Relevance Of Accounting Standard In A Developing Economy (A Study Of Selected Firms In The Public Enterprise):- Emelike, Anyadindu J

ABSTRACT

 In every society, organization, family etc there are conducts, regulations, rules which act as a guide to members. In most cases these • rules are made bearing the prevailing environment in mind. Accounting standard acts as a guide or bedrock upon which financial statements are prepared by firms or organization. Due to this fact, a good statement of accounting standard is very relevant for proper efficiency and effectiveness. The major objective of this research was to assess the relevance of accounting standard in post public firms of a developing economy such as Nigeria. Areas of setbacks and compliance to the standard were looked into, towards this end questionnaire were designed for the selected firms. Qualitative and descriptive analytical tools were used in analyzing the data collected from the analyses; it was shown that the relevance of accounting standards in a developing economy can't be overemphasized. Based on the findings, conclusions were drawn, and recommendations towards growth and development of a developing economy were made.