ABSTRACT
The unprecedented master influx of financial reporting in the country party as
a result of deregulation policies occasioned by sometimes government
intervention has aroused the curiosity of writers to carry out study of this
nature. This reporting apparently act as a fool for management decision. The
problem does not lie on management decision per se but the financial market in
general and public users as a whole.
Thus the cord of this study is to find among other things need, avenue to get
financial report, the likely, problem and their root cause eventual findings
and analyses of research work, recommendations and possible solutions as regard
to proper financial reporting in Nigeria
The study follows the chronological order of first introducing the study,
coupled with its evolution, objective, significance and likely problems to
resolve elaborating on the scope of study and definitions of some teams used in
the study.
In the literature review of the study, the researchers try to extract the
salient quality of the study.
In carrying out the research, the researcher made used of personal interview,
observation and collection of related literature in obtaining their
information.
Furthermore, analyses their finding, citing problems, their root cause, and the
users of the financial reporting the regulatory bodies.
Finally, in recognition of the obvious of the fact, the reveals as regard to
the analyzed work recommendations were made and possible solutions suggested.
TABLE OF CONTENTS
CHAPTER ONE
INTRUDUCTION
1.2
OBJECTIVE OF FINANCIAL
REPORTING
1.3
SIGNIFICANT OF FINANCIAL
REPORTING
1.4
STATEMENT OF
PROBLEM
1.5
SCOPE AND LIMITATIONS OF THE
STUDY
1.6
DEFINITION OF
TERMS
CHAPTER TWO
0:
LITERATURE REVIEW
:1
QUALITIES OF FINANCIAL REPORTING
2:2
RELEVANCE
2:3
RELIABILITY
2:4
MATERIALITY
2:5
COST AND BENEFITS
2:6
REFERENCES
CHAPTER THREE
3:0
RESEARCH DESIGN AND METHODOLOGY
3:1
POPULATION
3:2
INSTRUMENTS OF DATA
COLLECTION
3:3
RELIABILITY OF INSTRUMENTS
USED
3:4
METHOD OF ANALYSIS
CHAPTER FOUR
4:0
ANALYSIS OF FINDINGS
4:1
PROBLEM OF FINANCIAL
REPORTING
4:2
RELEVANCE AND
USEFULLNESS
4:3
RELIABILITY,
4:4
COMPARABILITY AND
CONSISTENCY
4:5
EXTERNAL ENVIROMENT REGULATION
4:6
REPORTING DTANDARDS
4:7
COMPETITION
4:8
USEDS OF FINANCIAL REPORTING
4:9
AUDITORS
4:10
REFERENCES
CHAPTER FIVE
5:0
RECOMMENDATION AND
SOLUTIONS
5:1
REGULATOR
5:2
REPORTING STARNDARDS
5:3
USERS OF FINANCIAL
REPORTS
5:4
PEPOLE AND MANAGEMENT
5:5
AUDITORS
5:6
REFERENCE BIBILOGRAPHY
CHAPTER ONE
1:1
INTRODUCTION
Financial reporting is principally concerned with the communication of
financial Information relating directly or indirectly or indirectly to an
enterprises resource, Obligations, earnings e.t.c.
The principal reporting medium is normally financial statement financial
statements are important measure of communicating for useful purpose. The usage
of scare economic resources by an enterprise. As such, they need to contain all
relevant information to be realized, and be reality understood by the
well-informed reader.
When different accounting treatment and disclosures are used for essentially
the same transaction or when information is omitted, the chances of the
information provided in the financial statements being misleading or maunders
are insured. Although there may sometimes be good reasons for differences in
accounting standards, principles, applications or disclosures that evolved at
national level or otherwise over turn now with the introduction of MIDF and the
level of public interest developing in financial reporting may be a good tome
to look at our local reporting form an over all perspective.
