CHAPTER ONE

INTRODUCTION

• BACKGROUND OF THE STUDY

Accounting as a unique profession is a disciplined one, there is needs to be disciplined from day one, as an accountant, the discipline starts from updating one’s knowledge by studying day and night.

The word “Probity and Accountability” are regarded as which words of accountants.

The history of accounting started as far back as 5000 Bc when the temple of summer operated tax system that was brought under their control vest stock arid estates. It then became necessary from those priests to develop accounting method to maintain managerial control of transactions and to give account of their management over these holdings.

Institutionalization of accounting as a profession started in 1853 from Britain, the main objectives of this are to regulate the profession in an economy and to determine from time to time.

Accounting as a discipline and noble profession commands respect from all other disciplines and social recognition as it competitive and readiness to handle the issues and challenges thrown forth.

• STATEMENT OF THE RESEARCH PROBLEM

The accountancy profession over the year has been seen by the public mainly from the perspective of the work of an auditor who comes to audit from the year end and all they see is just a one page report to shareholders.

The fate of the young and upcoming accountants in Nigeria in the face-off between the Association of National Accountants of Nigeria (ANAN) and Institute of Chartered Accounting of Nigeria (ICAN) and the possible effects on the profession is another thing that needs to be checked.

The problem of the study in view of the above, therefore are as follows;

• Difficulties in weighting the impact of the profession in private sector of the economy with each other.
• Problem of knowing the role of such accounting report on the economy when considering a single entry
  • OBJECTIVE OF THE STUDY

The main objective of this research is to look into the accounting profession and the impact in economy. The project is designed to enlighten the public that the work done by professional accountants is very much more than the auditing and book keeping.

The importance and professional body in full professional cannot be over emphasized in an economy.

This write up will therefore analyze the issue of Association of National Accountants of Nigeria (ANAN) and institude of chartered Accountant of Nigeria (ICAN) make recommendations in an economy.

• SIGNIFICANCE OF THE STUDY

The study would increase the stock and accountancy profession-knowledge and the research. It affords the researchers the opportunities to bring the attention of the public to what the profession is all about and it’s relevant in an economy. The study would also serve as a useful reference material to students of accounting and future researchers would find this work valuable.

• RESEARCH QUESTIONS

1. What is the historical background and accounting profession and accounting practice?
2. What are the reasons for accounting practice and profession?

• What are the steps involved in accounting practice and profession

1. Does the accounting profession and practice have any positive impact on the economy?
2. Do the regularity authorities have role and impact on the accounting profession and practice?
3. What are those effect of accounting profession and practice on Nigeria economy?