IDEAS home Printed from https://ideas.repec.org/a/bcp/journl/v8y2024i6p1161-1176.html
   My bibliography  Save this article

The Birth of Professional Accounting Organizations and the Influence on the Transformation of Accounting Practices in Nigeria

Author

Listed:
  • Oluseye Omoniyi ADEDOYIN

    (Babcock University, Department of Accounting, Ilishan-Remo, Ogun State.)

  • Prof. Folajimi Festus ADEGBIE

    (Babcock University, Department of Accounting, Ilishan-Remo, Ogun State.)

Abstract

This article examined the influence of the establishment and development of professional accounting organizations (PAO) on the evolution of accounting practices in Nigeria. The study examined the various roles played by prominent institutions such as the Institute of Chartered Accountants of Nigeria (ICAN), the Association of National Accountants of Nigeria (ANAN), and the Chartered Institute of Taxation of Nigeria (CITN) in shaping, regulating, and advancing the accounting profession in the country. The objective of the study is to examine the role of professional accounting organisations in Nigeria in leading the transformation of accounting practices. The study was conducted through desk-based research, utilizing a content analysis approach to examine applicable scholarly papers and official statements made by regulators, as well as global and national accounting organizations. The study found that there exist the collaborative efforts of ICAN and ANAN in establishing accounting education standards in Nigeria, despite the supposed disagreement between the two organisations. The study also identified how accounting organisations have contributed to the achievement of sustainable development goals (SDG) by facilitating the management of economic entities, analysing the environmental impact of costs and benefits, promoting the adoption of innovative practices, and formulating policies to mitigate environmental damage. The study concludes that though there are imprints of these organisations on accounting practice in Nigeria, the transformative journey of professional accounting organizations in Nigeria unfolds as a dynamic narrative that encompasses historical context, regulatory changes, educational requirements, and future-oriented strategies for sustaining and enhancing the impact of the accounting profession in the country. The study recommended the need for these professional organizations to upscale their ability to adjust to technology advancements, champion global integration, allocate resources towards education and upscaling of members skills, and strengthen ethical behaviour.

Suggested Citation

  • Oluseye Omoniyi ADEDOYIN & Prof. Folajimi Festus ADEGBIE, 2024. "The Birth of Professional Accounting Organizations and the Influence on the Transformation of Accounting Practices in Nigeria," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(6), pages 1161-1176, June.
    • Handle: RePEc:bcp:journl:v:8:y:2024:i:6:p:1161-1176
    as

