work “The Impact of Financial Accounting Report on the Corporate Performance”,
basically aims at how financial accounting reports has helped in advancing the
objectives of corporate organizations. In the process, it investigated the
effect financial accounting bears on the performance of a business.
Furthermore, it sought to ascertain the compliance of relevant statue by
corporate organizations and the overall satisfaction on stakeholders in a
corporate organizations. The study obtained its data basically from primary and
secondary sources. The primary source of data collection employed were
questionnaire, oral interview and observations, while the secondary source of
data included textbooks, journals in the analysis of the data collected, the simple
percentage was used to analyze the responses gathered. The study revealed that
a lot of problem were inherent in financial reports ranging from non-disclosure
of vital information, subjective judgments of prepares of the relevant statues.
There were recommendations given such as sticks compliance to the relevant
statue were made to the companies, the government needs to strengthen its
regulatory agencies in order to ensure that the financial statement show a
“true and fair view and comply with the relevant statue at all times”.
1.1 BACKGROUND OF THE STUDY
OF THE PROBLEM
OF THE STUDY
OF THE STUDY
OF THE STUDY.
OF THE STUDY
HISTORY OF THIS COMPANY
REVIEW OF RELATED LITERATURE
2.1 overview of the financial accounting system
BOOKS THE GENERAL JOURNAL (PROPER)
2.5 THE LEDGER
2.7 THE TRIAL
2.8 THE PROFIT
AND LOSS ACCOUNT
2.10 PRINCIPLES AND ASSUMPTIONS UNDERLYING FINANCIAL ACCOUNTING
2.11 ACCOUNTING STANDARD
2.12 CONTROVERSIAL ISSUES IN FINANCIAL ACCOUNTING REPORTING
3.1 DESIGN OF
3.2 AREA OF
OF THE STUDY
3.4 SAMPLE OF
FOR DATA COLLECTION
OF THE INSTRUMENT
3.7 METHOD OF
4.0 DATA PRESENTATION AND ANALYSIS
4.1 TEST OF
OF FINDINGS, CONCLUSION AND RECOMMENDATION
5.1 SUMMARY OF FINDINGS
1.1 BACKGROUND OF THE STUDY
The impact of financial
accounting reports on the corporate performance is becoming more apparent to
users groups of financial statements.
is not an exact science neither is business operations without some subjective
and judgmental errors when it comes to reporting them. A financial report
therefore is a document statement which informs the various interest groups to
a business on the operations and performance of their business in a period
under review its present state of affairs as well as its anticipated future, in
accordance with the statues. If a financial report is to service its purpose it
ought to be characterized by the following:
the accounting process of an organization is to provide the information
required to prepare a financial report which shall have the above
characteristics than the transaction during the period must be recorded
promptly and accurately and interpreted in conformity with the Generally
Accepted Accounting principles (GAAP), statements of Accounting Standard Board
(NASB), international accounting standard committee and the companies and
Allied matters Acts cops LFN (CAMA). Financial accounting reports become
necessary with the obvious need for accountability of stewardship from the manage
to whom investors entrusted their financial resources. The railway age in the
UK. Occurred between 1830 to 1870 and the first time the world saw the
emergencies of multimillion corporation with large number of shareholder. It was
a period of disorder but it brought the basis for the present day system of
corporate financial report. Financial reporting is a duty of stewardship
assigned to the director of a company by section 334 of the company and Allied
matters Act cap L20 LFN, equally the mandatory responsibility of companies to
keep accounting records derives its strength from section 331 and 382 of the
same act. These sections explicitly defined the necessary content and manner in
which financial records should be kept.
1.2 STATEMENT OF THE PROBLEM
The study “The impact
of financial accounting reports on the corporate performance aims at
investigating the financial report of selected companies in Enugu state with a
view to determine the following.
The extent to which a standard financial
report contributes to or detracts from the growth of a business organization.
The extent to which the financial
reports of corporate business organization comply with statutory provision.
The uniformity and conflict which exist
in the financial accounting reports regulations given the multiplicity of
Therefore, based on the
above statements, the researcher shall investigate the financial accounting
reports standards and every regulation their bear on the financial statement
and to the extent the selected company(s) has either complied with or disobeyed
the relevant statues.
1.3 OBJECTIVE OF THE STUDY
The objectives of this
study are to critically examine the financial reports of the selected company
and to probe into the fundamental for their preparation as well as its
presentation with a view to determining:
The adequacy of the basis and the
fundamental that guides us preparation.
The degree to which the financial report
meet the need of its various users.
The extent to which the financial report
conforms to the established standards.
The influence that financial report has
on business performance.
Finally, to present suggestion and recommendations
based on my findings.
1.4 RESEARCH QUESTIONS
In order to determine
the impact of financial accounting reports on the corporate performance, it is
pertinent to test the following questions;
Does the information disclosed in the
financial statements adequate to support good decision making?
Does the disclosure requirement of the
status affect corporate performance positively or negatively?
Does companies comply strictly with the
Does the financial report meet the needs
of the various users?
1.5 SCOPE OF THE STUDY
This study could have
covered the impact of financial accounting report on corporate performance of
all the sectors of the Nigerian economy but due to the challenges of such a
task especially the financial resource with which to execute it, it is limited
to braving industry. The study used in Nigerian breweries Plc Enugu.
1.6 LIMITATION OF THE STUDY.
The limitations of the
study encountered by the researcher of this work are given as follows:
The confidential nature of financial
accounting information in the business organization posed as a problem to this
The researcher was unable to reach all
the members of the sample as a result of their frequent travels and busy
The sample used in the research through
representative but it relatively small compared to the population, as a result
of lack of financial with which to carry out the research on a greater sample.
1.7 SIGNIFICANT OF THE STUDY
This study is very
important one and most significant at this period of economic situation which
has witnessed the collapse of giant corporate with impressive profit and loss
accounts and balance sheet statement, because the financial report serves is a
“Prima facial” evidence on the state of affairs at such companies as well as
it’s performance and could be relied upon as a certificate because it had the
audition certification, financial reporting could be done with every business,
utmost good faith and diligence.
1.8 BRIEF HISTORY OF THIS COMPANY
The Nigerian Breweries
Plc is a subsidiary of Heineken N.V. which has a 54.10% interest in the equity
of company i.e. Nigerian Breweries Plc. The company, which is a publicity
quoted, was incorporated on 16th November 1940 under the name of
Nigerian Brewery limited. It was later named Nigerian Breweries Plc in 1990
when the companies and Allied matters Act of that year come into effect. The
principle activities of the company remained brewing marketing and selling
lager, stout, non-alcoholic malt drinks and soft drinks.
1.9 DEFINITION OF TERMS
A person who is qualified to examine the
accounts of an organization to see that they are in order.
A business as at a specified date
A financial institution whose
responsibility among others is to keep deposit for their client and customers.
An institution of the state whose
responsibility is to maintain law and order in the society.
Sufficient to establish something
legally until disprove later.
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