Table of Contents
Abstract. 2
CHAPTER ONE. 5
INTRODUCTION.. 5
1.1 Background to the Study. 5
1.2 Statement of the Problem.. 6
1.3 Objectives of the Study. 7
1.4 Research Questions. 8
1.5 Research Hypothesis. 8
1.6 Significance of the Study. 9
1.7 Scope of the Study. 9
1.8 Limitations of the Study. 10
1.9 Organization of the Study. 10
REFERENCES. 11
CHAPTER TWO.. 13
REVIEW OF RELATED LITERATURE. 13
2.1 Introduction. 13
2.2 Theoretical Review.. 13
2.2.1 Industry Integration Theory. 13
2.2.2 Technology-Centric Theory. 14
2.2.3 Ethics and Professionalism Theory. 14
2.2.4 Globalization and International Standards Theory. 14
2.3 Conceptual Review.. 15
2.3.1 Overview.. 15
2.3.2 Evolution of Accounting Education in Nigeria. 15
2.3.3 Current Challenges in Accounting Education. 16
2.3.4 Global Best Practices in Accounting Education. 16
2.3.5 Stakeholder Engagement and Collaboration. 17
2.3.6 Incorporating Technology and Innovation. 17
2.3.7 Emphasizing Ethical and Professional Standards. 17
2.3.8 Enhancing Practical Learning Experiences. 18
2.3.9 Continuous Evaluation and Improvement. 18
2.4 Empirical Review.. 18
2.5 Summary of Chapters. 20
Chapter Three. 21
Research Methodology. 21
3.1 Introduction. 21
3.2 Research Design. 21
3.3 Population and Sample. 21
3.3.1 Population. 21
3.3.2 Sample. 22
3.4 Data Collection Methods. 22
3.4.1 Primary Data. 22
3.4.2 Secondary Data. 23
3.5 Data Analysis Techniques. 23
3.5.1 Quantitative Data Analysis. 23
3.6 Validity and Reliability. 23
3.7 Ethical Considerations. 24
3.8 Limitations of the Study. 24
3.9 Summary. 24
CHAPTER FOUR. 26
DATA ANALYSIS AND INTERPRETATION.. 26
4.1 Preamble. 26
4.2 Socio-Demographic Characteristics of Respondents. 26
TABLES BASED ON RESEARCH QUESTIONS.. 28
4.3 Analysis of the Respondents’ Views on Research Question one: 28
:- Mean for Item one =3.19 N/B: This is applicable to all items.. 33
4.4 Testing Hypothesis. 34
CHAPTER FIVE. 39
SUMMARY CONCLUSION AND RECOMMENDATIONS. 39
5.1 Summary. 39
5.2 Conclusion. 39
5.3 Recommendations. 41
REFERENCES. 42
Research Questionnaire. 45
CHAPTER ONE
INTRODUCTION
1.1 Background to the Study
As Nigeria's economy continues to evolve amidst global trends and technological advancements, the demand for skilled and adaptive accounting professionals grows exponentially. In response to this demand, there has been a concerted effort to reevaluate and revamp accounting curricula in Nigerian educational institutions. This assessment aims to explore the development of new accounting curricula tailored to meet the dynamic needs of both current and future accounting professionals in Nigeria.
One significant aspect of this evaluation is the alignment of accounting education with emerging industry trends and technological advancements. The evolving landscape of accounting practices, including the adoption of digital tools, automation, and data analytics, necessitates a curriculum that integrates relevant skills and knowledge. By incorporating courses on emerging accounting technologies, such as cloud-based accounting software and blockchain, educational institutions can better equip students with the competencies needed to thrive in the modern accounting environment (Ajibolade & Olufemi, 2022).
Furthermore, a crucial consideration in curriculum development is the enhancement of critical thinking and problem-solving skills among accounting students. The traditional rote-learning approach often prevalent in Nigerian educational systems may not suffice in preparing students for the complexities of real-world accounting challenges. Hence, new curricula emphasize experiential learning, case studies, and practical applications to foster analytical thinking and decision-making abilities (Adebisi & Lawal, 2023).
