Accounting Standards and Quality Financial Reporting In Nigeria: A Case Study of Selected Commercial Banks

Reference code: C067

ABSTRACT

This research project investigated the effect of accounting standards on the quality of financial statements by commercial banks in Nigeria. In order to achieve the objectives of the study, two hypotheses were proposed and data collected through the issue of structured questionnaires to 60 staff of 6 commercial banks. the data which was analyzed using simple regression analyses showed that: There is a positive and significant relationship between accounting standards and the disclosure requirements of financial reports of commercial banks in Nigeria. The findings also show that there is positive and significant relationship between value relevance of financial statements and accounting standards in commercial banks in Nigeria. Given the findings, we make the following conclusions: The disclosure requirements in accounting standards are an important determinant of the quality of financial statements. The value relevance of financial statements also determines the quality of financial statements made public by commercial banks in Nigeria. More stringent measures be put in place to ensure that commercial banks in Nigeria follow laid down rules and regulations in disclosing items that will be adjudged to of high quality in order to aid investors and other stakeholders make informed decisions based on the financial statements. Uniform standards should be established across banks to ensure that the contents of financial statements different banks can easily be objectively compared in order to measure the performance of banks across board.

INTRODUCTION

............... Zacke, (2004) rightly stated that the accounting community is interested with how accounting standards should be designed to achieve the objectives of financial reporting. True to this, a lot of effort have been put in by the International Accounting Standards Board (IASB) in reviewing and modifying the stipulated accounting standards to better serve the need of the users of financial reports.
In view of the private sector, the Generally Accepted Accounting Principles(GAAP) was imposed on companies so that investors would have a minimum level of consistency in the financial statements they use when analyzing companies for investment purposes but the resultant discrepancies that existed in the financial reports of several nations (since each country is mandated to report its accounts in accordance with the stipulated accounting standards peculiar to it) led to the globalization of accounting standards.
Nicholas Pologeorgis 2012 examined the outcome of this discrepancies thus, “the different accounting standards of different countries brought about a lot of problems for investors trying to identify accounting reporting differences when they are considering providing funding to capital- seeking companies that follow the accounting and financial reporting in the country in which they are doing business. Robert Casey also identified international companies desire to use one set of reporting standards throughout the world, growth in capital markets (since International Financial Reporting Standards (IFRS) enhances the ability of firms to raise capital outside their borders), reduction in cost of capital and reporting cost as some of the reasons for global harmonization and convergence of accounting standards by the introduction of IFRS on the 1st of April 2001.
On July 2010,the Nigerian Federal Executive Council approved 1st January 2012 as the effective date for convergence of accounting standards in Nigeria with IFRS. Consequently, in June 2011, legislative changes were enacted under which the FRCN replaced the Nigerian Accounting Standards Board as the entity responsible for setting financial reporting standards in Nigeria (www.iasplus.com/en/jurisdictions/Africa/Nigeria). Nicholas Pologeorgis : 2012 compared GAAP to IFRS and posited that the main difference between them is the approach each takes to the standards; the GAAP is rule-based while the IFRS is a principle-based methodology.
The GAAP comprises of a complex set of guidelines attempting to establish rules and criteria for any contingency while the IFRS begins with the objectives of good reporting and then provides guidance on how the specific objectives relates to a given situation. However, it is imperative to probe the effect of this transition on the quality of financial reporting since financial statements are relied upon by corporate management, investors, stock markets, accounting professionals, accounting regulators, creditors etcetera for the purposes of investment decisions and corporate planning.
With the mandate of effecting IFRS for the private sector on the 1st of January 2012 in Nigeria, it is important to note how the transition from NGAAP to IFRS will affect the quality of financial reporting in terms its disclosure requirements and value relevance. Will these new and promising accounting standards be able to serve accounting and non-accounting users better than the NGAAP in terms of providing a higher quality of financial reports for their consumption?
Bearing in mind that the IFRS is a more summarized version of accounting standards compared to the voluminous nature of GAAP guidelines. Will IFRS for the private sector and IPSAS for the public sector aid the preparation and presentation of accounting reports in a manner that will be more relevant to accounting users on a global scale? Has the transition improved the quality of financial reports in terms of disclosure requirements, value relevance, what are some of the challenges that firms face in implementing new accounting standards? What is the effect of accounting standards on the quality of financial reporting? the provision of answers to these questions would reinforce the confidence of the users of the accounting information in the financial reports on which their decisions are based and it would curb their skepticism towards the transition from GAAP to IFRS. ........... FOR ACCESS TO THE FULL PROJECT WORK, USE THE ORDER NOW! BUTTON BELOW

TABLE OF CONTENTS

CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY 1
1.2 STATEMENT OF PROBLEM         3
1.3 PURPOSE OF THE STUDY          4
1.4 RESEARCH QUESTIONS 4
1.5 RESEARCH HYPOTHESIS 4
1.6 SIGNIFICANCE OF THE STUDY 4
1.7 SCOPE OF THE STUDY 6
1.8 LIMITATION OF THE STUDY 6
1.9 DEFINITION OF OPERATIONAL TERMS 6

CHAPTER TWO
LITERATURE REVIEW
2.0 INTRODUCTION                 8
2.1 Conceptual Framework                 8
2.1.1 Measurement of Quality Financial Reporting 8
2.1.2 THE EFFECTS OF IFRS ON DISCLOSURE REQUIREMENTS 13
2.1.3 THE EFFECTS OF IFRS ON VALUE RELEVANCE 14
2.1.4 2.2 THEORETICAL FRAMEWORK                 16
2.2.1 Comparison Between GAAP and IFRS                         16
2.2.2        IFRS ADOPTION IN Nigeria                 19
2.2.3 IFRS AND ACCOUNTING QUALITY                 24
2.2.4 Regulatory Framework of Financial Reporting in Nigeria 25
2.2.5 BENEFITS OF ADOPTING IFRS IN Nigeria                 27
2.2.6 CHALLENGES TO IFRS ADOPTION IN Nigeria         30
2.3 REVIEW OF EMPIRICAL LITERATURE                 32

