ACCOUNTING THEORY AND ETHICAL DIMENSIONS ON ACCOUNTING PRACTICE IN NIGERIA

Abstract

Even though there are professional ethics put in place by various accounting regulatory bodies,
accountants play a role in recent corporate fraud scandals and company failures as well as
manipulation of financial statements has attracted the attention of scholars overtime to question the
role of ethics in accounting practices in Nigeria. In light of this, the study conceptually reviewed the
accounting theory and the ethical dimensions of accounting practice in Nigeria. The study employed an
explanatory research design to review literature by previous researchers on the discourse. This study
highlights a key link between accounting theory, its ethical dimensions, and practical applications,
emphasizing that accounting theory serves as a recognized framework for describing accounting
processes. The study concluded that members must abide by both the "letter of the code" and its
"spirit," though. Therefore, accountants must have a thorough understanding of the topic that goes
much beyond the Code's statement. It is thus determined that accounting theory and the ethical
dimensions have a connection to accounting practice according to the analysis of the examined
research by earlier academics