THE ACCOUNTING PROFESSION AND Its ROLE IN NIGERIA ECONOMY

Accounting is based on a lot of assumptions and estimation especially in the accrual system. Therefore this is need to have a body which regulated the practice in order to harmonize the method of presenting accounting information. This body should have integrity so that the public can have confidence in any statement emanating either from the body or from any of its accredited members. It is only when such body is put in place, an accounting information certified by them be relied for financial decision purposes. One of such bodies that recognized in Nigeria is ICAN. As a result of this financial statement can now be an indices for measuring growth in the economy and calculation derived from any such records can be to a very great extent relied upon.