CHAPTER THREE
RESEARCH METHODOLOGY
3.1 INTRODUCTION                                         40
3.2 RESEARCH DESIGN                                 40
3.3 POPULATION AND SAMPLING DESIGN                 41
3.4 SOURCES AND METHODS OF DATA COLLECTION 41
3.5 DATA ANALYSIS TECHNIQUE                         41
3.6 VALIDITY AND RELIABILITY TEST                 42

CHAPTER FOUR
DATA PRESENTATION, ANALYSES AND DISCUSSION OF FINDINGS
4.0 INTRODUCTION                                  44
4.1 DATA PRESENTATION                         44
4.2 DATA ANALYSES AND TEST OF HYPOTHESES 53

CHAPTER FIVE
SUMMARY OF RESULTS, CONCLUSION AND RECOMMENDATIONS
5.0 INTRODUCTION                 57
5.1 SUMMARY OF RESULTS         56
5.2 CONCLUSIONS                 58
5.3 RECOMMENDATIONS 59
APPENDIX                         65

Reference code: C067
Reference code: C067

77 Pages 
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Role of Budgeting in the Management of Public Institutions: A Case Study Of Federal Inland Revenue Service (FIRS)

Reference code: C066

ABSTRACT

This research project investigates the role budgeting in the management of public institutions using Federal Inland Revenue Service (FIRS) as a case study. In order to achieve the objectives of the study, two hypotheses were formulated and data collected through the issue 72 structured questionnaires to the management staff of the service. Data collected was analysed using Pearson Coefficient of Correlation. Form the data analyses, it was found that: there is a positive and statistically significant correlation between Federal Inland Revenue Service budgeting activities and effective management of the service. We also found that: a positive albeit statistically insignificant correlation between the budgeting activities of Federal Inland Revenue Service and it efficiency in service delivery. Based on our findings, we concluded that: Budgeting is an important tool in improving management effectiveness. We also concluded that Budgeting plays an important role in the improvement of service delivery of Federal Inland Revenue Service. It was consequently recommended that: There is need for FIRS to continually improve on its budgeting implementation. All levels and cadres of management in the Federal Inland Revenue Service should as a matter of necessity be consulted and taking into consideration in making and implementing the service’s budgets. Finally, all staff of the service should be educated on the need to adhere strictly to implementation procedures as spelt out in the budget.

INTRODUCTION

............... A budget is a framework for revenue and expenditure outlays over a specified period usually one year (Olurankise (2012)). It is an instrument stipulating policies and programmes aimed at realizing the development objectives of a government. Meigs and Meigs, (2004) defined budgets as a comprehensive financial plan, setting forth the expected route for achieving the financial and operational goals of an organization”. Earlier before then, Omolehinwa (2003) viewed Budget as the plan of dominant individuals in an organization expressed in monetary terms and subject to the constraints imposed by other participants and the environment indicating how the available resources may be utilized to achieve whatever the dominant individual agreed to be the organization’s proprieties”.
Very recently, budgeting in Nigerian has continued to spring up various controversies as to the modality for preparation and administration in the country due to continuous change in government and consequential change in policy and ideology. Most especially with the understanding that a large percentage of the country’s population has gotten, this has made them advocate the need to review the size of governance in order to push up the provisions available for more necessary projects. Only recently too was the controversy over the oil benchmark that has hindered the national assembly from the passage of the 2013 budget due to dispute over the price that must be used for budgeting purposes. It is important to state here that implementation cannot be discussed without appropriate planning and reassessing coupled with proper monitoring to facilitate it efficient implementation.
Budgeting and its process in Nigeria remain problematic both in the areas of preparation and implementation, hence, the need for adequate control aimed at improving effective resources utilization at the budget implementation stage. ...............FOR ACCESS TO THE FULL PROJECT WORK, USE THE ORDER NOW! BUTTON BELOW

TABLE OF CONTENT
CHAPTER ONE:
INTRODUCTION
1.1 BACKGROUND OF THE STUDY 1
1.2 STATEMENT OF RESEARCH PROBLEM 4
1.3 PURPOSE OF THE STUDY 5
1.4 STATEMENT OF RESEARCH QUESTION 6
1.5 RESEARCH HYPOTHESES 6
1.6 SIGNIFICANCE OF THE STUDY 7
1.7 SCOPE AND LIMITATION OF STUDY 7
1.8 ORGANIZATION OF STUDY 8
1.9 DEFINITION OF TERMS 9

CHAPTER TWO
REVIEW OF RELEVANT LITERATURE
2.0 INTRODUCTION 11
2.1 THEORETICAL LITERATURE 12
2.2 BUDGETING AND APPROPRIATION PROCESS 23
2.3 FORECASTING AS A BUDGETING TOOL 30
2.4 IMPLEMENTATION/PERFORMANCE-BASED BUDGETING IN NIGERIA 33
2.5 REVIEW OF EMPIRICAL LITERATURE 43

CHAPTER THREE
RESEARCH METHODOLOGY
3.1 INTRODUCTION 51
3.2 RESEARCH DESIGN 51
3.3 RESEARCH POPULATION 52
3.4 SAMPLING PROCEDURE/SAMPLE SIZE DETERMINATION 52
3.6 VALIDITY AND RELIABILITY OF INSTRUMENT 54
3.7 METHODS OF DATA COLLECTION 55
3.8 DATA ANALYSES TECHNIQUES 56

CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS
4.0 INTRODUCTION 57
4.1. DATA PRESENTATION 57
4.2: TEST OF HYPOTHESIS 66

CHAPTER FIVE
SUMMARY CONCLUSIONS AND RECOMMENDATIONS
5.1 SUMMARY 69
5.1 DISCUSSION OF FINDINGS 69
5.2 CONCLUSIONS 71
5.3 RECOMMENDATIONS 71
BIBLIOGRAPHY 73
APPENDICES 79

Reference code: C066

Reference code: C066

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Impact of Management Accounting on Performance of Manufacturing Companies in Nigeria

