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Nigeria Journal of Management Sciences (NJMS), Benue State University

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Effect of the Marriage between Accounting Practices and Global Events

Iorun, Justin Iorakpen
Email: iorzackior@gmail.com Department of Accounting, Benue State University, Makurdi

Abstract

The main thrust of this paper is to see from the critical review of accounting literature the relationship between the accounting practices and global events. To achieve this objective, the paper explores developments that gave impetus to recent accounting practices. Unarguably, accounting is the language of business and which has evolved overtime. The practice of accounting which has existed since the history of civilization has undergone several changes. The manifestation of these metamorphoses which accounting has gone through would be determined by establishing the link between accounting practices and global events with a view to ascertaining the extent in which each of them has affected another, and also which has exerted more influence on another. The methodology used for the study is the eclectic desk research approach which relies chiefly on secondary sources of data to accomplish this task. From the descriptive analysis, it is established that though there is marriage between accounting practices and global events, global events exert greater influence onaccounting practices more than accounting practices to global events. This discovery is consistent with the previous studies undertaken by other people. In conclusion therefore, accounting practices are seen to be more reactive than proactive to global events. It is therefore recommended that accounting practice should precede global events rather than follow up of events.

Keywords: Accounting practices, Global events, Environment, Marriage

To get access to the full text of this article: Faculty of Management Sciences, Benue State University, Makurdi, Nigeria.

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