16 research outputs found
Effects of Strategic Tax Behaviors on Corporate Governance
The interactions between corporate governance and taxation are bilateral and biunique: in fact, on one side, the manner in which corporate governance rules are structured affects the way a corporation fulfills its tax obligations; on the other hand, the way tax designs (from the government perspective) and related tax strategies (from the corporation perspective) are planned influences corporate governance dynamics. For example, allowing corporations to keep two different and separate sets of books (one for accounting purposes, the other for tax purposes) makes it easier for tax managers to obtain both tax savings and promising financial statements even though a critical financial status is present. Therefore, the purpose of this research is to analyze the connection between corporate governance and strategic tax behaviors, investigating how corporate governance rules can reach a higher level of corporate compliance with the tax system
The Effects of Board Size on Financial Performance of Banks: A Study of Listed Banks in Nigeria
A critical review of the Nigerian banking system over the years shows that one of the problems confronting the
sector has been that of poor corporate governance. In an attempt to investigate the linkage between corporate
governance and financial performance of banks, this study contributed to the existing literature by assessing the
effect of size of boards on the performance of banking sector in a developing economy like Nigeria. This study
made use of a range of data drawn from the Nigerian Stock Exchange fact book (2008), which contains information
on board size and the performance proxies. Regressing performance on board size, it was observed that banks with
board size below 13 are more viable than those with board size above 13. The study further observed that banks with
larger boards recorded profits lower than those with smaller boards. Therefore, this study concludes that there is a
significant negative relationship between board size and bank financial performance with a t- value of -1.977 and a
p- value of 0.053. This is because, increase in board size occurs with increase in agency problems (such as director
free-riding) within the board and the board becomes less effective. However, the paper recommends a smaller board
size for better financial performance and to reduce the problem of free-rider of banks in Nigeria
FAIR VALUE MEASUREMENT (IFRS 13) AND INVESTING DECISION: THE STANDPOINT OF ACCOUNTING ACADEMICS AND AUDITORS IN LAGOS AND OGUN STATE, NIGERIA
This study examined the view of stakeholders as to whether or not Fair Value Measurement (IFRS 13) increased disclosure will lead to more meaningful investment decisions. The study adopted the Survey research design involving the collection of data from auditors of the “Big 4” and accounting academics in selected private universities in Nigeria. Primary data were obtained through the administration of copies of survey questionnaire to respondents. Two hypotheses were formulated and tested using Peason Product Moment Correlation and Independent Sample T-test at a significant level of 5%. Findings from the study revealed an association between IFRS 13 increased disclosure requirement and investment decisions. The result also revealed differences in the standpoint of accounting academics and auditors regarding the impact IFRS 13 increased disclosure have on investing decisions. The study recommended that the Financial Reporting Council of Nigeria should ensure that all companies in Nigeria fully adopt IFRS 13 in the preparation and presentation of their financial statements
21st Century Business Dynamics: Acting Local and Thinking Global through Extensive Business Reporting Language (XBRL)
In the present dynamic business environment of corporate governance and regulations, financial reporting is an
inevitable and extremely significant process for every business enterprise. Several financial elements such as Annual Reports,
Quarterly Reports, ad-hoc filing, and other statutory/regulatory reports provide vital information to the investors and
regulators, and establish trust and rapport between the internal and external stakeholders of an organization. Investors today
are very demanding, and emphasize greatly on authenticity, accuracy, and reliability of financial data. For many companies,
the Internet plays a key role in communicating business information, internally to management and externally to stakeholders.