Reference code: C065

ABSTRACT

This research project set out to investigate the impact of management accounting activities of manufacturing companies in Nigeria on their financial performance. in order to achieve the objectives of our study, two hypotheses were formulated and data collected from manufacturing companies through the issue of sixty structured questionnaires out of which fifty nine were duly completed and returned. the returned questionnaires were analysed using regression analyses on SPSS version 21. in the course of the analyses, the following findings were made: there is a positive and significant relationship between cost accounting activities and the financial performance of manufacturing companies in Nigeria. findings also reported a positive and significant relationship between activity management and the profitability of manufacturing companies in Nigeria. Finally, our analyses showed that a majority of the manufacturing companies in our sample routinely embarked on Strategic Management Accounting Activities. given our findings, we concluded that: Cost management activities is a major contributor for enhanced financial performance of manufacturing companies in Nigeria. We also conclude that activity management contribute significantly to the profitability of manufacturing companies in Nigeria.  Finally, we conclude that manufacturing companies who embark on management accounting activities are bound to be more productive and profitable than their counterparts who take such activities for granted. Given our findings and conclusion above, we make the following recommendations: Manufacturing companies should not only embark on cost management activities but from time to time review their cost management methods in order to continually discover loopholes in their methods and cover such loopholes. Manufacturing companies should provide adequate training for their management accounting staff on the best practices inherent in the field.

INTRODUCTION

.............. Managerial accounting, or management accounting, is a set of practices and techniques aimed at providing managers with financial information to help them make decisions and maintain effective control over corporate resources. These include the methods and concepts necessary for effective planning, decision making (choosing among alternative business actions and controlling through the evaluation and interpretation of performance.
Management accounting practice helps an organization to survive in the competitive, ever-changing world, because it provides an important competitive advantage for an organization that guides managerial action, motivates behaviors, supports and creates the cultural values necessary to achieve an organization’s strategic objectives. Management accounting is concerned primarily with the internal needs of management. It is oriented toward evaluation of performance and development of estimates of the future as opposed to traditional financial accounting which emphasizes historical data related to such legal financial matters as ownership, investment, credit granting, taxation, regulation, and the building of foundations for consistent and conservative external reporting, “in accordance with generally accepted accounting principles.”
Flexibility is an essential characteristic of management accounting since it presupposes that careful attention has been given to determine the important needs of management, many of which cannot be precisely identified in advance (Parker, 2002). The Institute of Management Accountants (IMA), the professional association of practicing and academic management accountants, defines management accounting as “The process of identification, measurement, accumulation, analysis, preparation, interpretation, and communication of financial information used by management to plan, evaluate, and control within an organization and to assure appropriate use of and accountability for its resources. Management accounting also comprises the preparation of financial reports for non-management groups such as shareholders, creditors, regulatory agencies, and tax authorities” (Smith, 2009).
Management accounting provides information from its environment to management to facilitate decision-making. Good management accounting information has three attributes: Technical-it enhances the understanding of the phenomena measured and provides relevant information for strategic decisions, Behavioral-it encourages actions that are consistent with an organization’s strategic objectives, and Cultural-it supports and/or creates a set of shared cultural values, beliefs, and mindsets in an organization and society (Ashton et al., 1991).
The development of management accounting is responsive to the demands of management and the environment. Management accounting adapts to organizational change and three major forces cause organizations to evolve: technological change, globalization, and customer needs (McWatters, 2001). In order to remain competitive in today’s global market, business must continually improve. Good management accounting practices help the organization to improve continually. Due to these all over the world there are so many management accounting tools & techniques developed and practiced. ...............FOR ACCESS TO THE FULL PROJECT WORK, USE THE ORDER NOW! BUTTON BELOW

TABLE OF CONTENTS: 
CHAPTER ONE: INTRODUCTION
1.9 BACKGROUND OF THE STUDY 1
1.10 STATEMENT OF RESEARCH PROBLEM 6
1.11 PURPOSE OF THE STUD 7
1.12 STATEMENT OF RESEARCH QUESTION 8
1.13 RESEARCH HYPOTHESES 8
1.14 SIGNIFICANCE OF THE STUDY 8
1.15 SCOPE AND LIMITATION OF STUDY 9
1.16 ORGANIZATION OF STUDY 10
1.9 DEFINITION OF TERMS 11

CHAPTER TWO: REVIEW OF RELEVANT LITERATURE
2.1 THEORETICAL FRAMEWORK 12
2.1.1 Contingency Theory of Mgt Accounting 12
2.1.2 New Institutional Sociology 14
2.2 CONCEPTS OF MANAGEMENT ACCOUNTING
2.3 MGT ACCOUNTING & FINANCIAL PERFORMANCE 22
2.4 REVIEW OF RELEVANT EMPIRICAL LITERATURE 25

CHAPTER THREE: RESEARCH METHODOLOGY
3.4 INTRODUCTION 33
3.5 RESEARCH DESIGN 33
3.6 RESEARCH POPULATION 34
3.7 SAMPLING PROCEDURE/SAMPLE SIZE
DETERMINATION 35
3.5 DATA ANALYSIS TECHNIQUES 37

CHAPTER FOUR: DATA PRESENTATION ANALYSIS AND DISCUSSION
4.1 INTRODUCTION 38
4.2 DATA PRESENTATION AND ANALYSIS 39
4.3 TEST HYPOTHESES 44
4.3.1 Testing of Hypothesis One 44
4.3.2 Testing of Hypothesis Two 46

CHAPTER FIVE: SUMMARY, CONCLUSIONS AND RECOMMENDATIONS
5.1 SUMMARY OF FINDINGS 48
5.2 CONCLUSIONS 49
5.3 RECOMMENDATIONS 50
BIBLIOGRAPHY 51

Reference code: C065

Reference code: C065

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Effect of Value Added Tax on The Performance Manufacturing Sector of The Nigeria Economy

Reference code: C064

ABSTRACT

This research project was aimed at investigating the relationship between Value Added Tax  and the performance of the manufacturing sector of the Nigeria economy. in order to achieve the objectives, one hypothesis was formulated and data collected from secondary. the data collected was tested using simple regression analyses on SPSS Version  21. our findings showed that there is a positive and statistically significant relationship between VAT and the performance of the manufacturing sector of the Nigeria economy.  we therefore concluded that: Value Added Tax is a very important source of revenue generation for the federal government of Nigeria. We also concluded that Value Added Tax contributes significantly to the growth of the economy in general and the manufacturing sub-sector specifically. Finally, we conclude that the performance of the manufacturing subsector in the recent past can to large extent be attributed to Value Added Tax revenue generation. On the basis of our findings and conclusions above, we recommended that: the government should add more effort in collecting Value Added Tax revenue. We also recommend that the government should provide public sensitization programs educating the populace on the need and importance of paying tax.  Finally, it was also recommended that the federal government through FIRS provide adequate training for the tax collections staff of the service in order to improve on their performance in VAT collection and reduce to the barest minimum the incidences of default which is quite prevalent.

