THE USEFULNESS OF ACCOUNTING STANDARDS IN THE PREPARATION OF FINANCIAL STATEMENTS (A CASE STUDY OF GUINESS NIGERIA PLC)

ABSTRACT The most common report from external use are the financial statement included in the annual report to shareholders (owners) and potential investors.  These financial statements are prepared to confirm with “generally accepted accounting principles” such “principles” have evolved over time or have been made acceptable by decree from official rule making body.
Accounting principles result from an essentially political process.  The government through the Securities and Exchange Commission (SEC) prescribes the methods of accounting profession through its board, Nigeria Accounting Standards Boards also issue statements of accounting standards as guide for prepares of financial statements.
In explanation of the above, the researcher examined the usefulness of the statement produced by the accounting profession’s organ (NASB) and how they are being complied with, its achievements and problems, hypothesis was also conducted.
Chapter five, discussed the findings of the study.  It was discovered from the findings that accounting standards application in preparing financial statement have came to conclusion that it contributes numerously not to the company – Guinness (Nig) Plc, Enugu also on the nation’s economy as a whole.   TABLE OF CONTENTS Cover page Title page Approval page Dedication Acknowledgement Abstract  Table of content
CHAPTER ONE 1.1INTRODUCTION 1.2Background Of The Study 1.3Statement Of The Problem  1.4Purpose of the study 1.5Scope Of The Study 1.6Statement of hypothesis  1.7Scope and limitation of the study 1.8Definition of terms
CHAPTER TWO 2.1REVIEW OF RELATED LITERATURE 2.2Historical development of accounting standards 2.3Users of accounting standards 2.4The making of accounting standards 2.5Application and compliance  2.6Usefulness/benefits of standards
CHAPTER THREE 3.1Research design and methodology 3.2Population and sample size 3.3Sources of data 3.4Data collection techniques
CHAPTER FOUR 4.1PRESENTATION, ANALYSIS AND INTERPRETATION OF DATA 4.2Presentation and analysis of data 4.3Interpretation of data 4.4Test of hypothesis
CHAPTER FIVE 5.1FINDINGS, CONCLUSION AND RECOMMENDATION 5.2Findings 5.3Conclusion 5.4Recommendation Bibliography Appendices (questionnaires)