Moreover, this assessment examines the role of professional accreditation bodies and regulatory agencies in shaping accounting education standards. Collaborative efforts between educational institutions and professional bodies, such as the Institute of Chartered Accountants of Nigeria (ICAN) and the Association of National Accountants of Nigeria (ANAN), are instrumental in ensuring that curricula align with industry expectations and global best practices. By staying abreast of accreditation requirements and industry standards, universities and colleges can better tailor their accounting programs to meet the evolving needs of employers and the profession (Adeyemi et al., 2023).Top of Form
Bottom of Form
1.2 Statement of the Problem
As the landscape of accounting practices evolves rapidly in response to globalization, technological advancements, and changing regulatory frameworks, there arises a pressing need to assess and revamp accounting curricula in Nigerian educational institutions. The traditional accounting education model often fails to adequately prepare students for the demands of the modern profession, lacking integration of emerging technologies, practical skills, and critical thinking components. Consequently, a critical examination of the challenges hindering the development of new accounting curricula that align with the needs of current and future accounting professionals in Nigeria is imperative.
One of the primary challenges lies in bridging the gap between academic theory and practical application within accounting education. While theoretical concepts form the foundation of accounting knowledge, there is often a disconnect when it comes to applying these theories in real-world scenarios. This disparity can result in graduates entering the workforce ill-equipped to navigate the complexities of modern accounting practices (Ogunsiji & Ogundipe, 2023). Furthermore, the rapid pace of technological advancement presents a significant obstacle in curriculum development. Integrating emerging technologies such as artificial intelligence, blockchain, and data analytics into accounting curricula requires continuous updates and adaptation, which may strain the resources and expertise of educational institutions (Oladipo & Adegbite, 2022).
1.3 Objectives of the Study
The main objective of the study is to examine An Assessment of The development of new accounting curricula that are more relevant to the needs of current and future accounting professionals in Nigeria. Specific objectives of the study are:
- To identify the skills and knowledge required by current and future accounting professionals in Nigeria.
- To evaluate the current accounting curriculum offered in Nigerian institutions against the identified needs.
- To develop recommendations for a new accounting curriculum that bridges the gap between academic training and professional practice in Nigeria.
1.4 Research Questions
To guide the study and achieve the objectives of the study, the following research questions were formulated:
- What are the specific accounting skills and knowledge most sought after by employers of accounting professionals in Nigeria?
- To what extent does the current accounting curriculum offered by Nigerian institutions equip graduates with the skills and knowledge identified as essential by employers?
- How can the accounting curriculum be revised to ensure graduates possess the necessary competencies to thrive in the evolving landscape of the Nigerian accounting profession?
1.5 Research Hypothesis
The following research hypothesis was developed and tested for the study:
Ho: There is no significant difference in the effectiveness of the new accounting curricula compared to traditional curricula in meeting the needs of current and future accounting professionals in Nigeria.
1.6 Significance of the Study
The study is important for many reasons. The following are the major stakeholders this paper through its practical and theoretical implications and findings will be of great significance:
Firstly, the paper will benefit major stakeholders and policy makers in the Accounting Education sector. The various analysis, findings and discussions outlined in this paper will serve as a guide in enabling major positive changes in the industry and sub-sectors.
Secondly, the paper is also beneficial to the organizations used for the research. Since first hand data was gotten and analysed from the organization, they stand a chance to benefit directly from the findings of the study in respect to their various organizations. These findings will fast track growth and enable productivity in the organisations used as a case study.
Finally, the paper will serve as a guide to other researchers willing to research further into the subject matter. Through the conclusions, limitations and gaps identified in the subject matter, other student and independent researchers can have a well laid foundation to conduct further studies.
1.7 Scope of the Study
The study is delimited to Department of Accounting, University of Lagos. Findings and recommendations from the study reflects the views and opinions of respondents sampled in the area. It may not reflect the entire picture in the population.
1.8 Limitations of the Study
The major limitations of the research study are time, financial constraints and delays from respondents. The researcher had difficulties combining lectures with field work. Financial constraints in form of getting adequate funds and sponsors to print questionnaires, hold Focus group discussions and logistics was recorded. Finally, respondents were a bit reluctant in filling questionnaires and submitting them on time. This delayed the project work a bit.
1.9 Organization of the Study
The study is made up of five (5) Chapters. Chapter one of the study gives a general introduction to the subject matter, background to the problem as well as a detailed problem statement of the research. This chapter also sets the objectives of the paper in motion detailing out the significance and scope of the paper.
Chapter Two of the paper entails the review of related literature with regards to corporate governance and integrated reporting. This chapter outlines the conceptual reviews, theoretical reviews and empirical reviews of the study.
Chapter Three centers on the methodologies applied in the study. A more detailed explanation of the research design, population of the study, sample size and technique, data collection method and analysis is discussed in this chapter.
Chapter Four highlights data analysis and interpretation giving the readers a thorough room for the discussion of the practical and theoretical implications of data analyzed in the study.
Chapter Five outlines the findings, conclusions and recommendations of the study. Based on objectives set out, the researcher concludes the paper by answering all research questions set out in the study.
