History of Accounting in Nigeria

725 Words Oct 18th, 2012 3 Pages
History of Accounting in Nigeria

The institutionalization of Accounting started in Britain, from where Accounting was imported to Nigeria. During the preindependence period, in Nigeria, especially before the establishment of the Collages of Arts and Sciences (particularly the one in Ibadan), people who wanted to enroll into accounting profession had to be trained through article ship. This meant that, they had to be attached as apprentices to those in the profession already. When the College of Arts and Sciences in Ibadan (now university of Ibadan) was established, it offered courses in accounting; students were prepared for the intermediate level of ACCA (Chartered Association of Certified Accountants), a British Accounting Body.

In
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To date, one must pass the qualifying professional Examinations of the Institute before she/he become a member, that is a professional Accountant. However, there are provisions for exemption of some stages or subjects, depending on the result shown by the academic transcript of a student. For example, a B.Sc. Accounting graduate from a recognized and accredited University would be exempted from foundation and PE1, while a B.Sc.
Accounting graduate from a recognized but non-accredited university would only be exempted from Foundation stage. Other exemption guidelines and many more information about the Institute are contained in its students’ Regulations and Syllabuses.

Since 1981, another accountancy body—the Association of National Accountants of Nigeria (ANAN) had been working hard to be registered and obtain recognition of the government. It was on 25th August, 1993 that the Association was granted its charter by Decree no 76 of 1993. It became the second recognized body of accountants in Nigeria.
From the period of it recognition up to December 1995, the Association was granting automatic membership to applicants. The association has the plan of convincing the government to allow accounting graduates to attend its Accountancy College for the period of nine months before proceeding to their National Service (NYSC). At the college, students would be