Journal of Accounting Research and Practice’ Vol. 5(1) 100-120:
Accounting and Economy Development in Nigeria
There is a nexus between accounting and the economy development; as a result, the pertinent research question is that to what extent is the role of accounting plays in enhancing accountability and improving economy in Nigeria. This paper used conceptual analysis to explore the role of accounting in national economy development in Nigeria. The study revealed that economic planning and control, capital formation, taxation, capacity building, accounting standards and social welfare are the important areas where accounting information is of a particular importance to the national economy development of Nigeria. Moreover, the paper concluded that accounting plays an immense role in the provision of transparent and quality information through financial reporting to government, the national economy planners and other economy regulators for use in making best economy decision for the development of Nigeria. We recommend that government should enforce the adoption of the International Accounting and Financial Reporting Standards by all private companies to aid transparency and quality of financial disclosure.
