April 30

THE 10 LEADERSHIP LESSONS I LEARNT FROM THE LION AS A KING IN THE JUNGLE.

I was watching the Nat Geo Wild Channel on Dstv and I saw the lifestyle in the Lion kingdom. It gave me a thought of leaderships lessons which we can learn from a lion been the king not just in the lion kingdom or the big cat family but the entire animal kingdom. These lessons are worth sharing.

  1. The Lion only hunt when there is a need for it (When it is hungry)

There must always be a “why” for almost everything decision you take and every action you do. It is this “why” that will keep you going even if things are working against all odds. Your reason is a motivating and it keeps motivating you to the end. Another lesson here is that being brave or being a leader does not mean you have to be looking for trouble or doing anything you want at the detriment of others.

  1. The Lion is Brave

The quality that actually qualifies him as a leader in the animal kingdom is more than strength, size, fighting or hunting skills. The bravity of the lion is what earned it the king the animal kingdom. There are other animal with more strength, larger size, awesome fighting and hunting skills even faster but they aren’t as brave as the lion. This a great quality a leader should possess, you should brave to take decision without looking back as a leader.

  1. The gentility in its footsteps

Have you ever wondered why the gentility in its footstep especially when it’s about to go after a prey. You don’t have to be a noise maker or rough before you achievement your goals as a leader.

  1. The succession plan in the kingdom

This is one of the great qualities I learnt when seeing that documentary. The cubs are taught all the qualities of a lion since childhood. Starting from how to relate with females and other males in the kingdom. And the most thrilling part is how it is left alone to live when approaching adulthood under the guidance of an adult but without it been aware. You need to have a succession plan for leadership post by training younger ones and subordinates and putting them to real life test under your supervision.

  1. The Lioness is responsible for hunting while the Lion protect the home.

A good leader must understand the importance of delegation of responsibility. You make use of the strength of every member of your team and delegate duties accordingly. Also, you must know your team member very well in order to achieve this.

  1. Confidence

A good leader must be confidence in himself and other team members. This is part of what is taught to the cub. And this is why it discovers its identity and potential at the very early stage. A leader must be able to discover his strength with a high level of confidence.

  1. Discipline

This is important in not just in every social group or institution but in the inner self of a person. It is amazing how the lion as a leader disciplines the cubs when they mess up and mess around in the kingdom. This can only be achieved because it is discipline himself. No wonder he does not just go for anything that comes it way.

  1. It can spent 20 hours of sleep a day

Isn’t that surprising to know? Even with all the responsibility that the lion shoulders, it still find time to sleep this long sometimes. You don’t have to be a workaholic to be a good leader. I am sure you have heard about the slogan that says, “worker smarter not harder”, that says it all.

  1. Lion rarely eats entire prey (sharing)

I have always believe one of the formula for having more is giving (sharing), I never knew it’s a good leadership quality. Now I learnt this from the lion as it rarely eats its entire prey, there are always leftovers for the hyenas and the vultures. Even occasion where there is no leftover (which is rare), it is shares within the big cat kingdom.

        10. Relationship management

Lions are very social because they form groups within the kingdom known as pride. The lion also manages other animals in the animal kingdom, have ever wondered how other are kept quiet and put to orderliness with roar sound. This is to me the most important lesson quality I figured out here.

I hope you have learnt at least one or two lessons from this post. Let me know which one it is using the comment box.  Also, you may add more lessons you have using the comment box below.

April 27

What you need to operate a small and medium size business in Nigeria

1. Ideation

Every business enterprise starts as an idea which is then translated into a product or service that a customer needs or is prepared to pay for. Business ideas can be generated through reading of books, newspapers/journals, interactions with friends and family members, your hobbies; your academic training, happenings in your immediate environment or gaps created by existing products. This is the first stage of starting a business. You just have to be creative about it.

