This is very important area in economic development of any country, including nigeria. Educational policy in nigeria from the colonial era to the. International public sector accounting standards ipsas. Us, uk, italy and the constitution of the federal republic of nigeria 1979. The history of marketing extends back in time to the most primitive societies, for it can be argued that some activities that are today regarded as small fractions of marketing date back to centuries before the birth of christ. At the time, many nigerians didnt realize the need for the. Financial market refers to a framework within the financial system for the buying and selling of short and long term funds. Nigerian financial system comprises the financial markets and financial institutions. A tax in nigeria is a compulsory levy imposed by the federal government of nigeria on individuals and corporate entities in respective of return of service expected from the government. A simple chi square was used to relate these threats and challenges to the development of accounting profession in nigeria.
Accountancy has its roots in the earliest history of civilization. In nigeria, nobody can dispute the fact that though this taxes are been collected. In addition, the study critically examines the state dynamism that have facilitated in shaping the outcome of the various events in the history of the accounting profession in nigeria. Financing and accounting in the nigerian railway corporation ezeugwu ikenna edwin pgmba9211638 being a project report presented to the department of banking and finance of the university of nigeria, enugu campus. The history of accounting or accountancy is thousands of years old and can be traced to ancient civilizations.
And as such, in discussing the history of accounting, you must have discussed the history of nigeria. Prior to nigerias emergence into the class of developing nations, no relevance was given to accounting and nigerians hardly engaged the services of accountants. The history of accounting in nigeria is as important as nigeria s history particularly before and after the era of independence. Britain eventually gained control of nigerian administration. Geographical, historical and political profiles of nigeria. Library of congress federal research division country profile. The sixth section examines tute of chartered accountants of nigeria ican. First, the spread of islam, predominantly in the north but later in southwestern nigeria as well, began a millennium ago. In nigeria, nobody can dispute the fact that though this taxes are been collected, they are. This article covered the history of accounting development.
So much historys written records are in the form of accounting documents. The development of a statement of accounting standard. Accounting began as a simple system of clay tokens to keep track of goods and animals, but has developed throughout history into a way of. History and development of accounting in perspective. Western or formal education was started in nigeria in 1842 only at the primary level by the christian missionaries who managed the educational system according to their respective philosophies. In spite of these drawbacks, most of the banking sector players in nigeria are planning to implement again the said accounting information technology. This process provides the opportunity for all those interested in financial reporting in the public sector to make their views known to the ipsasb, and ensure that their views are considered in the standardsetting development process. Lets find out something about history of nigeria before we start to analyze the main issue. Whenever there is an acquisition or a merger, forensic accounting is. This study aims to address the historical development of accounting from its birth in.
An assessment of nigerian stock exchange market development. Introduction as a social science, accounting is affected by the environment in which it operates, but at the. Group 1 doan duy tien cao thi ha duyen pham thi thuy nhung bui thi phuong loan do nhu chinh financial accounting. Geographical, historical and political profiles of nigeria 1. Aug 09, 2016 taxation in nigeria and history of taxation in nigeria a tax in nigeria is a compulsory levy imposed by the federal government of nigeria on individuals and corporate entities in respective of return of service expected from the government. The development of accounting in nigeria with special emphasis on the key role players in education, training and practice lawrence a. The views and perceptions of the major actors in the field of accounting in nigeria which includes academic accountants, professional accountants and the accounting regulators were sought.
In general, this study concludes on two positive effects regarding the relation between accounting information technology relevance and production of quality information in the banking. History of accounting in nigeria all you need to know peakng. Accounting is the system of recording, classifying and summarizing financial information in such a way that users of the information can make economic decisions based upon it. Whenever there is an acquisition or a merger, forensic accounting is the basis for doing or not doing the deal. History and development of accounting in perspective science. History of accounting in nigeria 725 words bartleby. Accounting development, historical accounting, government funding and. Developments in accounting theory and practice since 1929 a round table the meeting convened at 2. Statement of general problem small and medium enterprises smes in nigeria have not performed creditably well and hence have not played the expected vital and vibrant role in the economic growth and development of nigeria. Prior to nigeria s emergence into the class of developing nations, no relevance was given to accounting and nigerians hardly engaged the services of accountants.
Accounting records dating back several thousand years have been found in various parts of the world. No annoying ads, no download limits, enjoy it and dont forget to bookmark and share the love. Historical and development of accounting slideshare. We adopted a descriptive case study methodology guided by the walt and gilson policy analysis framework. There is a widened western educational gap between the north and south of nigeria with the predominantly muslim areas of the north lagging behind due to some historical antecedents.
