CHAPTER ONE
INTRODUCTION
We have now out lined a number of alternative approaches that the accountant could possibly take in preparing accounting reports. However, we are going to choose between them?
How are we going to go about deciding the accounts we prepare? In the most general of terms the correct approach was suggested.
We are the communicators of the information that people will find useful. We therefore have to discover who are our “customers” and what is it that they want from us, so we have to take note of some questions.
1. Who are users of accounting statement and accountant reports?
2. What do they want to use them for?
3. What particular information do they need to enable them to use them effectively for their purpose?
1. The accounting objectives is that the employer should recognized the anticipate cost of providing persons on a systematic and rational basis over the period during which he derives benefit from the employee’s services. This statement specifies that many companies have until now, simply charged the contributions payable to the pension scheme as the pension cost in each accounting period.
2. The selection of actuarial method and assumption to be used in assessing the person cost of a defined benefit scheme is a matter of judgment for the actuary in consultation with his client, taking account of the circumstances of they specific company and its work force.
3. Where a stable contribution rate for regular contributions, expressed as a percentage of pension able earnings has been determined, that rate will provide an acceptable basis for calculating the regular cost understated accounting objectives so long as 9it make full provision for the expected benefit over though anticipated service lives of employees.
The researcher has got interested in this topic, not necessarily because he has worked intensively with any company before or to fulfill a necessary requirement but to identify the make useful recommendation toward the objective of financial statement in the business.
Some people are scared from the intermediary business because of frustration. There are so many young men today who are prepared to make a career in financial statement companies, spite of its challenges and difficulties, but have been frustrated, half way by some of these financial companies”. Some companies “like Benue cement company” whose names sounding to the public are really big for nothing. They find it very difficult to pay out Salaries and commissions for a reasonable length of times.
The accountant who delays the payment of sale man expresses and commission must be regarded as a serious impediment to sales performance.
This research work has some constraints, which affects the effective and efficient discharge of our duties.
Time being a come factor to every human being is not on our side. Classroom studies are not be done. So this happens to be a back to this research works. Lack of finance happens to be another factor which hinder the effective discharge of this research work as there is the difficulty of transporting myself from place to place so as to collect data for the research work.
Effectiveness of data happens to be another set back to the effectives discharge of our task as the information got are not sufficient to the relevance of the research work.
Lastly, the attitude of people I meet during the research work, some felt reluctant in giving me the information I need. Others demand money from me for any information they gave.
The corporate report refers to publish accounting statements as corporate reports. Users of corporate reports are defined as those having reasonable right to information concerning the reporting entity.
A reasonable right to information exists where the activities of an organization impinge or may impinge on the interest of user group.
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