FINANCIAL REPORTING IN NIGERIA, PROBLEMS AND SOLUTION. A RESEARCH PROJECT MATERIAL ON BANKING AND FINANCE
The unprecedented master influx of financial reporting in the country party as a result of deregulation policies occasioned by sometimes government intervention has aroused the curiosity of writers to carry out study of this nature. This reporting apparently act as a fool for management decision. The problem does not lie on management decision per se but the financial market in general and public users as a whole.
Thus the cord of this study is to find among other things need, avenue to get financial report, the likely, problem and their root cause eventual findings and analyses of research work, recommendations and possible solutions as regard to proper financial reporting in Nigeria
The study follows the chronological order of first introducing the study, coupled with its evolution, objective, significance and likely problems to resolve elaborating on the scope of study and definitions of some teams used in the study.
In the literature review of the study, the researchers try to extract the salient quality of the study.
In carrying out the research, the researcher made used of personal interview, observation and collection of related literature in obtaining their information.
Furthermore, analyses their finding, citing problems, their root cause, and the users of the financial reporting the regulatory bodies.
Finally, in recognition of the obvious of the fact, the reveals as regard to the analyzed work recommendations were made and possible solutions suggested.
Financial reporting is principally concerned with the communication of financial Information relating directly or indirectly or indirectly to an enterprises resource, Obligations, earnings e.t.c.
The principal reporting medium is normally financial statement financial statements are important measure of communicating for useful purpose. The usage of scare economic resources by an enterprise. As such, they need to contain all relevant information to be realized, and be reality understood by the well-informed reader.
When different accounting treatment and disclosures are used for essentially the same transaction or when information is omitted, the chances of the information provided in the financial statements being misleading or maunders are insured. Although there may sometimes be good reasons for differences in accounting standards, principles, applications or disclosures that evolved at national level or otherwise over turn now with the introduction of MIDF and the level of public interest developing in financial reporting may be a good tome to look at our local reporting form an over all perspective.