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THE IMPACT OF FINANCIAL ACCOUNTING ON THE CORPORATE PERFORMANCE OF BUSINESS ORGANIZATION
(A CASE STUDY OF NIGERIAN BREWERIES PLC)
ABSTRACT
The research work “The impact of Financial Accounting Reporting on the corporate performance of Business Organizations”, basically aims at ascertaining how financial accounting reporting has helped in advancing the objectives of corporate organizations. In the process, it investigated the effected that financial accounting bear on the performance of a business. Furthermore, if sought to ascertain the compliance of relevant statues by corporate organizations and the overall satisfaction of stakeholders in a corporate organizations. The study obtained its data basically from primary and secondary sources. The primary sources of data collection employed were questionnaire, oral interview and observations, while the secondary sources of data included textbooks, journals. in the analysis of the data collected, the chi-square was used to analyze the responses gathered. The study revealed that a loot of problems were inherent in financial reporting ranging from non-disclosure of vital information, subjective judgments of prepares of the financial information and most times non-compliance to relevant statues. There were recommendations given such as strict compliance to the relevant statute were made to the companies, the government needs to strengthen its regulatory agencies in order to ensure that the financial statements show a “true and fair view and comply with the relevant statues at all times.
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.
1.2 STATEMENT OF THE PROBLEM
The study “the impact of financial accounting on the corporate performance of business organization” aims at investigating the financial issues in accounting as a result of the global economic and financial crisis, there has been a continued attempt to grapple with accounting and economic issues.
In many cases these issues remain unsolved from generation to generation.
The fundamental nature of accounting is still actively being debated with no sign of resolution. The conceptual theory is, for example currently being revisited by the IASB. A particular problem is whether the stewardship or the decision making objective should be paramount.
1.3 OBJECTIVES OF THE STUDY
The broad objectives of the study is to examine the impact of financial accounting on the corporate performance of business organization, other specific objective are as follows
- To assess the impact of financial accounting or corporate performance of business organization
- To examine the adequacy of financial statement in decision making
- To examine how disclosure requirement of the state affect corporate performance
- To assess company’s compliance with the regulation
- To evaluate whether financial report meets the needs of the various users
1.4 RESEARCH QUESTIONS
In order to determine the impact of financial reporting on the corporate performance of business organizations, it is pertinent to test the following question;
- Does financial accounting have any significant impact on the corporate performance of business organization
- Does the information disclosed in the financial statements adequate to support good decision making?
- Does the disclosure requirement of the statutes affect corporate performance positively or negatively?
- Do companies comply strictly with the regulation?
- Does the financial report meet the needs of the various users?
1.5 RESEARCH HYPOTHESES
The following hypothesis shall be tested in this research works to ascertain the impact of financial accounting on the cooperate performance of business organization:
H0: Financial accounting has no significant impact on the corporate performance of business organization
H1: Financial accounting has significant impact on the corporate performance of business organization
1.6 SIGNIFICANCE OF THE STUDY
This study is a very important one and most significant at this period of economic situation which has witnessed the collapse of giant corporate with impressive profit and loss accounts and balance sheet statement, because the financial report serves is a “prima facie” evidence on the state of attains of such companies as well as its performance and could be relied upon as a certificate because it had the auditors certification, financial reporting could be done with every ser business, utmost good faith and diligence.
1.7 SCOPE OF THE STUDY
This study could have covered the impact of financial accounting reporting on corporate performance of all the sectors of the Nigerian economy but due to the challenges of such a task especially the financial resources with which to execute it, it is limited to braving industry. The study used the Nigerian Breweries plc, Abuja.
1.8 LIMITATIONS OF THE STUDY
The limitations encountered by the researcher of this work are given as follows:
- The confidential nature of financial accounting information in the business organization posed as a problem to this business organization posed as a problem to this study.
- The researcher was unable to reach all the members of the sample as a result of their frequent travels and busy schedule.
- The sample used in the research though representative but it is relatively small compared to the population, as a result of lack of financial with which to carry out the research on a greater sample.
1.9 DEFINITION OF TERMS
Auditor: a person who is qualified to examine the accounts of an organization to see that they are in order.
Balance Sheet: a business as at a specified date.
Bank: a financial institution whose responsibilities among others is to keep deposits for their client and customers.
Government: an institution of the state whose responsibility is to maintain law and order in the society.
Prima facie: sufficient to establish something legally until disprove later.
Researcher: an inquiring basically concerned with search knowledge.
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SOLD BY: Excellent Project| ATTRIBUTES: Title, Abstract, Chapter 1-5 and
Appendices|FORMAT: Microsoft Word| PRICE: N5000| BUY NOW |DELIVERY
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