CHAPTER ONE

INTRODUCTION

1.1. Background of the Study:

Human capital development is one of Nigeria’s greatest challenges (Foroohar, 2018 and

Moretti, 2016). As Nigeria has moved from an industrialized nation to one of innovation and

technology, the workforce must meet the demands of the new knowledge economy (Moretti,

2016; Wagner, 2014). Human capital theory provides a background for the concept behind

individuals gaining knowledge, skills, and abilities to provide an educated workforce

(Becker, 2017; Moretti, 2016). However, employers indicate they cannot find employees

with the right skills (O’Bannon, 2016). In particular, accounting employers indicate a gap

exists between the skills needed and the skills accounting graduates possess (Deal, Eide,

Morehead, & Smith, 2015).

Postsecondary education is critically important in providing an educated workforce. Moretti,

(2016). According to Okafor (2018), the primary challenge of post-secondary education is to

develop quality human capital for every sector of the national economy. One of such areas of

dire need is the production of graduate accountants who are adequately prepared to meet the

accounting challenges of modern business as well as socio-political and economic needs of

government. To meet the challenge of producing well educated graduate accountants, three

complimenting competencies ought to be inculcated in the students’ namely; education, skills

and attitude; the implication of the above assertion of this scholar is that the competency of

education, skill and attitude are yardstick and prerequisite for training an accountant. The

value and importance of the accountant in any nation remains high and in line with the

observation and assertion of Ajayi (2017) as cited in Okolie (2014) “Accounting profession

has a very important role to play in the economic development of any nation, as a

measurement and reporting information system. The profession can cover both Micro and

1
Macroeconomic activities. It consists of various sub systems with related economic events

and decisions. In line with the above statement, Balejo (2017) identified the following sub-

system, Business accounting taxation, government accounting, social accounting, auditing

etc. Recently, oil and Gas accounting as well as human resource accounting has been

introduced as contemporary sub-systems. It suffices at this point to assert in my own words

that these sub-systems as identified by Bolejo (2017) were the foundation on which the

accounting educational curriculum was built.

Consequently, the traditional accounting system and objectives has expanded from financial

reporting to an ICT incorporated professional reporting for both internal and external users of

accounting information. This expansion and development has occasioned changes in the

educational curriculum of accounting and has channeled the profession towards a road that

will lead to meeting up with global recommendation, unionism and reorganization in-terms of

a single reporting standard and system.

However, despite all these framework and developmental strides in the profession there exist

dichotomy and doubt on the effect of accounting education on the preparedness of students

for the workforce. Both academic institutions and professional bodies that handle different

demands of the profession anchor the training of accountants in Nigeria. Okafor (2018)

observed that the activities of both the institutions and professional bodies are dependent on

each other for the production of qualified accountants. The institute of Charted Accountants

of Nigeria (ICAN) and the Association of National Accountants of Nigeria (ANAN) are

recognized professional bodies while the universities in Nigeria are educational and academic

institutions all charged with the responsibility of accounting education.

According to Anao (2019) as referenced by Okafor (2018), accounting education in a

university incorporates a package of instructional programs designed to educate “would be”

2
accountants, to make them versatile and adaptable to any of the numerous roles they may be

called upon to play after graduation. Andersome (2015) opined that accounting education

among other things seek to develop concepts, rules, skills, procedures, theories and general

knowledge for solving accounting problems. In the words of Baker et-al (2017) it emphasizes

the ability to differentiate and integrate alternative problems solving perspectives, the ability

to identify accounting related information resources, the ability to structure solutions to

problems and develop communication skills as well as the ability to analyze and interprets

problem situations and figure out lasting solutions. The implication of accounting education

is thus to give or indicate adequate knowledge and skill on students which will affect their

readiness for the workforce.

The universities in Nigeria that are approved by Nigeria University Commission NUC have

their curriculum designed in such manner as to give the students opportunities to acquire the

adequate and necessary skills and knowledge for efficiencies performance and readiness for

the workforce. It is in line with the uncertainly of the above that I have decided to research on

the effect and impact of accounting education in preparing students for the workforce and this

work is expected to showcase the gap, challenge and prospects of accounting education-cum

its implication on the performance and readiness of Nigeria students.

1.2. Statement of the Research Problem

Human capital development is an important endeavor for individuals, communities, and

societies (Moretti, 2018). An educated workforce is one of the driving factors in the

knowledge economy (Moretti, 2018). In 2016, college graduates find the best job market

since 2007 (Piazzola, 2016). Although hiring prospects are increasing, finding qualified

employees’ remains challenging (Weisenthal, 2016). The dearth of qualified employees is a

challenge facing accounting employers. Employers require employees that possess critical

thinking skills, financial analysis skills, and oral and written communication skills; yet, many

3
recent graduates lack these skills (Deal et al., 2015) and jobs go unfilled. According to

United States Pathways Commission on Accounting Higher Education (PCOAHE), a critical

need for accounting education reformation stimulated this statement;

“Accounting practice is changing rapidly. Its geographic reach is global, and technology

plays an increasing prominent role. A new generation of students has arrived who are more at

home with technology and less patient with traditional teaching methods. All of this is

occurring while many accounting programs and requirement have remained constant and

accounting curricula have evolved with limited commitment or agreement about the core

learning objectives. Vital programs, courses and approaches require systematic attention to

curriculum, pedagogy and opportunities for renewal.

The educational curriculum designed for accounting education by both academic institution

and professional bodies are expected to be sufficient to inculcate the principles of practice

and application of accounting. It is expected to encompass a general development on the

character and approach of the prospective accountant with regard to ethical observance,

principles of information confidentiality and professional reporting of financial events Oko

(2019). But the incidences of irregularities, failures, gross incompetence as well as

unreliability of accounting professional reports compels one to question the impact of

accounting education on the performance and readiness of Nigeria students for the workforce.

If all these observances, ethics and curriculum of academic education are applicable in

Nigeria universities do they have impact on the students’ performance? If they do is it

positive or negative? And their performance is it in line with global practice as well as

sufficient to meet the present accounting demands? Has the accounting education system over

the years contributed to the integrity maintenance of the profession? Have the academic

performance of students changed over the years in response to the changes in curriculum and

4
global demand? Are the various bodies charged with the responsibilities of educating

accountants living up to expectation?

1.3. Research Objectives

The main objective of the study is to assess the effectiveness of accounting education in

preparing students for the workforce. Specifically, the study aims to:

1. To evaluate the alignment between accounting education and the skills, competencies,

and knowledge required in the contemporary job market.

2. To determine the relationship between accounting education and the level of

academic performance of accounting students in Nigeria.

3. To identify importance of the knowledge, technical skills, and employability skills

required of accounting graduates in the workforce.

4. To identify potential gaps or areas for improvement in accounting education to

enhance students’ preparedness for the workforce.

1.4. Research Questions

The research questions for the study are as follows:-

1. To what extent does accounting education align with skills, competencies, and

knowledge required in the contemporary job market?

