1.1 BACKGROUND OF THE STUDY
The introduction of accounting standard and worldwide by the various professional accountancy bodies has tried to solve the problem of non-uniformity in financial statement and also the acceptance of financial statement by the standardization.
The need for accounting standard in Nigeria to suit our local, political, legal and economic environment has bee recognized long, particularly during the indigenization period. Government ministries, departments, and regulatory public have for many years demanded for uniformity in the recording of accounting transaction.
It is the researcher’s o...