ABSTRACT

The objective of this study is to access based on empirical research the exceptional qualities or otherwise of the present accounting principles and standards.

Information was drawn from both primary and secondary sources. The primary sources were held with members of institute of chartered accountants of Nigeria (ICAN) on the subject matters. During the time, question on the general field of accounting principles and development were asked. The rest of the information came from library sources.  The information collected was analysis using simple tabular diagrams, percentages, ratio and statistical tools chi-square. The result obtained from this study is that the present way of evolving accounting principles and standard from the beginning which dates back to 600BC has not been very helpful. The study also revealed the economic life of business differ significantly so that the purpose or aims of financial reports are not the same everywhere. All these have resulted to display in the financial report between accounts.

Although, it  is evident that a quest deal of success has been recorded by the accountancy, bodies worldwide, in standardizing existing standards. This project recommends that a standard based on contemporary problem and fashioned for the immediate or particular business environment be evolved. It is hoped that when the points mentioned above are fully implemented, the accountancy profession, especially in Nigeria which is currently being threatened by existing laws in the country, can effectively render those necessary committee it owes to the public it services. By way of reward for the this services, the future existences of the profession would be guaranteed as it would remain ever strong and reliable.

TABLE OF CONTENTS

Title page

Approval page

Dedication

Acknowledgement

Abstract

List of tables

Table of contents

CHAPTER ONE

Introduction

1.1overview of study

1.2Statement of problem

1.3Objective of study

1.4Hypothesis of the research

1.5Significance of the study

1.6Limitation of the study

1.7Definition of terms

Reference

CHAPTER TWO

Review of related literature

2.1Historical development of accounting

2.1.1The early financial accounting

2.1.2The venture accounting

2.1.3The joint stock company

2.2Development of accounting principles and standards

2.3Recent revisions to accounting standards

2.4Foreign currency transaction and conversion

2.5Accounting for depreciation

2.6Accounting for lease and hire purchase

References

CHAPTER THREE

Research methodology

3.1sources of data

3.1.1Primary data

3.1.2Secondary data

3.2Population and sample size

3.3Methodology used

CHAPTER FOUR

Presentation and Analysis of Data

4.1presentation and analysis of an empirical research into 

the accounting principle and standards

4.2Testing of hypothesis

CHAPTER FIVE

Summary of Finding Recommendation and Conclusion

5.1Recommendation

5.2Conclusion

Bibliography

Questionnaire