Factor That Affects Accounting Practice in Nigeria

1746 WordsMay 29, 20137 Pages
FACTORS AFFECTING ACCOUNTING PRACTICE IN NIGERIA AND THE WAY OUT Accounting Practice refers to the routine manner in which the day-to-day financial activities of a business entity are gathered and recorded. A firm's accounting practice refers to the method by which its accounting policies are implemented and adhered to on a routine basis, typically by an accountant and/or auditor or a team of accounting professionals. In another context, an accounting practice is intended to enforce a firm’s accounting guidelines and policies. It exists as the daily recording of financial data that is important to the evaluation and monitoring of the firm’s economic activities. Accounting practice refers to the normal practical application of accounting…show more content…
Attracting and retaining young talents has been an issue for many years. The practice need to make a more concerted effort to fundamentally change work precise otherwise, the profession will witness talent drain. * Specialisation: Practitioners often see specialization as a tool for winning clients confidence and quality service deliveries. Generally the profession rendered services in Auditing, Tax Practices, Liquidation, Bankruptcy & Executorships, Financial managements and lots of others. Trust of which field to focus on has posed lot of problems to the practice. While some peg their competence in a particular area, others provide skills for all professional services. However, the size of a firm often determine how many products/services a firm can offer to clientele as a large firm will surely have pools of competent hands for each field than a small firm. Notwithstanding, the primary function is to render a deserved quality service to clients. For small and medium firms with few competent hands who offer a one-shop service to their clients, it is better to take advantage of training opportunity available so as to serve their customers better. * Remuneration: Compensation is
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