THE CHANGES IN ACCOUNTING STANDARDS ITS IMPACT ON FINANCIAL STATEMENT

THE CHANGES IN ACCOUNTING STANDARDS ITS IMPACT ON FINANCIAL STATEMENT

ABSTRACT

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 companies that adopted the change. Therefore, the impact of Accounting standard cannot be over emphasized hence it depends on the conferment of a given organizaitonal setting from the conclusion of the study, it can be observed that there will be serious potentials for misunderstaniding and suspicious resulting form information based on mix of conflicting accounting policies. It is therefore recommended that since international financial reporting standard has come to stay with thirteen standards already to its credit. Therefore one would except that the standard should be aplied on small scale business that are not quoted, and also non-compliance with accounting standard should not be seen only as a statutory offence but also as a criminal offence which can probably lead to closure of such business.

THE CHANGES IN ACCOUNTING STANDARDS ITS IMPACT ON FINANCIAL STATEMENT

TABLE OF CONTENTS

CHAPTER ONE

INTRODUCTION

Background of the study

Statement of problem

Purpose of the study

Research Question

Research hypothesis

Significance of the study

Scope / defimitation of the study

Definition of terms

CHAPTER TWO

Review of Related Literature

Introduction

Theoretical framework

Models and Theories Elevant to the research qustion

Current interative review

CHAPTER THREE

RESEARCH METHODOLOGY

Research Design

Area of the study

Population of the study

Sample and sampling techniques of the study

Instrument for data collection

Validity and reliability of Instrument

Distribution and retrieval of instrument

CHAPTER FOUR

DATA PRESENTATION AND ANALYSIS

4.1 Data presentation and interpretation

4.2 Findings

4.3 Discussion of findings

CHAPTER FIVE

Summary, conclusion and Recommendation

Summary of findings

Conclusion

Recommendation

References

Appendix A

Appendix B

Questionnaires

THE CHANGES IN ACCOUNTING STANDARDS ITS IMPACT ON FINANCIAL STATEMENT

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

In recent years, there has been a lot of criticism about accounting standard and the impact of the recent changes in financial report they prepare. A lot of people have led to question the validity of the profit measuring procedures applied in arising at the profit disclosed in published accounting. Quite a number of proposal have been made in an attempt to reform the methods generally in used.

This has resulted in coming together of different countries with a view to working out modalities for the standardization of these profit measuring and reporting procedures.

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THE CHANGES IN ACCOUNTING STANDARDS ITS IMPACT ON FINANCIAL STATEMENT