THE USEFULNESS OF ACCOUNTING STANDARD IN THE PREPARATION OF FINANCIAL STATEMENT
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ABSTRACT
This study is on usefulness of accounting standard in preparation of financial statement using Guinness Nigeria plc as case study. Specifically, the study examined the effects of the accounting standards on the Nigerian economy.the study also determine the extent of compliance of the financial statement in the accounting standards. The study further examine the benefits or uses of the accounting standards in the preparation of financial statement. And lastly the study find out how accountants can enhance themselves in the use of accounting standards. The study employed the survey descriptive research design. A total of 77 responses were validated from the survey. From the responses obtained and analyzed, the findings revealed that Guinness (Nig) Plc has shown high degree of compliance with disclosure requirements of Accounting Standards, irrespective of size, profitability, leverage and age. The study hereby recommend that the National Accounting standards setting body (NASB) should endeavor to issue high quality accounting standards. To ensure high quality standards and practicability of the same, exposure drafts should be circulated to those who will really apply the standard to make inputs before the final issue.
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