Department of Accounting

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Adoption of International Financial Reporting Standards (IFRS) and Quality of the Central Bank of Nigeria (CBN) Financial Reports
(2018-10) Olasupo, Sunday Festus
The study examines the effect of IFRS adoption on the quality of CBN financial reports. Consequent upon the adoption of IFRS in Nigeria and the staged implementation plan necessitating Publicly Listed Entities (PLCs) and significant Public Interest Entities (PIEs) to implement IFRS by 1st January 2012, CBN was required to adopt this set of standards. The study employed the descriptive and explanatory research design while secondary data was obtained from CBN Annual Reports and Statistical Bulletins from 2005 to 2015 indicating pre and post IFRS adoption era. Data analysis was conducted by means of the descriptive and inferential statistics while the Autoregressive Distributed Lag (ARDL) was used as the regression model. The result showed that at 5% level of significance, IFRS adoption has a significant effect on the quality of CBN financial reports though positively in the short-run but negatively in the long-run. IFRS standards which are much more targeted towards special legal entities as central banks should thus be looked into as it will invariably influence the quality of her financial reports.
Government Revenue Profile and Economic Growth in Nigeria (1981 - 2015)
(Science Arena Publications Specialty Journal of Accounting and Economics, 2017) Olasupo, Sunday Festus
The study ascertained the extent the accrued revenue generation has enhanced economic growth in Nigeria from 1981 to 2015. Secondary data sourced from Central Bank of Nigeria (CBN)’s Statistical Bulletin and National Bureau of Statistics (NBS) on such variables like real gross domestic product; oil revenue; non-oil revenue; labour force; social and economic services expenditure during the period were made use of. The collected data were analyzed using appropriate descriptive and inferential statistics like regression analysis and time series using E-views 9 statistical package. The Autoregressive Distributed Lag (ARDL) Model approach was adopted to consider the long run elasticity as well as the short dynamics among the variables of interest. The result of the analysis showed that labour force has a positive impact on economic growth in Nigeria during the time and there exist a significant positive relationship between oil revenue and economic growth in Nigeria. The gross fixed capital formation was found to be positively related to economic growth and the social and community services expenditure has a positive effect on the Nigerian economy. The non-oil revenue that was found to be negatively related to economic growth but not statistically significant implied possible leakages during the period. The study found that a positive relationship existed between oil revenue and economic growth in Nigeria while it was negative for the nonoil revenue between 1981 and 2015. Therefore, the study concluded that the accrued revenue had positive significant impact on economic growth of Nigeria
Impact of Environment Accounting on Financial Performance of Selected Quoted Companies
(International Research Journal of Management and Commerce, 2017) Olasupo, Sunday Festus
Most oil and gas quoted companies in Nigeria have often given insufficient attention to the communities where they operate, this is usually because of the need to regularly increase their profit maximization strategy. This study focuses on the impact of Environmental accounting on financial performance of selected companies in Nigeria. It is based on primary and secondary data. The primary data were obtained from questionnaire distributed to the selected oil and gas companies while the secondary data were obtained from annual report of the companies considered. The study usedvariables such as environment accounting and financial performance which were represented by questions relating to environment cost in the questionnaire and profit after tax from annual report of the selected quoted companies. These variables were analysed using Linear regression analysis and the result of the analyses shows that there is significant relationship between environmental disclosure and return on equity of the selected quoted oil and gas companies, because the (P-value=0.03 < F statistic value=3.514<0.05), this implies that the alternate hypothesis should be accepted while the null hypothesis will be rejected. Therefore, as a result of this finding, the study concluded that oil and gas producing companies should give preference to their environment so as to improve their future performance and profitability of their operations
Professionals’ Perception of Audit Practices in Public Sector: A Case Study of Osun and Ogun States of South-Western Nigeria
(European Journal of Accounting Auditing and Finance Research, 2018-09) Olasupo, Sunday Festus
