The development of accounting studies and practices in Nigeria

Abstract

Prior to the Nigerian independence in 1960, there was little professional accounting activity in the country, which was mainly in the multinational enterprises sector under the tutelage of British accounting system. Nigeria, like most of British colonies, inherited accountancy and company law based on the British model. Disclosure requirements and reporting requirement were based on the British system. Along with multinational enterprises, large international accounting firms also influence the accounting systems in Nigeria. As a matter of fact, international accounting firms dominated the accounting and auditing practices in the country. The old link between multinational enterprises and international accounting firms is the primary reason for their presence in Nigeria, although the lack of indigenous accounting firms is another reason. So, there has been a significant amount of influence of foreign enterprises on the development of accounting system in Nigeria. Ethics play a vital role in accounting profession in Nigeria, as a result accounting enhanced economic growth in Nigeria.