Despite high prominence being attached to external reporting, it is disconnected in most companies, who generate their
external financial documents manually, resulting in high degree of errors and prolonged cycle times. Chief Executive Officers
and Chief Financial Officers are increasingly susceptible to endorsing error-laden reports, late filing of reports, and noncompliance
with regulatory acts. There is a lack of common platform to manage the sensitive information – internally and
externally – in financial reports. The Internet financial reporting language known as eXtensible Business Reporting Language
(XBRL) continues to develop in the face of challenges and has now reached the point where much of its promised benefits are
available. This paper looks at the emergence of this revolutionary twenty-first century language of digital reporting. It posits
that today, the world is on the brink of an Internet revolution that will redefine the ‘business reporting’ paradigm. The new
Internet technology, eXtensible Business Reporting Language (XBRL), is already being deployed and used across the world. It
finds that XBRL is an eXtensible Markup Language (XML) based information format that places self-describing tags around
discrete pieces of business information. Once tags are assigned, it is possible to extract only desired information, rather than
having to download or print an entire document. XBRL is platform-independent and it will work on any current or recent-year
operating system, or any computer and interface with virtually any software. The paper concludes that corporate stakeholders
and the government cannot afford to ignore the XBRL. It therefore recommends that all must act locally and think globally now
via the adoption of XBRL that is changing the face of worldwide business reporting
CORPORATE GOVERNANCE AND THE ROLE OF FORENSIC ACCOUNTANTS
The formal mechanism of direction, supervision and control put in place within an organization
·in order to monitor the decisions and actions of its senior managers and ensure these arc
compatible and consistent ·with the specific interest of shareholders and the various other
interests of shareholders ·who contribute to the operations of the company is very fundamental to
the sustainability and social relevance of any corporate entity. However, the challenge of poor
corporate governance has been a leading factor in poor performance, manipulated financial
reports, and disenchant~d stakeholders. In the modern day reporting climes, forensic accountants
have come into limelight due to rapid increase in financial frauds, corruption, and white collar
· crimes. They are in great demand for their accounting, auditing, legal, and investigative skills. '
This paper explores the valuable contributions forensic ac~ountants are positioned to make in the
global task of stemming· the tide of Corporate Govemance failures in private and pub! ic
organizations of the twenty-first century. Using the secondary data research methodology, the
· paper finds that the engagement of forensic accountants will significantly expose and correct
questionable accounting and managerial practices which have become seriously more insidious
and widespread than imagined in Corporate Governance settings. The research therefore
recommends that economic entities, corporations, regulators, govemments, and all stakeholders
in the financial reporting process should be more resolute than ever in the engagement and
application of forensic accounting skills to daunting Corporate Governance concem
DOES CEOs POWER MODERATE THE EFFECT OF AUDIT COMMITTEE OBJECTIVITY ON FINANCIAL REPORTING QUALITY IN THE NIGERIAN BANKING SECTOR?
This study empirically examined the impact of audit committee objectivity (contingent on
CEO Power) on the quality of financial reporting in the Nigerian Banking Sector. The study
adopted a survey research approach and secondary data extracted from financial statement. The
OLS and LSDV analysis were used to investigate the impact of Audit Committee objectivity on
the quality of financial reporting with or without CEO power and influence. The findings
showed, that, while audit committee independence impact positively on the relevance and
reliability of financial report, the same cannot be said when there was CEO power. CEO power
in the audit committee mitigated the benefits of independence and caused its overall effects on
financial reporting quality of no significant in terms of relevance and reliability. The study
therefore recommended that having a majority of independent directors would increase the
quality of board oversight, lessen the possibility of damaging conflicts of interest and helps to
repose inventors’ confidence especially foreign investors that would invariably draft in FDI.
This will align boards’ decisions with the interests of shareholders they represent. This will
reduce significantly the ability of the CEO overbearing influence on the committee activities in
ensuring financial reporting quality
FINANCIAL LITERACY: A PANACEA TO POVERTY REDUCTION IN NIGERIA
There are a number of intelligences that humans’ are expected to possess in order
to maximise life on the earth. These intelligences include spiritual, mental, physical,
social and financial. Whereas all the different intelligences are important
determinants of wellbeing, financial intelligence (FI) is pivotal for individual/family
prosperity. Unfortunately, the configuration of Nigeria education curriculum at all
levels does not include financial intelligence. This lacuna in the educational system
has been reckoned to have contributed to the ever increasing rate of poverty in
Nigeria. This paper theoretically discussed financial intelligence as a panacea to
winning the war against poverty in Nigeria. The discussion covered an overview of the
laws of financial intelligence, personal financial statement, the psychology of wealth
creation and sources of passive income as well as the process of financial freedom
among others. The paper concludes that if financial intelligence is embraced at the
same level with other intelligence, the incidence of poverty in Nigeria will plummet
significantly
Occurrence and Distribution of Sulphate-Reducing Bacteria in a Polluted Lagoon
The presence and distribution of sulphate-reducing bacteria (SRB) in the sediment and water from four strategic points on the Lagos Lagoon were assessed using the most probable number technique. All the samples were positive for the dissimilatory sulphate reducers. The relative occurrence varied markedly with the site and pollution status. The least polluted end of the lagoon recorded the lowest number of SRB in both sediment (4.23x102 SRB/ml) and water (28 SRB/ml) while the most polluted site receiving sewage and domestic wastes harboured numbers as high as 5.71x103 and 7.6x104 SRB/ml for water and sediment sasmples, respectively. The occurrence of sulphate-reducing bacteria in such numbers indicated that this environment favoured biocorrosion of buried and immersed metals. The active involvement of these organisms in the syngenesis of sulphur, metallic sulphides and the general biodegradation of pollutants in this ecosystem is discussed