ACCOUNTING ETHICS AND GLOBAL ECONOMIC MELTDOWN: THE NIGERIAN EXPERIENCE
TABLE OF CONTENTS
Table of Content
CHAPTER ONE: INTRODUCTION
1.1 Background of the Study
1.2 Statement of Research Problem
1.3 Research Hypothesis
1.4 Objectives of the Study
1.5 Research Questions
1.6 Scope of the Study
1.7 Significance of the Study
1.8 Limitations of the Study
CHAPTER TWO: LITERATURE REVIEW
2.1 Historical Background of Accounting Ethics and
Global Economic Meltdown
2.2 A Short History of the Global Economy
2.3 The Origin of the World Current Economic
Meltdown and The Causes
2.4 The Nigeria Perspectives on the Global
Economy Meltdown (The Nigeria Experience)
2.5 The Effect of Global Economic Meltdown on the
2.6 Economic Impact and Social Effects
2.7 The Effect of Global Economic Meltdown on the
Nigeria Capital Market and Foreign Reserves
2.8 Corporate Governance and Accounting
2.9 Corporate Failure Inspite of the Financial Reputation
2.10 Reason For Corporate Failure, Inspite of the
Financial Reputation Especially Financial Statement
2.11 Causes of Corporate Failure Inspite of the
Financial Reputation in Place Are
CHAPTER THREE: RESEARCH METHODOLOGY
3.1 Research Design
3.2 Research Population
3.3 Sampling Procedure
3.4 Sample Size
3.5 Sources of Data Collection
3.6 Questionnaire Administration
3.7 Research Instrument
3.8 Validation of Instrument
CHAPTER FOUR: DATA PRESENTATION AND DISCUSSION
4.1 Data Analysis
4.2 Institution Surveyed
4.3 Administrative of Questionnaire
4.4 Test of Hypothesis
CHAPTER FIVE: SUMMARY, FINDINGS, CONCLUSION AND RECOMMENDATIONS
5.5 Possible Policy Responses To Deal With The
Global Economic Meltdown in Nigeria
1.1 BACKGROUND OF THE STUDY
Accounting ethics is primarily a field of applied-ethics, the study of moral values and judgment as they apply to accountancy. It is an example of professional ethics. Luca Pacioli (1494).
Accounting ethics were first introduced by Luca Pacioli and later expended by government groups, professional organizations, and independent companies.
Due to the diverse range of accounting services and recent corporate collapses, attention has been drawn to ethical standards accepted within the accounting profession. These collapses have resulted in a widespread disregard for reputation of the accounting profession, to combat the criticism and prevent fraudulent accounting documentation. Various accounting organization and governments have developed regulations and remedies for improved ethics among the accounting profession. (Luca Pacioli). He opined further that accounting ethics has been deemed difficult to control as accountants and auditors has fail to consider the interest of the public (which relies on the information gathered in audit) while ensuring that they remained employed by the company they are auditing. They must consider how best to apply ethical standard and value even when faced with issues that could cause a company to face a significant loss or even be discontinued..
Nigeria given the world economic meltdown, may be able to garner some positives indicators that could guide them moving forward. This is so with a nation that is mostly impacted with the meltdown are now licking their wounds and fighting to get back in cue on their presumed leadership role in the global economy.
A lot of financial indicators such as Central Bank of Nigeria, stockbrokers and creditors, point to a robust strategic change, that were emerged. If Nigeria leadership ignores all financial indicators for growth and economic development which is affecting both banks and other financial institution in the country; we are certainly heading towards a standstill.
1.2 STATEMENT OF RESEARCH PROBLEM
Over the years, financial analysts have observed that inspite of large investment and great involvement with government and other private individual to make the economy stable, there has also be a set back in so many aspect of the economy. As at today, the World Bank (2008) remarked, the outcome of global economic meltdown in the world currently and in relation to Nigeria are varied and complex.
