Jun 08, 2017 the role of accountant in the economic development of nigeria could have been very vest tedious as mostly research as mostly research work to undertake, but the topic has been limited to a particular area, nigeria bottling company onitsha, which made it researchable for the researcher. The history of accounting in nigeria is as important as nigeria s history particularly before and after the era of independence. History of accounting in nigeria all you need to know. This research work examines the accounting standards in nigeria. Accounting and finance, organized by the institute of chartered accountants of nigeria at the lagos airport hotel between the 18th and 20th of may 2015.
Both ican and the association of national accountants of nigeria anan nominate two members to the board. Ahistoryofnigeria nigeria is africas most populous country and the worlds eighth largest oil producer, but its success has been undermined in recent decades by ethnic and religious con. Now in nigeria, there are two recognized accounting bodies namely institute of charted accountants of nigeria ican and association of national accountants of nigeria, anan. Statements of accounting standards are standards used by management of companies in the preparation of financial reports. A thorough understanding of the history and development of management accounting is required before the gap between education and practice can be investigated. Three important responsorial upshots were discernible. Development plans have been accepted as a suitable strategy to address development challenges in nigeria. Nigeria, commonly known as the giant of africa with more than 150 million people is the most populous country in africa. How we measure reads a read is counted each time someone views a publication summary such as the title. During the preindependence period, in nigeria, especially before the establishment of the collages of arts and sciences particularly the one in ibadan, people who wanted to enroll into accounting profession had to be trained through article ship.
This study explored the history of accounting and evolution of accounting standard in. In chapter, it entails the introduction background of study, statement of problem, purpose of the study, significance of study, scope and limitation of the. First, the sarbanesoxley act of 2002 was created in the u. Pdf the development of accounting studies and practices in nigeria. History and development of accounting in perspective.
From the outset, nigeria s ethnic and religious tensions were magnified by the disparities in economic and educational development between the south and the north. Nigeria is a famous country with more than one hundred and forty million population. The research into the history of the accounting profes section further examines other threats to the terri sion in nigeria, many of their reports have tended torial. The ag was manoeuvred out of control of the western region by the federal government and a new progovernment yoruba party, the nigerian national democratic party nndp, took over. It should also be noted that state governments also finance higher education in nigeria but the magnitude of their finances on higher education varies according to the number of such institutions that are owned by such states. A high level of professional education leads to better. Thus, without mincing words the phenomenon has ravaged the country and destroyed most of.
History of accounting in nigeria the institutionalization of accounting started in britain, from where accounting was imported to nigeria. A simple chi square was used to relate these threats and challenges to the development of accounting profession in nigeria. A study of selected universities uwuigbe, olubukunola ranti ph. The history of accounting in nigeria is as important as nigerias history particularly before and after the era of independence. Evolution of forensic accounting and its role in nigeria economy 1. Financing and accounting in the nigerian railway corporation ezeugwu ikenna edwin pgmba9211638 being a project report presented to the department of banking and finance of the university of nigeria, enugu campus. Members including central bank of nigeria, finance ministry, nigeria accounting teachers association, chambers of commerce etc. Pdf professional accounting development in nigeria. Accounting records dating back several thousand years have been found in various parts of the world.
The history of accounting or accountancy is thousands of years old and can be traced to ancient civilizations the early development of accounting dates back to ancient mesopotamia, and is closely related to developments in writing, counting and money and early auditing systems by the ancient egyptians and babylonians. A discussion of the development of accounting in nigeria cannot be undertaken without. At the time, many nigerians didnt realize the need for the. Evolution of forensic accounting and its role in nigeria economy. From the outset, nigerias ethnic and religious tensions were magnified by the disparities in economic and educational development between the south and the north. Prior to nigeria s emergence into the class of developing nations, no relevance was given to accounting and nigerians hardly engaged the services of accountants. Thus, without mincing words the phenomenon has ravaged the country and destroyed most of what is held as cherished national values. Adoption of international financial reporting standards in. The nok achieved a level of material development not repeated in the region for nearly 1,000 years.
Geographical, historical and political profiles of nigeria. It offers the directions that are necessary for the future accountants to get the profession in nigeria. Some of the roles of accounting in economic development are listed below. Prior to nigerias emergence into the class of developing nations, no relevance was given to accounting and nigerians hardly engaged the services of accountants. The development of accounting and reporting in ghana. Accounting is the system of recording, classifying and summarizing financial information in such a way that users of the information can make economic decisions based upon it. Ed, mba, mtp sa, aca, acib, amnim, acti, cfa, cfe, cpfa, accacertifr asst. The history of accounting, stewardship and total separation of the roles of agents from principal beget auditing history.
