Historical Development of Accounting Profession in Nigeria: Threats and Issues (Published)
The study focuses on the history of the early development of accounting profession in Nigeria by carefully looking at the roles played by state in the evolution of accounting bodies. The approach also examined the role played by functionalist and interactionist theories in the evolution of accounting profession and describes the organization of professional accountancy bodies, concentrating particularly on the events that followed the formation of the first accounting body in Nigeria, The Institute of Chartered Accountants of Nigeria (ICAN). In addition, the study critically examines the state dynamism that have facilitated in shaping the outcome of the various events in the history of the accounting profession in Nigeria. An important element in this undercurrent is the nature of government in place. The issues and threats that riddle the various accounting bodies are sublimely planted by the state dynamics which created the loop holes in the Company and Allied Matters Act (CAMA)for the formation of multiple professional accounting bodies ranging from the first one, ICAN, to Association of National Accountants of Nigeria, ANAN, Chartered Institute of Taxation of Nigeria (CITN). Considered is the different classification of issues and threats that pinged on professional accounting development in Nigeria, as well as factors which are extracted or specially emphasized in works, some of them, the level of differences of each influential factor between countries implicates the intensity of accounting differences at the international level are described.
Keywords: Accounting Education in Nigeria, Accounting development, Government funding and Accounting Profession, Historical Accounting, Threats to accounting development in Nigeria.