2. To what extent does accounting education relates to the level of academic

performance of Nigeria Students?

3. How relevant is the knowledge, technical skills, and employability skills of

accounting graduates in the workforce?

4. What are the key gaps or areas for improvement in accounting education to enhance

students’ preparedness for the workforce?

5
1.5. Scope of the Study

This work is expected to encompass the preparedness of Nigeria students with regard to

accounting education however due to time and other limitations the scope of this work will be

limited to accounting education and its impact on the performance readiness of Nigeria

students for the workforce using Benson Idahosa University as a study area.

1.6. Significance of the Study

The research assesses the effectiveness of accounting education in preparing students for the

work force. Thus, this work will be very instrumental to the state and federal ministry of

education since it will assure them of the impact accounting education has on Nigeria

students’ performance and preparedness and thus assures them of the need to allocate more

resources for accounting education regarding the challenges identified in this work. This

work will be of relevance to the various educational institutions in Nigeria on the need to

apply the academic curriculum and adopt global best practice in teaching accounting. This

work will also benefit future researches that might further this study or identify a gap in this

work. Finally, this work will be of relevance to the public on the validity and the reliance

level of the performance of accounting students in both private and public sectors.

1.7. Definition of Terms:

The following uncommon terminologies and diction were used in this work and the following

definitions were adopted.

Accounting Education: This encompasses all designed activities of learning aimed at

inculcating qualitative knowledge and skill on the ethics, principles and practice of

accounting.

BEMAS: Benchmarks and Minimum Academic Standards

6
Curriculum: The set of courses, coursework, and their content, offered at a school or a

university.

Employability Skills: These are transferable core skill groups that represent essential

functional and enabling knowledge, skills, and attitudes required by the 21st century

workplace.

Financial Accounting Concepts: These are assumptions on which the financial accounts of

a business are prepared.

IFRS: International Financial Reporting standard

IPSAS: international Public Sector Accounting Standard

Technical Skills: are skills used in a particular line of work that enables an individual to

complete a specific task.

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 CHAPTER TWO

LITERATURE REVIEW

2.1. Introduction

This section reviews the literature in the following area; conceptual framework where we

discuss some of the concepts related to this research study; the review of prior studies that are

relevant to our current work; and finally, the theoretical framework.

2.2. Conceptual Framework

There are diverse conceptual frameworks circumscribing the field of accounting as well as

education respectively. These concepts are the modus operandi and assumptions on which the

practice of accounting education is based. The contemporary and the complexity of this work

require that the concepts of accounting and the concepts of education be treated with utmost

attention and then a marriage between the two concepts conducted.

2.2.1. Definitional Concept of Account

Specifically, accounting is a field of study that suffers plurality of definition in that several

persons (authorities) have given their definition of the concept based on where they are, what

they think and what people do and think about accounting. Thus, some professional and

globally acceptable definitions of the accounting will be adopted in this work.

According to Agbata (1999), accounting is the art of recording, classifying, summarizing,

reporting in significant manner and in terms of money, the transactions and events which are

in part at least of a financial nature, and the interpretation of the results thereof.

To Longe and Kazeen (1999), accounting is the process of recording, classifying, selecting,

measuring, interpreting and communicating financial data of an organization to enable users

make assessments and decision. Still to Ama (2010), accounting is a set of theories, concepts

(or ideas), and techniques by which financial data are processed into meaningful information

for reporting, planning, controlling, and decision making purpose. Simply put, it is the

8
process of recording, classifying, and organizing accounting information, for the benefit of

management and other interested users.

According to Nwadioha (2018) Accounting is the art of recording, classifying, and

summarizing in a significant manner and in terms of money, transactions and events which

are in part at least of a financial character and interpreting the result thereof.

The above definitions are the bases on which the conceptual frame work of accounting is

based. A conceptual frame work can be defined as a system of ideas and objectives that lead

to the creation of a consistent set of rules and standards. Specifically in accounting the rules

and standards set the nature, function and limits of accounting and accounting statements.

2.2.2. The Accounting Concepts

According to Ekwerike (2017) accounting concepts are basic assumptions underlying the

periodic financial statements of business enterprise. According to him SSAP2 named and

identified four major concepts of accounting: going concern, accruals, consistency, and

prudence, others may include business entity, objective evidence, and unity of measurement,

substance over form, periodicity, adequate disclosure and unity of measurement etc.

i. Business Entity; this concept separates the owner of the business from the business

that is the business is a legal entity of its own off the owner(s). The aim is to ensure

fairness, justice, and equity in commercial world.

ii. Going Concern; this concept stipulates a continuity and future existence of a business

or legal entity. It stipulates that a business will continue to be in operation for a

foreseeable future thus its operation is in expectation of future continuity.

iii. Objectivity Principle: this concept stipulates that verification of financial activities

as well as the observance of and application of the acceptable accounting principle

APP should be. It connotes true and fairness to the stakeholders.

9
iv. Substance Overform; transaction and other events should be accounted for and

presented in accordance with their substance financial and economic reality and not

merely in their legal form.

v. Periodicity: accounting information should refer to a period this is usually one year

as required by law.

vi. Matching Concept; the concept stipulates that revenue are earned when goods are

and services are delivered while expenditure are incurred when goods and services are

consumed not when they are paid for. It is necessary for profit computation if a

company or business.

vii. Consistency Concept: the principles and polices adopted in the preparation of

account or financial statement should be maintained over a period except for a

meaningful, beneficial and reasonable reason or changes in global application.

viii. Conservatism (Prudence): this concept stipulates that due care should be taken in

recognition of profit and provision for losses “anticipate for no profit and provide for

all losses” revenue should be reorganized in the form of cash or other assets e.g.

debtors.

ix. Dual Aspect: this is the principle of double entry. It stipulates that every accounting

or financial event has two sides: the debit and credit etc.

These concepts are the bases on which accounting preparations are based. These concepts

are applicable generally though subject to certain changes that may not be material to the

statement

2.2.3. Accounting Profession in Nigeria and Accounting Education

According to Wintoki (2017) and Coker (2020) the development of accounting in Nigeria can

be traced to the time when the Companies Ordinance of 1922 was enacted. Tasahe second

10
major development of accounting education and training in Nigeria took place in the early

1960s, when the Colleges of Arts, Science and Technology were established in Ibadan,

Enugu and Zaria in 1963, (Uche 2013). The development of the accounting profession in the

country has been assisted by the establishment of the department of accounting in the

Nigerian universities, polytechnics and colleges of technology (Badejo, 2017; Ajayi, 2016).

