EFFECTS OF STRUCTURAL ADJUSTMENT PROGRAMMER ON ACCOUNTING PRINCIPLES (A CASE STUDY OF CENTRAL BANK F.C.T ABUJA)
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EFFECTS
OF STRUCTURAL ADJUSTMENT PROGRAMMER ON ACCOUNTING PRINCIPLES (A CASE STUDY OF
CENTRAL BANK F.C.T ABUJA)
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF
STUDY
Before the
“Structural Adjustment Programme (SAP)” can be clearly defined, one must have a
better understanding of the situation into which it was introduced. At the
conclusion of a Debate/Symposium on “Devaluation” held in 1982 at the Institute
of International Affairs, the consensus emerged that the economic problem of
Nigeria was structural.
The intention of SAP
is to adjust the structure of the Nigerian economy, but what is the structure
of the economy and why does it need adjustment? The relevant dictionary meaning
of the word “structure” is “the arrangement or interrelation of all part of a
whole”.
At the summary of
overall economic level which the economist call “The macro level”, the
structure f the economy is its composition as seen through the shares or
proportion of the various component parts or economic aggregated, in the total
sum of goods and services produced in a period usually a year.
Therefore, the
structure of the economy is shown by the shares of the various economic sectors
in the Gross Domestic Product (GDP).
Just like any other
theory, accountants have discovered that they need to make certain assumption
before they can prepare financial statements. These assumptions, which
underline the preparation of financial statements, are also known as
principles, postulates, conventions, concepts, and standards etc. The originate
from such concepts as entity, going-concern, periodicity realisation, matching,
consistency and historical cost concept.
They have been described
as the basic points of agreement upon which the preparation of financial
statement are based. They act as filters in the process of preparing financial
statement and therefore assist immensely in selecting data to be processed and
also indicating the processing method and thereby affecting the final result.
Accounting Principles
are usually rules and conventions, which have been adopted as a general guide
to action by the accountancy profession. These principles are formulated in
such a way that the practical details of accounting may differ greatly from one
company to another. To ensure acceptance, an accounting principle must be
useful in coping with a practical recording problem, it must be reasonably
objective, that is, provide a similar answer in the hands of qualified
practitioners, and it must be feasible, that is, it should not be expensive to
apply.
1.2 STATEMENT OF THE
PROBLEMS
This research work
tends to give an appraisal on the effect of the SAP on accounting principle.
Exchange rate devaluation was considered a setback in the progress of the SAP.
Therefore the under listed problem was discovered:
i. Over emphasis on
the restoration of balance of payment
ii. Undermine the
economy and limit its role for socio-economic intervention through a fixation
on deregulation, privatisation and instability of the economy in the name of
“free market”
iii. Exacerbate the
disparities between
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