ABSTRACT
Accounting Standard has generally helped to improve quality and harmonize financial statements and reports. Financial statement is the most important document highly desired by the shareholder financial analyst and financial investors. The financial statement prepared is seen to assume that the prepares applied the necessary that is the accounting standards in the preparation of financial statement of any profit making organization and which also must confirm with the Generally Accepted Accounting Principles (GAAP). The object of this study is to ensure that accounts prepared are in compliance with the Statement of Accounting Standards (SAS) and International Accounting Standards (IAS). Basically, the research work shall rely on the statement of accounting standards as provided by the Nigeria Accounting Standing Board (NASB). Also the users of financial Information finds confidence on the financial statement prepared owing to the accounting standards used. The essence of this work is to disclose to the users of accounting standards, the relevant economic effect of applying the standard in the preparation of financial statement as well as also serve as a guide to the users. The method of data analysis used in the work were illustrated by the use of simple tabulation that contains a five (5) point liketh rating scaling of SA, A, UD, O and SD in the questionnaires. The data questionnaire is the instrument used for data collection. The data collected were analyzed by the use of mean (X) and the mean response of the correspondent was calculated . Finally accounting standard contributes not only to the business sector of the economy, but also to the nation economy as a whole. The major recommendation is that non-compliance with accounting standards should not only be seen as statutory offence but also as a criminal offence of the business and could mislead by accountant not properly prepared.
TABLE OF CONTENT
Title page i
Approval ii
Dedication` iii
Certification iv
Acknowledgement v
Table of Content vi
Abstract viii
Chapter One
1.0. Introduction 1
1.1. Background of study 1
1.2. Statement of problem 4
1.3. Purpose of study 5
1.4. Significance of study 5
1.5. Research Question 6
1.6. Scope of study 6
1.7. Limitation of the study 7
1.8. Definition of Term 8
Chapter Two
2.0. Review of Related Literature 9
2.1. User of Accounting Standards 10
2.2. The making of Standards 13
2.3. Benefits of Standards 23
2.4. Application and compliance 23
2.5. Historical Development of Accounting Standards 24
2.6. Summary of Literature Review 26
Chapter Three
3.0. Research Methodology 27
3.1. Design of the study 27
3.2. Area of the study 27
3.3. Population of the study 28
3.4. Sample of the study 28
3.5. Instrument for Data Collection 28
3.6. Validation of the instrument 29
3.7. Distribution and Retrieval of the Instrument 29
3.8. Method of Data Analysis 29
Chapter Four
4.0. Data Presentation and Analysis 31
4.1. Data Presentation and Interpretation 31
4.2. Findings 35
4.3. Discussion of the findings 37
Chapter Five
5.0. Summary, Conclusion and Recommendation 38
5.1. Summary of findings 38
5.2. Conclusion 38
5.3. Recommendation 39
5.4. Suggestion for further Research 40
References 41
Appendix A 42
Appendix B 43