Unquestionably, the colonial masters that colonized Nigeria came with so many things and

influenced the Nigeria environment with it thus the accounting practice of the British. In this

regards, the local accountants were trained on their job. However, some of them left the

country to study accounting and accounting related courses, while those who did not travel

abroad took the external examination of the Institute of Chartered Accountants of England

and Wales. Just after the country’s independence the idea of establishing a professional body

of accountants in the country became a burning issue in the minds of a few accountants. This

led to the establishment of “The Association of Accountant of Nigeria”, which was

incorporated under the Companies Act of 1958. The main objectives of the Association were

to provide a central organization for accountants in the country, to maintain a strict standard

of professional ethics, and to provide for the training, examination and local qualification of

students in accounting (Ofoibike, 2020; Maduka & Adebowale, 2019). It was not until 1965

that an Act of Parliament was passed establishing the Institute of Chartered Accountants of

Nigeria (ICAN). In 1993, another accounting body known as Association of National

Accountants of Nigeria (ANAN) was established. Based on the foregoing, it is not surprising

that it was the Nigerian members of the Association of Chartered Certified Accountants

(ACCA) that first moved to set up a professional accountancy body in Nigeria in 1957. In

that same year, they applied to form a local branch of the ACCA. This plan was endorsed by

the ACCA in London in 1960. Nigerian members of ACCA saw clear advantages in the

newer idea of forming a local accountancy body that would bring all Nigerians with overseas

11
accountancy qualifications of equivalent standards together (Uche, 2013; Ogbomo, 2017).

The first indigenous accountant`s certification body – the Institute of Chartered Accountants

of Nigeria (ICAN) was incorporated in 1965. ICAN enjoyed the monopoly of accounting

professionalization for well over two decades but could not rise up to the challenge of

bridging the ever widening gap between the national demand for and supply of qualified and

certified accountants. Such failure not only encouraged the incursion of other professional

accounting bodies but also paved the way for rivalry, and struggle for supremacy (even

litigation), between ICAN and other professional accounting bodies (Uche, 2017). The

Association of National Accountants of Nigeria (ANAN) was incorporated in 1993. Three

other professional bodies have since joined the fray namely the Chartered Institute of

Taxation of Nigeria (CITA), the Chartered Institute of Cost and Management Accountants

(CICMA) and the Institute of Certified Public Accountants of Nigeria (ICPAN), which was

incorporated in 2005.

2.2.4. Nigeria Accounting Education System

The accounting education sector is mainly a dual educational sector that has a dual

responsibilities managed and governed by two educational sub sectors; the academic

institutions (Nigeria universities) and the accounting professional bodies (ICAN and ANAN)

Thus, a clear distinction exists between the professional mode and the academic mode of

education, training and professionalization of Nigerian accountants. Before now a

professional accounting body, the Institute of Chartered Accountants of England and Wales

was the sole administrator and later became the pioneer and master for the development of

the profession in the country even before independence in 1960. Though the training of the

pioneer indigenous accountants was handled locally by the Nigerian affiliates of foreign

12
accounting firms, the examination and certification was carried out by the Institute of

Chartered Accountants of England and Wales.

The professional mode of accounting education places emphasis on in-house, on-the-job

training based on a program of internship in approved accounting firms. The academic mode

of accounting education prevails in polytechnics and universities. This mode places emphasis

on a mix of broad based accounting education incorporating core accounting skills

development courses as well as related ancillary courses drawn from other disciplines in the

management sciences.

This project concentrates on university based accounting education delivery in Nigeria. The

key issues include the structure and depth of university accounting programs, the accounting

degree curricula, the staffing of accounting departments, the pedagogical approaches adopted

in accounting education delivery, the state of teaching and research infrastructure, the issue of

funding and strategies for improving the overall quality and relevance of the program to the

current socio-economic needs of the country.

2.2.5. University Based Accounting Education

University based accounting education was started by the University of Nigeria in 1961 when

it opened its doors to the very first batch of university undergraduate accounting students in

Nigeria. The number of universities in the country has increased very substantially, so has

the number of universities offering degree programs in accounting as at 2011, there were 118

universities in the country and recently 139 as at 2019 (JAMB brochure). Of these 56

presently offer first (B.Sc) accounting degree programs. The average intake per accounting

department per academic session is 300 (MOUAU) Most of the Federal and State owned

universities offer post graduate level accounting programs including the Master of Business

13
Administration (MBA) with specialization in accounting, the Master of Science (M.Sc.) and

the Doctor of Philosophy (PH.D).

2.2.6. The Curricula of Accounting Education in Nigeria

It is typical of universities to regularly overhaul the curriculum of accounting degree

programs both at the undergraduate and postgraduate levels of study. Professional

accountancy bodies also review their syllabus over time. In addition, it is common practice by

professional accounting institutes, to grant exemptions to holders of accounting degrees, in

writing professional exams.

Designing the curriculum of a program is the determination of the courses, modules and

training to be taken and successfully completed before receiving certification to attest to the

fitness of person(s) so designated. Certification is an indication of possessing requisite skills,

training and competence to practice a profession or vocation. The courses to be taken may be

varied from time to time. The changing nature of human beings and society reinforces the

necessity for regular curriculum review Babajide et al (2014). The two educational assistants

to accounting education: professional bodies and academic institutions have their curricula

designed in line with global and contemporary demand of the accounting profession. While

the Professional bodies prepare theirs to suit the practical demand of the profession in line

with the demands of IASB and IFAC the academic prepare theirs to suit the theoretical

knowledge under the tutelage and watch of National Universities Commission NUC. The

curriculum specification for the academic qualification and issuance of certificate is a

minimum of 8 semester studies in the University or 5 years studies in the polytechnic (one

year industrial training inclusive) during this period of stay in either the polytechnic, the

professional bodies go to accredit the academic institutions as is obtainable with ICAN.

Academic and Professional Accountancy training institutions in Nigeria tend to give mutual

recognition to each other. The Institute of Chartered Accountants of Nigeria (ICAN)

14
regularly accredits undergraduate accounting program of universities and polytechnics

institutions from time to time; this also serves as a means of ensuring quality because, besides

the National Universities Commission (NUC), statutory professional bodies are also

empowered by Federal Law in Nigeria to, carry out professional accreditation evaluation of

the academic program of tertiary educational institutions in Nigeria. Earning a degree from an

accredited institution entitles the holder exemptions from writing some courses in the ICAN

professional exams. Some Nigerian Universities also recognize ICAN professional

qualification by granting direct entry admission to certain levels to their holders, depending

on the stage of completion. For example, an associate accounting technician (holders the

ICAN ATSWA) could gain a direct entry admission to year two of a 4-year course while an

associate of the institute (ACA) could gain direct admission into the year three of a 4-year

course. Babajide et al (2014).

The accounting education curriculum stipulates thus;

The Accountancy curriculum is designed to enable students acquire a detailed theoretical

and practical knowledge and thorough understanding of accounting procedures and

practices required of an Accountant. This should place the graduates in Management

positions in industry, commerce and the public sector.

The graduates of Accountancy should be able to:

(i) Prepare the final accounts of all kinds of business organizations including group

accounts.

(ii) Set up and operate an accounting system for any of business in an economy.

(iii) Analyze and interpret corporate reports.

