Abstract
This study determined the extent and form of internet financial reporting by quoted companies in Nigeria. The study employed secondary data. One hundred and fifty-five financial and non-financial firms quoted on the Nigerian Stock Exchange (NSE) were purposively selected for analysis. These comprise 49 financial firms and 106 non-financial firms between 2009 and 2010. Data relating to financial reporting on the internet were obtained from the websites of the sampled companies. Content and descriptive analyses were employed to analyse data. Findings revealed that 139 companies which constitute 90% of the listed companies have websites while 16 (10%) have no website. Ninety-eight percent of the financial sector comprising of Banking, Insurance, Mortgage and other Financial Institutions have websites. Out of the total of the 139 companies with website, only 77 (55%) disclosed financial information on their web pages while the remaining 62 (45%) did not. The study recommends that Government and stock market regulators should put in place regulatory framework for internet financial reporting and companies should release both the online report and hard copy promptly.
Highlights
Financial Reporting is regarded as an important and effectual means of disseminating financial information
The results indicated that an expectation gap exist; financial statement users have higher expectations for various facets than what companies report in the areas such as reports of analysis, phone number to investors relations, segmental reporting etc
The samples for the study were drawn from both financial and non-financial companies listed on the Nigerian Stock Exchange on the grounds that they are more likely to have a websites and provide Internet financial information
Summary
Financial Reporting is regarded as an important and effectual means of disseminating financial information. The financial statements are usually printed and compiled in an Annual Reports and Accounts of such Companies. Some of these companies may in addition, be required to publish them in the news papers. In order to provide this, the accounting system will normally produce three major components in the financial reports on a regular recurring basis. These three major components are concerned with answering the following questions: What cash movements (i.e. cash in and cash out) took place over a particular period? How much wealth (i.e. profit) was generated by the business over a particular period? These three major components are concerned with answering the following questions: What cash movements (i.e. cash in and cash out) took place over a particular period? How much wealth (i.e. profit) was generated by the business over a particular period? What is the accumulated wealth of the business at the end of a particular period?
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