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PROJECT TOPIC: EFFECT OF FINANCIAL REPORTING STANDARDS ON THE QUALITY OF FINANCIAL REORTING IN NIGERIA

 EFFECT OF FINANCIAL REPORTING STANDARDS ON THE QUALITY OF FINANCIAL REPORTING IN NIGERIA 

 

Abstract

This research examines the effect of financial reporting standards on the quality of financial reporting in Nigeria, aims to bring out all the various guidelines postulates, assumption, principles and methods adopted by a reporting entity in the preparation of its account so as to avoid further conflict between the prepares and users of financial statement. It also aims at bringing to the awareness of the users of financial statement the benefits of financial reporting standard towards improving business performance. The researcher adopted the primary source of data collection. it was found that the various conventions generalization, method were postulate practices, procedures, principle and standards are not synonymous and as such should not be treated interchangeably or taken to mean the same thing by users of financial statements.

Finally, it was recommended that the standards setting body maintain cooperation with government regulatory bodies and financial institution so as to ensure compliance and disclosure in all material respect with financial reporting standard requirement. The financial reporting standard (FRS) should ensure full compliance

 

CHAPTER ONE

INTRODUCTION

Background to the Study

The end product of financial reporting is the preparation and publication of financial statement. A substantial number of alternative postulate, principle assumption and method adopted by a reporting entity in the preparation of financial statement can significantly affect its result of operation and understanding the interpretation of financial reporting in financial statement.

The financial statement prepared by the accountants is based on convention that is derived from printable reports and there conventions originate from such concepts as: entity, going concern, periodicity, realization consistency, matching concept, historical cost. These concepts are fundamental to financial reporting standards and presentation of financial statement, disclosure of fundamental financial concept and acts followed.

This is because financial statement are for interest to a variety of users, especially shareholders, the use of financial statement clearly valuable evaluation of a reporting enterprise unless if financial statement clearly disclose the significant financial accounting policies that have been adopted in their preparation.

Its is also adopted in recognizing measures and values on item of revenue, expense, gain, loss or any asst or liability. Financial reporting practice have evolved in response to the verity and complexity of types of enterprise and business transaction, there exist more than one recognized calculating profit, measuring depreciation, valuing inventory.

The financial reporting standards are developed to ensure a high degree of standardization in the published financial statement. They provide the necessary information about how financial reporting information should be gathered, prepared and presented in order to improve the value of its contents and facilitate through understanding.

 EFFECT OF FINANCIAL REPORTING STANDARDS ON THE QUALITY OF FINANCIAL REPORTING IN NIGERIA

 

 

Statement of Problem

Financial reporting standards as an aspect of the accounting profession is concerned primarily with the Tran writing of financial information to the user who would use it to improve the outcome of their decision process.

The financial information are embodied in the financial statement which serves as a means of communicating information to interested parties the obligation and performance of the reporting entity or enterprise in Nigeria system.

In preparing and presenting financial statements, the accountants must be guided in such preparation by the standard of the profession to ensure that such financial statement prepared and presented will facilitate a thorough understanding to its user.So, in view of the above, the purpose of this research is to evaluate the effects of financial reporting standards ob the quality of financial reporting in Nigeria. However, there are number of problems associated with the application of financial reporting standard along side with the benefits

 

 EFFECT OF FINANCIAL REPORTING STANDARDS ON THE QUALITY OF FINANCIAL REPORTING IN NIGERIA

 

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