THE IMPACT OF ACCOUNTING STANDARD ON THE DEVELOPMENT OF SMALL SCALE BUSINESS IN AKWA IBOM STATE

The study highlight is to analyze practically the impact of accounting standard in the development of small scale business in Akwa Ibom State, with Usman Table Water Company as the case study. The use of accounting standard is an utmost significant to the development of small scale business. Accounting standard is a principle that governs current accounting practice and that is used as a reference to determine the appropriate treatment of complex transaction. Chapter one of the study gives an overview of what accounting standard is all about and hoe it relate to the development of small scale business. And it also delved into highlighting the basic problem of the study, the objectives of the study and the definition of terminologies used in accounting. Chapter two deals with the assembling of the related materials gathered for this study. this include the meaning of small scale business, characteristics of small scale business, stating problems and failure signs of small scale business and basic accounting problems of small scale business. Chapter three deals with the information gotten through the research questions and also testing of hypothesis, in order to achieve the objectives of the study from which logical out come is deduced. Chapter five rendered some recommendations, one of which is owners should employ the service of professional accountants, who with their experience will ensure that the accounting standards are upheld.