Abstract:
This research explores the role of management discretion in financial reporting in Lagos State, Nigeria. The objectives are to: (1) evaluate the impact of management discretion on financial statement accuracy, (2) assess the influence on stakeholder trust, and (3) analyze the potential for misstatements. A survey design was chosen to gather data from corporate managers, auditors, and financial analysts. The sample size, calculated using Taro Yamane's formula, ensures statistical significance. Nestlé Nigeria Plc was chosen as the case study due to its reputed management practices. The reliability coefficient score of the survey was 0.88. Findings indicate that while management discretion can enhance financial reporting flexibility, it also poses risks for financial misstatements and can impact stakeholder trust. It is recommended that companies in Lagos State implement checks and balances to mitigate the risks associated with management discretion in financial reporting.
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