THE ROLE OF ACCOUNTANT IN THE ECONOMIC DEVELOPMENT OF NIGERIA
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- NGN 3000
BACKGROUND OF THE STUDY
The concept of Economic Development has to do with innovation and improvement in people's quality of life; it is about a sustained rise in people's standard of living over time, whether in advanced or less developed countries, nations, government superiors state of affairs or superiors they currently enjoy. Agbebuyi (2020) assert that to do this, intentional efforts must be taken to establish people-centered policies that increase their potential to produce and earn more. This will materialise as an increase in the economy's gross domestic product (GDP) and, as a result, an increase in the size of per capita income. When this occurs on a consistent basis, it has a favourable influence on residents' quality of life. Development is believed to have occurred.
Despite the numerous development and rolling plans painstakingly drawn out by the government since Nigeria's independence in 1960, Nwafor (2019) opined that the place of economic growth and development has yet to fulfil the aspirations of the nation's founding fathers. Despite significant investment in the construction of various economic projects, the outcomes have been disappointing. Indeed, the fact that the Nigerian economy is currently in a quagmire demonstrates the inadequacy of previous efforts to pull the nation up by its bootstraps through the use of development and rolling plans. Thus, in a less developed country like Nigeria, the basic thrust of development policies is to provide as many people as possible with the means of overcoming the helplessness and misery caused by a lack of food, health, education, and security of life and property, all of which pose serious challenges to their longevity.
This is the basis for selecting a topic that examines the function of accountants in economic progress.
To begin, an accountant is someone who is proficient in keeping, evaluating, documenting, or reviewing an organization's or nation's accounting. Accountants play a critical part in the economic growth of Nigeria. They also efficiently contribute to the growth of several corporate organisations in Nigeria, for example (Nigeria Bottling Company). Accountants' roles must never be underestimated if the country's goals and objectives are to be met.
Accounting, according to Aneo(2021), is clearly about providing financial information needed to make economic decisions, notably about the acquisition and use of finite company resources, as well as the reduction of waste in the wealth creation chain. This professional specialty entails the systematic collection, categorization, recording, analysing, interpretation, and dissemination of information based on monetary data. Such resources, which are the assets and liabilities, productive activities, and profitability of a firm, are required by owners and managers equally in order to assess the health of the organisation and determine changes in the stock of shareholder value.
Accounting, according to Professor Charles Magers, includes four key functions: communication, measurement control, and decision making. Accounting as a mode of communication entails the filing of financial reports to various economic units. In terms of measurement, accounting as a major of wealth based on the initial cost of an aim that has recently emerged in assessing efficiency of operation and performance.
Accounting as a control mechanism is exerted through the production of book-keeping records and legislation, as well as the professional body's standing to act as an impartial witness and carry out the audit role.
As a result of actions, information is transmitted using a consistent measuring system and findings that can be relied on when making decisions. The government may utilise published accounting information to determine the extent to which social amenities are provided to the public; they may also use this information to determine what is owed in taxation and government tribute.
This accounting information may also be used to prepare the country's budget and determine how to create money and how to spend revenue. Accounting information is also necessary in an economy to satisfy the stated aims and purpose (profit or gain) in the economy, and it is the accountant's responsibility to prove such accounting information.
Aside from providing information to the public, proprietors, and even the government, the accountant has played the following critical roles in the nation's economic development process over time: record keeping, which assisted the merchant in determining the value he added to his wealth at a given period. Professional leadership in financial information, internal control measures, attestation functions, and tax functions, among other things.
Furthermore, accountants provide financial reports to determine a country's financial situation, execute audit functions, evaluate financial reports, and lastly, offer actions and strategies to improve the economy's performance.
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