The Birth of Professional Accounting Organizations and the Influence on the Transformation of Accounting Practices in Nigeria

Oluseye Omoniyi Adedoyin and Prof. Folajimi Festus Adegbie
Additional contact information
Oluseye Omoniyi Adedoyin: Babcock University, Department of Accounting, Ilishan-Remo, Ogun State.
Prof. Folajimi Festus Adegbie: Babcock University, Department of Accounting, Ilishan-Remo, Ogun State.

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 6, 1161-1176

Abstract: This article examined the influence of the establishment and development of professional accounting organizations (PAO) on the evolution of accounting practices in Nigeria. The study examined the various roles played by prominent institutions such as the Institute of Chartered Accountants of Nigeria (ICAN), the Association of National Accountants of Nigeria (ANAN), and the Chartered Institute of Taxation of Nigeria (CITN) in shaping, regulating, and advancing the accounting profession in the country. The objective of the study is to examine the role of professional accounting organisations in Nigeria in leading the transformation of accounting practices. The study was conducted through desk-based research, utilizing a content analysis approach to examine applicable scholarly papers and official statements made by regulators, as well as global and national accounting organizations. The study found that there exist the collaborative efforts of ICAN and ANAN in establishing accounting education standards in Nigeria, despite the supposed disagreement between the two organisations. The study also identified how accounting organisations have contributed to the achievement of sustainable development goals (SDG) by facilitating the management of economic entities, analysing the environmental impact of costs and benefits, promoting the adoption of innovative practices, and formulating policies to mitigate environmental damage. The study concludes that though there are imprints of these organisations on accounting practice in Nigeria, the transformative journey of professional accounting organizations in Nigeria unfolds as a dynamic narrative that encompasses historical context, regulatory changes, educational requirements, and future-oriented strategies for sustaining and enhancing the impact of the accounting profession in the country. The study recommended the need for these professional organizations to upscale their ability to adjust to technology advancements, champion global integration, allocate resources towards education and upscaling of members skills, and strengthen ethical behaviour.

Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://www.rsisinternational.org/journals/ijriss/ ... ssue-6/1161-1176.pdf (application/pdf)
https://rsisinternational.org/journals/ijriss/arti ... ractices-in-nigeria/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bcp:journl:v:8:y:2024:i:6:p:1161-1176

Access Statistics for this article

International Journal of Research and Innovation in Social Science is currently edited by Dr. Nidhi Malhan

More articles in International Journal of Research and Innovation in Social Science from International Journal of Research and Innovation in Social Science (IJRISS)
Bibliographic data for series maintained by Dr. Pawan Verma ().