Impact Of Accounting Information On The Efficiency And Effectiveness Of Corporate Entities In Nigeria (A Study Of Selected Corporate Entities In Abia State)

ABSTRACT

This research focused on the "IMPACT OF ACCOUNTING INFORMATION ON THE EFFICIENCY AND EFFECTIVENESS OF CORPORATE ENTITIES" used both primary and secondary data. The primary data were collected through the administration of structured questionnaire on the accounting and audit staff of the selected companies while the secondary data were obtained through the review of related literature. The data obtained from the field survey were analyzed using tables with percentage to show the degree of responses. Three hypotheses were formulated and tested using the normal distribution. The ma] or findings were that there is a significant time lag between the statutory time of six month for the preparation, audit and tax return and when companies studied prepare their financial statements, the guideline for the preparation of financial statements as stipulated in the Company and Allied Matters Act 1990, and International Financial Reporting Standards are followed, the preparation of financial statement affects the effectiveness of companies, to meet the needs of users in making timely decision and to meet statutory requirements. Based on the findings, recommendations of, stiffer penalty for not filing financial statements both at the tax office and Corporate Affairs Commission should be enforced. This will make companies to produce their financial statements in time for the users; companies should ensure that all the guidelines for the preparation of financial statements both by CAMA and International Financial Reporting Standards are followed.