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Introduction to Booking Keeping and Accounting | Week 111 Topics1 Quiz
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Introduction to Books of Account | Week 26 Topics1 Quiz
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Subsidiary Books of Account I | Week 34 Topics1 Quiz
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Subsidiary Books of Account II | Week 44 Topics1 Quiz
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Principles of Double Entry Book Keeping | Week 51 Topic1 Quiz
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Cash Book | Week 66 Topics1 Quiz
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Petty Cash Book | Week 71 Topic1 Quiz
Topic Content:
- Nigerian Accounting Standard Board
An accounting standard is a standardized guiding principle that determines the policies and practices of financial accounting. Accounting standards not only improve the transparency of financial reporting but also facilitates financial accountability.
They are the various pronouncements made by accounting bodies in relation to the preparation of financial statements. They are published in Nigeria by the Nigeria Accounting Standard Board (NASB) which is responsible for the publication of IAS (International Accounting Standards). IAS and Statement of Accounting Standards, SAS are applicable in Nigeria.
Nigerian Accounting Standards Board:
The body was set up to guide accountants in the preparation of financial statements in order to narrow the area of differences. It contains 15 members. It has been replaced by the Financial Reporting Council of Nigeria (FRCN).
Composition:
1. Central Bank
2. Corporate Affairs CommissionÂ
3. Federal Board of Inland Revenue
4. Federal Ministry of Finance
5. Chartered Institutes of Bankers of Nigeria
6. Institute of Chartered Accountants of Nigeria
7. Security and Exchange Commission
8. Nigeria Stock Exchange
9. Nigeria Accountant Teachers Association
10. Federal Ministry of Commerce
11. Office of the Auditor General
12. Chartered Institute of Taxation
13. Nigeria Association of Chamber of Commerce Industry
14. Association of National Accountants of Nigeria
15. Nigeria Deposit Insurance Corporation
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