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THE EFFECT OF FINANCIAL
ACCOUNTING REPORTING ON THE CORPORATE PERFORMANCE OF BUSINESS ORGANIZATION
ABSTRACT
This research work ‘’The Effect of Financial Accounting
reporting on the corporate performance of business organization; basically aims
at ascertaining how financial accounting
report has helped in advancing the objectives of corporate organization.
In the process, it investigated the effects that financial accounting bear on
the performance of a business. Furthermore, the sought to ascertain the
compliance of relevant status by corporate organizations and the overall
satisfaction of stakeholders in a corporate organizations. The study obtained
its data basically from primary source. The primary sources of data collection
employed were questionnaires oral interview and observation. The study revealed
that a lot of problems were inherent in financial reporting ranging from non
disclosure of vital information, subjective judgment of the financial
information and most time non-compliance to relevant status. The recommendation
given such as strict compliance to the relevant status were made to the
organization, 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 status at all times.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF
THE STUDY
The impact of financial accounting 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 report therefore is a documental statement which
forms the various interest groups to a business on the operations and
performance of their business in a period under reviewing 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.
Relevance
Understandability
Reliability
Completeness
Objectivity
Timeliness
If 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 during the period must be
recorded properly, 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 Reporting 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 ISAB. A
particular problem is whether the stewardship or the decision making objective
should be paramount.
1.3 OBJECTIVES OF
THE STUDY
The broad objective of the study is to examine the impact of
financial accounting reporting on the corporate performance of business
organization, other specific objective are as follows:
To assess the impact of financial accounting reporting on
corporate performance of business organization
To examine the adequacy of financial statement in decision
making
To examine how disclosure requirement 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 accounting
reporting on the corporate performance of business organizations, it is
pertinent to test the following questions;
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 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
affairs 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.
1.6 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 task especially the financial resources with
which to execute it, it is limited to commercial banks. The study used the
Nigerian Commercial banks in Kaduna.
1.7 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: Is a business as at a specified date.
BANK: Is a financial institution whose responsibilities among
others is to keep deposits for their client and customers.
GOVERNMENT: Is 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 enquiring basically concerned with search
knowledge.
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