Uche OKIRIE

eL'pluribus unum

[Uche OKIRIE @UOkirie]

https://t.co/3nucKFo8OJ vote CFO Coca-Cola. His results are truly exceptional.

[Uche OKIRIE @UOkirie]

@NGCFOAwards2017 @NBPLC @CadburyPlc @CadburyUK @Unilever @unileverng @adesolapeters @Nestle @NestleCWAR @CocaCola_NG @SeyeDosunmu With the level of performance and diversification strategies Coca-Cola is employing to penetrate the Nigerian market, @Seye Dosunmu for me!

[Uche OKIRIE @UOkirie]

Lack of Internal control and poor Risk management, Failure of Non Executives to question the directors of public corporations.

[Uche OKIRIE @UOkirie]

Summary: control in the hands of small groups/individuals, lack of Segregation of power, failures of audit firms (Anderson in Enron).

[Uche OKIRIE @UOkirie]

The loans were tied to their share price and as the price crumbled, the bank were forced to redeem the loan.

[Uche OKIRIE @UOkirie]

Set up smaller companies to borrow money for the group which were not in the groups SFP.

[Uche OKIRIE @UOkirie]

4. Enron  (December 2001)
Kenneth Lay - Chairman
Sells energy and started dealing in energy derivatives  (options and futures).

[Uche OKIRIE @UOkirie]

Gambled on the Nikkei and lost during the koby earthquake. Finally sold the bank to ING (a Dutch bank) for 1 pound. Also in Société General

[Uche OKIRIE @UOkirie]

3. Barings Bank
Nick Leeson - Control. His pay was based on bonus and was effectively gambling the bank's money on futures and options.

[Uche OKIRIE @UOkirie]

2. Mirror groups of newspapers
Robert Maxwell - money was taken from their pension scheme to fund other smaller firms of The Mirror Group.

[Uche OKIRIE @UOkirie]

1.Polly Peck (East end London) of 1990s:
Asil Nadir - power totally in the hands of one man.

[Uche OKIRIE @UOkirie]

Corporate Governance
Several factors led to the rise of corporate governance in recent times. From the South seas bubble of 1700s to Enron.

[Uche OKIRIE @UOkirie]

Revenue should not be recognized as the form depicts but it's main substance which a times may be a loan to the selling company.

[Uche OKIRIE @UOkirie]

The substance of such transactions supercedes the legal form

[Uche OKIRIE @UOkirie]

If it is not a sale, it should be treated as a secured loan or any other transaction that can be reliably measured.

[Uche OKIRIE @UOkirie]

Such a transaction may or may not be a sale depending on the substance of the agreement.

[Uche OKIRIE @UOkirie]

This is an agreement whereby the seller agrees to repurchase the same goods at a later date.

[Uche OKIRIE @UOkirie]

Revenue Recognition & Creative Accounting
Focus IAS 18 Sales and Repurchase Agreement (SRA)

[Uche OKIRIE @UOkirie]

There's a standard divide between managing a successful SME and informal relationships like friendship and family. They're never intertwined

[Uche OKIRIE @UOkirie]

SMEs need to understand the business environment and establish a standard between managing a successful business and informal relationships.