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The Changes In Accounting Standards Its Impact On Financial Statement
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1.5 RESEARCH HYPOTHESIS
The following hypothesis were formulated in order to determine the validity and reliability of the study.
a HO: The changes in accounting has no impact on the financial statement.
Hi: The changes in accounting has impact on the financial statement.
b
Ho: Adoption of the accounting standards does not help in the
standardization are harmonization of financial statement
Ho: Adoption of the accounting standards help in the standardization are harmonization of financial statement
c
Ho: it is of no importance to determine the extent of compliance of
some organization in the preparation of the financial statement.
1.6 SIGNIFICANCE OF THE STUDY
The
accounting standards are developed to ensure higher degree of
standardization in the published of financial statement. They provide
the necessary information about how accounting information should be
presented in order to enhance the value of its content and facilitated
through understanding.
The significance of this study to the academic
world cannot be over emphasized. It is of benefit to all users of
accounting information who need to interprets and use proper
understanding of the financial standard and the information so derived
in making management decision for the interest of the organization.
Another
most importance of the study is to reveal to the management of
(Guinness Nigeria Plc Benin, Edo state) on the standards in financial
statement and also an accounting guides to staff of the organization
Lastly,
this study would also serve as reference literature to further
researchers on the changes and impact of accounting standards.
1.7 SCOPE / DELIMITATION OF THE STUDY
Despite
the fact that the study is based on the impact of accounting standards
in financial statement. It also covers the importance of the standard,
application, compliance thus the need for the standards and also the
main aim of this standardization.
The limitation is as a result of
limited time, insufficient fund available with the researcher and
limited source of material. Restriction of some vital information about
the company with a response of confidential issue.
1.8 DEFINITION OF TERMS
A Standards: The simply means the regulations governing the use of financial statements.
B Changes: This simply means the process of becoming different form he former state.
C
Fair values: The price that would be received to see and asset or paid
to transfer a liability in an orderly transaction between market
participants at the measurement data
D Financial statements: These are statements used in recording financial transaction of any balance sheet of business.
E Joint Arrangement: An arrangement of which two or more parties have joint control.
F
Financial instrument: A document that has a monetary value or
represents a legally enforceable agreement between two parties e.g
shares.
G Accounting: The development and use of a system
for recording and analyzing the financial transactions and financial
status of a business or other organization.
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ABSRACT - [ Total Page(s): 1 ]The project is a comprehensive study of the changes in Accounting standard, the impact on financial statement with a study of Guiness Nigeria Plc Benin Branch, Edo state. This project is aimed at determining the impact of Accounting standard on the users of financial statement and also the needs of the Accounting standard. Data were collected, through primary and secondary sources. The finding revealed that the changes in Accounting standard play a vital role of the financial statment of the com ... Continue reading---
