The study examines the impact of accounting standard on financial reporting on Nigerian financial institutions. The broad objective of the study is to ascertain if there is relationship between accounting standards and the content and presentation of financial statements and also to find out if financial reporting information has a positive impact on the effective management of Nigeria banks. The local standards do not cover all the aspects of financial reporting encountered by prepare of financial statements. The random sampling technique was used in selecting a sample size of l4 banks out of all banks quoted on the Nigeria Stock Exchange as at third quarter of 2015. The survey design was adopted in this study and a total number of 50 questionnaires were administered but 47 copies were returned completely. The t-statistics was adopted in carrying out the analysis of data. From the analysis of data collected, the result reveals that there is a positive relationship between accounting standards, its contents and presentation of financial statement in the banking sector. It is concluded that accounting standards have improved Nigerian banks on how they can prepare financial statement and presents it in line with the Companies and Allied Matters Act (CAMA) 2004 and other relevant accounting standards (IAS and SAS). Based on these findings, some recommendations among others were made that proper accounting standards be put in place by the relevant accounting standard setting bodies so as to ensure the preparation of high quality financial report or statement in the Nigeria banking sector.
TABLE OF CONTENTS
Title Page i
Certification ii
Dedication iii
Acknowledgments iv
Abstract v
Table of Contents vi
Chapter One: Introduction 1
1.1 Background to the Study 1
1.2 Statement of Problem 5
1.3 Research Questions 5
1.4 Objectives of the Study 6
1.5 Statement of Hypotheses 6
1.6 Significance of the Study 8
1.7 Scope of the Study 8
1.8 Limitations of the Study 9
1.9 Definition of Terms 10
Chapter Two: Review of Related Literature 11
2.1 Introduction 11
The Financial Reporting Council of Nigeria (FRCN) 112.2.1 Objectives of Financial Reporting Council of Nigeria
(FRCN) 12
2.2.2 Membership of Financial Reporting Council of Nigeria 12
2.2.3 The Functions of the Financial Reporting Council of
Nigeria (FRCN) 14
2.2.4 Appointment of the Chairman of FRCN Board 14
2.2.5 Powers of the Council 17
The International Accounting Standard Committee (IASC) 202.3.1 Why are International Accounting Standards necessary
in Nigeria? 25
International Financial Reporting Standard 272.4.1 Benefits of Adoption of IFRS 28
2.4.2 Challenges to the Adoption of IFRS 29
2.4.3 Emerging Countries Challenges 30
2.5 The Role of the Users of Financial Statements in the Development of Standards 30
2.6 Financial Reporting: Meaning of Financial Reporting 31
2.7 Objectives of the Financial Reporting 32
2.8 Qualitative Characteristics of Reporting 33
2.9 A True and Fair View/Fair Representation 36
2.10 The Element of Financial Statement 36
2.11 Users of Accounting Information and their Information
Needs 37
Chapter Three: Research Methods and Design 41
3.1 Introduction 41
3.2 Research design 41
3.3 Description of the Population of the Study 41
3.4 Sample Size 42
3.5 Sampling Techniques 42
3.6 Sources of Data Collection 42
3.7 Method of Data Presentation 43
3.8 Method of Data Analysis 43
Chapter Four: Data Presentation, Analysis and Hypotheses Testing 44
4.1 Introduction 44
4.2 Presentation of Data 44
4.3 Data Analysis 45
4.4 Hypotheses Testing 57
Chapter Five: Summary of Findings, Conclusion
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