THE DEVELOPMENT OF ACCOUNTING PRINCIPLES AND STANDARDS

The objective of this study is to access based on empirical research the exceptional qualities or otherwise of the present accounting principles and standards. Information was drawn from both primary and secondary sources. The primary sources were held with members of the institute of chartered accountants of Nigeria (ICAN) on the subject matters. During the time, a question on the general field of accounting principles and development were asked. The rest of the information came from library sources. The information collected was analyzed using simple tabular diagrams, percentages, ratio and statistical tools chi-square. The result obtained from this study is that the present way of evolving accounting principles and standards from the beginning which dates back to 600BC has not been very helpful. The study also revealed the economic life of business differ significantly so that the purpose or aims of financial reports are not the same everywhere. All these have resulted to display in the financial report between accounts. Although, it is evident that a quest deal of success has been recorded by the accountancy, bodies worldwide, in standardizing existing standards. This project recommends that a standard based on contemporary problems and fashioned for the immediate or particular business environment be evolved. It is hoped that when the points mentioned above are fully implemented, the accountancy profession, especially in Nigeria which is currently being threatened by existing laws in the country, can effectively render that necessary committee it owes to the public its services. By way of reward for these services, the future existences of the profession would be guaranteed as it would remain ever strong and reliable