ABSTRACT
This study is on Accounting and
Reporting System of Leasing in Nigeria: l'roblems and Prospects. The purpose
include among other things, to find out the problems associated with accounting
and reporting system in the leasing industry, the types of leases carried out
in Nigeria and how they arc recorded. in pursuance of these mill other
objectives, thirty two questionnaires were administered by hand to four
companies making up the survey base. The companies consist of three merchant
banks and one non-bank leasing company all located in Port-Harcourt. Personal
interviews were also conducted in these and other companies by the researcher.
A third research instrument employed was the desk research of the thirty two
questionnaires submitted, thirty were completed and the response spread through
all the four companies. Meaning a 100% response irate. The percentage method of
data analysis was used. Results of the study showed that the accounting and
reporting system of leasing also entails other activities carried out by
leasing companies. There is an accounting procedure employed by leasing
companies. The procedure depends whether the lease is a capital or operating
lease, the Nigerian Accoiinting Standard Board (NASB) authorizes the accounting
procedure which is the exposure draft on leases. (EDJO) issued by all leasing
compairies. The reporting enterprise fcr finance lease does not account by
recording the base as an acquisition of an asset and the incurring of
liability. Based on the findings it was concluded that the accounting and
reporting system or products of leasing depends whether the lease is capital or
operating. So far the reporting system in each method does conflict with what
accounting literature suggest. The researcher therefore recommends that
qualified accountants should be employed by every lessor company in Nigeria to
adequately take care of the costing of leased equipment and diligently account
for them. Initial direct cost that are identifiable with direct financing leases
should be taken to the income statement in the period in which the cost were
incurred and lessor companies in Nigeria should provide warehouse and workshops
where repossessed assets can be kept.
OGBULAFOR, U (2021). Accounting And Reporting System Of Leasing In Nigerian: Problems And Prospects . Mouau.afribary.org: Retrieved Nov 02, 2024, from https://repository.mouau.edu.ng/work/view/accounting-and-reporting-system-of-leasing-in-nigerian-problems-and-prospects-7-2
UZODINMA, OGBULAFOR. "Accounting And Reporting System Of Leasing In Nigerian: Problems And Prospects " Mouau.afribary.org. Mouau.afribary.org, 03 Aug. 2021, https://repository.mouau.edu.ng/work/view/accounting-and-reporting-system-of-leasing-in-nigerian-problems-and-prospects-7-2. Accessed 02 Nov. 2024.
UZODINMA, OGBULAFOR. "Accounting And Reporting System Of Leasing In Nigerian: Problems And Prospects ". Mouau.afribary.org, Mouau.afribary.org, 03 Aug. 2021. Web. 02 Nov. 2024. < https://repository.mouau.edu.ng/work/view/accounting-and-reporting-system-of-leasing-in-nigerian-problems-and-prospects-7-2 >.
UZODINMA, OGBULAFOR. "Accounting And Reporting System Of Leasing In Nigerian: Problems And Prospects " Mouau.afribary.org (2021). Accessed 02 Nov. 2024. https://repository.mouau.edu.ng/work/view/accounting-and-reporting-system-of-leasing-in-nigerian-problems-and-prospects-7-2