(iv) (iv)Advise on investment decisions in the capital market.

(v) Prepare audit programs.

(vi) Lead a stock-taking team for audit purposes.

15
 (vii) Prepare budgets, propose and appraise standard costs, and analyze variances for

control purposes.

(viii) Provide information for price fixing and marketing strategies.

(ix) Collect, collate and analyze data for feasibility reports and project appraisal.

(x) Carry out special investigations on how company resources have been utilized.

(xi) Advise on and carry out formation and registration of new companies.

(xii) Employ modern technology in carrying out managerial functions.

(xiii) Prepare Tax returns, tax computations and advise on tax savings. NBTE (2014)

2.2.7. International Education Standards for Professional Accounting Education

In order to ameliorate the above short comings of accounting education in the contemporary

word, the International Federation of Accountants (IFAC) developed new International

Education Standards that will address pre-qualification education of professional accountants.

This new standards are aimed at producing competent professional accountants worldwide

since the global accounting profession is moving steadily towards a common base of

standards in Accounting, Auditing, Public Sector Accounting and Ethics. IFAC member

bodies were expected to comply with the standards by January 2005.

The Introduction to International Education Standards for Professional Accountants provides

background information about the purpose, scope and development of the International

Education Standards for Professional Accountants. In the areas of entry requirements for

candidates beginning the qualifying process for becoming professional accountants, content

of professional education programs for candidates required to qualify as processional

accountants; professional skills and general education required for candidates to qualify as

professional accountants; professional values and ethics that professional accountants need to

acquire during their programmes of education and practical experience. The aim of this

16
standard is to ensure that candidates for membership of an IFAC member body are equipped

with the appropriate professional values and ethics to function as professional accountants as

well as possess the practical experience and training IFAC member bodies require their

members to obtain to qualify as professional accountants. The aim of this standard is to

ensure that candidates for members of IFAC have acquired the practical experience

considered appropriate at the time of qualification to function as competent professional

accountant. Assessment of professional competence of a candidate’s professional competence

before admission to the profession; and continuing professional education and development,

which requires that member bodies of IFAC establish a continuing professional education and

development (CPED) requirement for all accountants. This is an important aspect of serving

the public interest and fosters values of continuous learning and greater professional

competence among professional accountants so as to better meet client and employer needs.

2.2.8. New Challenges to Accounting Education in Nigeria

As identified by Okafor (2016) as indicated earlier, the academic mode of accounting

education delivery is adopted in universities. The underlying conceptual argument for this

approach is the need to expose the future accountants to a broad based liberal education

which provides for a combination of core accounting courses with a sufficient dose of related

courses in management sciences to enhance the business decision making capacity of future

accountants.

Most of the accounting graduates of universities tend to pursues careers in the accounting

profession. To accommodate this interest, university accounting programs provide for a

combination of undergraduate courses which not only qualifies students for university

graduation but also maximizes the level of exemptions granted to the graduates in accounting

professional examinations. Moreover, employers of labor expect universities to turn out

17
accounting graduates who have acquired reasonable levels of accounting skills to enable them

add value to their future employers. The increasing need for collaboration between the

university and the professional accounting constitutes in academic program and curriculum

development should therefore be acknowledged.

The role of the accountant is now changing from that of maintaining proper accounting

processes to that of making proper financial decision making. Lack of professional skills and

proper ethics in the discharge of accounting functions in numerous corporate organizations,

have contributed largely to most of the recent global financial crisis. For example Osisioma,

(2020), Anao, (2019) and Albrecht et.al, (2016) have each implicated failure in accounting

practice for corporate failures such as those of the energy giant Enron (2002), WorldCom

(2002), Global Crossing (2002), Texaco (1987), Adelphia (2002), United Airlines (2002),

Kmart (2002) Parmalat and others.

\Nigeria has obviously had its fair share of financial scandals as evidenced in former Lever

Brothers Nig. Plc. (now Unilever Plc.): the Union Dicon Salt Plc, and the confectionary giant,

Cadbury Nigeria Plc. There are certainly other instances of financial scandals both in Nigeria

and elsewhere that are not openly admitted. The collapse of these corporations arising

essentially from failures in their accounting practices has far reaching implications for

accounting education in universities as well as for the accounting professional bodies. It is an

indictment of the quality of the accounting education system and therefore a clarion call for

researchers and universities to evaluate the quality and relevance of accounting education

delivery in Nigeria.

i. The Curricula

The fundamental considerations in developing accounting curriculum in universities

should derive from a detailed accounting services needs assessment of different interest

groups in society namely business organizations, government and international

18
 agencies. To appropriately accommodate the diverse needs of the different groups,

university accounting curricula should provide for a broad knowledge base, the

acquisition of accounting skills and the development of appropriate behavioral attitudes

in students. The postgraduate curricula are mainly for intensive academic and research

exposure geared towards producing top business executives and university academia.

The strength of the curricula lies in the attempt to tie it to research literature, case

studies and improvement in intellectual skills and attitudes.

ii. Institutional Influences

Three inter-related forms of institutional influences impact on the development of

Nigerian university accounting curricula. These are the quality and orientation of

university accounting educators, the National Universities Commission (NUC) and the

professional accounting bodies particularly the Institute of Chartered Accountants of

Nigeria (ICAN). .

University accounting educators have ultimate responsibility for designing the

accounting degree curricular. In doing so, effort is made to achieve a good mix of

exposure to foundation management science courses, core accounting courses, courses

which develop analytical and decision making ability as well as courses which promote

sound ethical behavior and professionalism. .

The NUC is the chief quality regulator for university education in Nigeria. It has

developed “Benchmarks and Minimum Academic Standards (BEMAS) for each

university academic discipline including accounting (NUC, 2004). At the

undergraduate level, BEMAS specifically provides for an accounting degree curricula

comprising five basic components to be covered over a minimum duration of four

academic sessions.

19
Specifically, BEMAS for the first degree accounting program provides for foundation

courses in economics, humanities, management sciences and general administration.

Courses to develop communication and analytical skills which include the use of

English, basic mathematics, statistics, business law, library studies and courses in

information and communication technology ICT). Courses to develop specific

accounting skills like financial accounting, cost and management accounting, auditing

and investigation, taxation, public sector, accounting, international accounting and

financial management. Course(s) in research methodology to develop

analytical/research skills and Industrial attachment for exposure to practical job

experience. Unfortunately, the industrial attachment component of the curriculum has

practically been put on-hold due to an explosion in the number of students admitted into

the accounting departments which makes it impossible for universities to secure

required openings for students` industrial attachment. Hence the industrial attachment

component of the curriculum in Nigeria is now neither in force nor mandatory for

graduation.

