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The technical committee submitted the association's formation proposal documents in May 2006 to the Corporate Affairs Commission, Nigeria and the Corporate Affairs Commission, Nigeria approved the establishment of the association in June 2006.The association is an offshoot of the chartered institute of cost and management accountants. [2]
As at September 2015, it had 8,200 members working in and outside Nigeria. It also has 4,500 registered students. The institute is recognized by the Financial Reporting Council of Nigeria [2] as it is in its institutions list for education and promotion of cost and management accounting in Nigeria.
Monthly accounting periods are common. In financial accounting the accounting period is determined by regulation and is usually 12 months. The beginning of the accounting period differs according to jurisdiction. For example, one entity may follow the calendar year, January to December, while another may follow April to March as the accounting ...
Statement of Directors' responsibilities for the shareholders' financial statements The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable Law of the Republic of Ireland, including the accounting standards issued by the Accounting Standards Board and published by The Institute of Chartered Accountants.
[2] Financial statements may be used by users for different purposes: Owners and managers require financial statements to make important business decisions that affect its continued operations. Financial analysis is then performed on these statements to provide management with a more detailed understanding of the figures.
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The NAA is an academic society aimed at advancement of the accounting discipline and accounting profession in Nigeria. [3] Members are usually members of the Association of National Accountants of Nigeria (ANAN) and/or the Institute of Chartered Accountants of Nigeria (ICAN). [4] NAA is a member of the Financial Reporting Council of Nigeria. [5]
IAS 16 permits two accounting models for measurement of the asset in periods subsequent to its recognition, namely the cost model and the revaluation model. [ 7 ] Under the cost model , the carrying amount of the asset is measured at cost less accumulated depreciation and eventual impairment (similar to the inventory's Lower of cost or market ...