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USEFULNESS OF ACCOUNTING STANDARD IN PREPARATION OF FINANCIAL STATE


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CHAPTER ONE

INTRODUCTION 

1.1        Background of the study

1.2        Statement of problem

1.3        Objective of the study

1.4        Research Hypotheses

1.5        Significance of the study

1.6        Scope and limitation of the study

1.7       Definition of terms

1.8       Organization of the study

CHAPETR TWO

LITERATURE REVIEW

CHAPETR THREE

3.0        Research methodology

3.1    sources of data collection

3.3        Population of the study

3.4        Sampling and sampling distribution

3.5        Validation of research instrument

3.6        Method of data analysis

CHAPTER FOUR

DATA PRESENTATION AND ANALYSIS AND INTERPRETATION

4.1 Introductions

4.2 Data analysis

CHAPTER FIVE

5.1 Introduction

5.2 Summary

5.3 Conclusion

5.4 Recommendation

Appendix

 

 

Abstract

This study is on usefulness of accounting standard in preparation of financial statement. The total population for the study is 200 staff of Guinness (Nig) Plc, Lagos. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. A total of 133 respondents made up production managers, human resource managers, senior staff and junior staff was used for the study. The data collected were presented in tables and analyzed using simple percentages and frequencies.

 

 

 

 

 

 

 

 CHAPTER ONE

INTRODUCTION

  • Background of the study

There have been quite a lot of criticisms in recent years about accountants and the financial report which they prepare.  A lot of people have had to question the validity of the profit measuring procedures applied in arriving at the profit measuring procedures applied in arriving at the profit disclosed in the published accounts. Consequently, the profession has found it necessary to do a re-appraisal of the accepted procedures, which had found it necessary to do a re-appraisal of the accepted procedures, which had hitherto dominated accounting field in profit measurement. Quite a member of proposals has made an attempt in reforming the methods generally in use.  This has resulted in the coming together of different countries with a view to working out modalities for the standardization of these profit measuring and reporting procedures.  This gave birth to the International Accounting Standards Committee (IASC) and local bodies like the Nigerian Accounting Standard Board (NASB) for Nigeria. The International Accounting Standards (IAS) to be followed by all member countries of which Nigeria is one.  Nigeria on the other hand produces additional Statements of Accounting Standards on Accounting Standards (SAS) in an attempt to make the International Standards meet local conditions. The Nigerian Accounting Standard Board (NASB), which was inaugurated in September 1992, was charged with the following responsibilities.

  1. a) To formulate and publish in the public interest accounting standards to be observed in the preparation of financial statements and to promote the general acceptance and adoption of such standards by prepares and users of financial statements.
  2. b) To promote and sponsor legislation when necessary in order to ensure that standards developed and published by the board received nation-wide acceptance adoption and compliance.
  3. c) To review from time to time the standards developed by the board in the light of change in the social, economic and political environment. since 1982 till date, the board has issued statements of accounting standards and two drafts at completion stages.  The standards so far issued by the board are:-

SAS  1        –        Disclosure of Accounting Policies

SAS  2        –        Information to be disclosed in financial statements

SAS  3        –        Accounting for property, plant, and equipment

SAS  4        –        On stock

SAS  5        –        On construction contracts

SAS  6        –        On extra-ordinary items and prior year adjustment

SAS  7        –        On foreign currency conversion and transactions

SAS  8        –        On accounting for employees retirement benefits

SAS  9        –        On accounting for depreciation

SAS  10      –        Accounting by banks and non-bank financial institution

(part 1).

SAS  11      –        On leases

SAS  1        –        On accounting for deferred taxes

SAS  1        –        On investment

SAS  14      –        On petroleum profit

This work intends to analyze and examine usefulness of these standards in the financial statements with particular emphasis on Guinness Nig. Plc Enugu City. Guinness (Nig) Plc, is one of the biggest breweries in Nigeria today.  It is a quoted company in the Nigerian Stock Exchange Commission (SEC).  Guinness (Nig) Plc is an associated of Guinness overseas ltd, with headquarters at Dublin in England. The journey of this company to Nigeria started in 1950 when the company was incorporated to import and distribute Guinness Stout from Dublin for sale in Nigeria.  In 1962, the stout brewery in Ikeja Lagos, was commissioned. This station was the third of it kind in the world and the first outside the British Isles.  A second brewery in Nigeria was commissioned in Benin and from 1982 other breweries stations was commissioned including in other states. The company share capital is made up of 60% ordinary share owned by Nigerians and 40% ordinary shares owned by Guinness overseas limited.  The Enugu Department which happens to be over study interest has a staff strength of about 10000 workers including both skilled and unskilled workers. The accounts section of the brewery share of the total staff strength is about 200 workers.  The accounting department which is charged with the responsibility of providing management with relevant financial information that enable her (management) make decisions, also maintains and keep proper books of accounts which are summaries of the daily financial activities of the company.  Another major responsibility discovered within this accountant department is the preparation of the financial statements annually, which most be in compliance with the requirement of statements of Accounting Standards which external auditor must confirm and report on.

