7 research outputs found
Effects of IFRS Adoption on Inventory Valuation and Financial Reporting In Nigeria
The IFRS has streamlined the basis for valuing inventory against that which was hitherto posited by the Statement of Accounting Standards (SAS) or the US GAAP. These methods  have far reaching implications for the value of inventory firms would report in their financial statements. This paper has examined those methods adopted by the International Financial Reporting Standards (IFRS) and there would be implication on financial reporting in Nigeria. The study was conceptual and empirical with most data sourced from the relevant text book and the internet. A survey was also carried out to know the level of awareness of this adoption and level of compliance. The study revealed that though some companies has adopted the use of FIFO method but a good number are still using the LIFO method which was proscribed by IFRS. The study recommends that firms should adopt the use of FIFO and Weighted Average Methods as prescribed by IASB and the others permitted by IFRS. This will make their financials comparable under the IFRS while firms should embark on intensive training of their accounting staff to get them to becoming IFRS compliant. Key words: Inventory, Valuation, Financial Reporting, IASB, IFR
Corporate Social Accounting and the Enhancement of Information Disclosure among Firms in Nigeria: A Case of Some Selected Firms in Nigeria
This study evaluates Corporate Social Accounting and Enhancement of Information Disclosure among selected some quoted firms in Nigeria. Questionnaires were administered to randomly selected respondents made up of accountants of management cadre from the selected firms. The data collated from respondents were analysed and tested using One-Way ANOVA and Chi-square statistical tools. The study among other things revealed that the  inclusion of corporate accounting reports as an additional but distinct report in the annual statements will significantly enhance information disclosure to stakeholders. The study also found out that most companies in Nigeria  presently disclose social accounting information in their annual reports via the Directors’ Report, Chairman’s Statement and Notes to the Accounts while these report are shown with very short/scanty qualitative information. This paper therefore recommends among others that companies should consider social accounting reports imperative and make it a distinct but an integral part of the financial statements to be presented annually; suitable accounting framework should be propounded by relevant accounting bodies to guide and steamline the reportage on social accounting information by corporate organisations while the government should put in place the neccessary legislations to compel organisations to disclose social accounting information in Nigeria. Keywords: corporate social accounting, social accounting, social costs, social performance, financial statements
Advanced Manufacturing Technology: A Strategic Solution To Production Problem
Advanced Manufacturing Technology (AMT) is revolutionizing the way products are manufactured especially in what are termed world-class manufactured especially in what are termed world-class manufacturers (WCM). AMT is a general expression encompassing Automated production technology, Computer Assisted Design and Manufacturing (CAD/CAM), Flexible Manufacturing Systems (FMS), robotics, Total Quality Control (TQC), advances in production management including materials requirement and manufacturing resources planning systems(MRP), Just-in-Time (JIT) Systems and so on. It has been argued by a number of academics, consultants and industrialists that traditional management accounting systems and performance measures are inappropriate and misleading for firm using AMT. This view is supported by Kaplan (1996) when he said that “traditional management accounting produces?… simple the wrong measures. They move the company in the wrong direction, reward managers for damaging the business and provide no incentive for improvement. The best we can do is to switch them off, just stop doing them!” Keywords: Advanced manufacturing, Total quality control, and Management accounting
Does Open Market Operations as a Monetary Policy tool have Impact on Price Stability in Nigeria?
Open market operation was introduced as a monetary policy tool in Nigeria in 1993. Since then, it has been extensively used in conjunction with other tools such as reserve requirement, discount window operation, and moral suasion as an instrument of price stability; however, inflation in Nigeria has not reduced to the desired single digit level on a consistent basis. It is against this background that, our paper investigated the impact of OMO as a tool for monetary policy on price stability in Nigeria from 1993-2007. Using OLS regression model, our result reveals that open market operation has positive non-significant impact on consumer price stability as proxied by inflation rate in Nigeria. Our result also reveals that there was a positive correlation between open market operation and consumer price stability of the Central Bank of Nigeria for the period, therefore remains a useful tool, hence our recommendation is that it should be used in conjunction with other relevant ones in the maintenance of price stability in Nigeria. Keywords: Open Market Operation, Price Stability, Nigeri
Parental Economic Status and Academic Performance of Accounting Students in Nigerian Universities
THE study examined parental economic status and academic performance of accounting students in Nigerian universities. It was motivated by the problem of steady decline in the performance of some classes of accounting students in the country, occasioning concerns amongst well-meaning citizens. The specific objective of the study was to ascertain the extent to which parents’ socio-economic status is related to the academic performance of students in Nigerian universities. The scope of the study was narrowed to students in the Department of Accountancy, University of Nigeria, Nsukka. Descriptive survey design. Was adopted for the study. The population of the study is 150 final year students in the Department of Accountancy at the University of Nigeria. The sample size of 60 was selected using non-probability purposive sampling technique. Data analysis was done with inferential statistics (Chi-square, X2). Results obtained indicate that parental socio-economic status was significantly related to academic performance of students in accounting studies in Nigeria; and that parental income level is positively and significantly related to students’ academic performance in accounting studies in Nigeria. It was then recommended among other things that Government should come up with policies for a better socio-economic climate for parents in Nigeria, which will assist boost students’ academic performance in the country. Keywords: Parents, Accounting Students, Economic Status, Academic Performance, Nigeria
Influence of Parental Occupation and Level of Education on Academic Performance of Accounting Students in Nigeria
THE study examined the influence of parental occupation and level of education on academic performance of accounting students in Nigeria. It was informed by the fact that the proper functioning of every country’s financial system and extent of viability of her economy is a function of the quality of accountants produced by her tertiary institutions. The specific objectives were to determine the relationship between parental occupation and level of education on academic performance of accounting students in Nigeria. The scope embraced accounting students in the Department of Accountancy, University of Nigeria, Nsukka. Descriptive survey design was adopted for the study. The main instrument for data collection was structured questionnaire. The population of the study comprised 150 final year students of accounting in the University. Purposive sampling technique was employed in selecting 60 as sample size and in the administration. Data analysis were done with the statistical tools of Chi-square (X2) and t-test statistics. Results obtained indicate that parental occupational level significantly influenced students’ academic performance in accounting studies in Nigeria, and that parental educational levels have strong positive relationship with students’ academic performance in accounting studies in Nigeria. It was recommended among other things that the three tiers of government should help to improve academic achievement of students in Nigeria, by extending educational support in form of adult literacy programmes to uneducated parents in the country. Keywords: Parents, Occupation, Educational Levels, Accounting Students, Academic Performance
Enterprise Risk Management and Performance of Nigeria’s Brewery Industry
Given the complexity of today’s business world, the process of planning, organizing, leading and controlling the activities of an organization in order to minimize the effect of risk on an organizations’ performance is very important. This involves a risk management system which expands the process to include not just risk associated with accidental losses, but also financial, strategic operating and other risk. It is against this background that our paper examined the effect of enterprise risk management on performance of firms in the brewery industry in Nigeria. The study adopted the cross section survey design and copies of questionnaire were distributed to 375 respondent comprising top and middle level management staff of three major brewing firms in Nigeria. Using Z-test statistic, we found that enterprise Risk Management enhances the performance of firms in the Brewery industry in Nigeria. The study therefore recommends that managers in the brewery industry in Nigeria should continue to adopt and implement enterprise rise management as a tool to enhance organizational performance and this should be backed by policy. Keywords: ERM, Performance; Brewery Industry; Nigeri