    Download full text from publisher

    File URL: https://www.rsisinternational.org/journals/ijriss/Digital-Library/volume-8-issue-6/1161-1176.pdf
    Download Restriction: no
    File URL: https://rsisinternational.org/journals/ijriss/articles/the-birth-of-professional-accounting-organizations-and-the-influence-on-the-transformation-of-accounting-practices-in-nigeria/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Ibrahim Adagye Dauda & Bala Azagaku Ombugadu & Sylvester Umbugadu Aku, 2015. "Threats and Challenges to Accounting Profession: A Draw Back to the Development of Accounting Practices in Nigeria," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 5(4), pages 96-104, October.
    2. Rangarirai Mbizi & Obert Sifile & Faustin Gasheja & Daniel Twesige & Edson Gwangava & Shepard Makurumidize & Kudzanai Matowanyika & Shakemore Chinofunga & Kalisa Sunday, 2022. "Accountants in Africa and the evolving fourth industrial revolution (4IR): Towards a competency framework," Cogent Business & Management, Taylor & Francis Journals, vol. 9(1), pages 2117153-211, December.
    3. Igbekele Sunday Osinubi, 2020. "The three pillars of institutional theory and IFRS implementation in Nigeria," Journal of Accounting in Emerging Economies, Emerald Group Publishing Limited, vol. 10(4), pages 575-599, August.
    4. Valerii Zhuk & Serhii Ostapchuk & Natalia Golub, 2023. "Causes and Consequences of the Formation and Development of the Institute of Professional Accountants," Oblik i finansi, Institute of Accounting and Finance, issue 2, pages 23-28, June.
    5. Uche, Chibuike U., 2002. "Professional accounting development in Nigeria: threats from the inside and outside," Accounting, Organizations and Society, Elsevier, vol. 27(4-5), pages 471-496.
    6. Lawyer Chukwuma Obara & Efeeloo Nangih, 2017. "Accounting Practices and Performance of Oil and Gas Industry (Upstream Sector) in Nigeria: An Empirical Analysis," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 7(2), pages 215-222, April.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Efeeloo Nangih, 2017. "Safety Practices and Performance of Oil and Gas Servicing Companies in Nigeria: Empirical Evidences from Selected Companies in Portharcourt," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 7(4), pages 177-181, October.
    2. Hopper, Trevor & Lassou, Philippe & Soobaroyen, Teerooven, 2017. "Globalisation, accounting and developing countries," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 43(C), pages 125-148.
    3. Xu, Yin & Xu, Xiaoqun, 2008. "Social actors, cultural capital, and the state: The standardization of bank accounting classification and terminology in early twentieth-century China," Accounting, Organizations and Society, Elsevier, vol. 33(1), pages 73-102, January.
    4. Sami El Omari, 2008. "Usurper un monopole: ouvrir une profession ou changer une institution," Post-Print halshs-00522523, HAL.
    5. Mennicken, Andrea, 2010. "From inspection to auditing: audit and markets as linked ecologies," LSE Research Online Documents on Economics 27054, London School of Economics and Political Science, LSE Library.
    6. Hammond, Theresa & Clayton, Bruce M. & Arnold, Patricia J., 2009. "South Africa's transition from apartheid: The role of professional closure in the experiences of black chartered accountants," Accounting, Organizations and Society, Elsevier, vol. 34(6-7), pages 705-721, August.
    7. Sami El OMARI & Michèle SABOLY, 2005. "Emergence d’une profession comptable libérale : le cas du Maroc," Economic History 0503018, University Library of Munich, Germany.
    8. Napier, Christopher J., 2006. "Accounts of change: 30 years of historical accounting research," Accounting, Organizations and Society, Elsevier, vol. 31(4-5), pages 445-507.
    9. Ogharanduku, Bridget Efeoghene & Jackson, William J. & Paterson, Audrey S., 2021. "Beautiful SWAN, or ugly duckling? The attempt to reduce gender inequality by the Society of Women Accountants of Nigeria," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 79(C).
    10. Chris Poullaos, 2009. "Profession, race and empire: keeping the centre pure, 1921‐1927," Accounting, Auditing & Accountability Journal, Emerald Group Publishing Limited, vol. 22(3), pages 429-468, March.
    11. Ghattas, Peter & Soobaroyen, Teerooven & Marnet, Oliver, 2021. "Charting the development of the Egyptian accounting profession (1946–2016): An analysis of the State-Profession dynamics," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 78(C).
    12. Jude Edeigba & Christopher Gan & Felix Amenkhienan, 2020. "The influence of cultural diversity on the convergence of IFRS: evidence from Nigeria IFRS implementation," Review of Quantitative Finance and Accounting, Springer, vol. 55(1), pages 105-121, July.
    13. Mataira, Kelvin & Van Peursem, Karen A., 2010. "An examination of disciplinary culture: Two professional accounting associations in New Zealand," Accounting forum, Elsevier, vol. 34(2), pages 109-122.
    14. Elad, Charles, 2015. "The Development of Accounting in the Franc Zone Countries in Africa," The International Journal of Accounting, Elsevier, vol. 50(1), pages 75-100.
    15. Ferry, Laurence & Haslam, Jim & Green, Stuart & Adegbite, Emmanuel & Gebreiter, Florian, 2021. "Accounting colonization, emancipation and instrumental compliance in Nigeria," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 77(C).
    16. Sian, S., 2011. "Operationalising closure in a colonial context: The Association of Accountants in East Africa, 1949–1963," Accounting, Organizations and Society, Elsevier, vol. 36(6), pages 363-381.
    17. P.W. Senarath Yapa & Zhen Ping Hao, 2007. "An analysis of current trends in accounting professional development in People's Republic of China," Asian Review of Accounting, Emerald Group Publishing Limited, vol. 15(1), pages 25-44, January.
    18. Verma, Shraddha, 2015. "Political, economic, social and imperial influences on the establishment of the Institute of Cost and Works Accountants in India post independence," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 31(C), pages 5-22.
    19. Abu Shiraz Rahaman, 2009. "Independent financial auditing and the crusade against government sector financial mismanagement in Ghana," Qualitative Research in Accounting & Management, Emerald Group Publishing Limited, vol. 6(4), pages 224-246, October.
    20. Cooper, David J. & Robson, Keith, 2006. "Accounting, professions and regulation: Locating the sites of professionalization," Accounting, Organizations and Society, Elsevier, vol. 31(4-5), pages 415-444.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bcp:journl:v:8:y:2024:i:6:p:1161-1176. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Dr. Pawan Verma (email available below). General contact details of provider: https://rsisinternational.org/journals/ijriss/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.