ABSTRACT

This Study examined the challenges of globalization on corporate reporting practices of multinational firms. The global trends has largely contributed to the complexity in reporting financial performance, especially as now the users of such report are numerous and varied. Hence, the basic objective of this study is to determine how best to report information so as to encompass the various users considering the globalization trends. The researcher adopted descriptive research method. The study was carried out a population of fifty-five(55) and sampled sized of 48 drawn from the accounting section of the firms under study with probability sample techniques as a method. This section was chosen considering the technical nature of the research topic, were expertise and experience are of prime importance. Data were collected through questionnaire and interview, which serves as major research instruments. This was supplemented with data from related textbooks, journals, library etc. The data were presented using table and analyzed by simple percentages. Four hypothesis were formulated and tested using chi-square (X2), statistical test too!. The null hypothesis were, Globalization does not affect corporate reporting practices in multinational companies, Accountants are not faced with current global constraints in reporting flnincia.i performance of multinational companies, Globalization trends do not lead to the complexity of corporate reporting in multinational companies, corporate management of multinational does not really face pronlems of enhanced responsiveness to the challenges of globalization. The study revealed that the specter of globalizstion has some peculiar negative features on corporate reporting practices but has resulted to more positive features. The global trend practices due to an increase in the number o17and variety of stakeholders whose differing needs as regards financial information must be met. Also, accountants are faced with current global constraints in reporting financial performance of multinationals on the basis of the findings, it is recommended that Accountant must seek high level technical skills that will enable them manage and regulate the complexities of operations of global organizations. Accountants must put in place a total quality communications network that embraces all stakebolders of multinationals. The traditional tools of reporting must be fine-tuned to report accurately and factually highlighting wastes, inefficiencies and idleness in the management of resources at all levels.