Integrated Reporting Of Nigeri Where We Are Coming From

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4.0 INTEGRATED REPORTING IN NIGERIA: WHERE WE ARE COMING FROM 4.1 PRACTICES & PLAYERS Accounting principles as practiced in Nigeria has its origin in Britain due to the colonial influence and the early influence of accountants of Nigerian origin who were practising in the UK. These accountants were made a move to institutionalize accounting in Nigeria and therefore designed the framework of accounting practice based on their current inclination. Association of Accountants in Nigeria (AAN) [1] the progenitor of ICAN was formed in 1960. ICAN herself did not come into existence until September 1, 1965 [ 2]. This officially set the ball rolling for the regulation of accounting practice in Nigeria. ICAN is not the only professional accountancy association regulating the practice of the profession in Nigeria though it has remained dominant over the years. The other being Association of National Accountants of Nigeria (ANAN) which was chartered on 25th August, 1993 [3]. Relations between the two bodies has been anything but cordial as ICAN sought to void the decree establishing the other body in order to have sole control over the regulation of accountants and accounting profession in Nigeria. In November 2007 this attempt failed as the Federal High court in Lagos dismissed the suit. [4] 4.2 POOR REGULATIONS AND REGULATORY FRAME WORK Despite the controversies in the practice of accounting profession, in-roads were made towards strengthening the regulation of financial reporting

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