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Financial Reporting in Small and Medium Enterprises (SMEs) in Nigeria. Challenges and Options

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  • Charles Ezeagba

Abstract

This study is on financial reporting in Small and Medium Enterprises (SMEs) in Nigeria: challenges and options. The study was carried out to determine the challenges facing Small and Medium Enterprises (SMEs) in adopting effective financial accounting reporting in Nigeria and to ascertain the contribution of poor credit facilities to inadequate accounting records in SMEs in Nigeria. Survey method and time series data were used and data were collected through the use of questionnaire and CBN statistical bulletin. Data generated were analyzed with simple percentage table. The study found that the challenges facing SMEs in preparation and presentation of financial reports are: inadequate accounting books and records, manpower, accounting system and non-running their transactions through the banking system. The study recommends among others that since keeping proper books of account and preparation of financial records can only be done by professional accountants, the two main bodies in Nigeria: ICAN and ANAN should encourage their members to offer free professional service to SMEs in Nigeria.

Suggested Citation

  • Charles Ezeagba, 2017. "Financial Reporting in Small and Medium Enterprises (SMEs) in Nigeria. Challenges and Options," 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(1), pages 1-10, January.
    • Handle: RePEc:hur:ijaraf:v:7:y:2017:i:1:p:1-10
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    References listed on IDEAS

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    1. P. Everaert & G. Sarens & J. Rommel, 2006. "Outsourcing of Accounting Tasks in SMEs: An extended TCE Model," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 06/409, Ghent University, Faculty of Economics and Business Administration.
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    Cited by:

    1. Tlotlo Segotso & Jean Damascene Mvunabandi & Masibulele Phesa, 2024. "A Systematic Literature Review of the Challenges of Adopting and Implementing IFRS for SMEs in South Africa," International Journal of Economics and Financial Issues, Econjournals, vol. 14(5), pages 131-147, September.
    2. Flauzeliton José Aparecido Gonçalves & André Aroldo Freitas De Moura & Fabio Yoshio Suguri Motoki, 2022. "What influences the implementation of IFRS for SMEs? The Brazilian case," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(2), pages 2947-2992, June.
    3. Muhammad Faisal Majid & Muhammad Meraj & Muhammad Shujaat Mubarik, 2022. "In the Pursuit of Environmental Sustainability: The Role of Environmental Accounting," Sustainability, MDPI, vol. 14(11), pages 1-20, May.
    4. L. Sooriyakumaran & Dr. S. S. Thrikawala & C. Pathirawasam, 2022. "A Study Between the Association of Financial Management Practices and Performance of Small and Medium Enterprises (SMEs) Background: A Working Paper," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 6(1), pages 166-179, January.
    5. Kamaruzzaman Muhammad & Erlane K. Ghani*, 2018. "Assessing Financial Reporting Practices of Small Retailers: A Malaysian Evidence," The Journal of Social Sciences Research, Academic Research Publishing Group, pages 1007-1016:5.
    6. Amahalu Nestor Ndubuisi & Abiahu Mary-Fidelis Chidoziem & Obi Juliet Chinyere, 2017. "Comparative Analysis of Computerized Accounting System and Manual Accounting System of Quoted Microfinance Banks (MFBs) 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. 7(2), pages 30-43, April.
    7. Arber Hoti & Lulzim Krasniqi, 2022. "Impact of international financial reporting standards adoption on the perception of investors to invest in small-to-medium enterprise adopting transparency in disclosure policies," International Journal of System Assurance Engineering and Management, Springer;The Society for Reliability, Engineering Quality and Operations Management (SREQOM),India, and Division of Operation and Maintenance, Lulea University of Technology, Sweden, vol. 13(1), pages 506-515, March.
    8. repec:arp:tjssrr:2019:p:140-149 is not listed on IDEAS

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