2. Business plan

A business plan is a set of business goals. It is a statement of what you want to achieve (quantitative & quantitatively) and how you want to achieve it. This will give you a direction of action on what to do. It is a blueprint of what you intend to do and helps in measuring your success. Your business plan document doesn’t have a big booklet; you can keep it as simple  as two pages only. Certain types of business might require you to hire a specialist (if you don’t have the skills) for a small token. How to do it yourself is just to write it down exactly how it is in your head. I will probably write about how to do this someday. You can download a sample here.

3. Registration with CAC and relevant regulatory authority

This is required if you want to run your business smoothly without hurdles because it will be required when dealing with some important and inevitable institutions such as the Bank, Federal Inland revenue service (FIRS), Standard Organisation of Nigeria (SON), NAFDAC and other regulatory authority. Registration of Companies in Nigeria is the sole responsibility of the Corporate Affairs Commission (CAC). You will need the service of a professional such as lawyer or a chartered accountant to do this.

4. Networking and marketing

My advice to every Nigerian entrepreneur is that you should readily identify your lead or possibly customers in the niche you intend to serve. This is because the Nigerian business environment is very volatile especially the idea of ‘’you must know somebody that knows somebody’’ before getting things done. In the major cities in this country, people mostly buy by referral.  Your first customers could be your family and friends who could also help in telling their friends about your product or service. You should also attend networking events where you could generate leads.

5. Finance source

Let me start by saying you should think long and hard before considering a bank loan for your source of finance for a new SME. Finance is important when starting a business, even if you are not launching out large; you still need money for research and registration for example. There are various other ways of sourcing for finance you should explore, I promise to write about this soon. You may also need a financial adviser for this service.

6. Website

A website gives you a worldwide presence; it’s your global office or shop that allows you to open 24×7 and helps you to reach new markets with global audience. With your website, location is not a barrier to enter new markets and generate new business opportunities. It presents your professional and credible image. You can even serve your customer better by communicating business online. It saves you a lot of marketing and distribution cost, you can leverage on online communities and other social media. Fortunately, it’s so easy and cost less to set up a website. See how you can get one here.

7. Record keeping

It is important that one makes a habit of recording the business transactions every day. It will help one to make precise and efficient business decisions. All transactions should be recorded on a daily basis, whether a sale was made, or an expense was incurred and paid, as it is related to the business. Documents such as bills, receipts, invoices, bank statements, cheque stubs just to name a few, should be kept as evidence that your records are in fact accurate. Financial record keeping will assist you in determining the profitability and financial status of your business. It also helps in accurate forecast for the future. It will also give you an itch free tax filing. And the most important thing about record keeping is that you must get it right from the beginning.

This is just my little submission. If you have any other idea, please do not forget to share in the comment box below.

April 26

List of All Relevant Financial Reporting Standards

International Financial Reporting Standards (IFRS)

# Name Issued
IFRS 1 First-time Adoption of International Financial Reporting Standards 2008*
IFRS 2 Share-based Payment 2004
IFRS 3 Business Combinations 2008*
IFRS 4 Insurance Contracts 2004
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations 2004
IFRS 6 Exploration for and Evaluation of Mineral Assets 2004
IFRS 7 Financial Instruments: Disclosures 2005
IFRS 8 Operating Segments 2006
IFRS 9 Financial Instruments 2013*
IFRS 10 Consolidated Financial Statements 2011
IFRS 11 Joint Arrangements 2011
IFRS 12 Disclosure of Interests in Other Entities 2011
IFRS 13 Fair Value Measurement 2011
IFRS 14 Regulatory Deferral Accounts 2014

International Accounting Standards (IAS)

