Recent Developments in Professional Practice of Accountancy in Nigeria: The Impacts and Challenges

Abstract

The significant services rendered by the professional accountants in Nigeria make them to be susceptible to changes in various economic policies. This research work therefore examined the recent development in professional practice of Accountancy and considered the impacts and challenges on all practising professional accountants in Nigeria. Emerging issues such as globalisation and adoption of International Financial Reporting Standards (IFRS), technological advancement and global code of conducts for accountants were considered. The challenges that such developments pose to the accountants were highlighted and critically examined. The paper used conceptual approach and content analyses to address the emerging issues. It is a literature based study; the research design is therefore an explanatory research design. The paper recommended inter alia that professional accountants must be proactive in approach and ready to face challenges in the financial world while professional bodies must re-engineer all the necessary professional Code of Conduct to meet international standards.

Keywords: Accountancy, Reporting Standards, Technological Advancement, Code of    Conduct