Corporate Financial Reporting and Accounting Standards: Toward a Conceptual Framework in Nigeria.

Accounting theory constitutes the frame of reference on which the development of accounting techniques is based. Although accounting is a set of techniques that can be used in specific fields, it is practices within an implicit theoretical framework composed of principles and practices. Of vital importance to the accounting discipline is that the accounting profession and other interest groups accept these principles and practices. To guarantee such a consensus, a statement of reason and objectives that underlie the establishment of the principles and practices must be clearly stated. Aware of the importance of objectives, the accounting profession in the United States, the United Kingdom, and Canada have made various attempts to formulate the objectives of Financial Statement. In the United States , the importance of development of financial statement objectives was first expressed by the report of the Study Group on the objectives of Financial Statement and emphasized by FASB attempts to develop a conceptual framework or constitution. In the United Kingdom, the importance of these objectives was highlighted by the publication of the “Corporate Report” by the Institute of Chartered Accountants in England and Wales. In Canada interest in the subject resulted in the publication of “Corporate Reporting: Its future Evolution. “Written by Professor Edward Stamp and then after referred to as the “Stamp Report”. In Nigeria, there is an urgent need for the professional accountancy bodies and the Nigerian Accounting Standards Board (NASB) to evolve an indigenous conceptual framework for accountancy practice in the country