Accounting Professions and Its Role in the Society
Chapter One
OBJECTIVE OF STUDY
The objectives of the study are;
- To ascertain the role and functions of accounting profession in management and society
- To study the impact of accounting on society including its significance to individual and society will be discussed.
- To determine the extent to which accounting generally affects the economic activities of the private and public sectors in Nigeria
- to examine how managers adequately and efficiently apply the role of accounting in their organizations.
CHAPTER TWO
REVIEW OF RELATED LITERATURE
Role and Importance of Accounting in a Society: Traditional views
According to the accounting profession and the widespread and prevalent definitions, accounting is understood primarily as an unbiased observer and the objective reproducer of some independent economic reality that is important to its users (Solomons, 1991). This is an explicitly technical-mechanical view that understands and defines accounting as a mere techn(olog)ical solution (accounting as method/ methodology, accounting as technique/technology, etc.) for the techn(olog)ical problem of measurement and control of business operations (Gomes, 2008). It is thus presented as a fundamental factor that provides rational and independent market participants with the economic information needed for their decision making, and, consequently, plays a decisive role in efficient functioning of markets by directing them toward their optimum balance (i.e., balance in the case of perfect information) (Arnold, 2009). In addition, the roles of confirming or providing assurances about the “true and fair view” of market participants’ financial data and of the provision of data and information for the needs of national accounts are emphasized (see, for example, Laux & Leuz, 2009; Mala & Chand, 2012). Within the management accounting framework, the support for management in business operations analysis, business planning, and budgeting as well as in the preparation of business decisions in times of uncertainty are highlighted (see, for example, Anthony & Govindarajan, 2006). Of course, the list of potential uses of accounting is long, but the stated ones here present the core of what we usually think of when we talk about accounting. Accounting theory and accounting practice as reflections and applications of a certain (predominant) economic thought (see, for example, Klamer & McCloskey, 1992) are thus defined mainly as neoclassical and as based on marginalist theory, highlighting their classical political and economic foundations and the nature/status as an economic science. The economic explanation of an accounting phenomenon is thus the only correct one and, consequently, accounting is perceived primarily as an economic decision-making model. In the words of Dillard (1991, p. 12) “[t]he functionalist paradigm is the dominant perspective for looking at accounting, as well as the dominant one in social science. The language in which we think about, and communicate, accounting is that of functionalism” (see also Napier, 2006, pp. 451–452). The ideology of abstract, non-contingent, context-free, and value-free variables is the primary focus of this positivistic research tradition (see, for example, Parker 1999, p. 17). Accounting is thus perceived as merely the task of techn(olog)ical transformation of some independent, objective economic reality into accounting data and information. The fundamental ontological assumption of the prevailing conceptual frameworks of financial accounting is therefore “that the relationship between financial accounting and economic reality is unidirectional, reflecting or faithfully reproducing relationship: economic reality exists objectively, intersubjectively, concretely and independently of financial accounting practices; financial accounting reflects, mirrors, represents, or measures this pre-existing reality” (Hines, 1991, pp. 315–316).
CHAPTER THREE
RESEARCH METHODOLOGY
Research design
The researcher used descriptive research survey design in building up this project work the choice of this research design was considered appropriate because of its advantages of identifying attributes of a large population from a group of individuals. The design was suitable for the study as the study sought to accounting professions and its role in the society
Sources of data collection
Data were collected from two main sources namely:
(i)Primary source and
(ii)Secondary source
Primary source:
These are materials of statistical investigation which were collected by the research for a particular purpose. They can be obtained through a survey, observation questionnaire or as experiment; the researcher has adopted the questionnaire method for this study.
Secondary source:
These are data from textbook Journal handset etc. they arise as byproducts of the same other purposes. Example administration, various other unpublished works and write ups were also used.
Population of the study
Population of a study is a group of persons or aggregate items, things the researcher is interested in getting information on accounting professions and its role in the society. 200 staff Unilever plc Lagos State was selected randomly by the researcher as the population of the study.
CHAPTER FOUR
PRESENTATION ANALYSIS INTERPRETATION OF DATA
Introduction
Efforts will be made at this stage to present, analyze and interpret the data collected during the field survey. This presentation will be based on the responses from the completed questionnaires. The result of this exercise will be summarized in tabular forms for easy references and analysis.
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
Introduction
It is important to ascertain that the objective of this study was to ascertain accounting professions and its role in the society
In the preceding chapter, the relevant data collected for this study were presented, critically analyzed and appropriate interpretation given. In this chapter, certain recommendations made which in the opinion of the researcher will be of benefits in addressing the challenges of accounting professions and its role in the society
Summary
This study was on accounting professions and its role in the society. Four objectives were raised which included : To ascertain the role and functions of accounting profession in management and society, to the impact of accounting on society including its significance to individual and society will be discussed, to determine the extent to which accounting generally affects the economic activities of the private and public sectors in Nigeria and to examine how managers adequately and efficiently apply the role of accounting in their organizations.. In line with these objectives, two research hypotheses were formulated and two null hypotheses were posited. The total population for the study is 200 staff of unilever plc, Lagos State. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. A total of 133 respondents made up human resource managers, supervisors, accountants and stock controllers were used for the study. The data collected were presented in tables and analyzed using simple percentages and frequencies
Conclusion
Professional accountants are directly related to the promotion of sustainable development initiatives at the corporate level. As a result, the accountancy profession should reconsider its contribution to achieving Sustainable Development Goals and engage in the incorporation of sustainable development criteria at all levels of decision-making – strategic, operational and tactical – as well as in business activities (management, budgetary projection, evaluation and reporting). At the strategic level accountants exercise their authority as creators of values, at the operating level they act as providers of sustainable development values and at the reporting level they act as keepers and reporters. Thus the role of professional accountants in sustainable development needs to be revised according to new economic conditions.
Recommendation
The should be proper implementation of the ethical code of the professional accountant, for moving beyond simplistic “right or wrong”-type of legislation. Accountants need advanced tools to fulfull their obligation to society
References
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