THE DEVELOPMENT OF ACCOUNTING PRINCIPLES AND STANDARDS (AN EMPIRICAL STUDY)

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THE DEVELOPMENT OF ACCOUNTING PRINCIPLES AND STANDARDS (AN EMPIRICAL STUDY)

ABSTRACT: The objective of this study is to access based on empirical research the exceptional qualities or otherwise of the present accounting principles and standards. Information was drawn from both primary and secondary sources. The primary sources were held with members of institute of chartered accountants of Nigeria (ICAN) on the subject matters. During the time, question on the general field of accounting principles and development were asked. The rest of the information came from library sources. The information collected was analysis using simple tabular diagrams, percentages, ratio and statistical tools chi-square. The result obtained from this study is that the present way of evolving accounting principles and standard from the beginning which dates back to 600BC has not been very helpful. The study also revealed the economic life of business differ significantly so that the purpose or aims of financial reports are not the same everywhere. All these have resulted to display in the financial report between accounts. Although, it is evident that a quest deal of success has been recorded by the accountancy, bodies worldwide, in standardizing existing standards. This project recommends that a standard based on contemporary problem and fashioned for the immediate or particular business environment be evolved. It is hoped that when the points mentioned above are fully implemented, the accountancy profession, especially in Nigeria which is currently being threatened by existing laws in the country, can effectively render those necessary committee it owes to the public it services. By way of reward for the this services, the future existences of the profession would be guaranteed as it would remain ever strong and reliable.`2

LIST OF TABLES

Table 1: Statement of standard Accounting practice (SSAP)

Table 2 Reconciliation

Table 3 Questionnaire administrative and received

Table 4 The disclosure of Accounting Policies and information and the producers and users in the understanding and interpretation of financial statement and the making of economic decision (SAS) 1 and 2

Table 5 Does the use of several method for valuing and reporting stock, give rise to wide differences in total result of the operations of enterprises in the same line of business (SAS4)

Table 6 Will the accounting for employee retirement benefits help in determination of the amount due to employees before or after the date of implementation of plans (SAS8)

Table 7 Will the accounting for depreciation provide a guide for uniform and acceptable method of determining and reporting depreciation on items? (SAD9)

Table 8 Is there need for review of the accounting principles and standards to reflect contemporary problem?

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