What is public sector accounting in Nigeria?
Public sector accounting is concerned with recording financial transactions of the government, analyzing the transactions, classifying, summarizing, reporting and interpreting the financial information’s of the government to the various stakeholders.
What is the history of accounting in Nigeria?
According to Wintoki (1997) and Coker (1990) the development of accounting in Nigeria can be traced to the time when the Companies Ordinance of 1922 was enacted. After Nigeria”s independence in 1960, the first indigenous professional accounting body is the Institute of Chartered Accountants of Nigeria (ICAN). …
What are the basis of accounting in public sector?
these public sector accounting bases include the following: Cash Basis. Accrual Basis. Budgetary / Appropriation Basis.
What is the historical development of accounting?
The early development of accounting dates back to ancient Mesopotamia, and is closely related to developments in writing, counting and money and early auditing systems by the ancient Egyptians and Babylonians. By the time of the Emperor Augustus, the Roman government had access to detailed financial information.
What is the framework of public sector accounting?
FRAMEWORKS IN NIGERIA These public sector accounting regulatory frameworks include the following; The constitution of the Federal Republic of Nigeria, Financial (Control and Management) Act of 1958, Audit Act of 1956 and Financial regulations.
What is the difference between public sector accounting and private sector accounting?
The key difference between Public and Private Accounting is that Public accounting is the accounting of financial documents which is required to be disclosed to the public by the individual or corporation whereas Private accounting is the accounting of financial information of the company in which the accountant is …
Who is Father of accounting in Nigeria?
Williams participated in founding the Nigerian Stock Exchange and the Institute of Chartered Accountants of Nigeria. During a long career, he has received many honours. He turned 100 in August 2019….
| Akintola Williams | |
|---|---|
| Nationality | Nigerian |
| Occupation | Accountant |
| Known for | First President of ICAN |
| Spouse(s) | Mabel Efunroye |
What are the challenges of public sector accounting?
Today much ground has been covered; however, to be modern and effective, public sector accounting has still to grapple with three important challenges: standardisation and accounting convergence; consolidation of financial statements; and management indicators and additional information for disclosure.
What are the advantages of public sector accounting?
The main benefits of IPSAS are increased transparency which provides a better understanding of WHO’s financial performance, greater accountability to make informed decisions about resource utilization, and improved financial information to support governance, management of assets, and decision-making.
Who is the father of modern accounting?
Luca Pacioli
Luca Pacioli, was a Franciscan friar born in Borgo San Sepolcro in what is now Northern Italy in 1446 or 1447.
What was the most important event in accounting history?
The most important event in accounting history is generally considered to be the dissemination of double-entry bookkeeping by Luca Pacioli in 14th century Italy. Pacioli was much revered in his day, and was a friend and contemporary of Leonardo da Vinci.