INTRODUCTION

............... It was shifted to January 1st 1994. VAT replaced the former existing sales tax carried out by the different state3 governments, the wages first implemented in 1986 and operated under the federal government legislated degree No.7, of 1986. VAT replaced the sales tax because of the following reasons. VAT is neutral in that a considerable part of the new tax is to be realized from imported goods unlike the sales tax that targets only locally produced goods based on the general consumption behavior.
VAT is a consumption tax on all economic operation in the country including imports and has a zero rate for export. The federal Inland Revenue service (FIRS) is the main body charge with the administration of VAT in Nigeria custom service (NCS) for the collection of VAT on imports and the help of VAT on the locally produced goods and services. VAT has a single low rate of 5% with a zero rate for exports and is borne sole by the final consumers of VAT able goods and services like any other indirect tax, some essential goods and services are exempted from VAT that is they are not VAT able.
Value Added Tax is one of the major tools for sustainable development in Nigeria being a means of providing capital to the government in order to finance various development projects. VAT has improved the social and the macro-economic level of the economy. A look at the profile of various taxes administered and other means of earning revenue to the government (excluding revenue from petroleum) for the past seven years before the introduction of VAT, one can argue that VAT has contributed a greater percentage to the development of the country.
VAT proceeds are usually shared among the three tiers of government namely federal, State and local governments in order to help them to undertake developmental projects such as roads, health care facilities, education, security of the nation etc. instead of resorting to external or domestic borrowing. It also helps in accelerating economic growth by mobilizing privately held resources which automatically boosted public revenue, enhanced consumption patterns and generate savings which helped in a greater deal in sustaining the economic development of the country. ............. FOR ACCESS TO THE FULL PROJECT WORK, USE THE ORDER NOW! BUTTON BELOW

TABLE OF CONTENT
CHAPTER ONE: INTRODUCTION
1.1 BACKGROUND OF THE STUDY 1
1.2 STATEMENT OF RESEARCH PROBLEM 3
1.3 PURPOSE OF THE STUDY 4
1.4 STATEMENT OF RESEARCH QUESTION 5
1.5 RESEARCH HYPOTHESES 5
1.6 SIGNIFICANCE OF THE STUDY 5
1.7 SCOPE AND LIMITATION OF STUDY 6
1.8 ORGANIZATION OF STUDY 6
1.9 DEFINITION OF TERMS 7

CHAPTER TWO: REVIEW OF RELEVANT LITERATURE
2.1 THEORETICAL FRAMEWORK 9
2.2 CONCEPTUAL FRAMEWORK 10
2.3 TAX ADMINISTRATION IN NIGERIA 12
2.4 VALUE ADDED TAX IMPLEMENTATION IN NIGERIA 19
2.4.1 Evaluation of VAT as a Source of Revenue 20
2.5 A REVIEW OF THE TAXATION SYSTEM IN
NIGERIA HISTORICAL REVIEW 22
2.6 EMPIRICAL LITERATURE 33

CHAPTER THREE: RESEARCH METHODOLOGY
3.0 INTRODUCTION 40
3.1 RESEARCH DESIGN 40
3.2 SAMPLE PROCEDURE & DATA COLLECTION METHOD 41
3.4 DATA ANALYSES TECHNIQUES 42
3.5 MODEL SPECIFICATION 42

CHAPTER FOUR: RESULTS AND DISCUSSION
4.0 INTRODUCTION 44
4.1 DATA PRESENTATION 44
4.2 DATA ANALYSIS 47
4.3 TEST OF HYPOTHESIS 48

CHAPTER FIVE: SUMMARY CONCLUSIONS AND RECOMMENDATIONS
5.2 SUMMARY DISCUSSION OF FINDINGS 49
5.2 CONCLUSIONS 50
5.3 RECOMMENDATIONS 50
BIBLIOGRAPHY 52
APPENDICES 55

Reference code: C064
Reference code: C064
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Effect Of External Debt On Economic Growth In Nigeria: An Empirical Analysis

Reference code: C063

ABSTRACT

This study examined the relationship between Nigeria foreign debt and economic growth from 1985 – 2013. The objective is to investigate the relationship between Nigerian foreign debt owe to the various club of creditors and the economic growth. Time series data were sourced from the publications of Central Bank of Nigeria (CBN). Real Gross Domestic Product (RGDP) was modeled as the function of foreign debt owes to Paris Club (FDPC), Foreign Debt owes to London Club (FDLC) and foreign debt owe to multi-lateral club (FDMC). Multiple regressions with the aid of econometric view were used as data analysis techniques. Findings of the study reveal that the independent variables examined have positive effect on Nigerian economic growth. The study concludes that there is positive and significant relationship between Nigeria foreign debt and economic growth. It therefore recommends that foreign debt policies should be integrated with macroeconomic goals to achieve the desired economic growth.