The researcher is of the view that policy thrust to deal with this problem in the public and government services in Nigeria should be abundant in human and material resources bestowed on this great nation. The Nigeria experience since 2008 to date has been something that have drawn everybody attention to so many sector of the economy; particularly Nigeria capital market.
Nigeria own stock market index in the Nigerian stock exchange’s. All share index currently provides a composite picture of the financial health of 233 listed equities in 2007. But as at July 2008 ASI is 52,910, the index fell below 20% of all-time high and has continued to fall closing 22 at 42,207 a 36.4% loss from the high with just seven months, and a year-to-date decline of 27.9% and appears heading to below 40,000 if economy do not improve. In term of capital decline the Nigeria capital market has since March 5th loss to date about N3.38 trillion, or about 26.7%. Furthermore, it also affect some major capital project to be financed by some affected companies and it also affect the standard of living of Nigerians. It further affect the revenue accruing from oil by oil price falling from 148 dollars to 38 dollar. (World Bank: 2008).
1.3 RESEARCH HYPOTHESIS
A research hypothesis is a tentative conjectural statement for the relationship between two or more variables (Herlinger 1976). Hypothesis is uncertain in the sense that truth veracity can only be proven after they have been tested empirically. Based on the foregoing the following hypothesis has been put forward for the purpose of this study.
No: Null Hypothesis
H1: Alterative Hypothesis
1. Hypothesis I
Ho: There is no significant relationship between productivity and ethics, the accounting and global economy meltdown in Nigeria.
H1: There is significant relationship between productivity and ethics, the accounting and global economy meltdown in Nigeria.
Ho: There is no significant relationship between accounting and global economic meltdown in Nigeria.
H1: There is significant relationship between accounting and global economic meltdown in Nigeria.
Ho: There is no significant relationship between global economic meltdown and increment in tax liability in Nigeria.
H1: There is a significant relationship between global economic meltdown and increment in tax liability in Nigeria.
1.4 OBJECTIVES OF THE STUDY
The objective of the research work on ethics, the accounting and global economic meltdown: The Nigeria Experience, especially in the banking industry, financial institutions, and other sector of the economy. The ever-increasing demand aspiration on Nigerian capital market and other various sector of the economy are affected by global economic crises.
Furthermore, this project work seek to determine the following:
1. The nature, and the scope of ethics of the accounting and global economic meltdown.
2. The importance of ethical standard to deal with global economy in Nigeria.
3. Determine and highlight the factors that can inhibit the policy to deal with global economic meltdown and find a positive way forward.
4. The tax implication of the ethics, the accounting and global economic meltdown in Nigeria.
1.4 RESEARCH QUESTIONS
1. What is the nature, scope and significance of ethics, in accounting and global economic meltdown?
2. What is the present working condition in the public and private sector?
3. What are the obstacles to global economic meltdown in Nigeria?
4. What are the tax implications of global economic meltdown as it affect developing nation?
1.5 SCOPE OF THE STUDY
This project work on Ethics, Accounting and Global Economic Meltdown in Nigeria is intended to highlight the following areas in the course of the study.
The nature and scope of ethics, accounting and global economic meltdown in Nigeria.
Further, the study will determine and highlight the factor inhibiting the policies and strategies to deal with the problem.
It will also look at the tax avoidance, implication of ethics, accounting and global economic crises in Nigeria.
1.6 SIGNIFICANCE OF THE STUDY
Economic and financial observers agrees that over the years especially between 1980’s and 1990’s that the huge financial weight of the public sector on the economy with attendant, wasteful, uncontrolled and poorly managed expenditure pattern. The importance of ethics information and it’s implication, is the present challenge.
However, with the present economic recession which was first noted in 1929 (Great Depression). Successive government and private individuals in the world and Nigeria in particular made efforts to meet the developmental aspirations of the economy. This is with the aim of reducing risk for investor and improved efficiency in the economy.
On the whole standard in accounting ethnics will reduce the prevalent waste (financial waste and misused of funds) in the economy. From the above, a research work in this direction is timely first and foremost and appropriate reformation state of our economy.
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