  • STATEMENT OF THE PROBLEM

“Good accounting practice” means that the accounts must be prepared in compliance and in line with the Statements of Standards Accounting Practice (SSAP), International Accounting Standards (IAS), and Statement of Accounting Standard (SAS). Thus, the burden of this investigation is to find “Good Accounting Practice” is being adhered to in the preparation of the financial statement and its benefits.  The researcher’s aims at achieving this by conducting special  investigation on the requirements of the accounting standard and then relates it to the activities of preparing financial statement at Guinness (Nig) Plc.

  • OBJECTIVE OF THE STUDY

The objectives of the study are;

  1. To ascertain the effects of the standards on the Nigerian economy
  2. To determine the extent of compliance of the financial statement in the accounting standards.
  3. The benefits or uses of the standards in other areas like students and lecturers.
    • RESEARCH HYPOTHESES

For the successful completion of the study, the following research hypotheses were formulated by the researcher;

H0:     Accounting standards have not played useful role in the preparation of financial statement of the company.

H1:   Accounting standards have played useful role in the preparation of financial statement of the company.

H02:   Accounting standards does not aid the users of financial statements to understand the financial statement to get better understanding of it.

H2:   Accounting standards does aid the users of financial statements to understand the financial statement to get better understanding of it.

 

  • SIGNIFICANCE OF THE STUDY

The accounting standards are developed to ensure a high degree of standardization in the published financial statements.  They provide the necessary information about low accounting information should be prepared, presented on order to enhance the value of its contents and facilities thorough understanding.  The significance of this study to the academic world cannot be over-emphasized as this topic is becoming more important to students of accounting and allied courses and they are usually subject of examinations.  For example, many examination questions of Institute of Charted Accountants of Nigeria (ICAN) and other bodies like the Institute of Bankers are directly based on the contents of these standards and their applications in preparing financial statements. This study is intended to be benefit to the “prepares and users” of accounting information who interpret and proper understanding of the financial statement and use the information to derive decision in making managerial decisions for the interest of the organization. This study is also intended to highlight the significance of accounting standards in the Nigeria economy. One most important significance of this study is revealed to the management of Guinness (Nig) Plc, Enugu City on the importance and economic effect of applying accounting standards in preparation of financial statements and also to act as guide to the accounting staff of the organization, its usefulness and compliance procedures.  Infact, this work would be very valuable to all accounting officers in their task of preparing financial statements. Finally, this study would also serve as reference literature to further researchers on usefulness of accounting standards.

1.6 SCOPE AND LIMITATION OF THE STUDY

The scope of the study covers usefulness of accounting standard in preparation of financial statements. The researcher encounters some constrain which limited the scope of the study;

  1. a) AVAILABILITY OF RESEARCH MATERIAL: The research material available to the researcher is insufficient, thereby limiting the study
  2. b) TIME: The time frame allocated to the study does not enhance wider coverage as the researcher has to combine other academic activities and examinations with the study.
  3. c) Organizational privacy: Limited Access to the selected auditing firm makes it difficult to get all the necessary and required information concerning the activities

1.7 DEFINITION OF TERMS

ACCOUNTING STANDARD: Accounting standards are authoritative standards for financial reporting and are the primary source of generally accepted accounting principles (GAAP).The AcSB has adopted International Financial Reporting Standards (IFRSs) as the accounting standards to be used by publicly accountable enterprises.

FINANCIAL STATEMENT: Financial statements are a formal record of the financial activities and position of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form easy to understand

1.8 ORGANIZATION OF THE STUDY

This research work is organized in five chapters, for easy understanding, as follows

Chapter one is concern with the introduction, which consist of the (overview, of the study), historical background, statement of problem, objectives of the study, research hypotheses, significance of the study, scope and limitation of the study, definition of terms and historical background of the study. Chapter two highlights the theoretical framework on which the study is based, thus the review of related literature. Chapter three deals on the research design and methodology adopted in the study. Chapter four concentrate on the data collection and analysis and presentation of finding.  Chapter five gives summary, conclusion, and recommendations made of the study

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Author: SPROJECT NG