THE INFLUENCE OF NIGERIA ACCOUNTING STANDARD BOARD IN FINANCIAL REPORTING
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ABSTRACT
This study was carried out on the influence of Nigeria accounting standard board in financial reporting. To achieve this 5 research questions were formulated. Respondents were obtained from Institute of Chattered Accountants of Nigeria. The survey design was adopted and the simple random sampling techniques were employed in this study. The population size comprise of the entire members of Institute of Chattered Accountants of Nigeria. In determining the sample size, the researcher purposively selected 63 respondents while 50 respondents were validated. Self-constructed and validated questionnaire was used for data collection. The collected and validated questionnaires were analyzed using frequency tables and percentage. The result of the findings reveals that; accounting standards have not improved the quality of financial reports in Nigeria, non-enforcement of strict compliance measures by the board to ensure conformity with the standards has negative effect on financial reporting in Nigeria, and the standards do not cover all areas of financial reporting and therefore, do not meet up with time challenges. Based on the above findings, the researcher recommended that in terms of compatibility and compliance, that Nigeria should fully adopt the IAS and IFRS as it covers so many areas not hitherto covered by the Nigerian Generally Acceptable Accounting Principles and enforce laws that will ensure compliance. Also on the areas that are not covered by the IFRS but covered by the SAS, the Federal Reporting Council of Nigeria should liaise with the International Accounting Standard Board on ways of adopting such into International Financial Reporting Standards after the normal due process, it is imperative that peer review programme among auditors must be taken seriously since they are a useful oversight mechanism and do provide information on difficulties encountered in the financial reporting and/or audit process (especially where the challenges are sector specific).
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