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Why The Colonial Era Of Nigeria Was A Long And Hard...

The colonial era of Nigeria was a long and hard experience for many Nigerians. The country was slowly colonized by Britain in 1885. Through newfound radical nationalist beliefs, Nigeria fought its way through the struggles of making itself into an independent nation. In 1960, the goal of independence was finally reached. Soon after Nigeria found itself in a social crisis of too many clashing cultures, while simultaneously attempting to assert itself as a power nation into the world. The anticolonialization of Nigeria would not have been possible without the Nigerian’s increasingly negative views of European power, which allowed the different cultures to unite in the goal of independence. The method by which Britain colonized Nigeria set the stage for many problems in the future as it was founded on the ability to exploit Nigeria’s markets. Nigeria was not colonized all at once. It was a slow process that began with some contact between Europeans and Nigerians. â€Å"Their primary contact with Europeans was with traders, who wanted to monopolize their markets, and with missionaries, who wanted to convert them to Christianity†¦ British expansion in Nigeria was largely the result of the actions of these traders and missionaries. After 1885, however, the British government moved swiftly to annex all the territory that comprises modern-day Nigeria† (Hunt, 1). The process in which Britain was able to colonize Nigeria through mainly traders, caused many problems. It resulted in a divideShow MoreRelatedGender Roles Are Harmful And How Important It Is1739 Words   |  7 Pagesanother. Many African cultures uphold deeply patriarchal gender roles which dicta te how women and men interact with one another. Chimimanda Ngozi Adichie, a staunch feminist, gives readers a look into Nigerian gender roles in her short story Birdsong. 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Fair Value Accounting Consequences of Booking

Question: Discuss about the Fair Value Accounting for Consequences of Booking. Answer: Introduction: It has been found that in the field of accounting, the entries are composed of various kinds of assets that include both non-profit organization and for-profit organization (Dagwell, Gaffikin Wines, 2015). These assets can be classified into many sections and these are able to employ or generate by operational behavior of the firm on a daily basis, as these help in estimating the current assets. Moreover, the fixed assets suppose in calculating the financial condition of the firm for several fiscal years. In addition to these, it has been found that abundant firms involve many intellectual properties in the analysis like trademarks, copyright assets and many more. Additionally, this includes those assets that have been appeared due to acquisition of many firms or due to popularity of the firm among the customers for its goodwill and brand image (Bartelmus, 2014). Therefore, it has been noted that these types of assets can be employed directly in order to gain increased revenue. Thes e raised earnings also assist the firms in increasing their profit percentage and customer base indirectly. It has been found that there are several types of assets that cannot be measured in units as their presence cannot be understood physically and are termed as intangible assets. Therefore, the intangible assets are generally recorded in the accounts book of a firm according to the amount attached for procuring assured assets. On the other hand, it has been found that with the passage of time, the actual value of the assets decrease significantly (Khaddafi, Heikal Pravita, 2015). It has been identified that the accounting organizations utilize impairment during the period when the decreased amount and the real value are adjusted with the account of impairment and loss takes place due to fall in the value of assets on the basis of many factors. However, there are some common factors that can be applied to several assets, but some of the factors lead to downfall of value of certain assets. Moreover, vale of equipments, instruments as well as machineries have found to depend on its manufacturing capacity and utilization factor (Bebbington, Unerman O'Dwyer, 2014). Most of such assets are occupied for producing it more and it is likely to decrease the capability of the future production. The high market value of various older tools and machineries started to decrease and finally get obsolete as at present day s modern machineries, instruments and equipments play a vital role. Furthermore, the land value rises with the passage of time and this might reduce due to alteration of vicinity significance and appearance of over population, new cities and shifts in political centers and public centers (Damodaran, 2016). The trademarks and patent rights decrease its value especially after the appearance of shifting in clients choice and modern technologies and the goodwill