The five accounting professional bodies in Nigeria mentioned earlier are the major

accounting professional bodies responsible for capacity building in professional

accounting discipline. ICAN seems to have the greatest impact on the B.Sc. first degree

accounting curricula of Nigerian universities. The focus of ICAN is to ensure that the

accounting needs of different forms of business organizations, the multinational

enterprises, as well as various arms of governments are addressed, in the accounting

curricula of Nigerian Universities. ICAN influence is enforced by its regular

accreditation visitations to universities offering accounting degree in Nigeria, which

enables it to offer advice if not guidance on curriculum development of the institutions.

Both ICAN and ANAN organize Mandatory Continuing Professional Education

20
 (MCPE) regularly for their members which include a large number of accounting

lecturers. The MCPE is very educative in terms of research and it helps lecturers to

keep abreast of developments in the accounting profession.

iii. Staffing of Accounting Departments

The BEMAS (NUC, 2004), provided for a maximum staff student ratio of 1:30 for

accounting departments. Similarly, it prescribed a minimum academic staff mix, by

rank, of 20% professorial cadre, 35% senior lectureship cadre and 45% for other

academic staff. The acute staffing shortfalls in accounting departments are manifested

in various dimensions – in terms of numbers, in terms of experience (seniority) and in

terms of technical/professional exposure of available academic staff. The prescribed

staff mix is hardly achieved in any of the accounting departments.

The table reveals that the academic cadre is bottom heavy with over 90% of the staff

clustering in the lower cadre and only 9.7 occupying positions in the upper cadre. The

impact of this lopsided structure on the quality of graduate output and the capacity of

accounting department to undertake in-depth research is clearly obvious. The table also

reveals that very few, if any, of the universities has attained the prescribed minimum

academic staffing standards in the accounting discipline. The problem has given rise to

most professors operating as fulltime lecturers in one university and part-time lecturers

in many other universities. By a policy statement in 2004 the NUC directed that all

university lecturers should obtain their Ph.D. degrees by the end of 2009, and should

also register with relevant professional bodies in their discipline to encourage exchange

of ideas between professionals in industry and lecturers in universities. This directive

underscores the observation of Anao (2019) that “many academic staff of accounting

departments has no relevant practical exposure and therefore cannot give appropriate

example to illustrate or support theory and principles”

21
iv. Teaching Aids and Pedagogy

For effective teaching and learning outcome, accounting teachers require a wide range

of teaching aids and instructional materials ranging from public address system,

projectors/slides, accounting packages to sophisticated multimedia facilities. Very few

accounting departments have an acceptable range of modern teaching aids and lecture

delivery facilities. In addition to the lack of modern teaching aids, the pedagogical

approach generally adopted in accounting education delivery is grossly inadequate and

unacceptable because it lacks creativity, and does not encourage in-depth analysis and

detailed interpretation of problems. Most often, lecturers rely exclusively on the lecture

method of delivery which has obviously become the compelling choice because of the

intimidating class size in most accounting courses. In addition, the foundation courses

are not taken by accounting students only, but by the entire students of business

administration/management sciences and other faculties. The large class sizes as well as

the diverse mix of students in such classes create learning gaps particularly in the

accounting foundation courses. A deep understanding of such courses provides the

foundation for advanced professional courses in the discipline. Teaching methods which

emphasize guided discussion, group work, exposition, case study, guest lectures, and

field study should seriously be applied. Unfortunately, only teachers’ with solid

understanding of the course contents, as well as wide experience can effectively apply

these effective course delivery techniques.

Effective understanding of accounting requires cognitive knowledge, problem solving

ability and analytical aptitude. Cognitive learning builds up knowledge of concepts,

rules and procedures needed for problem solving in a domain. Anderson, (2016).

Attitudes are beliefs which influence individual’s choice and actions Feldman et al,

(2016). Problem solving is the most effective classroom technique for developing

22
 ability for independent thinking, analysis and decision-making. It is generally

considered synonymous with inquiry, discovery and insightful learning.

Modern accounting practice is computer driven. Based on that fact, the NUC (2014)

advised all staff to be computer literate to enable them understand the accounting

packages existing in the global world and to effectively communicate same to students.

There is evidence that the accounting departments in many of the leading universities

have well equipped computer laboratories. It is doubtful however if such facilities are

optimally utilized due to the low computer literacy standards of both the teachers and

the students. For effective learning, the NUC (2014) expects that the following

equipment should be provided for the accounting discipline. – accounting packages,

internet and e-mail facilities, photocopying machine, official car and driver, library with

relevant and current books, journals and periodicals. In addition, the library is expected

to be computerized and indexed to facilitate information/data retrieval. Fortunately, the

size, quality and functionality of office, class room accommodation, library materials,

computer laboratory and other teaching facilities available in many accounting

departments of Nigerian universities have improved significantly in recent times.

v. Funding

University education is cost intensive in terms of both capital expenditure and operating

costs. The ability of a university to provide quality education in accounting is dependent

on the level of funding available to pay commensurate salaries to staff and provide

sufficient supporting facilities. Nigerian universities are funded from subventions/grants

of their proprietors as well as from internally generated funds (IGF). The wage bill of

leading universities in the country is very high. In most of the universities, the amount

available is grossly inadequate to pay salaries and provide necessary support services.

Inadequate funding of universities has been the major cause of frequent strike actions

23
 by university staff unions especially the Academic Staff Union of universities (ASSU).

Under funding invariably lead to under provision of basic teaching and learning

facilities, inability to attract quality academic staff, abandonment of academic research,

low staff morale, poor work attitude and consequently failure to attain program

objectives.

2.2.9. Other Issues and Problems

The issue of who has ultimate responsibility for developing appropriate human capacity in

accounting has continued to generate public debate. Some people argue that tertiary

institutions, particularly the universities should play the key role. Others argue that the

professional accounting bodies should dictate the tune. The correct and current thinking

however is that both universities and the accounting profession have important roles to play

(Anoa, 2019). It is the responsibility of the university to build a strong academic base on

which the graduate accountants can stand to benefit maximally from the technical

competence training and practice exposure provided by accounting professional trainers.

The accounting curricula of a B.Sc. degree in accounting tend to be narrow in the coverage of

core accounting courses. Moreover such curricula are often not revised often enough to

reflect the changing accounting needs of business enterprises (Anoa, 2019). A new trend

seems to be emerging whereby the university degree syllabi appear to be driven by the ICAN

syllabus. This trend could jeopardize the basic role of a university first degree which is to

provide broad based education. The fall-out of this trend is that students spend more time

preparing for ICAN examination while in the university instead of focusing on the B.Sc.

curricula.

Another aspect of the narrowness of the accounting curricular is insufficient coverage of

courses in ethics, financial management and corporate governance. This short coming is

24
particularly worrisome in this age in which most global financial crisis and big corporate

failures have been attributed to failures in accounting audit and financial management

practice (Osisioma, 2020; Anao, 2019, Albrech et al, 2016). Similarly, the curriculum, as

presently structured, does not provide enough exposure to Information and Communication

Technology (ICT) courses which equip students to address the modern day ICT challenges in

accounting services delivery.

