The institutionalization of Accounting started in Britain, from where Accounting was imported to Nigeria. During the preindependence period, in Nigeria, especially before the establishment of the Collages of Arts and Sciences (particularly the one in Ibadan), people who wanted to enroll into accounting profession had to be trained through article ship. This meant that, they had to be attached as apprentices to those in the profession already.When the College of Arts and Sciences in Ibadan (now university of Ibadan) was established, it offered courses in accounting; students were prepared for the intermediate level of ACCA (Chartered Association of Certified Accountants), a British Accounting Body. In 1960, the University of Nigeria Nsukka started offering courses in accounting, the Ahmadu Bello University, Zaria and the University of Lagos joined in offering accounting courses form 1962.
Other Nigerian Universities (most of them) and many polytechnics follow suit in the later years.Together they produce large number of accounting graduates (B. Sc. And HND holders) year in year out! In 1960, specifically on 17th November, some Nigerians who had some professional training in accounting from different parts of the world, got together and formed an association called Association of Nigerian Accountants. This was the first attempt at forming a national and indigenous accountancy professional body in Nigeria.
It included people working in companies, industries, government offices, etc.The Association was formed with the view to provide and maintain a high standard of accounting in Nigeria. The Association was granted official recognition by the Federal Government of Nigeria on 28th September 1965 with the name Institute of Chartered Accountants of Nigeria (ICAN), through an Act of parliament, Act No. 15 of 1965. ICAN was then inaugurated on 21st October 1965. From then onwards to August 1968, the Institute was granting automatic membership status to deserving individuals.
On 1st September 1968, ICAN made it compulsory for ll those who wanted to go into practice as accountants in Nigeria to sit and pass its qualifying examination(s). To date, one must pass the qualifying professional Examinations of the Institute before she/he become a member, that is a professional Accountant. However, there are provisions for exemption of some stages or subjects, depending on the result shown by the academic transcript of a student. For example, a B.
Sc. Accounting graduate from a recognized and accredited University would be exempted from foundation and PE1, while a B.Sc. Accounting graduate from a recognized but non-accredited university would only be exempted from Foundation stage. Other exemption guidelines and many more information about the Institute are contained in its students’ Regulations and Syllabuses.
Since 1981, another accountancy body—the Association of National Accountants of Nigeria (ANAN) had been working hard to be registered and obtain recognition of the government. It was on 25th August, 1993 that the Association was granted its charter by Decree no 76 of 1993.It became the second recognized body of accountants in Nigeria. From the period of it recognition up to December 1995, the Association was granting automatic membership to applicants.
The association has the plan of convincing the government to allow accounting graduates to attend its Accountancy College for the period of nine months before proceeding to their National Service (NYSC). At the college, students would be exposed to practical applications of accounting so that as they go to the National Service they would be holding their certificates as Certified Accountants.The Nigerian Accounting Teachers Association (NATA) now called the Nigerian Accounting Association (NAA), was formed in 1972 and inaugurated on 19th march 1974. Its objective is to contribute, through research and education, to the improvement of the Accounting profession and Accounting Education in Nigeria. Only Accounting lecturers are qualified to be members of NAA and they are entitled to use the Association’s acronyms such as FNAA, AMNAA, etc.
ased on their qualifications and commitment to the activities of the Association. The idea is to make the Association fully professional in line with what obtains in other countries of the world, like the USA, Australia, Canada, etc. The professional training, development and control of accounting practice is to be carried out by the recognized accounting professional bodies in conjunction with universities and polytechnics. There is, therefore, the need for healthy competition.
