In Defence of Accounting Thought and the Development of Corporate Governance in Nigerian Deposit Money Banks (NDMB). (Published)
The study reviewed the role of accounting history in the development of corporate governance with emphasis on Nigeria deposit money banks from the primitive era to these contemporary periods. The study adopted historical review of available literature and noted how accounting developed over the years to provide necessary information and assurances to various stakeholders of the organization. The study observed how small firms and industries grew into multinationals and corporations which necessitated that management became divorced from the owners thus requiring a degree of accountability and responsibility from the management of the organizations. This need for accountability and responsibility naturally gave birth to the agency and stakeholder’s theories and also the development of practice of accounting. Through this historical antecedent, the study noted that the needs which brought about the growth of accounting also necessitated the development of codes of corporate governance and concluded that the codes of corporate governance actually developed to assist accounting plays its role effectively as a provider of information to its various stakeholders.
Things Fall Apart” on the Inattention to Historical Accounting Thought: Is Harmonization of Accounting Advancement A Way Forward (Published)
This study seeks to further advance increasing knowledge of the history of harmonization of accounting advancement in periods earlier than the modern era. The need to identify credible explanations of the principles fundamental to double entry book keeping over time determined by numerous exhibitions of thought have provoked this study. Accounting, as it is practice today evolved gradually over the years, therefore, its development cannot be undermined. Since the inception of trade and other economic activities, ancient civilizations recognized the needs for proper record keeping, members of old civilization employed some rudimentary systems of keeping track of their trading activities between tribes or regions. However, the industrial and technology evolution promoted the needs for accountant to provide advanced financial information for informed economic decision. Then, the double-entry book keeping system (DEBS) was formulated in response to challenges of early century’s commercial activities. Thereafter, conflicts resulting from differences in accounting thought and practice globally have given rise to clamoring for harmonization of accounting practice on the basis of comparability of financial statement. In spite of established world-wide accounting standards by various accounting standard setters, harmonization still remain unsolved, complex, and full of controversy. The study focuses on history of accounting thought starting from when accounting were first discovered as a method of trading and recording to the recent time when it is recognized and treated as a full fledge profession, including the long time diversity that hindered harmonization of financial statement as well as universal accounting practice. Therefore, accounting as a problem-oriented discipline need to develop globally accepted accounting standards capable of promoting comparability of financial statements and universal accounting practice.