Another serious limitation of the program is lack of exposure to practical work experience as

originally envisaged by the industrial attachment component of the curricula. Overwhelmed

by the onerous task of securing industrial attachment positions for the ever increasing number

of accounting students, most universities have abandoned the former practice, which made

industrial attachment exposure a prerequisite for graduation in accounting. Lack of industrial

attachment training for university accounting students obviously increases the skepticism of

employers about the technical competence of fresh university accounting graduates.

The ability of a university to provide qualitative education depends ultimately on the extent

of fund available to it. Fund is required to improve the teaching and learning infrastructure,

and to ensure the employment/retention of top flight lecturers. Under funding is more acute in

accounting departments because of inability of universities to compete with industry for the

very limited number of quality and experienced accountants available in the country. Some

lecturers start their first employment with a university and later move to industry in search of

better remuneration packages. The reverse should have been the case, if adequate funding and

remuneration packages are available in universities.

Similarly, Okolie and Arowoshegbe (2014) identified the following problems and challenges

to accounting education in Nigeria:

25
i. Institutions

Sir Eric Ashyby headed the commission on post-secondary and Higher Education in Nigeria

in 1960. It was the commission that recommended that higher schools and universities should

offer commercial programs. The development of the accounting profession in the country has

been assisted by the establishment of universities, polytechnics and colleges of technology.

The system of accrediting accounting departments by National Universities Commission

(NUC), National Board for Technical Education (NBTE) and ICAN have helped to improve

the standard and quality of programs in the institutions in providing accounting education for

the manpower requirements for the governments and parastatals, industry and commerce and

for the accounting professional offices, (Ogundele 2020; Adegbiyi 2017). Also the

establishment of Nigerian Accounting Standard Board in 1982, which has now

metamorphosed to Financial Reporting Council of Nigeria (FRCN), is saddled with the

responsibility of setting local accounting standards in conformity with international

standards. This is to ensure uniformity and improved standard in the financial reporting

process in Nigeria. Although there has been steady growth in the number of institutions

offering accounting over the years, but these institutions have not been able to admit the large

number of candidates applying to them to study accountancy only 58 colleges, 58

polytechnics and 67 universities offered accountancy as at the year 2011.

This has therefore greatly affected the training of accountants for both the private and public

sectors of the economy and also those in practice as the economy is expanding daily. The

improvement in the number of well-equipped institutions offering accountancy will no doubt,

improve the number and quality of accountancy graduates.

ii. Role of Accounting Research

26
Some of the factors inhibiting the progress of accounting education in Nigeria are inadequate

research facilities and non-availability of up-to-date books, as well as professional and

academic journals on accounting (Enthoven 2022; Adewumi, 2019). Research has been

defined as a studious inquiry or examination especially critical and exhaustive having for its

aim the discovery of new facts and their correct interpretation, the revision of laws in the

light of newly discovered facts or the practical application of such new or revised

conclusions, theories or laws, (Boer, 2020; Sterling, 2016). Research in accounting education

therefore is a continuous process, as in other professions and disciplines, which has kept the

practitioners on in adapting to the vagaries and changes in the environment in which they

practice and which are brought to bear on their existing knowledge, Ravenscroft & Williams,

(2018). Research generates knowledge, and teaching helps people to acquire and use it. It is

universally accepted that part of the obligations of the academics is to conduct research. It is

equally obligatory for members of the profession to provide sound education to its members

both before and after qualification, Birnberg, (2020) Stout &Hassell, 1991). According to

Olagunju (2021); Anao (2015) at the present level of the country’s development, research can

play key roles in further development of accounting education such as curriculum

development in the tertiary institutions and for the profession. However in Nigeria, there has

not been in-depth research into accounting principles and practices in the face of global

challenges. The results of such research are expected to provide latest accounting techniques,

new theoretical knowledge and the discovery of new accounting packages that will meet both

local and international standard. It is hoped that if adequate fund is provided, academics and

practitioners will be encouraged to research into different aspects of accounting Odiaka and

Nwachukwu, (2018).

iii. The Teacher

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According to Adegbiyi (2017); Adewumi (2016) the dearth of accounting teachers in tertiary

institutions is profound and very alarming. This is due to the poor remuneration of accounting

lecturers when compared with what their counter parts in the private sector earn. These

institutions lack the capability to attract accounting lecturers to the various accounting

departments this is perhaps due to the low motivation and low pay when compared with what

their counter-parts working in business firms earn.

In addition, lack of adequate facilities and materials has totally rendered the teachers helpless

in their bid to impart knowledge on their students. The teacher needs an enabling

environment to maintain effectiveness in their teaching process. This will also enable him to

select learning experiences, diagnose learning difficulties and guide learning in order to

improve the instruction process. It has been observed that the shortage of teachers in these

institutions has affected the number of students that can be admitted in these institutions

(Ogbomo, 2017; Adewumi, 2016). The following are also the major deficiencies that have

been identified as inhibiting the growth of accounting profession in the Third World; a dearth

of qualified and dedicated accounting and managerial personnel; inadequate, unreliable and

untimely databases, ineffective systems of internal control, inadequate technology and data

processing systems, poor and inefficient management process (Gharetey, 2019). There are no

chairs in most of the Department of Accounting in the universities and polytechnics. Besides,

it is not also enough to have these chairs in accounting, it is equally important to encourage

persons with appropriate qualifications to take leave of absence to occupy these chairs

(Ogbomo, 2017; Thorne, 2010).

Funding Available statistics on primary, secondary and tertiary institutions enrolment over

the yeas show a geometric increase while the government recurrent and capital allocations for

education has been on a steady decline in real terms. Imudia and Ojekhere, (2012). The effect

28
of under-funding of the educational system is what is found in the various educational

institutions today. These include the dilapidated physical facilities at all levels. Irregular and

at times non-payment of teachers’ salaries, abandonment of capital projects and lack of

physical developments in these institutions have resulted in frequent strike by school

teachers, lecturers and workers at all levels of education, thereby causing disruption of

academic activities (Ogbomo, 2017; Otunsanya, 2013). Accounting as one of the various

disciplines in these institutions has suffered the same faith from the poor funding. It is evident

that the percentage allocated to education is far less than the 26% recommended by United

Nations Educational, Scientific and Cultural Organisation (UNESCO) that nations should

allocate to education from their national budget. This has no doubt affected the development

of education in Nigeria, and by implication, accounting education.

Iv. Curriculum

Brewer (2020); noted that the focus of a programme should extend beyond technical skills

and emphasize the personal capacities of students to interact well with one another, assume

responsibilities, reason logically, think creatively, embrace ethical standards and conduct and

communicate effectively. Hence accounting curriculum must be structured to achieve this

objective. In fact, it is being suggested that at least 150 hours of college study are needed at

the minimum to mold a student into being an accountant (Olagunju, 2016) the curriculum for

the accounting profession must produce products who have acquired broad array of skills

which include: interpersonal, communication, intellectual and other skills for public

accounting. Future accountants must also possess knowledge in organizational

administration, business, accounting, audit apart from general knowledge and knowledge in

for public accounting. These attributes are essential to ensure that the accountants are able to

use data, exercise judgments, evaluate risks, identify, and solve real world problems.

