) and hosted by the Italian Institute of Chartered Accountants, Rome, has come Staff Writer and gone but its sweet memory still lingers. The Institute’s Deputy HAKEEM KOFOWOROLA Registrar, Technical Services, Mr. Abel Asein served our readers Reporter the reminiscences of the well attended conference by participants RUTH IDUMUEKWU from about 140 nations around the world. Merger, no doubt, is one of the best practices in the business Adverts Manager world today. Our article entitled “ ORHUE GUOBADIA Mergers in Professional Service Firms” written by Dr. Ben Ukaegbu examines some of the issues Correspondence should be addressed to:- surrounding mergers and acquisitions in Professional Service Corporate Communications and Firms (PSFs). He explained how and why professional firms choose Marketing Directorate to merge or acquire the assets and liabilities of another firm as well THE INSTITUTE OF CHARTERED as the outcomes of such mergers. ACCOUNTANTS OF NIGERIA News about the Institute is also reported to keep you abreast of Plot 16, Professional Centre Layout, the activities within and outside the Secretariat. Therefore, we urge Idowu Taylor Street, Victoria Island. P.O. Box 1580, Lagos. to make the best of this edition. Your articles are welcomed too. Tel: (01) 7642294, 7642295 The Nigerian Accountant team wishes you a prosperous 2015. Fax: (01) 4627048 Your comments on this edition are welcome. Please write to: E-mail: [email protected] [email protected] or [email protected] ICAN Website: www.ican-ngr.org THE NIGERIAN ACCOUNTANT 3 January/March, 2015 Health Harmattan and Your Health By MURTALA UMAR [email protected] an as a product of the health benefits to man. For example, the environment, is affected, both low temperature associated with it is negatively and positively, by unfavourable for breeding of mosquitoes, the environment just as the thus reducing the incidence of malaria. Menvironment is in turn influenced by him. The skin, the eyes and the respiratory tract Climate, of all the environmental factors, directly communicate with the atmosphere is the most important, affecting health but the latter via the nose and mouth, are indirectly through its influence on plants, most vulnerable to the adverse effects of animals, insects and microbes, and directly this weather. The skin is usually dry with by taxing the body’s physiological reserves. accompanying cracking of the lips, sole of Climate chiefly determines the the feet and even the skin itself. The body distribution, type and density of vegetation, extremities such as the hands and feet are including crops. It influences the range of sometimes too cold to generate unpleasant animals that can be hunted or tended. It symptoms. Babies and the elderly are controls the growth and distribution of particularly prone to hypothermia (core microbes and insects that may transmit body temperature below 35 degrees them or may act as pests. Thus, wealth, centigrade) due to sub optimal temperature nutrition, education and development, and regulating mechanism. The skin can be their interaction with health, depend to a kept healthy by topical application of oily large extent on climate. creams and weather friendly dressing. Harmattan according to the American This is perhaps the best time to explore the Heritage Dictionary of the English cultural advantage of wearing babban riiga Language: Fourth Edition 2000, may have and suits, as it pleases one, to keep warm. originated from the Arabic word: HARAM, Excessive sneezing, As we use various means depending which literally means; the evil thing. This cough and catarrh are some on our socio-economic status to keep our origin may not be unconnected with the homes warm, extra caution must be taken adverse effect of this weather especially of‘ the symptoms common to prevent fire accidents.
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