The study examined perception of accounting professionals regarding public sector audit practices. Specifically, it aims at identifying generally accepted audit principles and also determine the pattern of government audit practices in Osun and Ogun states of Nigeria. Despite the introduction of 1999 Constitution as amended in Nigeria and various pronouncements on audit practice in the Nigerian Public Sector by regulatory bodies, the issue of corruption, misappropriation and embezzlement in Nigeria public sector has been on the increase. This study assessed the level of state government compliance and adherence to the Generally Accepted Auditing Practice (GAAP) of Osun and Ogun states in South Western part of Nigeria and also identified the factors that influence compliance of state audit practice to standards in the selected states. Data for the study was sourced through administration of 150 pretested structured questionnaire purposively administered to professional Accountants in the states audit service of Osun and Ogun state of Nigeria. Both descriptive and inferential statistics such as tables, graph, percentages, ANOVA and regression analysis were used to assess the level of compliance and also identify factors that influence such. The study revealed that the level of practice to audit standards compliance by Osun and Ogun states public is significantly positive while political influence was identified as one of the major factors among others that influence level of audit practice with standards in the selected states. The study concluded that state audit practice complied with standards but were highly influenced by politics with far reaching implications on the quality of financial reporting of the state public sectors. Therefore, the study recommend that state government public sector should embrace and encourage best audit practice compliance that will help in reducing the level of corruption and embezzlement in Nigeria public sectors
Prospects and Challenges of Financial Reporting in Nigeria
(Science Arena Publications Specialty Journal of Accounting and Economics, 2019) Olasupo, Sunday Festus
The study examines the effectiveness of International Financial Reporting Standards (IFRS) on financial reporting in Nigeria. The study is based on secondary data and descriptive in nature. Thereafter, content analysis method was used to highlight legal, environmental, and cultural challenges peculiar to Nigeria. The findings show that standards used in developed nations are also being applied to corporate entities in Nigeria to give adequate information to all stakeholders in financial reporting. Nevertheless, the neglect of corporate governance practices had led to significant losses to nearly all the stakeholders. Therefore, the study recommends among other things that additional standards should be included in accounting reports like translating accounting reports into the three officially recognized indigenous languages in Nigeria and addressing information overload in the accounting report
Statutory Auditing and Performance of Small and Medium Scale Enterprises in Lagos State, South West Nigeria
(International Journal of Academic Research in Business and Social Sciences, 2016) Olasupo, Sunday Festus
Small and medium Scale Enterprises are gaining increasing prominence in the developing economics as a driver of economic growth. However, studies has shown that several of these enterprises prematurely die, before they can achieve their goals due to poor management arising from inadequate, weak, undependable accounting and financial information as well as absence of regular auditing and risk assessment. The purpose of this research is to access the impact of statutory Auditing of Small and Medium Scale Enterprises on their performance. The sample for the study comprises of 100 SMEs operators and 25 practicing public accountants purposively selected across the three Senatorial districts in Lagos State South West, Nigeria, using stratified sampling techniques to ensure that only those who are knowledgeable about issues under consideration were selected. The primary data for the study was gathered from a combination of Survey questionnaire and semistructured interviews of key Informants. Data captured from the study were analyzed through descriptive statistical methods, while the two hypotheses formulated for testing in the study were tested using the Pearson Product Moment Correlation Coefficient and Student’s t-test. Finding from the study reveals that absence of standard accounting system and detailed financial records has been a major impediment to Statutory Auditing of many SMEs, and by extension negatively affect their performance as they find it difficult to convince stakeholders (creditors, supplier, tax authorities etc.), that there has been regular oversight by an independent expert into the affairs of the firms. The finding further revealed that this can be eliminated through adoption of sound accounting System that conforms to International Auditing Standards. It was therefore recommended that SMEs should be encouraged to adopt and embrace sound accounting system. More so, the cost of Installing and operating such system should be minimized so as to encourage the SMEs to keep extensive documentations requirement of auditing Standard

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