INTRODUCTION

.............. Nigeria like other countries faced financial challenges in her economic operations which resulted in borrowing the deficit proportions outside the country’s financial boundary. Public debt is an important means of bridging Government financing gap especially for low-income Countries like Nigeria. This is termed foreign borrowing and foreign debt which is a component   of public fund. It comprises borrowing from foreign lenders such as banking institutions, government and international financial institutions (Ezirim, 2005). Nigerian foreign debt profile include trade arrears, balance of payment, support loans, project tied loans and loans for Socio- economic needs (Ogunmuyiwa, 2011).
Economic development and growth are two concept used to measure and compare economic wellbeing of a country. While the former is defined as a discontinuous and spontaneous change in the stationary state which forever altered and displaces equilibrium state previously existing, the later is defined as the gradual and steady change in long-run growth which comes about by an annual increase in the rate of savings and population Jihgan (2005). Theories of development and growth assumed that availability of capital will bridge the financial disequilibrium in the system and create avenue for investment in technology and Human capital development which is a prerequisite to economic growth and development.
Audu (2004) noted that foreign debt if properly utilized can increase the productive capacity of the economy, fill the savings-investment gap, create employment and exploit economic potentials of a nation. Nigerian foreign debt comprises Nigerian debt with the multilateral club, Paris club, London club, promissory notes and others Onoh (2007). In 1980 Nigerian multilateral club debt was N179.60billions with a steady increase of 8.11% average to N723, 190.26billions in 2011. Nigerian foreign debt to the Paris club was N1, 575.50billions as at 1980 and in 2011 due to the debt forgiveness Nigeria has no debt with the Paris club. The total Nigerian foreign debt as at 1980 was N1, 866.80billions and N896, 832.62billions in 2011 representing an average increase of 3.68%.

Economies facing debt crisis have to face many factors which are the challenges. The investment and growth are depressed in cause of debt accumulation (Choong et al, 2010). Due to high debt an economy by increasing uncertainty due to Debt accumulation various economic troubles have arise like overhang(Jayaraman & Evan Lau, 2008). As the size of the public debt increases, the slow economic growth, soaring fiscal scarcity, and uncertainty about government’s actions and policies in depreciation of exchange rate continuously, growing Order to meet its debt servicing obligations also foreign debt servicing and many others (Osinubi et al, 2006). ............... FOR ACCESS TO THE FULL PROJECT WORK, USE THE ORDER NOW! BUTTON BELOW

TABLE OF CONTENTS

CHAPTER ONE
INTRODUCTION
1.1 Background of Study 1
1.2 Statement of Problem 4
1.3 Purpose of the Study 5
1.4 Research Questions 5
1.5 RESEARCH HYPOTHESES 6
1.6 Significance of Study 6
1.7     SCOPE OF STUDY 7
1.8 LIMITATIONS OF STUDY 8
1.9 DEFINITION OF TERMS 8
1.10 ORGANIZATION OF STUDY 9
      REFERENCES 10

CHAPTER TWO
REVIEW OF RELATED LITERATURE
2.1 The Genesis of Nigeria’s Foreign Debts 12
2.2 Debt Burden Indicators 14
2.3 Causes of Foreign Debt Problems in Nig. 17
2.4 Types of Foreign Debt 20
2.5 Sources of Nigerian Foreign Debt 22
2.6 Nigerian Foreign Debt Management 23
2.7 THEORIES OF ECONOMIC GROWTH 28
2.8 Review of Empirical Studies 32
       REFERENCES 42

CHAPTER THREE
RESEARCH METHODOLOGY
3.1 Introduction 45
3.2 Research Design 45
3.3 Sources and Types of Data 45
3.4 Model Specification for the Study 45
3.5 Data Analysis Method 46

CHAPTER FOUR
PRESENTATION AND ANALYSIS OF DATA
4.1 INTRODUCTION 49
4.2 DATA PRESENTATION 49
4.3 DESCRIPTIVE ANALYSIS OF THE VARIABLES 50
4.4 REGRESSION RESULTS 51
4.4 PRESENTATION OE REGRESSION RESULTS 53
4.5 TEST OF HYPOTHESES 54
4.6 DISCUSSION OF FINDINGS 57

CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATIONS
5.0 INTRODUCTION
5.1 SUMMARY OF FINDINGS 60
5.2 CONCLUSION 60
5.3 RECOMMENDATIONS 60
    REFERENCE 62
    APPENDICES 69

Reference code: C063

Reference code: C063

71 Pages

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Reference code: C063

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Tax Reforms and Revenue Generation In Nigeria

Reference code: C062

ABSTRACT

This project titled the impact of tax reforms on the revenue generation in Nigeria was aimed investigating the tax reforms embarked on by the government and the yield thereof to the revenue generation in the country. In order to achieve the aim of the study, one hundred and twenty (120) questionnaires were administered out of which one hundred and ten (110) were adequately completed and returned. The data collected were analyzed using Regression analysis. Based on the analysis, it was found that: there has been some appreciable increase the tax revenue generation of Federal inland revenue service (FIRS) over the years and this can be attributed in part to the process of automation put in place by the federal government to shore up its revenue generation. Furthermore, the increase in revenue generation by FIRS can also be attributed to the process of capacity building instituted by the federal government. The capacity building put in place by the federal government which has helped increase the revenue generation of FIRS include: Given our findings, it was concluded that: the reforms introduced by the federal government have been successful in leading to increase in the revenue generation of Federal Inland Revenue Service. Given the findings and conclusions as enumerated above, the following policy recommendations are proposed: The revenue generated from tax by government should be used to provide infrastructures for the citizens. This will serve as a motivation for people to pay their tax. The members of the public should be fully enlightened by the government about the benefits of paying their tax and its effects on the economy. Finally, there is need for the government to bee proactive in its efforts of providing training for its tx collection staff.

INTRODUCTION

................ Tax reform is the process of changing the way taxes are collected and managed by the government. There have been a number of major changes in the tax system in Nigeria in recent past for a variety of reasons (Emuwa, 2009).

