History of taxation in Nigeria dates back to even when the name Nigeria wasn’t coined. The historical development of modern accounting practices has been closely related to the economic development of the country. Meanwhile, professional accounting evolved through man’s awareness that accurate summaries of financial transactions should be made in order to ascertain the status of a business in relation to profit and loss. It was provided by few accountants who coordinated the foundation of “The Association of Accountants in Nigeria”. Today, no learned Nigerian would doubt the fact that accounting has become one of the most contributive professions to Nigeria’s economic sector. Over the years, ANAN has striven tremendously to improve the science of accountancy in Nigeria. The history of accounting in Nigeria is as important as Nigeria’s history particularly before and after the era of independence. Regarded as a developing nation, Nigeria is never exempt from this need and by reason of this, we shall discuss the history of professional accounting bodies in Nigeria later in this article. As it was said earlier, it was founded on first of January 1979, and registered on 28 of September, 1983 and on 25 of August, 1993 the organization was decisively chartered by Decree 76 of 1993. Our country is well-developed, that’s why, there is an urgent need to get highly developed accounting professionals for its subsequent growth. Giovanno Farolfi & Company, a firm of Florentine merchants headquartered in Nîmes, acted as moneylenders to the Archbishop of Arles, their most important customer. While practicing accounting as a profession, accountants still go extra lengths to acquire profound accounting education. The increasing of capital, enlargement of trade and production caused a necessity of financial control. Meanwhile, it has adopted a community-oriented and ultra-Nigerian approach in outlining accounting practices and standards. THE History of Auditing in Nigeria Prior to the period of industrial revolution in 1900, accounting was almost limited to the government sector. And as such, in discussing the history of Accounting, you must have discussed the history of Nigeria. Nigeria, the history of accounting can be linked to the time before trade by barter, where kings took stock of their lands for territorial claims. Like many other aspects of education, accounting education is of paramount importance and it embodies the task of instructing accountants systematically. The organization needed to hire new employees, retrain already existing employees and increase the salaries. At the time, people relied on accounting to keep a record of crop and herd growth. As conferred on it by the aforementioned Act, the body [ICAN] is responsible for publishing a list of those persons on a regular basis, Set the criteria (particularly the levels of knowledge, skill, and expertise) which must have been met by anyone seeking membership into the profession of accountancy. Some of the members of Nigeria Accounting Standard Board (NASB) include Central Bank of Nigeria (CBN), Ministry of Finance (MoF), Nigeria Accounting Teachers Association (NATA), Chambers of Commerce (CoC), etc. Thereupon, these accountants played significant roles in the creation of “The Association of Accountants in Nigeria”. Thus, the new organization to set accounting and auditing standards was established in June, 2010. In that case, accounting education in Nigeria should be regarded as a continuum that combines professional accounting with academic accounting. Accounting components are vital in executing socioeconomic activities like capital formation, project evaluation, and economic planning. The other body that had to perform the similar duties was founded later. It is the story of the world's evolution from bartering and local trade to a true global economy. In its vision, ANAN reflects the desire to become a “Premium Brand of Choice’’ in the practice of professional accounting in Nigeria. By and large, the need for adequate evaluation and control of financial transactions resulted from several factors including trade expansion, capital growth, wealth accumulation and increased levels of production. During the preindependence period, in Nigeria, especially before the establishment of the Collages of Arts and Sciences (particularly the one in Ibadan), people who wanted to enroll into accounting profession had to be trained through article ship. Therefore, it serves a great purpose in reckoning financial activities both in the public and private sectors. It shouldn’t be considered as a goal itself, particularly in training professionals. We have the best researchers, writers and editors for all your assignments. They tell us what people ate, how monuments were created, and how people made their living over the millennium. Prior to the establishment of ANAN (Association of National Accountants of Nigeria) on 1st of January 1979, ICAN served as the sole organization regulating the profession of accountancy in Nigeria. ANAN was formed through the collective ideas of some level-headed Nigerians who had the objective of establishing a professional and locally-grown accounting body. The new body would be independent of both ANAN and ICAN. In the old days, accounting was necessary for enumeration and control of assets, tax-gathering, evidence of trade, control of production and doing business. Originally, its name was Nigerian Accounting Standards Board. It is an aid to trade and one of the foundations on which the whole structure of business rests. ; Key organizations ; accounting practices : From 1 January to 31 December (calendar year). Professional accounting bodies are regarded as certified associations formed by high-minded and reputable persons. To further their understanding of accounting, Nigerian accountants should endeavour to balance the relationship between these two aspects of accounting. Based on business objectives, humans adopted their primitive understanding of accounting