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The Changes In Accounting Standards Its Impact On Financial Statement
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1.2 STATEMENT OF THE PROBLEM
Good accounting practice means that
the account must be in accordance with the international financial
reporting standard (IFRS), and the international accounting standard
(IAS). The impact of accounting standard in the finance statement of an
organization cannot be over emphasizes.
Moreover, the problem can be summarized below:
a Lack of personnel with adequate knowledge of accounting standard is a major issues affecting the changes.
b Lack of infrastructures and equipment which help to obtain most accurate information and report.
c Inadequate accounting standard applied on financial statement to provide information for its users.
d The problem of poorly designed accounting system in organization
e
The effect if faulty financial statement and report and the analysis
produced by the management towards the achievement of the organizational
goal.
f The effect of financial statement and report which are not prepared at the appropriate tine.
g Ineffectiveness of financial statement due to its improper application.
1.3 OBJECTIVE OF THE STUDY
The objective of this research work is intended to do the following:
A
To revealed that the changes in accounting standard play a vital role
on the financial statement of the companies that adopted the changed.
B To determine information about the changes in the net resources of the business organization
C To find out if accounting standard is cumbersome and create problem.
D
To determine whether accounting and financial statement enhance
accountability, transparency and improve quality to financial results of
the organization.
1.4 RESEARCH QUESTION
The following are research questions postulates to guide the study.
What impact has this standard made on Nigeria economy?
How
adequate is this accounting standard that is been applied in the
financial statement helping to provide information to its users?
How necessary is the adopting of the accounting standard in the preparation of financial statement?
Of what importance is the extent of compliance in the preparation of the financial statement of an organization
To what extent has the change in the accounting standard help to harmonize and improve the accounting standard?
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ABSRACT - [ Total Page(s): 1 ]The project is a comprehensive study of the changes in Accounting standard, the impact on financial statement with a study of Guiness Nigeria Plc Benin Branch, Edo state. This project is aimed at determining the impact of Accounting standard on the users of financial statement and also the needs of the Accounting standard. Data were collected, through primary and secondary sources. The finding revealed that the changes in Accounting standard play a vital role of the financial statment of the com ... Continue reading---
