Firm Characteristics and Restatement of Financial Statement in Nigeria

Lodikero Olusola and Don’ Emenike
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Lodikero Olusola: Department of Accountancy, Rufus Giwa Polytechnic Owo, Ondo state, Nigeria
Don’ Emenike: Department of Accountancy, Rufus Giwa Polytechnic Owo, Ondo state, Nigeria

International Journal of Research and Innovation in Social Science, 2020, vol. 4, issue 8, 623-628

Abstract: Published accounting information in financial statements are required to provide various users; shareholders, employees, suppliers, creditors, financial analysts, stockbrokers and government agencies with timely and reliable information useful for making prudent, effective and efficient decisions. This paper examines firm characteristics and restatement of financial reports in Nigeria. Specifically, the study investigates the relationship that subsists between firm characteristics and restatement of financial statement. The corporate annual reports and website for the periods 2010-2019 were utilised as the main sources of secondary data. The study adopted correlation technique to analyse the data collected from annual reports and corporate website of the listed companies in Nigeria. The findings showed that restatement of financial reporting is related to: firm size, ROA, and leverage. The results also revealed that restatement of financial statements significantly influenced investors, potential investors’ behaviour and serves as correcting and control yardsticks to check mate intentional material misstatements in financial records. The study recommended the effective execution of the restatement standard with integrity and independence of executors.

Date: 2020
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