CHAPTER ONE: INTRODUCTION 1.1. Background of the study Globally, financial reporting is notably an important concept for achieving effective functioning of corporate governance systems in banking industry. It is evident that financial accounting reports are produced in banking industry to indicate the true and fair state of affair of banking companies’ entities (Arnold, 2009). The financial accounting reports are essential since it helps stakeholders and other banking industry users to make informed
management can study the merits and demerits of the business activity. Thus, the management is interested in financial accounting to find whether the business carried on is profitable or not. The financial accounting is the “eyes and ears of management and facilitates in drawing future course of action, further expansion etc.” iii. Creditors: Creditors are the persons who supply goods on credit, or bankers or lenders of money. It is usual that these groups are interested to know the financial soundness
objectivity exists when financial information is free from “personal opinion and bias”, it can be validated by an independent investigator and it is considered to be useful and reasonable to accountants. However, this concept fails to recognize the extent of professional judgement required across various elements of the accounting process. Perceptual Perception Concept: Wagner (1965) believes that professional judgement is one of the most important assets of the accounting profession and thus it
Environmental Accounting(EA) goes beyond recording and measuring because it deals with decision making and steps in conservation of resources Environmental accounting (EA) is seen by corporate managers and environmental advocates alike as a necessary complement to improved environmental decision-making within the private sector. Whether the goal is pollution prevention, or some broader notion of "corporate sustainability," there is a widespread belief that sound environmental accounting will help firms
Adeniji (2004:354) and ICAN (2006:206), is an intentional act by one or more individuals among management, employees or third parties, which results in a misrepresentation of financial statements. Fraud
COST ACCOUNTING INNOVATION AND TWO OF ITS IMPACT (Impact of cost accounting on financial and management decision) ABSTRACT This research contains the information’s and findings about the cost accounting evolution, about how it started from being an accounting itself through the birth up to the development of cost accounting. And the main purpose of this research is to discuss the two of its impacts, and also their benefits and implications. It also includes the objectives of cost accounting. And
users of financial statements. It reflects the gap between the auditor’s actions and the expectations of society from auditor to create the impression that statutory objective of audit is not fulfilling the social needs of people. The functions being performed by the profession of accounting are found to be important in the growth and stability of financial market both at the domestic level and international level (Ruhnke & Schmidt, 2014). An audit can be defined as the examination of financial statements
Introduction: Is a set of accounting standards and interpretations issued by the International Accounting Standards Board These standards aim to develop operations and calculations where the standards become more quality and effectiveness and be understood and participants have the ability to apply them in the global capital market, Depends are so many countries in the world standards and some other countries abandoned uncle statehood and international standards adopted. And due to the importance
organizations ever since these highly publicized corporate fiascos. Regulations have been brought in most countries around the world to improve the running of audit committees as an apparatus to reinforce good corporate governance in order to avoid future accounting scandals. Indubitably, it can be perceived that only an audit committee