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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