AWARENESS OF CONFIDENCE ACCOUNTING AMONGST ACCOUNTING LECTURERS IN NIGERIA

AWARENESS OF CONFIDENCE ACCOUNTING AMONGST ACCOUNTING LECTURERS IN NIGERIA   

Confidence accounting is a new development and radical approach to accounting. Confidence accounting is a probabilistic approach as opposed to the traditional deterministic one. Confidence accounting is gradually evolving based on the promise that I might lead to better financial decisions by enabling decision-makers to take an imager term view or a balance the odds as well as the books (Long finance news 2013). According to Moxley (2013), confidence accounting has the tendency being worked up into a method that might give insight into the accounts of complex organizations. Sharing from this varying view, it can be deduced that the debate on confidence accounting is high and still ongoing. The sharp argument is premised on the fact that confidence accounting stands to enhance financial reporting majorly in developed countries of the world through the concept is still very vague in developing countries such as Nigeria. Accountants should adopt a more scientific approach to measurement and difficult-to-assess figures according to professor Micheal Mainelli FCCA who makes the case of confidence accounting. A decade ago, a series of failures embarrassed auditors. Large firms with successful-looking financial statements collapsed. Today, the audit process is under fore once more as questions are asked about why problems at large financial institutions were not spotted earlier, surely, this is a good time to rethink auditing. People who move from science to accounting are stunned to find that auditors do not practice measurement science. Measurement is about both accuracy and precision. Accuracy – how closely a stated value is to the actual value. Precision – how likely it is that repeated measurements will produce the same results. A measurement system can be accurate but not precise, precise but not accurate, neither, or both. Scientists view measurement as a process that produces a range. Scientists express a measurement as X, with a surrounding interval. There is a big difference between point estimation and interval estimation. Auditors provide point estimates, scientists intervals. For example, physical scientists report X±, social scientists report interval estimates for an election poll and state how confident they are that the actual value resides in the interval. Statistical terms, such as mean, mode, median, deviation, or skew, are common terms to describe a measurement distribution’s look and feel. The key point is that scientists are trying to express the characteristics of distribution, not a single point finance should be no different. For want of a term that distinguishes the use of distributions from the use of points or discrete values, let’s use confidence accounting. In a world of confidence accounting, the end results of audits would be presentations of distributions for major entries in the profit and loss, balance sheet and cash-flow statements. The value of freehold land in a balance sheet might be stated as an interval, €150.000.000 + 45.000.000, perhaps recognizing a wide range of interesting properties and the illiquidity of property holdings. Next to each vale would be confirmation of the confidence level, e.g. 95% confidence that another audit would have produced a value within that range. Counter-charges to confidence accounting are complexity and gaining. But audit is complex and the profession needs to worry about member's ignorance of scientific measurements. Managers are already using a system that provides too many get-outs based on the unfairness of reporting on single members. Under confidence accounting, difficult single numbers, such as exploration assets of environmental liabilities, become ranges. A range of potential future valuation better reflects reality than marked-to-the-market prices at particular valuation date. For users, the presentation would be easier to understand, and many footnotes would be redundant. Under confidence accounting, external assessors could evaluate the performance of managers and auditors. If managers provide silly future estimates, the silly estimates remain there for investors to judge. Any audit firm will have a number of client failures over, say, a decade. If failure is within confidence levels, then we have a good, or even too prudent, auditor. If not, perhaps a sloppy, or statistically unusual, auditor. Markets will price the value of higher confidence levels, and quality auditors will be able to value work on better disclosure appropriately. Sound financial reporting is fundamental to sound business and it is no exaggeration to over that economic prosperity requires it. Thus, confidence accounting involves showing the expected range and distribution of likely values for significant because of sheet items. Confidence accounting approach being proposed in an indication of how some organizations are beginning to challenge perceived wisdom, and asking questions of established accounting methodologies. The association of certified chartered accountants, UK, however, is not endorsing this particular approach in that there is the belief that the concept of confidence accounting possesses sufficient merits, it adopts as an alternative to financial accounting users confidence could be enhanced in terms of being able to measure some specific items in balance with a view to guiding them for investment purpose and other purposes.  

   

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How To Write Chapter Three Of Your Research Project (Research Methodology)

  • Methodology In Research Paper


    Chapter three of the research project or the research methodology is another significant part of the research project writing. In developing the chapter three of the research project, you state the purpose of research, research method you wish to adopt, the instruments to be used, where you will collect your data, types of data collection, and how you collected it.

    This chapter explains the different methods to be used in the research project. Here you mention the procedures and strategies you will employ in the study such as research design, study design in research, research area (area of the study), the population of the study, etc. You also tell the reader your research design methods, why you chose a particular method, method of analysis, how you planned to analyze your data.

    Your methodology should be written in a simple language such that other researchers can follow the method and arrive at the same conclusion or findings.

    You can choose a survey design when you want to survey a particular location or behavior by administering instruments such as structured questionnaires, interviews, or experimental; if you intend manipulating some variables.

    The purpose of chapter three (research methodology) is to give an experienced investigator enough information to replicate the study. Some supervisors do not understand this and require students to write what is in effect, a textbook.

    A research design is used to structure the research and to show how all of the major parts of the research project, including the sample, measures, and methods of assignment, work together to address the central research questions in the study. The chapter three should begin with a paragraph reiterating the purpose of research. It is very important that before choosing design methods try and ask yourself the following questions: Will I generate enough information that will help me to solve the research problem by adopting this method?

    Method vs Methodology

    I think the most appropriate in methods versus methodology is to think in terms of their inter-connectedness and relationship between both. You should not beging thinking so much about research methods without thinking of developing a research methodology.

    Metodologia or methodology is the consideration of your research objectives and the most effective method and approach to meet those objectives. That is to say that methodology in research paper is the first step in planning a research project work.

    Design Methodology: Methodological Approach

    Example of methodology in research paper, you are attempting to identify the influence of personality on a road accident, you may wish to look at different personality types, you may also look at accident records from the FRSC, you may also wish to look at the personality of drivers that are accident victims, once you adopt this method, you are already doing a survey, and that becomes your metodologia or methodology.

    Your methodology should aim to provide you with the information to allow you to come to some conclusions about the personalities that are susceptible to a road accident or those personality types that are likely to have a road accident.

    The following subjects may or may not be in the order required by a particular institution of higher education, but all of the subjects constitute a defensible in metodologia or methodology chapter.

    Click here to complete this article - How To Write Chapter Three Of Your Research Project (Research Methodology)

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