Azubike, (2009) noted that tax reform is an ongoing process with tax policy makers and tax administrators continually adopting the tax systems to reflect changing economic, social and political circumstances in the economy. Public revenue mobilization is one of the most keenly contested issues in Nigeria, (Adedokun, 2004).
The Nigerian Tax System has undergone significant changes in recent times. The Tax Laws are consistently being reviewed with the aim of repealing obsolete provisions and simplifying the main ones, (Oloyede, 2006). The Federal Government is taking various steps towards reforming the tax system, the recent pronouncement on the increase in the Value Added Tax (VAT) from 5 percent to 10 percent, particularly with the subsequent reversal and the controversy so far generated among stakeholders.
Nigeria as we all know is governed by a federal system; hence its fiscal operations also adhere to the same principle. This has serious implications on how the tax system is managed in the country. In Nigeria, the government’s fiscal power is based on a three-tiered tax structure divided between the federal, state and local governments, each of which has different tax jurisdictions. As of 2002, about 40 different taxes and levies are shared by all three levels of government. (Odusola, 2006)
The Federal Government had taken far-reaching steps aimed at reforming the nation’s tax system before the Pre 2002 reform efforts. Among these are; The 1978 Task Force on Tax Administration headed by Alhaji Shehu Musa. The major thrusts of the report of the task force are; Introduction of the Withholding Tax (WHT) regime, Imposition of 10 per cent special levy on Bank’s excess profits, Imposition of 21/22 per cent turnover tax on building and construction companies.
The 1992 Study Group on Nigerian Tax System and Administration headed by Professor, Emmanuel Edozien, recommended; The establishment of FIRS as the operational arm of FBIR and Setting up of Revenue Services at the other tiers of government (State and Local Governments).
The 1992 Study Group on Indirect Taxation headed by Sylvester Ugoh recommended a policy shift from direct taxation to indirect/consumption (VAT evolved). Source; (CITN, 2002).
Finally, there has been concerted efforts by the government to automate the process of revenue generation by providing Tax Identification Number (TIN)  for companies and individuals. This is to enhance tax collection by making it possible that taxable entities are properly enumerated. In addition, the Federal Inland Revenue service has a better spread throughout towns and cities so that tax payers can more easily access their service. ............... FOR ACCESS TO THE FULL PROJECT WORK, USE THE ORDER NOW! BUTTON BELOW

TABLE OF CONTENT
CHAPTER ONE: INTRODUCTION
1.1.   Background of the Study ----------------------------   1
1.2.   Statement of the Problem ----------------------------  2
1.3.   Objective of the Study ------------------------------  4
1.4.   Research Questions ----------------------------------  5
1.5.   Research Hypothesis -------------------------------    5
1.6.   Significance of the Study ---------------------------  6
1.7.   Scope and Limitation of the Study--------------------  6
1.8.   Organization of the Study ---------------------------  7
1.9.   Definition of Terms ---------------------------------  8
1.10. Abbreviations --------------------------------------    9
1.11. References -------------------------------------------- 10

CHAPTER TWO: REVIEW OF RELATED LITERATURE
2.1. Introduction ---------------------------------------                  11
2.2. History of Tax Reforms in Nigeria ----------------------------------  14
2.2.2. History of the Current Tax Reform Process -----------------------   16
2.3. Impact of Taxation on Economic Growth ------------------------------  18
2.4. The Role of Taxation on Revenue Generation in the Nigerian Economy -  20
2.5 Tax Reforms in Nigeria ----------------------------------------------  24
2.6. Tax Reforms in Rivers State ----------------------------------------- 26
2.7. The Procedures of Tax Reforms --------------------------------------- 31
2.7.1. Taking Appropriate Steps to Tax Reforms --------------------------  31
2.8. Types of Taxes and Their Various Reforms --------------------------   33
2.8.1. Personal Income Tax (PIT) ----------------------------------        33
2.8 2. Company Income Tax (CIT) ------------------------------------------ 35
2.8.3. Education Tax ---------------------------------------------------   37
2.8.4. Petroleum Profit Tax (PPT) ---------------------------------------  37
2.8.5. Value-Added Tax (VAT) --------------------------------------------  40
2.8.6. Capital Gains Tax (CGT) ------------------------------------------  42
2.8.8. Custom Duties ----------------------------------------------------  43
2.8.7. Stamp Duties -----------------------------------------------------  44
2.8.9. Excise Duties ----------------------------------------------------  45
2.9. Role of Tax Bodies on Tax Reforms ---------------------------------   45
 2.9.1. Federal Inland Revenue Service, (FIRS) --------------------------  45
2.9.2. Rivers Internal Revenue Service (LIRS) ---------------------------  48
2.10. Tax System on Nigeria: Issues and Challenges ---------------------   48
2.11. Suggested Solutions to the Problems -------------------------------  52
2.12. References --------------------------------------------------------  57

CHAPTER THREE: METHODOLOGY
3.0. Introduction ------------------------------------------------------   61
3.1. Research Design ----------------------------------------------------  61
3.2. Research Population ------------------------------------------------- 62
3.3. Sample Size Determination ------------------------------------------  62
3.4. Data Collection Techniques -----------------------------------------  63
3.4.1. Primary Sources of Data -----------------------------------------   63
3.4.2. Secondary Sources of Data ----------------------------------------  63
3.5. Design and Administration of Questionnaire ------------------------   64
3.6. Data Analysis Technique --------------------------------------------  65
3.7. Dependent and Independent Variable ---------------------------------  65
3.8. Validity and Reliability of the Research Instrument ----------------  66
3.9. References ---------------------------------------------------------- 67

CHAPTER FOUR: DATA PRESENTATION, ANALYSIS AND INTERPRETATION
4.1. Introduction -------------------------------------------------------- 68
4.2. Data Analysis and Interpretation -----------------------------------  68
4.3. Testing of Hypothesis ----------------------------------------------  85
4.3.1. Testing of hypothesis 1 ----------------------------------------    85
4.3.2. Interpretation 1 -------------------------------------------------  86
4.3.3. Testing of hypothesis 2 -----------------------------------------   87
4.3.4. Interpretation 2 ------------------------------------------------   88
4.4. Discussion of Findings ---------------------------------------------  89

CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATION
5.0. Introduction -------------------------------------------------------  91
5.1 Summary of Findings ------------------------------------------------   91
5.2. Conclusion ---------------------------------------------------------  92
5.3. Recommendation -----------------------------------------------------  93
APPENDIX
Bibliography ------------------------------------------------------------  94
Questionnaire ----------------------------------------------------------   99

Reference code: C062

Reference code: C062

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Impact Of Information Technology On Profitability of Commercial Banks in Nigeria

Reference code: C061

ABSTRACT

Due to the high importance of Information Technology in the sector this research work is carried out to examine the impact of Information technology on the performance of commercial banks in Nigeria. Questionnaire was the major research instrument used for this research work, 60 questionnaires were administered to staff of the selected banks. The questionnaires were analyzed with the use of simple linear regression analysis with the aid of Statistical Package for Social Science (SPSS). The conclusion from the research work is that there is a positive and significant relationship between information technology and gross profit margin of banks. The findings also show that there is a positive and significant relationship between the adoption of information technology and the Earnings per share of banks. The following conclusions are drawn from the findings of the study; The adoption and implementation of information technology considerably improves the gross profit margin and earnings per share of banks. This is achieved by reducing errors and increasing the speed in attending to customers. This has the effect increasing productivity and reducing costs of service delivery. In light of the findings and conclusions of the study, the following recommendations are put forward: Banks should strive to be automated and tap into the benefits therein such as processing information at very high speed, consistency, accuracy, repetitiveness, flexibility and unattended information transfer. Bank management should encourage training and retraining her employees on the use of modern information technology equipment, as this will go a long way improving their skills and job performance.

