ABSTRACT

The evaluation of accounting standard and conventions on financial statements, contents and uses occupies a very pivotal position in business activities in Nigeria and elsewhere. This necessitated the research of this nature because users of financial reports are in dare need of information to guide them in planning and decision making for sustainable business breakthrough. In conducting this research data was collected from both primary and secondary sources using questionnaire, personal interview and survey as tools. Moreso, the researcher employs the simple percentage and the chi-square statistical instruments to analyse the data and to test the truthfulness of the hypothesis. A population of 600 persons was used. Taro Yamane statistical instrument employed to determine the sample size. This gave 240 persons. It was discovered after all that accounting reports are quite indispensable to business practices in Nigeria. However, reckless practices among practitioners (Accountants) and non compliance to standards over the years brought about lingering economic and financial crisis of our time. One of the recommendations is that businesses should look for professional accountants who have integrity to handle their affairs. Another recommendation is that appropriate and timely regulatory reforms should be on hand to take care of financial and economic indices arising with change.