Essay on Impact of Ict on Accounting Practice in Nigeria

1651 Words Mar 24th, 2013 7 Pages
The impact of ICT on accounting practice in Nigeria

1.1 Background of the study In the recent past centuries, before the inception of Information and Communications Technology (ICT), the accountants of an organization were using a socially acceptable behavioural method of reporting accounting and economic reports, carried out during accounting year ends, the preparation of accounting records, book such as the profit and loss account, the balance sheet, cash book, cash flow statement, income and expenditure accounts. The application of Information and Communication Technology (ICT), on accounting practice in Nigeria has become a subject of fundamental importance and concerns to
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1.2 Statement of the problem
It seems that the use of Information and Communication Technology (ICT), by large or small firms has been a challenge to some users and companies.
It is presume that growth within management accounting and Information system is coming alive with the advent of Information and Communication Technology (ICT), such as Enterprise Resource Planning (ERS) system, software and ancillary equipment such as Automated Teller Machine (ATM), debit cards, electronic commerce, computer hardware, database, internet, intranets, Extranet, Telecommunication, Oracle, Structural Adjusted Program (SAP), Peachtree, Tax Software(Turbo Tax) and Statistical Package for Social Sciences (SPSS). Based on these, it is perceived that most firms have device a way of recording and reporting transactions. The manner in which accountants can potentially add value to economic entities and societies is undergoing a metamorphosis. The accountant worth is now reflected in higher order critical-thinking skills, such as designing business processes, developing e-business model, providing independent assurance and integrating strategic knowledge. It is observed that, when Information and Communication Technology (ICT) first arrived on accounting profession, accountants initially automated existing processes rather than envisioning how information and Communication Technology could be used to conduct business in new and innovative

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