Historical background of accounting in Nigeria?

The accounting profession in Nigeria dates back to the colonial era when the British introduced modern accounting practices to the country. The oldest known accounting firm in Nigeria is Akintola Williams and Co., founded in 1952 by Akintola Williams, a Nigerian accountant who is considered the father of accounting in Nigeria.

In 1961, the Nigerian Institute of Accountants (NIA) was established as a professional body to regulate the accounting profession in Nigeria. The NIA is responsible for setting accounting standards, promoting the development of the accounting profession, and providing continuing professional education for accountants.

In 1976, the Public Accountants Decree was enacted, which made it mandatory for all public accountants in Nigeria to be registered with the NIA. This law also established the Accountants Registration Board of Nigeria (ARBN) to regulate the accounting profession and enforce accounting standards.

In 1992, the Nigerian Accounting Standards Board (NASB) was established to set accounting standards for the Nigerian accounting profession. The NASB adopted International Financial Reporting Standards (IFRS) in 2011, which are now the prevailing accounting standards in Nigeria.

In 1999, the Nigerian government enacted the Companies and Allied Matters Act (CAMA), which replaced the Public Accountants Decree. The CAMA further strengthened the regulation of the accounting profession and expanded the scope of the ARBN's powers.

Today, the accounting profession in Nigeria is a vibrant and well-respected profession. Nigerian accountants play a vital role in the Nigerian economy, providing accounting and consulting services to businesses of all sizes.

Key Historical Events in the Development of Accounting in Nigeria

- 1952: Akintola Williams and Co. is founded, the oldest known accounting firm in Nigeria.

- 1961: The Nigerian Institute of Accountants (NIA) is established.

- 1976: The Public Accountants Decree is enacted, making it mandatory for all public accountants in Nigeria to be registered with the NIA.

- 1992: The Nigerian Accounting Standards Board (NASB) is established.

- 1999: The Nigerian government enacts the Companies and Allied Matters Act (CAMA), which replaced the Public Accountants Decree.

- 2011: The NASB adopts International Financial Reporting Standards (IFRS).