Title: Impact of environmental factors on the practice of accounting in Nigeria: A 10-year longitudinal study 2001-2011
Abstract:Accounting profession has been largely influenced by globalization and that has given rise to the fast growth of International Accounting. Many economic, cultural, legal, and political factors have in...Accounting profession has been largely influenced by globalization and that has given rise to the fast growth of International Accounting. Many economic, cultural, legal, and political factors have influenced both National and International accounting practice. The study evaluates the impact of some of the factors on the practice of accounting. It borders on how environmental factors influence the practice of accounting as evidence in the financial industries as well as challenging the roles these factors play on accounting practice. Questionnaires were distributed to financial statement Preparers in Banks, Manufacturing companies and Audit firms to obtain sufficient evidence on the issue at stake. A total number of 150 questionnaires were distributed of which 140 were filled and returned by respondents. The method of analysis used was the Regression Analysis technique. The Statistical Package for Social Sciences was used to analyze data. The results of the analysis show that there is a positive relationship between environmental factors and the practice of Accounting, and that Accounting practice in the country has changed over time due to factors, which include economic, legal, and cultural. It is concluded that accounting practice in the country has changed over time due to factors, which include economic, legal, and cultural The study recommends that regulations developed should be made in a way to cope with the incessant changes in the Nigerian society to enhance the reports of financial institutions in the country and that accountants need to interact more with their counterparts in other countries for mutual benefit and National Accounting Standard Board (NASB) should relate more with International Federation of Accountants (IFAC), and International Accounting Standards Committee (IASC) to keep abreast with modern trends in the global economyRead More
Publication Year: 2013
Publication Date: 2013-01-01
Language: en
Type: article
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Cited By Count: 1
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