in managing businesses, controlling financial assets and calculating the profit made from production/sale of commodities. THE PROBLEM OF TEACHING OF ACCOUNTING IN NIGERIA SECONDARY SCHOOL . A history of accounting in Nigeria by Daniel Asechemie. In Nigeria, the history of accounting can be traced to an era before trade by barter, where kings took stock of their lands for territorial claims. However, the economic classification of Nigeria as a developing nation means the country needs to further consolidate the concept of accounting education. INTRODUCTION. In addition, accounting education polishes accountants and widens their understanding of accounting. Pacioli's work can be considered the first of four major events in the history of accounting that shaped the profession into the one we know today. Unit 2: Legal and regulatory framework of public sector accounting and finance in Nigeria. The Association makes everything possible to advance accounting as a science in the country due to highly qualified professionals. We will be making a list of these bodies and also state their various respective functions. Above that, it serves as the only association vested with the authority to advance the science of accountancy. Nigeria became a territory and as a part of West Africa about two hundred thousand years ago, the offspring of the Asuras and the distant ancestors of latest pygmies entered the land of Eastern and Central Africa by the old … Meanwhile, the establishment of the accounting body [ICAN] came under the provisions of Act of Parliament No. 0 Ratings 4 Want to read; 2 Currently reading; 0 Have read; This edition published in 1992 by University of Port Harcourt in [Port Harcourt]. At the time, many Nigerians didn’t realize the need for the accounting or how to enroll in it as a professional course. The major goals of this organization were creation of a central organization for accountants in Nigeria, a maintenance of a strict standard of professional ethics and realization of training, examination and local qualification of students in accounting. By virtue of this function, ANAN portrays the national sphere that would match accounting standards that suit the international level. Best universities for accounting course in Nigeria Legit.ng Imprint [Port Harcourt] : University of Port Harcourt, [c1992] Physical description ix, 175 p. : ill. ; 22 cm. Available online At the library. In its entirety, accounting is a professional course that contributes immensely to the growth of any nation most especially in aspect of the economy. In Nigeria, ANAN maintains a distinguished status as the only chartered professional accounting association legalized to provide all its students with academic teaching and examination. They are the accounting Manual of the three tiers of Government (Federal, State and Local Government) designed to … This body transformed itself into the Institute of Chartered Accountants of Nigeria (ICAN) and was granted Government recognition in 1965. But the granting of royal character to Royal Niger Company was the turning point in record keeping. Prior to the evolution of accounting as a profession, humans had primitive ways of managing resources and ascertaining profits after trading activities. Admittedly, ICAN is a vital body and besides its professional status, many of its members render accounting services in both public and private sectors. READ ALSO: No going back on $1b withdrawal from excess crude account - Ahmed Idris insists. Regarded as a developing nation, Nigeria is never exempt from this need and by reason of this, we shall discuss the history of professional accounting bodies in Nigeria later in this article.eval(ez_write_tag([[250,250],'peakng_com-medrectangle-4','ezslot_0',106,'0','0'])); Like many other aspects of education, accounting education is of paramount importance and it embodies the task of instructing accountants systematically. Amongst others, accounting components may include auditing, business accounting, social accounting and government accounting. The History of Nigeria can be traced to settlers trading across the middle East and Africa as early as 1100 BC. 3 & Ogundele Olaoye4 1Department of Accounting, Covenant University, Ota, Ogun State, Nigeria. The History Of Accounting Information Systems Information Technology Essay. CLICK TO ORDER ACCUSTOMED PAPER. Prior to the evolution of accounting as a profession, humans had primitive ways of managing resources and ascertaining profits after trading activities. By reason of this, accounting is certainly the most effective solution to the overwhelming demands of individuals, firms, and governments to have accurate records of financial and economic activities. Find out about the accounting rules in Nigeria : accounting principles and standards: Nigeria's legal, accounting and regulatory systems are consistent with international standards (NASB SAS / IAS / IFRS); however, implementation cannot be guaranteed. However, later the number of certified chartered accountants grew to 38,000. Pacioli described double-entry bookkeeping in his “Summa de Arithmetica, Geometria, Proportioni et Proportionalita” back in 1494. Also, the body [ICAN] maintains the right to modify or elevate these criteria on a timely basis as conditions may demand, Carry out all other responsibilities vested in it by the Act. Written in English — 175 pages This edition doesn't have a description yet. English is the official language of Nigeria, and its currency is the Nigerian naira (NGN). On December 1960 the inaugural general meeting of the association of accountants in Nigeria was held. Based on business objectives, humans adopted their primitive understanding of accounting in managing businesses, controlling financial assets and calculating the profit made from production/sale of commodities. While practicing accounting as a profession, accountants still go extra lengths to acquire profound accounting education. 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