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. Jun 24, 2019 accounting is a system of recording and summarizing business and financial transactions. 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. Jan 26, 2019 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. Reliable information about the coronavirus covid19 is available from the world health organization current situation, international travel. Numerous and frequentlyupdated resource results are available from this search. However, formatting rules can vary widely between applications and fields of interest or study.
Public sector consists of organizations where control lies in the hand of the public, as opposed to private owners, and whose objectives involves the provision of services, where profit is not a primary. What is the history development of accounting in nigeria. Accounting is a way to record and communicate financial information for businesses and other organizations. Colleges and universities offer doctorate degree programs in the field of bookkeeping often referred to as accounting. This was the year nigeria assumed both political and military control of its territory.
Consequently, those that graduated from these universities could only be qualified as accountants by taking professional examinations. In some ways accounting is a process used for centuries. In the summer of 1995 i enrolled in courses sponsored by both the society of management accountants of saskatchewan and athabasca university. The history of accounting or accountancy is thousands of years old and can be traced to ancient civilizations. 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. History and development of accounting in perspective. A simple chi square was used to relate these threats and challenges to the development of accounting profession in nigeria. Let us make an in depth study of the history and objectives of international accounting standards iasc. At the time, many nigerians didnt realize the need for the. Introduction a discussion of the development of accounting in nigeria cannot be undertaken without making reference to the development of nigeria as a nation. 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. History of accounting in nigeria all you need to know. Accounting is all about cost savings which can be said to be the backbone of economic growth and development.
Oclcs webjunction has pulled together information and resources to assist library staff as they consider how to handle coronavirus. Nov 02, 2015 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 a major role in accounting development. Taxation in nigeria plus history of taxation in nigeria. The history of nigeria can be traced to prehistoric settlers nigerians living in the area as early as 1100 bc. Apr 24, 2020 accounting is more than just the act of keeping a list of debits and credits. 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. Public sector accounting is used by all organizations which are not privately owned and operated, but which are established, run and financed by the government on behalf of the public. History and development of accounting in nigeria cost accounting practice in the informal sector of nigeria development caan. And as such, in discussing the history of accounting, you must have discussed the history of nigeria. Development in public sector accounting practices the ghanaian experience.
In precolonial nigeria, economic activities hardly required the services of an accountant. Economic development in nigeria, although has been rocked back and forth by various political, sociocultural, financial and infrastructural setbacks, the economic development of a country like nigeria cant be said to have totally been where it used to be, or to have back tracked as some people insinuate. This study explored the history of accounting and evolution of accounting standard in nigeria in relation to the country. The following research questions will be answered in order to identify and examine entrepreneurship development programme in nigeria and proffer solutions to them. Prior to nigerias emergence into the class of developing nations, no relevance was given to accounting and nigerians hardly engaged the services of accountants. Auditing was then undertaken with the intention of. The study focuses on the history of the early development of accounting profession in nigeria by carefully looking at the roles played by state in the evolution of accounting bodies. Keywords origin of management accounting development of management accounting history of management accounting. The history of accounting in nigeria is as important as nigerias history particularly before and after the era of independence. History is the pre tell of inception of accounting, while development of accounting theory is the process through which the base of accounting standard asked in nigeria, 2009 economic stimulus plan. The history of auditing in nigeria prior to the period of industrial revolution in 1900, accounting was almost limited to the government sector. O efforts to shape a new directional focus that will ensure an efficient and effective cost accounting practice in nigeria s informal business sector.
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. Egyptians used account to record the safe keeping of gold and the valuables in treasures. More specifically, we present an overview of the indigenous, quranic and the westerntype education before and after independence. Either way, the history of accounting throws a light on economic and business history generally, and may help us better predict what is on the horizon as the pace of global business evolution escalates. Independence from british rule came to pass in nigeria on the 1 st of october, 1960. 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. Pdf professional accounting development in nigeria.