INTRODUCTION

............. The Information Technology today is rightly called the Technology of the Century as it has found its application and use in every walk of life in every society of the world. Distances no longer exist and the world appears to have shrunk into a Global Village. The wisdom of the wisest is today available to the stupidest of the person thus ushering in an era of real equality of opportunity to all. It is really a landmark achievement that more than six billion population of the world will soon be living in a virtual village. Information Technology is a developing technology that aims at obtaining the maximum information with minimum of resources, labor or time.
More than most other industries, financial institutions rely on gathering, processing, analyzing, and providing information in order to meet the needs of customers. Given the importance of information in banking, it is not surprising that banks were among the earliest adopters of automated information processing technology. The technological revolution in banking actually began in the 1950s, well before it began in most other industries, when the first automated bookkeeping machines were installed at a few US banks (Roger, 2000).
Automation in banking became common over the following decade as bankers quickly realized that much of their labor-intensive, information-handling processes amongst others could be automated on the computer. A second revolution occurred in the 1970s with the advent of electronic payments technology. Recognizing the advantage and importance of information security, among all industry, the financial services industry during the late 1970s and early 1980s was also the first of all industries to implement encryption technologies on a widespread basis basis. In the earlier decades, three main reasons were identified for the cause of investment in technology.
These three main reasons still fit into the current decade.  First, they anticipate reductions in operating costs through such efficiencies as the streamlining back-office processing and the elimination of error-prone manual input of data. Second, institutions see opportunities to serve their current customers and attract new customers by offering new products and services as well as enhancing the convenience and value of existing products and services. Third, with more powerful data storage and analysis technologies, institutions are able to develop and implement sophisticated risk- and information-management systems and techniques (Roger, 2000)
The Nigerian banking industry went through a consolidation exercise that left Nigeria with 25 banks out of 89 banks previously in existence. As noted by Chiemeke et al., (2006), the ability of 25 banks to satisfy and retain their customers in the post consolidation era will no doubt depend largely on the development of their Information Technology (IT) infrastructure. The senior management of banks should gasp the importance of technology and apply them in their day-to-day activities.
Woherem (2000) claimed that only banks that overhaul the whole of their payment and delivery systems and apply ICT to their operations are likely to survive and prosper in the new millennium. . He advises banks to re-examine their service and delivery systems in order to properly position them within the framework of the dictates of the dynamism of information and communication technology. IT is now a tool that facilitates the bank’s organizational structure, business strategies and customer service (Jayamaha, 2008). ............... FOR ACCESS TO THE FULL PROJECT WORK, USE THE ORDER NOW! BUTTON BELOW

TABLE OF CONTENT    
CHAPTER ONE: INTRODUCTION
1.1 Background to the Study. 1-4
1.2 Statement of Problem. 4
1.3 Objective of the Study. 5
1.4 Research Questions. 5-6
1.5 Statement of Hypothesis. 6
1.6 Significance of the Study. 6-7
1.7 Scope of the Study. 7
1.8 Limitation of the Study. 7
1.9 Operational Definition of Terms. 8-9

CHAPTER TWO: LITERATURE REVIEW
2.0 Introduction. 10
2.1 Information Technology. 10-11
2.2 Evolution of Information Technology. 11-14
2.3 The Banking Sector. 14-15
2.4 Adoption of Information Technology in the Banking Sector. 15-16
2.5 Electronic Banking. ` 16-22
2.6 Mobile Banking. 22-26
2.7 Automated Teller Machine. 26-31
2.8 Application If Information Technology in Marketing in Banks. 31-32
2.8.1 Technological Marketing. 32-33
2.8.2 Technology in Distribution Channels 33-34
2.9 Customer Relationship Management. 34-39
2.10 S.W.I.F.T. 39
2.11 Facsimile Transmission or Fax. 39-40

CHAPTER THREE: RESEARCH METHODS
3.0 Introduction. 41
3.1 Research Design. 41
3.2 Study Population. 41-42
3.3 Sampling Techniques. 42
3.4 Sources of Data Collection. 42
3.4.1 Primary Data. 42-43
3.4.2 Secondary Data. 43
3.5 Data Collection Instrument. 43
3.6 Validity and Reliability Test. 43-44
3.7 Reliability of Research Instruments. 44
3.8 Method of Data Analysis and Representation. 44

CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS
4.0 Introduction. 46
4.1 Respondent Characteristics and Classification. 47-60
4.2 Testing of Hypothesis. 60-64

CHAPTER FIVE SUMMARY, CONCLUSION AND RECOMMENDATION
5.0 Introduction. 65
5.1 Summary of Findings. 65-66
5.2 Conclusion. 66-67
5.3 Recommendation. 67-68
5.4 Suggestion for Further Study. 68
Bibliography

Reference code: C061
Reference code: C061

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Social Accounting And Financial Performance Of The Selected Quoted Banks In Nigeria