# Name Issued
IAS 1 Presentation of Financial Statements 2007*
IAS 2 Inventories 2005*
IAS 3 Consolidated Financial Statements
Superseded in 1989 by IAS 27 and IAS 28
1976
IAS 4 Depreciation Accounting
Withdrawn in 1999
IAS 5 Information to Be Disclosed in Financial Statements
Superseded by IAS 1 effective 1 July 1998
1976
IAS 6 Accounting Responses to Changing Prices
Superseded by IAS 15, which was withdrawn December 2003
IAS 7 Statement of Cash Flows 1992
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors 2003
IAS 9 Accounting for Research and Development Activities
Superseded by IAS 39 effective 1 July 1999
IAS 10 Events After the Reporting Period 2003
IAS 11 Construction Contracts 1993
IAS 12 Income Taxes 1996*
IAS 13 Presentation of Current Assets and Current Liabilities
Superseded by IAS 39 effective 1 July 1998
IAS 14 Segment Reporting
Superseded by IFRS 8 effective 1 January 2009
1997
IAS 15 Information Reflecting the Effects of Changing Prices
Withdrawn December 2003
2003
IAS 16 Property, Plant and Equipment 2003*
IAS 17 Leases 2003*
IAS 18 Revenue 1993*
IAS 19 Employee Benefits (1998)
Superseded by IAS 19 (2011) effective 1 January 2013
1998
IAS 19 Employee Benefits (2011) 2011*
IAS 20 Accounting for Government Grants and Disclosure of Government Assistance 1983
IAS 21 The Effects of Changes in Foreign Exchange Rates 2003*
IAS 22 Business Combinations
Superseded by IFRS 3 effective 31 March 2004
1998*
IAS 23 Borrowing Costs 2007*
IAS 24 Related Party Disclosures 2009*
IAS 25 Accounting for Investments
Superseded by IAS 39 and IAS 40 effective 2001
IAS 26 Accounting and Reporting by Retirement Benefit Plans 1987
IAS 27 Separate Financial Statements (2011) 2011
IAS 27 Consolidated and Separate Financial Statements
Superseded by IFRS 10, IFRS 12 and IAS 27 (2011) effective 1 January 2013
2003
IAS 28 Investments in Associates and Joint Ventures (2011) 2011
IAS 28 Investments in Associates
Superseded by IAS 28 (2011) and IFRS 12 effective 1 January 2013
2003
IAS 29 Financial Reporting in Hyperinflationary Economies 1989
IAS 30 Disclosures in the Financial Statements of Banks and Similar Financial Institutions
Superseded by IFRS 7 effective 1 January 2007
1990
IAS 31 Interests In Joint Ventures
Superseded by IFRS 11 and IFRS 12 effective 1 January 2013
2003*
IAS 32 Financial Instruments: Presentation 2003*
IAS 33 Earnings Per Share 2003*
IAS 34 Interim Financial Reporting 1998
IAS 35 Discontinuing Operations 
Superseded by IFRS 5 effective 1 January 2005
1998
IAS 36 Impairment of Assets 2004*
IAS 37 Provisions, Contingent Liabilities and Contingent Assets 1998
IAS 38 Intangible Assets 2004*
IAS 39 Financial Instruments: Recognition and Measurement
Superseded by IFRS 9 where IFRS 9 is applied
2003*
IAS 40 Investment Property 2003*
IAS 41 Agriculture 2001

IFRIC Interpretations

# Name Issued
IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities 2004
IFRIC 2 Members’ Shares in Co-operative Entities and Similar Instruments 2004
IFRIC 3 Emission Rights
Withdrawn June 2005
2004
IFRIC 4 Determining Whether an Arrangement Contains a Lease 2004
IFRIC 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds 2004
IFRIC 6 Liabilities Arising from Participating in a Specific Market – Waste Electrical and Electronic Equipment 2005
IFRIC 7 Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies 2005
IFRIC 8 Scope of IFRS 2
Withdrawn effective 1 January 2010
2006
IFRIC 9 Reassessment of Embedded Derivatives 2006
IFRIC 10 Interim Financial Reporting and Impairment 2006
IFRIC 11 IFRS 2: Group and Treasury Share Transactions
Withdrawn effective 1 January 2010
2006
IFRIC 12 Service Concession Arrangements 2006
IFRIC 13 Customer Loyalty Programmes 2007
IFRIC 14 IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction 2007
IFRIC 15 Agreements for the Construction of Real Estate 2008
IFRIC 16 Hedges of a Net Investment in a Foreign Operation 2008
IFRIC 17 Distributions of Non-cash Assets to Owners 2008
IFRIC 18 Transfers of Assets from Customers 2009
IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments 2009
IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine 2011
IFRIC 21 Levies 2013

