CHAPTER
ONE
INTRODUCTION
1.1 Background of the Study
The
impact of financial reporting on the corporate performance of a business
organization is becoming more apparent to user groups of a financial statement.
Accounting is a not an exact science neither are business operations without
some subjective and judgmental errors when it comes to reporting them. A
financial reporting therefore is a document statement which informs the various
interest groups to a business on the operations and performance of their
business in a period under review its present state of affairs as well as its
anticipated future, in accordance with the statutes. If a financial report is
to service its purpose it ought to be characterized by the following.
a.
Relevance
b.
Understandability
c.
Reliability
d.
Completeness
e.
Objectivity
f. Timeliness
In the
accounting process of an organization is to provide the information required to
prepare a financial report which shall have the above characteristics then the
transaction doing the period must be recorded prompt by and accurately and
interpreted in conformity with the Generally Accepted Accounting Principles
(GAAP), Statements of Accounting Standard Board (NASB), International
Accounting Standard committee and the companies and Allied Matters Act cop LFN
(CAMA).
Financial
accounting reporting become necessary with the obvious need for accountability
of stewardship from the managers to whom investors entrusted their financial
resources. The Railway age in the UK. Occurred between 1830 to 1870 and for the
first time the world same the emergence of multimillion corporations with large
numbers of shareholders. It was a period of disorder but it brought the basis
for the present day system of corporate financial report. Financial reporting
is a duty of stewardship assigned to the directors of a company by section 334
of the company and Allied Matters Act Cap L20 LFN, equally the mandatory
responsibility of companies to keep accounting records derives its strength
from section 331 and 382 of the same act. These sections explicitly defined the
necessary content and manner in which financial records should be kept.
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