Reference code: C060

ABSTRACT

This research project is on the of social accounting practices on the performance of banks in Nigeria. The purpose of the project was to identify the relationship between social accounting practices and its effect on the profitability of banks. In order to achieve the purpose of the study, three hypotheses were proposed and data collected through primary and secondary sources. One hundred and eighty seven (187) questionnaires were issued to banks' staff out which one hundred and fifty (150) correctly completed and used in the study. The collected data was analysed using Pearson Correlation with the Statistical tool SPSS. The findings of the research revealed that: There is a positive and significant relationship between employee welfare activities and the performance of banks. There is a positive and statistically significant relationship between social accounting. Finally, our findings show that there is a positive relationship between Costs of Contributions to Community Development and the performance. From the findings, it was concluded that: Social accounting practices is an important consideration in the profitability of banks in Nigeria. The implantation of employee welfare policies by banks in Nigeria boosts employee performance. Costs of Contributions to Community Development incurred banks helps to improve their profitability. Considering the benefits to the banks of embarking on social accounting activities, it is recommended that banks improve their social accounting practices by increasing employee welfare and embarking on more community development activities. Banks should not only embark on social accounting activities, but should be seen to do so by all and sundry. This will improve community relationship, improve labour relations and also be an incentive for other organizations to take up social accounting activities. Finally, there is need for government to encourage other banks whose social accounting is negligible to embark on such activities. This can be achieved by rewarding those who embark on such activities through public recognition and awards and tax incentives.

INTRODUCTION

.................. There has been on increasing demand for organizations to be more responsive to the issues concerning the communities in which they operate and for them on take issues like social responsibility management, social responsibility accounting and environment impact very seriously. This had culminated into the development of a concept known as “social accounting” which is described in non-normative terms how the accountant reports on the activities of the organization’s internal and external social environment.
The increasing need for every organization to disclose in their annual reports the various activities that affect society is becoming a very fundamental issue all over the world mostly in developed economies, but this is not the case in developing countries like Nigeria. This is because organizations are particularly more interested in the profit maximization objective to the detriment of the society.
According to Iyoha (2010), in developing countries, the concern is about how efficient organizations are in terms of how much profits are made and how much dividends are paid. No serious thoughts are given to social issues in the annual reports of organizations such as environmental protection, energy saving, fair business practice, and community involvements etc.
Asechemie (1996) stressed that the absence of financial data relating to actions and arrangements for social concern in Nigeria is not in accord with the trend in the USA, Europe and Canada where companies are required to report on the effect of compliance with laws governing corporate social conduct on capital expenditures, earnings and competitive position.
Gray (2000) defined social accounting as the “preparation and publication of an account about an organization’s social, environment, employee, community, customer and other stakeholder interactions and activities and, where, possible the consequences of those interactions and activities” Social accounting is the reporting of those costs and benefits which may or may not be quantifiable in monetary terms, arising from economic activities and substantially borne or received by host community, or particular groups not holding a direct relationship with the reporting entity (Alexander and Britton, 2000).
Environmentalist has drawn public attention to the products activities in Nigeria banking sector. This made the federal government to establish the federal Environment protection agency (FEPA) and the National Environment Standard and Regulatory Enforcement Agency (NESREA) for the purpose of monitoring industrial activities as they affect the society and prescribe necessary control measure.
 Ascehemie (1996) notes that it is reasonable for Nigerian governments to go beyond the establishment of these agencies to requiring banking organizations to report scorecards on societal and other social issues. When this is done, it will reduce the disruptions in the banking sector’s operations.
According to Davies and Okorite (2007), where the social activities of organizations are fairly reported in the financial statements, duly audited and attested to and published by the organization for all to see, some of the problems would be minimized, if not eliminated.
Mamman (2004) stated that the scope of social accounting has extended beyond the issues of environment to include business decisions on human resources, customers and the general public. These decisions are based on social accounting information. In effect, accounting is supposed to be responsive to the needs of society. This is the reason why it usually responds to emerging issues. One of such issues is to disclose that the society needs social accounting reports in such the same way that capital markets require financial information supplied by financial accounting system. Users of social accounting information need the data that allow them to assess whether the entity is being socially, financially and environmentally responsible. ............... FOR ACCESS TO THE FULL PROJECT WORK, USE THE ORDER NOW! BUTTON BELOW

TABLE OF CONTENTS
CHAPTER ONE
INTRODUCTION
1.1 Background to the Study 1
1.2 Statement of the Problem 4
1.3 Purpose of the Study 6
1.4 Research Questions 6
1.5   Hypothesis 6
1.6 Significance of the Study 7
1.7   Scope of the Study         8
1.8   Limitation of the study         8
1.9 Definition of Terms 9
1.10 Organization of the study 10

CHAPTER TWO
LITERATURE REVIEW
2.0 INTRODUCTION                 12
2.1 Theoretical Review                         12
2.2 CONCEPTUAL FRAME WORK 16
2.2.1 Concept of Social Accounting         16
2.2 History of Social Accounting                 20
2.3 Social Accounting practice in the Banking Sector in Nigeria 23
2.4. Objective of Social Accounting 25
2.5 Problems of Social Accounting 26
2.5.1 Challenges of Implementing Social Accounting 29
2.5.2 Measurement Criteria in Social Accounting 30
2.5.3 Evaluation Basis for Social Accounting 31
2.5.4 Implication of Social Accounting on Financial
Reporting of Banks                         32
2.6 Principles of Corporate Social Responsibility 33
2.7 Benefit/Cost for Banks which Behave Socially Responsible 34
2.8 Related Studies on Corporate Social Performance and
Corporate Financial Performance 36
2.9 Stakeholders Theory         38
2.9 Legitimacy Theory         38

CHAPTER THREE
RESEARCH METHODOLOGY
3.0 Introduction         40
3.1 Research Design 40
3.2 Population of the Study 40
3.3 Sample Size Determination 41
3.4 Sources of Data 41
3.5 Method of Data Collected 42
3.6 Reliability of Instrument 42
3.6.1 Validity of Research Instrument 42
3.7 Data Analysis Technique 43

CHAPTER FOUR
DATA PRESENTATION, ANALYSES AND DISCUSSION OF FINDINGS
4.0 INTRODUCTION         45
4.1 DATA PRESENTATION 45
4.2 DATA ANALYSES 47
4.3 TEST OF HYPOTHESES 56

CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
5.0 INTRODUCTION                 58
5.1 SUMMARY OF FINDINGS    58
5.2 CONCLUSION                  59
5.3 RECOMMENDATIONS 60
BIBLIOGRAPHY                 61
APPENDIX                         63

Reference code: C060
Reference code: C060

79 Pages 
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