These issues of validity and credibility from the care of my of my topic
“financial Reporting in Nigeria: problems and solution.” The objectives of my
speech is to identify and define the problems in financial reporting in Nigeria
at present and thereafter to offer or suggest solutions or recommendations.
Thereon.
In this regard, a brief over view of the evolution of financial reporting. Its
objectives and the over all challenges facing if will be conducted.
OBJECTIVE OF THE STUDY
The need for information
on which to base investment credit and similar decision underlies the objective
of financial reporting. If information provided is not useful for decision
making, there would be no benefits form providing it to set against related
costs.
The objectives issued by
the U.S financial Accounting standard board (FASB) on financial reporting are
as follows:
1.
Financial reporting should provide information that is useful to present and
potential investors and creditors and other users in making national
investment, credit and similar decisions.
2.
The information should be Comprehensive to those who have a reasonable
understanding of business and economic events.
3.
Financial reporting should proved information to help present and potential
investors and creditors and the other users in assessing the account, firming
and ascertaining of prospective cash receipts from cash out flows of a business
ability to generate sufficient cash to meet existing obligations as and when
due, reinvest in the business for further growth and pay dividends to
shareholders.
4.
To assist existing and potential investors in assessing.
5.
To provide information about economic resource of an enterprise claims to those
resources and the effect of transactions or economic events.
6.
To provide information about how enterprises obtain an utilizes cash resources
about its borrowing and repayment of borrowing.
7.
Financial reporting should provide information about how management has to use
the resources of the enterprise entrusted to it by owners of the business.
8.
Finally, financial reporting should provide information that is useful to
management in making decision in the interest of the business.
This seems fairly comprehensive definition to
the objective of financial reporting. It of course leads us to the question of
whether Nigeria financial reporting meets such objectives.
1:3
SIGNIFICANT OF THE STUDY
The whole essence
of financial report as noted is to serve as a tool in decision making,
partially decision affecting shift in resources to better opportunities. Three
principal users of the financial reporting are shareholder the send. (Normally
the Bank) and the potential investor. There is no doubt that the extent of
financial literacy of these people/parties invariably shapes the quality of
financial reporting.
1.4
STEMENT OF PROBLEM
The problem of financial reporting in Nigeria
can be defined according to the extend to which the objective of financial
reporting are met.
1.
Mixed timeless and value: On timeliness, our local performance in mixed. Most
Companies do issue their account within six months of the year-end and while
most banks written four months. As it regards to value most companies do
discover or disclose what is required by law and accounting standard. For from
perfect, while in some areas a little out of data fairly comprehensive.
2.
Reliability in terms of reliability noted in the objective the measure rest on
the quality of verification and neutrality. How would financial reporting in
Nigeria for on the reliability score-eard/ an evolution of recent trends in
financial reporting system would provide some incomparability sights on this
issue, where sadly it think we score very.
3.
Comparability and consistency: We identified that benefits are firm companies
information across companies and between years.
In order words, companies stand to go gain from
financial analysis.
However, it is common knowledge to those of us that conduct (or attempt to
conduct) financial analysis that key limitation exist in such exercises.
1.6
DEFINITION OF TERMS:
BALANCE SHEET:
This is a statement showing a summary of the assets and liability of a
business.
DOUBLE ENTRY BOOK KEEPING
This is a general accepted method of accounting which demands every transaction
must be recorded device in the book of account to go complete information about
the given and receiver of values in that single transaction.
ACCOUNTING STARNDARE:
This is the codification of accounting application to remove subjectivity from
accounting practices.
FINANCIAL ACCOUNTING STANDARD BOARD (FASB)
Issue statement of financial accounting standard which be considered as
authoritative expresses of generally accepted accounting principle.
Department | Banking and Finance |
Project ID Code | BFN0112 |
Chapters | 5 Chapters |
No of Pages | 42 pages |
Methodology | Descriptive |
Reference | YES |
Format | Microsoft Word |
Price | ₦4000, $15 |
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Contact Us On | +2347043069458 |