Applications of Accounting Concept and Convention in Preparing Financial Statement of Companies in Nigeria

This is project titled the impact of financial accounting reporting on the corporate performance of Business Organizations is basically aims at ascertaining how financial accounting reporting has helped in advancing the objectives of corporate organizations. 

The process it investigated the effect that financial accounting bear on the performance of a business. 

Furthermore, if sought to ascertain the compliance of relevant statues by corporate organizations and the overall satisfaction of stakeholders in a corporate organizations. The study obtained its data basically from primary and secondary sources. 

The primary sources of data collection employed were questionnaire, oral interview and observations, while the secondary sources of data included textbooks, journals. in the analysis of the data collected, the chi-square was used to analyze the responses gathered. 

The study revealed that a loot of problems were inherent in financial reporting ranging from non-disclosure of vital information, subjective judgments of prepares of the financial information and most times non-compliance to relevant statues. 

There were recommendations given such as strict compliance to the relevant statute were made to the companies, the government needs to strengthen its regulatory agencies in order to ensure that the financial statements show a “true and fair view and comply with the relevant statues at all times.      

Background of the Study 

The application of accounting concept and convention in preparing the financial statement of companies in Nigeria is becoming more apparent to user groups of a financial statement.

Accounting is a not an exact science neither are business operations without some subjective and judgmental errors when it comes to reporting them. 

A financial reporting therefore is a document statement which informs the various interest groups to a business on the operations and performance of their business in a period under review its present state of affairs as well as its anticipated future, in accordance with the statutes. 

If a financial report is to service its purpose it ought to be characterized by the following. 
a. Relevance  
b. Understandability  
c. Reliability 
d. Completeness 
e. Objectivity 
f. Timeliness 

In the accounting process of an organization is to provide the information required to prepare a financial report which shall have the above characteristics then the transaction doing the period must be recorded prompt by and accurately and interpreted in conformity.

1.2 Statement of the Problem 
 The study “The application of accounting concept and convention in preparing the financial statement of companies in Nigeria” aims at investigating the financial reports of selected companies in Enugu State with a view to determine the following: 

The extent to which a standard financial report contributes to or detracts from the growth of a business organization. 

Objectives of the Study 

 The objectives of this study are to critically examine the financial reports of the selected company and to probe into the fundamental for their preparation as well as its presentation with a view to determining: 

a. The adequacy of the basis and the fundamental that guides its preparation. 

b. The degree to which the financial report meets the needs of its various users. 

c. The extent to which the financial report conform to the established standard. 

d. The influence that financial report has on business performance. 

e. Finally, to present suggestions and recommendations based on my findings. 

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