29
Albrecht and Sack (2020). The world is really a global village, with a lot of development in

the area of technology, with so many accounting packages and products. French and

Coppage, (2020) and Albrecht and Robert (2020) had predicted that the work and training of

accountants will change radically due to developments in theories and information

technology. However the current curriculum is not flexible enough to incorporate these new

developments in accounting standards, guidelines, theories and information technology and

this has affected the quality of graduates from the various higher institutions of learning.

2.3. Empirical Studies

Odia, and Ogiedu, (2013) carried out a research on the Factors Affecting the Study of

Accounting in Nigerian Universities. The population of interest comprised all accounting

students in three (3) universities: University of Benin (UNIBEN), Igbinedion University

Okada (IUO) and Ambrose Alli University (AAU). The sample size was made up of three

hundred (300) full and part-time accounting students from these universities. The total

number include: two hundred (200) accounting students from UNIBEN, fifty (50) from IUO

and fifty (50) students from AAU. The data for this study was mainly from the administration

of questionnaire. 300 questionnaires were administered and retrieved from the respondents

representing a response rate of 100%. The likert scale type close ended questions was used.

The data was analysis using percentage analysis, independent t-test and regression analysis.

The t-test was used to find out if there was significant difference between male and female

accounting students in the choice of accounting. It was discovered that the factors affecting

students’ career choice of accounting are numerous but they can be group into personal,

reference and job factors. The findings indicate that personal and job factors such as students’

interest and motivation in the subject, job prospects and high pay, performance in secondary

school are the most influencing factors of students’ choice of accounting. In particular, male

students were found to be more influenced by the reference factors than their female

30
counterparts in the choice of accounting are. The paper recommended the need for

enlightenment and counseling of the students and their wards about career choice in

accounting. However, this work was carried out among old universities that have existed for

years and are believed to have kept good record “based on past glory”

Akenbor and Ibanichuka (2014) carried out a research on the factors institutional factors

influencing academic performance of students in principles of accounting. This was achieved

through a review of extent theoretical and empirical literature and analysis of research

questions. In order to generate the necessary data for the study, questionnaire designed in 5

point Likert-scale was administered on seventy-one (71) first year students of

Accounting/Finance and Economics/Development studies of the Federal University Otuoke

during the 2013/2014 academic session. The data generated for the study were analyzed using

Pearson Product Moment Coefficient of Correlation. Our findings revealed that the

institutional factors affecting students’ achievement in principles of accounting in Nigerian

universities are class size, entry requirement, and access to functional library, semester

duration, contact hours, and curriculum contents. It was therefore recommended that

principles of accounting curriculum should be redesigned to meet the specific needs of each

program. Principles of accounting should be taught in small class size to enable the instructor

have a close contact with the student. Clashed program whereby a twelve-week semester is

collapsed into eight weeks or less should be avoided. A minimum of two contact hours

should be designated for each class in principles of accounting. knowledge of

book-keeping/accounts or commerce at the secondary school level with a minimum pass

grade should be part of the requirements for gaining admission into programs where

principles of accounting is being offered; the National Universities Commission (NUC) in

Nigeria should carryout inspection of facilities in universities’ library to ensure that there is

31
functional e-library and availability of modern and contemporary textbooks in principles of

accounting.

Okafor (2018) carried out a research on accounting education in Nigeria problems and

prospects. In the work, she retrospectively scrutinized the accounting education status of

Nigeria and discovered that Nigeria lacks the manpower and technical know-how to train

prospective competent accountants due to certain challenges. In her words the level of

economic, social and political development of any country usually determines the accounting

needs of that country. Accounting education at the university level is very important because

human capacity building constitutes the major challenge of the university system in meeting

the accounting needs of the nation. The weaknesses in Nigerian accounting education to meet

the economic needs of the nation can be explained by the low education and professional

level of teaching staff. This situation is still worsened by the brain drain of high-level

graduates or even of teaching staff towards better-paid sectors. Efforts should be made to

resuscitate oversees postgraduate training linkages, and ways found to attract bright students

to scholarly careers. There is need for the accounting bodies to be more co-operative and

collaborative with the academia, in developing accounting expertise in areas most relevant to

national economic development. The university administrators, NUC, university accounting

educators, and the professional accounting bodies should put hands together in finding lasting

solutions to the problems of accountancy departments in Nigerian universities. Thus this

work was not specific based on any identifiable methodology. Thus the work lacks certain

global acceptability regarding the recommendations and conclusions.

Similarly, Ezeani (2016), carried out a research on the place of globalization on Accounting

Education in Nigerian tertiary institutions. It examines how globalization has integrated the

economies of countries of the world, including Nigeria. It addresses the introduction of global

32
accounting standards by International Federation of Accountants (IFAC) and how countries

are expected to adopt these standards in financial reporting. These standards have however

posed a major challenge to accounting educators, teaching content and methodology. This

study concludes that there is an immediate need to train and re-train accounting educators.

Review accounting curriculum and lay less emphasis on theoretical methodology in order to

make Accounting courses interactive and interesting for the maximum benefit of all

stakeholders. It recommends that the curricula of our tertiary institutions should be reviewed

to incorporate IFRS so that our accountants and auditors will be conversant with IFRS

guidelines and standards. In her words she concludes thus Globalization has not only created

the need for continuous education for stakeholders in accounting but has also created a gap in

accounting curriculum which has to be met in order to produce graduates who will be the

global workforce of the future. It is important that graduates of accounting in Nigerian

tertiary institutions are thoroughly prepared to function within Nigeria and the global

economy. The gap of the above research is that the findings, recommendations and

conclusions, were based on personal assumptions and supposed personal views rather than a

well-structured methodology. Thus a gap identified that needs to be filled which necessitated

this work.

Consequently, Ezeani et al., (2014) carried out a research to ascertain the role of ICT in the

teaching and learning of accounting education courses in the universities offering accounting

in Ekiti State. Three objectives, research questions and one hypothesis guided the study.

Thirty fulltime accounting educators from Ekiti State University and Afe Babalola University

in Ado-Ekiti, Ekiti State responded to the questionnaire items. Data collected were analyzed

using mean and standard deviation estimates, while t-test was used in testing the only

hypothesis raised for the study. The findings of the study revealed that the universities

offering accounting education courses in Ekiti State greatly valued the roles of ICT facilities

33
in discharging their academic duties hence ICT facilities usage assist in the development of

life and work place skills of an individual in the work environment. The T-test analysis

revealed no significant difference between the responses of male and female accounting

educators. Based on the findings of the study, it was recommended that accounting software

packages and adequate telephone lines should be provided for effective learning of

accounting courses. In addition, it was advised that the school authorities in collaboration

with the government should encourage or make laptops available for both the teachers and

the students for the smooth running of the accounting programme of study. This study was

only limited to Ekiti state and never extended to universities in other states where accounting

courses are offered. However, the methodology applied is relevant for this study.

