Compliance of Nigerian Oil and Gas Industry with Disclosure Requirements of Sas 14 and Sas 17. A Case Study of Oando Plc


This study was carried out with a view to reviewing the financial statements of companies/operators in the Nigerian petroleum industry with emphasis on determining their level of transparency which is a function of their level of compliance with the provisions of Statements of Accounting Standards (SAS) 14 for the upstream operators and Statements of Accounting Standards (SAS) 17 for the operators in the downstream sector of the industry. It focuses primarily on the financial statements of OANDO PLC for the upstream and downstream analysis being an integrated oil company. The study adopted purely secondary data from the financial statements of OANDO PLC for the period 2006 – 2010. The findings were presented via tables of compliance index which revealed a substantial compliance with the disclosure requirements of the two standards. The study concludes by making some recommendations to the regulators especially the newly established Financial Reporting Council of Nigeria (FRCN) formerly the Nigerian Accounting Standard Board (NASB) with respect to the enforcement of all issued standards and application of stipulated sanctions to all forms of breach to the provisions of the standards.

Keywords: Accounting Standard, Disclosure, Downstream, Transparency, Upstream

Unique Article ID: EJAAFR-142

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