INTERNATIONAL FINANCIAL REPORTING STANDARD AND QUALITY OF FINANCIAL REPORT OF LIST COMPANY IN NIGERIA

Abstract

The particulars of transactions and financial relationships between different parties have been recorded according to the patterns of writing existed in those days, A search into
early accounting indicated that in Egypt, the scribe as the accountants were known to maintain governmental treasurers accounts on papyrus using calamus as the writing instrument as early as 2000 BC. In Babgylon, business transactions and taxes were recorded in clay tablets where as in Greek accounts were engraved on stones and exposed in the public during the 8th century (Larrinasa, 2009). Our present system of accounting has its origin in Renaissance Italy by the 12th century, the bustle and extent of the wide-ranging trade activities engaged in by the Italians City States had created the need for an effective system of financial recording which could accurately determine the results large volumes of transactions involving several parties. Consequently, the double entry system of book keeping, the basis of our modern accounting system was developed (Adams, 2013).