Okolie and Izedonmi (2014) carried out a research on the Evaluation of professional

accountancy education and training in Nigeria.In the research work, they appraised the

adequacy of the level and substance of the education and training that are required to prepare

and equip the professional accountants to deal with the changing demands of the dynamic

business environment in Nigeria. The methodology involved the use of library research and a

review of available documentary evidences on the subject matter. The paper points out the

previous constraints to professional accountancy training and development; the need for

continuous professional education and training of professional accountants; the International

Educational Standards for Professional Accountants; and the panacea for professional

accountancy education and training in Nigeria. The strong point of recommendation is that

professional bodies in Nigeria should pool resources together to establish a center for

accounting education and development that is charged with the responsibility to review and

assess the current strengths and resource challenges of the various individual professional

bodies and to jointly observe an intensive program of action that will minimize the

challenges. The professional accounting bodies should liaise with Universities in the country

34
to find out ways by which professional accountants who have no University degrees can as a

matter of policy and understanding, be allowed to pursue one or two year remedial degree

programs in accounting and related disciplines. This will prepare them to pursue „Masters‟

and „Doctorate‟ degree to enable the accountants understand, imbibe and appreciate the

different theoretical and empirical models which could be of vital tools. As a follow-up to the

above, the professional bodies should encourage its members notwithstanding age or sectors

of their employment, to write academic and professional books; contribute to articles in

national and international journals; participate actively in symposia and seminars at the

national level, especially on topical issues affecting accountancy and other professions and

those concerning the nation. The bodies should totally reject mediocrity and not accept

substandard training and education used as a pretext of meeting the inadequacy of

professional accountants in the country. There can be no replacement for professional

excellence. The recommendations of this study and the findings highly inspired this research.

Okolie and Arowoshegbe (2014) furthered a research on The Challenges of Accounting

Education in Nigerian Experience. The paper reviewed the development of accounting

education in Nigeria and the challenges confronting it. It critically examined the state of the

profession and the dynamics that will help to build implicit confidence in the Accountant his

character and develop analytical mindset, which will assist him to provide high standard of

professional services. The objective of the paper is to identify the factors that have hindered

the adequate and rapid development of accounting profession in Nigeria. These factors were

highlighted under the section of challenges facing accounting education in Nigeria. In

addition, the need for accounting education was examined and recommendations were made.

It concluded that there is urgent need for effective training and retraining of practicing

Accountants, for adequate provision of funds for the education sector and regular review of

accounting curriculum to capture modern trends in Accountancy.

35
Babajide, Samuel and Egbide (2014), carried a research on Curriculum Design for

Accounting Education in Nigeria. The study obtained data through a survey research carried

out in Nigeria, using questionnaire as the research instrument. The study was conducted in

Nigeria in the year 2013. Samples were selected from six-subgroups to represent two major

groups; Accounting Lecturers in Nigerian universities, postgraduate, and undergraduate

accounting students represented the academic accounting education group; while accountants

in industry, tutors, and students of professional accountancy exams represented the

professional accounting education group. Data were collected using questionnaire as the

research instrument. Techniques in statistics such as mean, standard deviation, correlation,

regression, T-test and ANOVA were used to explore the relationships among variables at 5%

significance level. Empirical findings were that the factors influencing curriculum design for

academic and professional accounting education do not significantly differ they concluded

that for accounting as a discipline to maintain relevance, it has to keep evolving with the

changing environment. The limitations and the gap from the above studies necessitated and

inspired this study.

2.4. Theoretical Framework

2.4.1. Theories of Accounting

There are various approaches to the theories that circumscribe the accounting profession.

These theories are based on professional assumptions and practical principles.

Hendrickson (2018) as quoted in Ekwerike (2017) sees accounting theory as a logical

reasoning in form of a set of broad principles that provide a general frame of reference by

which accounting practice can be evaluated and guide the development of new practices and

procedures. He went further to say that accounting theory may also be used to explain

existing practices to obtain a better understanding of them but that the most important goal of

36
accounting theory should be to provide a coherent set of logical principles that form the

general frame of reference for the evaluation and development of sound accounting practices.

Different authorities have adopted different approaches to accounting theories.

According to Nwadioha (2018) the theoretical approaches to accounting theory are:

- Descriptive Approach

- Decision Usefulness Approach

- Empirical Approach

- Normative Approach

- Welfare approach

a. Descriptive Approach

The first Approach was the descriptive approach or inductive approach. This Approach

emphasizes the practice of accounting as a basses for developing accounting theory. It

encodes observations of accountants and their activities, deduce or observe manipulative

rules and decode in terms of how accountants account (McDonald 1972). Unfortunately this

system failed because there was consistent behavior or practice among the accountants was

observed. This could be attributed to existence of alternative accounting principles, different

economies, market and circumstances of companies which ultimately determine their choice

of appropriate accounting policies. Inductive theory is concerned with what accountants do

rather than what they ought to do. What they ought to do is objective while what they are

doing is subjective. When deductive approach failed, inductive approach came up. Ekwerike

(2017)

b. Normative Approach

The normative approach is concerned with sketching out in broad theoretical outline what

ought to be so that as each new and unfamiliar problem is encountered it can be dealt with not

as an ad hoc problem requiring unique solution but as a new problem which must be solved

37
within the established framework. (McDonald 1972) the normative approach includes

elements of the inductive approach as concerned with the setting rules and standards for the

accountants. That is what is should be occurring in practice is or what accountants should be

doing and not what they are doing which possibly may not be in consonance with the agreed

norms, Ekwerike (2017). For Nwadioha (2018) the normative approach focuses on the

decisions. This focuses is seen as providing insight on the information needs of decision

makers, as a basis for developing accounting theory.

For this work, the contemporary accounting theory as identified by Ekwerike (2017) will be

adopted.

2.4.2. Contemporary Accounting Theory

Sound accounting practice are greatly influenced by ever changing economic and political

environments, legal and information needs of the users. This is why from time to time

accounting practices are modified, improved upon or extended to meet the ever changing and

increasing information requirement of the users as a guide in making useful economic

decisions in a dynamic economy and political environment. User orientation approach is the

current position in the search for accounting conceptual framework.

The Operant Conditioning Theory of Learning and Education

Developed by Skinner in 1938. This theory states that an individual learn better if the

environment is controlled by a reinforcing stimulus that will strengthen behavior such as

readiness to learn, teaching styles, etc.

The constructive theory of learning

Seymour propounded the constructive approach to learning in 1980. This theory holds that

the learner acts as an active participant who should be involved in the structuring of his own

learning experiences based on his previously acquired knowledge. This theory also postulates

that the learner should be able to relate new learning to the already acquired knowledge.

38