SIC Interpretations

# Name Issued
SIC-1 Consistency – Different Cost Formulas for Inventories
Superseded
1997
SIC-2 Consistency – Capitalisation of Borrowing Costs
Superseded
1997
SIC-3 Elimination of Unrealised Profits and Losses on Transactions with Associates
Superseded
1997
SIC-5 Classification of Financial Instruments – Contingent Settlement Provisions
Superseded
1998
SIC-6 Costs of Modifying Existing Software
Superseded
1998
SIC-7 Introduction of the Euro 1998
SIC-8 First-Time Application of IASs as the Primary Basis of Accounting 
Superseded
1998
SIC-9 Business Combinations – Classification either as Acquisitions or Unitings of Interests
Superseded
1998
SIC-10 Government Assistance – No Specific Relation to Operating Activities 1998
SIC-11 Foreign Exchange – Capitalisation of Losses Resulting from Severe Currency Devaluations 
Superseded
1998
SIC-12 Consolidation – Special Purpose Entities
Superseded by IFRS 10 and IFRS 12 effective 1 January 2013
1998
SIC-13 Jointly Controlled Entities – Non-Monetary Contributions by Venturers
Superseded by IFRS 11 and IFRS 12, effective for annual periods beginning on or after 1 January 2013
1998
SIC-14 Property, Plant and Equipment – Compensation for the Impairment or Loss of Items
Superseded
1998
SIC-15 Operating Leases – Incentives 1999
SIC-16 Share Capital – Reacquired Own Equity Instruments (Treasury Shares)
Superseded
1999
SIC-17 Equity – Costs of an Equity Transaction
Superseded
2000
SIC-18 Consistency – Alternative Methods
Superseded
2000
SIC-19 Reporting Currency – Measurement and Presentation of Financial Statements under IAS 21 and IAS 29
Superseded
2000
SIC-20 Equity Accounting Method – Recognition of Losses
Superseded
2000
SIC-21 Income Taxes – Recovery of Revalued Non-Depreciable Assets
Superseded by, and incorporated into, IAS 12 by amendments made by Deferred Tax: Recovery of Underlying Assets, effective for annual periods beginning on or after 1 January 2012
2000
SIC-22 Business Combinations – Subsequent Adjustment of Fair Values and Goodwill Initially Reported
Superseded
2000
SIC-23 Property, Plant and Equipment – Major Inspection or Overhaul Costs
Superseded
2000
SIC-24 Earnings Per Share – Financial Instruments and Other Contracts that May Be Settled in Shares
Superseded
2000
SIC-25 Income Taxes – Changes in the Tax Status of an Enterprise or its Shareholders 2000
SIC-27 Evaluating the Substance of Transactions in the Legal Form of a Lease 2000
SIC-28 Business Combinations – ‘Date of Exchange’ and Fair Value of Equity Instruments
Superseded
2001
SIC-29 Disclosure – Service Concession Arrangements 2001
SIC-30 Reporting Currency – Translation from Measurement Currency to Presentation Currency
Superseded
2001
SIC-31 Revenue – Barter Transactions Involving Advertising Services 2001
SIC-32 Intangible Assets – Web Site Costs 2001
SIC-33 Consolidation and Equity Method – Potential Voting Rights and Allocation of Ownership Interests
Superseded
2001

Other pronouncements

Name Issued
Conceptual Framework for Financial Statements 2010 2010
Preface to International Financial Reporting Standards 2002*
IFRS for Small and Medium Sized Entities 2009
IFRS Practice Statement Management Commentary 2010