Elvis Onuora & Co (Chartered Accountants)
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GENERAL CHECK UP

People make appointments to see their doctor for many different reasons. Some only go to the doctor when they are experiencing a new problem or concern and are looking for a specific diagnosis or treatment. Others see their doctor at more regular intervals for ongoing follow-up of a chronic problem or disease. For many people, however, the frequency of office visits for a regular health maintenance checkup is not clear. The requirements are different for annual medical physicals, prescription drug follow-ups, prenatal, childhood checkups, and well-woman examinations. Some people expect to have a yearly checkup, and others feel that a checkup once every two to three years is sufficient.

A Checkup: How Often?

In the past, most medical groups advocated an annual health exam. However, more recently, the American Medical Association and other similar groups have moved away from the yearly exam. 

They now suggest that medical checkups be referred to as Periodic Health Assessments or Examinations and that they be performed every five years (for adults over 18) until age 40 and every one to three years thereafter. 

The requirements are for more frequent evaluations for those taking prescription medications.

Most people younger than 40 years of age are generally free from diseases that could be diagnosed by physical examination alone. 

In this age group, health problems usually show specific signs or symptoms that would prompt you to seek medical attention. 

Also, a lot of the testing that was done routinely in the past has not been found to be cost effective and, in some cases, causes unnecessary additional testing and anxiety.


Purpose of the periodic health examination


As primary prevention

To identify risk factors for common chronic diseases

To detect disease that has no apparent symptoms (secondary prevention)

As a way for the doctor to counsel people to promote healthy behavior

To update clinical data since last checkup

To enhance the relationship between you and your doctor

A Typical Checkup

What can you expect at your check-up?


Clinical history: Updating information on your chart or medical record is important. Some of the items you will likely be asked about include the following:


Dates and results of previous preventive procedures (such as prior immunizations, Pap tests, mammograms, cholesterol levels, and blood pressure readings)


A complete and updated family history of diseases: This will give your health care professional an idea about which diseases are common in your family.


Your past medical history, including a review of all medications you take and previous surgeries

Information about your workplace and leisure and living conditions at home

Your habits such as recreational drug use, alcohol use, smoking, exercise, sexual practices, and seat belt use

Information about your normal body functions such as eating, sleeping, urination, bowel function, vision, and hearing


Physical Examination and Diagnostic Tests


The number of physical examination maneuvers your doctor performs and tests that are ordered will vary depending on your gender, age, and information obtained from the clinical history.

 

The physical exam is most useful in identifying disease in people who already have symptoms, but it is often of little use as a screening test in people who have no complaints.


FIRS CIRCULAR ON THE TAX IMPLICATIONS OF IFRS ADOPTION

The Federal Inland Revenue Service (FIRS) has just published an Information Circular on the tax implications of the adoption of International Financial Reporting Standards (IFRS). Key highlights include:

 

Transition adjustments - Taxpayers are required to present a reconciliation of their IFRS transition adjustments for tax purposes

 

Minimum Tax – The new net asset based on IFRS adoption shall not be adopted for minimum tax computation in the year of transition.


Excess dividend tax – where dividend paid exceeds taxable profit excess dividend tax at 30% will apply notwithstanding that profit being distributed may have resulted from transition adjustments

 

Extension of time for filing returns – First time adopters of IFRS would on application in accordance with Section 26 (5) of FIRSEA (and provisions of Self-Assessment Regulations 2012) be granted 3 months extension for filing of their first set of IFRS Financial statements and related returns to allow sufficient time to overcome initial conversion problems.


Inventory – (e.g. returnable packaging materials) reclassified in line with IFRS as non-current asset shall continue to be treated as inventory in line with the existing tax practice.

 

Revaluation – Cost (and TWDV) is the basis of capital allowance computation, FIRS shall continue to disregard all revaluation of PPE. Any revaluation surplus shall not be taxable while deficit shall not be an allowable deduction.

 

Asset valuation fees - Professional fees and valuation expenses relating to revaluation of PPE shall not be allowed for tax purposes.

 

Componentisation – The breakdown of componentised PPE inclusive of the basis for determining the value of each component shall be filed with the FIRS as it shall form the basis of capital allowance claims and applicable rates.


Interest free loan - when it relates to individual, it shall be regarded as benefit in kind and taxed under the provisions of PITA. In the case of corporate taxpayer, it shall be treated in line with Transfer Pricing Regulations. In all cases, the interest rate to be used shall be MPR plus a spread to be determined by the Finance Minister in line with Section 32(1) of FIRS Act.

 

Impairment – all impairment losses shall not be allowed for tax purposes.


Intangible assets - certain intangible assets such as software, franchise, and website cost will qualify for tax deduction based on amount amortised over the useful life.

 

Discontinued Operation – Cessation rule shall apply when a taxpayer discontinues a line of business and commencement rule will apply if the line of business is bought over by another party at arm’s length in line with Section 29 (9) of CITA.


Financial Instruments – classified as Fair Value Through Profit or Loss (FVTPL) or held for trading are revenue in nature and therefore liable to CITA.

 

Fair value measurement – All gains and losses that may arise from fair value measurement shall be disregarded for tax purposes.


Although one may not agree entirely with some of the positions taken by the FIRS, overall it is commendable that the FIRS is now proactively dealing with issues to provide certainty of treatment for taxpayers rather than taking a back seat and then turn round later to penalize taxpayers for non compliance.



 

NEW TAX LAW


In December 2014, the Federal Government signed into law “Companies Income Tax (Rates etc, of Tax Deduction at Source (Withholding Tax)) Amendment Regulation 2015.


This law is an amendment of certain sections of Companies income Tax Act CAP C21, LFN 2004.


This regulation reduced the rate of withholding tax deductible from construction and related activities (excluding survey, design and deliveries) from 5% to 2.5%.


This is published in Federal Government official Gazette No. 7 of 2nd January 2015.

ACCOUNTABILITY AND LEADERSHIP



Accountability is the obligation of an individual or organization to account for its activities, accept responsibility for them, and to disclose the results in a transparent manner”.



Accountability is all part of leading a big organization. You need to be accountable because the decisions you make and the actions you take have consequences; consequences that affect more than just yourself.



If you have been a leader or a team member in any organization, you would see the importance of constantly reporting back and updating your superior.



Three Points on Accountability

Acting in line with your organizational values



“Stop, in the name of the law!” is something you hear a lot in the movies (hopefully not personally). When the police officer acts in the name of the law, he gets delegated authority from the law, and he represents the law.


Similarly when your team acts, they represent your organization. How would you know whether they acted in accordance to the values of your organization unless they constantly update you and take your feedback? Therefore, you must constantly check on and ensure that your team members are acting in line with your organizational values.



Acting in line with your organizational vision



A good organization has vision; a direction that it is moving together corporately, be it conquering market share to grooming youth leaders and so on.

Sometimes newer members to the team may not understand the organizational vision. The only way you can know about it legitimately is to ask them to account for their actions.

You must then check them on the areas they have deviated, and reward them in the areas they have done in line with the vision.



Acting in line with your Integrity


Accountability issues can be as simple as letting you know that they will not come for a particular meeting or event because of a certain reason. It is a matter of integrity as well and your word is your bond.


If something happens that causes you to be unable to perform a task or be at a certain place, you have to then let the relevant people know because they have expected you otherwise to keep your word!



CONCLUSION


This concept highlights the importance of developing a culture of accountability within the organization and how it contributes to building a successful one. To be a good leader one must learn to create an organization that is accountable to you in their actions and you'll really see massive results in achieving your organizational goals!