Relationship exists between socioeconomic, political and environmental factors and the development of entrepreneurship in nigeria. The earliest accounting records date back more than 7,000 years. 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. Other laws guiding public sector accounting and finance in nigeria include the pension, reform act of 2004 and the independent corrupt practices and other related offences icpc act of 2000. Historical development of accounting in nigeria answers. History and development of accounting in nigeria small. History of accounting in nigeria all you need to know peakng. Moreover, knowledge of the history of management accounting will facilitate an understanding of the future of this profession. This study explored the history of accounting and evolution of accounting standard in nigeria in relation to the countrys adoption of the ifrs. Islam reached nigeria through the borno empire between 1068 ad and hausa states. Bookkeeping systems are used by businesses and nonprofit organizations, homeowners, churches and schools. However, there are many avenues and variations of the job that can be utilized that do not necessarily coordinate. This is very important area in economic development of any country, including nigeria. International accounting standards committee iasc came into being on 29th june 1973 when 16 accounting bodies viz.
History and development of accounting world history. The origin and development of management accounting. Audit quality practices and financial reporting in nigeria. Luca pacioli is often named when referring to the history and development of accounting. Lets find out something about history of nigeria before we start to analyze the main issue. Political leadership and corruption in nigeria since 1960.
This article covered the history of accounting development. The foregoing studies did not consider the association between audit quality practices and financial reporting, particularly in nigeria, the hub of africas economic activities. History of accounting in nigeria the institutionalization of accounting started in britain, from where accounting was imported to nigeria. It is the language of business and, by extension, the language of all things financial. Trade records have been found dating back to ancient mesopotamia. The history, origin and development of accounting has laid the foundations for 21stcentury practice. A thorough understanding of the history and development of management accounting is required before the gap between education and practice can be investigated.
No discipline can develop without a strong theoretical base practice should backed by sound theory. Although accounting has developed a lot over the last few centuries, many of the principles used now date back to the fifteenth century when the doubleentry method of accounting was first introduced. The early development of accounting dates back to ancient mesopotamia, and is closely related to developments in writing, counting and money and early auditing systems by the ancient egyptians and babylonians. O efforts to shape a new directional focus that will ensure an efficient and effective cost accounting practice in nigerias informal business sector. Accounting is more than just the act of keeping a list of debits and credits.
From prehistory to the information age by james desantis premise. 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. This study explored the history of accounting and evolution of accounting standard in. All smes as defined in the law are required to use the ifrs for smes standard effective 1 january 2014 except microsized entities as defined in law, which may choose the ifrs for smes standard or the small and mediumsized entities guidelines on accounting smega level 3 issued by the united nations conference on trade and development unctad. As at that time, nigeria was still following the british system of government in which there is a prime minister and a ceremonial president. History and development of accounting and management. The paper concludes that for nigeria to experience sustainable socioeconomic. History of accounting in nigeria 725 words bartleby. The purpose of this study is to investigate the influence of audit quality on financial reporting from the perspective of auditing firms. His book was one of the first published using the historical gutenberg press. Numerous ancient african civilizations settled in the region that is today nigeria, such as the kingdom of nri, the benin empire, and the oyo empire.
Accounting is defined by the american institute of certified public accountants aicpa as the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof. The approach also examined the role played by functionalist and. History and development of accounting 2085 words 9 pages. Accounting as it is practiced today, evolved gradually over the years, and we can must pinpint the time of the first accounting system. For as long as civilizations have been engaging in trade or organized systems of government, methods of record keeping, accounting, and accounting tools have been in use. The history of accounting in nigeria is as important as nigeria s history particularly before and after the era of independence. For some, the first name that might come to mind when referencing early accounting history is luca pacioli. A history of forensic accounting forensic accounting can be described as the use of auditing and investigative skills to examine financial statements in preparation to be used in a court of law. In nigeria, nobody can dispute the fact that though this taxes are been collected, they are. The history of accounting or accountancy is thousands of years old and can be traced to ancient civilizations the early development of accounting dates back to ancient mesopotamia, and is closely related to developments in writing, counting and money and early auditing systems by the ancient egyptians and babylonians. Accounting as a profession has a very important role to play in the economic development of any nation.
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