adds value to it. However, during decrease of value of acquired assets, the value of goodwill also decreases, particularly in purchasing. Nowadays, all firms signify fiscal declarations for the demand of the stakeholders as they have various interests. Moreover, they evaluate these declarations for various viewpoints and both the government and the board of accounting standards puts huge importance on investors interest (Chen, Shroff Zhang, 2014). Therefore, all the listed firms represent both the accurate and fair values of assets and liabilities. Finally, it can be said that the stakeholders who are concerned with assets valuation consider it as an effective option for investment. The shareholders might take defective decisions by depending on the overstated fiscal declarations, if the firms falsely represent its financial declarations without involving the fair value of assets (Lange, Fornaro Buttermilch, 2014). The board of accounting standards has implemented the concept of impairment in order to gain the interest of the stakeholders. Moreover, the government along with the accounting standards offers detailed instruction for impairment of loss and generation of fiscal declarations after the introduction of various standards of accounting and policies of government. Generally, the impairment loss takes place when the carrying amount of assets increases more than its recoverable quantity (Picker et al., 2013). The carrying amount is related with the asset expense and value and depreciates it as per an appropriate technique of depreciation. It has been found that there are mainly two kinds of recoverable amounts, so a firm is capable to select the fair value of asset as a recoverable amount, particularly after the reduction of the needed costs i.e. expected to be practiced by asset. Moreover, asset value is also considered as the recoverable amount and it can be illustrated through net cash flow, which is expected to gather from the assets of future periods. When two values are provided as per IAS 36, this is considered as efficient for selecting the highest one among two (Vernimmen et al., 2014). As per IAS 36, the impairment loss can be calculated by deducting the amount of recoverable assets from the amount of asset carrying. The impairment loss generally debited as per the respective asset in order to diminish the book value of asset and to control the amount of asset accounting that has reduced the value. However, this amount of impairment loss can be adjusted along with the Profit and Loss account and income state ment. Additionally, it is portrayed as the non-operating loss in income statement. Furthermore, when a firm retains Revaluation Surplus account, then Impairment Loss account is credited with Revaluation Surplus account and this reduces the entire amount of shareholders equity (Bepari Mollik, 2015). Finally, it can be concluded that an asset group is also counted as Cash Generating units and it includes the goodwill that is produced from acquisition of assets, but the impairment loss is not regulated consequently. Moreover, the entire value of CGU units needs impairment and here, the impairment loss can be determined by previously mentioned method. In addition to these, it was used to adjust with the account of goodwill. However, if a certain balance is missed even after adjusting along with the goodwill of the firm, then the balanced amount would line up with the assets of CGU that is dependent on the book value of the asset. References Bartelmus, P. (2014). Green accounting: Balancing environment and economy.Creating a Sustainable and Desirable Future: Insights from 45 Global Thought Leaders, 175. Bebbington, J., Unerman, J., O'Dwyer, B. (2014).Sustainability accounting and accountability. Routledge. Bepari, M. K., Mollik, A. T. (2015). Effect of audit quality and accounting and finance backgrounds of audit committee members on firms compliance with IFRS for goodwill impairment testing.Journal of Applied Accounting Research,16(2), 196-220. Chen, W., Shroff, P. K., Zhang, I. (2014). Fair value accounting: consequences of booking market-driven goodwill impairment.Available at SSRN 2420528. Dagwell, R., Gaffikin, M., Wines, G. (2015). Corporate Accounting in Australia 2nd Ed. Damodaran, A. (2016).Damodaran on valuation: security analysis for investment and corporate finance(Vol. 324). John Wiley Sons. Khaddafi, M., Heikal, M., Pravita, I. (2015). Analysis of Factors Affecting the Choice of Corporate Accounting Conservatism.European Journal of Economics, Finance and Administrative Sciences, (80). Lange, C. D., Fornaro, J. M., Buttermilch, R. J. (2014). Qualitative assessment of impairment for goodwill and other indefinite-lived intangibles.The CPA Journal,84(6), 22. Picker, R., Leo, K., Loftus, J., Wise, V. J., Clark, K., Alfredson, K. (2013).Applying international financial reporting standards. Milton: Wiley. Vernimmen, P., Quiry, P., Dallocchio, M., Le Fur, Y., Salvi, A. (2014).Corporate finance: theory and practice. John Wiley Sons.