The paper concludes that for nigeria to experience sustainable socioeconomic. This study explored the history of accounting and evolution of accounting standard in. Nov 02, 2015 the historical concept of accounting provides clues and explanations for most of the important events that shape the development of modern accounting. Accounting development, historical accounting, government funding and accounting profession, accounting education in nigeria, threats to accounting development in nigeria. Gentlemen, the purpose of this meeting is to have as many questions and as much discussion on those questions as possible. Historical development of marketing business plan nigeria. Pdf this study explored the history of accounting and evolution of accounting. This paper examines the trend in the educational development of nigeria from precolonial times to the present, with a view to highlighting the progress made and problems encountered on the way. Overall, the financial system is not effectively supporting real sector development and is currently not in a position to fulfill its potential as a propeller of economic growth and development.
Nigeria is a famous country with more than one hundred and forty million population. In nigeria, the history of accounting can be traced to an era before trade by barter, where. History of accounting in nigeria all you need to know. After independence, the nigerian economy seemed very promising. More specifically, we present an overview of the indigenous, quranic and the westerntype education before and after independence. The mandate of the office of the auditor general for the federation is also restricted to the audit of federal bodies. Forensic accounting is also necessary to establish what adding a new product line will cost, or what it will earn.
Accounting profession, accounting education in nigeria, threats to. Thats why its necessary to discuss history of the nation to understand a history of its accounting. Accounting theory also includes the reporting of accounting and financial information. As of today we have 76,382,623 ebooks for you to download for free. The financial reporting council of nigeria frcn, formerly the nigerian accounting standards board nasb, is an organization charged with setting. Conferencedocuments2014ianmackintoshspeechmbsmay2014. Each of the 36 states of nigeria has two auditorsgeneral, one for the audit of state institutions and the other for the audit of local governments.
Nigeria, july 2008 2 of slaves flowed north across the sahara for a millennium, ending only at the beginning of the twentieth century. Evolution and development of auditing owolabi sunday ajao, jayeoba olajumoke olamide and ajibade ayodejitemitope department of accounting babcock universit y, ilishan remo ogun state nigeria. The nigerian stock exchange was estab lished in 1960 as the lagos stock exchange. Accounting as it is practiced today, evolved gradually over the years, and we can must pinpint the time of the first accounting system. Therefore, discussing the development of accounting in nigeria cannot be undertaken without making reference to the development of nigeria as a nation. Within nigeria, slavery was widespread and bore social implications that are still evident. Accounting cycle and the development of accounting practices in nigeria salmanulfarisi abdulrahaman kano state polytechnic, nigeria abstract as business and public entities keep on expanding, there also the need for accounting practices to keep to date as to meet the organizational objectives. During the preindependence period, in nigeria, especially before the establishment of the collages of arts and sciences particularly the one in ibadan, people who wanted to enroll into accounting profession had to be trained through article ship. Section four traces the origins for instance, the first registered professional of ican.
Appreciating the historical development f accounting in nigeria. Many saw nigeria, with 15% of africas population, as an emerging economy. The history and development of accounting will be useful to accounting users, providers, certifiers, trainees, trainers, and accounting professional bodies in reflecting whether they have played. Taxation in nigeria plus history of taxation in nigeria. The early development of accounting dates back to ancient mesopotamia. The origin and development of management accounting. Similarly, we may be fascinated by the phrase kings eyes and ears used to describe government auditors in nigeria.
Accounting as a profession has a very important role to play in the economic development of any nation. The history of accounting in nigeria is as important as nigerias history particularly before and after the era of independence. This research work examines the accounting standards in nigeria and how far the board as gone with the adoption of. The impact of oil on nigerias economic policy formulation preamble economic policy is the actionstatement of the government pertaining to particular sectors of the economy, describing the intended objectives and how to achieve them. Aug 15, 2018 this paper describes the historical development of tobacco control policies in nigeria, the use of multisectoral action in their formulation and extent to which they align with the world health organisation best buy interventions. The majority of the management accounting developments between the origins of cost accounting and the 1970s were of a functionalist nature, whilst during the period between 1970 and 2000, several approaches that can be categorised as interpretative or radical came to the fore. History of accounting in nigeria the institutionalization of accounting started in britain, from where accounting was imported to nigeria.
Partial fulfilment of the requirements for the award of the degree of master of business administration in banking and finance. Historical background several dominant themes in nigerian history are essential for understanding contemporary nigerian politics and society. An assessment of nigerian stock exchange market development to economic growth rabiu saminu jibril msc accounting department of accountancy kano state polytechnic nigeria awaisu adamu salihi msc international accounting department of accountancy kano state polytechnic nigeria usman sani kwambai phd accounting in view, acit. Taxation in nigeria and history of taxation in nigeria. Questionnaire on small and medium enterprises smes chapter one introduction a. Historical perspective agbi eniola samuel, isuwa dauda, and salvation joshua selven department of accounting and management, faculty of arts and social sciences, nigerian defence academy, kaduna, nigeria. In 1977 it became the nigerian stock exchange, with branches established in some of the major commercial cities of the country with lagos as the head office of the nigerian nigerian stock exchange and economic development.