THE ROLES OF ACCOUNTING CONCEPT AND CONVENTION IN FINANCIAL REPORT

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DETERMINING THE ROLES OF ACCOUNTING CONCEPT AND CONVENTION IN FINANCIAL REPORT

ABSTRACT

The research work ‘’the roles of accounting concept and convention in financial report (a case study of Nigeria breweries plc .Lagos)’’ basically aims at ascertaining how financial accounting reporting has helped in advancing the objective of corporate organization. In the process, it investigated how the effected that financial accounting bear on the performances of a business. Furthermore, if sought to ascertain the compliance of relevant statues by corporate organizations and the overall satisfaction of stakeholders in a corporate organizations. The study obtained its data basically from primary and secondary sources. The primary sources of data collecting employed were questionnaire, oral interview and observations, while the secondary sources of data included textbooks, journals. In the analysis of the data collected, the chi-square was used to analyze the responses gathered. The study revealed that a lot of problems were inherent in financial reporting ranging from non-disclosure of vital information, subjective judgments of prepares of the financial information and most times non- compliances to relevant statues. There were recommendations given such as strict compliance to the relevant statues were made to the companies, the government needs to strengthen its regulatory agencies in order to ensure that the financial statements show a “True and Fair view” and comply with the relevant statues at all times.

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