There is a widened western educational gap between the north and south of nigeria with the predominantly muslim areas of the north lagging behind due to some historical antecedents. Thats why its necessary to discuss history of the nation to. Development press is considered a unique press theory reflecting the social and political system of the developing countries, including nigeria. The full history of accounting in nigeria is saturated and rich. A comparative study of accounting standards in nigeria. Nigeria is the most populous cou ntry in africa, the second biggest economy, the third largest military power and the biggest oil producer 10th oil producer in the world. Issues, problems and prospects with particular reference to enugu north local government area of enugu state. History and development of accounting in nigeria small. Beside this, the history of accounting in nigeria can be traced prior to the. The role of accountant in the economic development of nigeria could have been very vest tedious as mostly research as mostly research work to undertake, but the topic has been limited to a particular area, nigeria bottling company onitsha, which made it researchable for the researcher. Development strategy need of the federal government of nigeria is predicted on four key strategies viz reforming the way government works and its institutions, growing the private sector, implementation of a social charter for the people and reorientation of the people with an enduring african value system.
Also the dearth of accounting education in nigeria is examined and recommendations were made. History and development of accounting in perspective science. Moreover, knowledge of the history of management accounting will facilitate an understanding of the future of this profession. This research work examines the accounting standards in nigeria and how far the board as gone with the adoption of. Geographical, historical and political profiles of nigeria 1. The researcher examined the financial relationship of local government with state and federal government. International journal of education learning and development vol. An assessment of nigerian stock exchange market development. The education in this area implies the action of giving systematic studying to enlighten the professionals. This is very important area in economic development of any country, including nigeria.
Nigeria, both through ican and the nasb, is already involved with the development of accounting and repoting practices through membership of ifac and attendance at appropriate international conferences and. It is an incontrovertible fact that corruption has been the bane of nigerias development. As a result, there is a high level of alienation in our cultural realms. The nigerian journal of economic history njeh seeks to promote the scholarly study of africas and the developing worlds past economic issues and events from a diversity of perspectives notably those of history, economics, and other relevant disciplines. Accounting in the nigeria public sector, problem and prospects is the project topic and a case study of selected government establishment in phcn, the research involve five 5 chapters. Political leadership and corruption in nigeria since 1960. The nigerian accounting standards board act of 2003 provided the legal framework under which nasb set accounting standards. Pdf the aim of this paper was to present the history of accounting. Financial reporting council of nigeria and the future of. The history of marketing extends back in time to the most primitive societies, for it can be argued that some activities that are today regarded as small fractions of marketing date back to centuries before the birth of christ. The growth and development of every economy hinges on how resources are judiciously managed and multiplied. We traced the history of auditing and evaluated the various dynamics of duties of auditors over the years. Nigerias planning experience began with the tenyear plan of development and welfare for nigeria which was. History of accounting in nigeria all you need to know peakng.
The development of accountancy profession in nigeria had been predicated on the. The defunct nigerian accounting standards board was thus replaced by the financial reporting council of nigeria. Other laws include the bank and other financial act. The development of accounting in nigeria with special emphasis on the key role players in education, training and practice lawrence a. Pdf this study explored the history of accounting and evolution of accounting standard in nigeria in relation to the countrys adoption of the. Benue state university, makurdi, benue state, nigeria email. Therefore, discussing the development of accounting in nigeria cannot be undertaken without making reference to the development of nigeria as a nation. Accounting began as a simple system of clay tokens to keep track of goods and animals, but has developed throughout history into a way of. Project muse a comprehensive tax history of nigeria. History of accounting in nigeria 725 words bartleby. Partial fulfilment of the requirements for the award of the degree of master of business administration in banking and finance. Educational policy in nigeria from the colonial era to the. International journal of education learning and development.
The views and perceptions of the major actors in the field of accounting in nigeria which includes academic accountants, professional accountants and the accounting regulators were sought. D department of psychology college of development studies covenant university, ota, ogun state, nigeria abstract. Evaluation of professional accountancy education and. Therefore, the analysis of various development plans in nigeria since independence becomes necessary. The procedure for the development of a statement of accounting standard is time consuming, painstaking and requires the involvement of members of council and the public at large. Issues problems and prospects abstract in this research work titled local government accounting in nigeria. The history and development of accounting will be useful to accounting users, providers, certifiers, trainees, trainers, and accounting professional bodies in reflecting whether they have played a major role in accounting development. These factors were highlighted under the section of threats facing accounting education in nigeria. Accounting is all about cost savings which can be said to be the backbone of economic growth and development. Nigeria, both through ican and the nasb, is already involved with the development of accounting and repoting practices through membership of ifac and attendance at appropriate international conferences and seminars. Long before 1500, much of presentday nigeria was divided into states, which can still be linked to the modern ethnic groups that trace their history to the origins of these states. Evaluation of professional accountancy education and training. The role in nigeria economy compiled and presented by godwin emmanuel oyedokun hnd, bsc. D department of accounting college of development studies covenant university ota, ogun state, nigeria ovia, ebikaboere ph.
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