Impact And Prospects Of Management Accounting System; An Application Of The Revised Financial Memoranda

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Impact And Prospects Of Management Accounting System; An Application Of The Revised Financial Memoranda

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PROJECT TOPIC AND MATERIAL ON IMPACT AND PROSPECTS OF MANAGEMENT ACCOUNTING SYSTEM; AN APPLICATION OF THE REVISED FINANCIAL MEMORANDA

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  • Name: Impact And Prospects Of Management Accounting System; An Application Of The Revised Financial Memoranda
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CHAPTER ONE

1.0 INTRODUCTION

1.1 Background of the Study

Financial memoranda is a document with codified set for roles and regulations which provide detailed guidance and instrument on the financial accounting and stores procedures to be followed in the administration of financial affairs and material management of each local government in Nigeria.  The financial memoranda in use in the country today have a long standing history and tradition.  Since the inception of native authorities / administration in Nigeria government have always provided detailed guidelines to regulate the financial operations of these authorities up to the local government reforms of 1976 each state issues its own financial memoranda for use by its constituent native authorities / local governments.

The 1976, local government reforms however state the need for uniform set of rules and regulations to guide the conduct of financial affairs in the new local government systems.  Thus, the federal government appointed a committee of experts in 1977 to review the various financial memoranda use in federation.  This committee submitted its report in May, 1978 with a draft financial memorandum designed to replaced the three separate volumes inherited from the three regional government.  The draft harmonized financial memoranda was issued as model financial memoranda to each state subject to minor amendments, mainly to reflect local peculiarities.

The 1979 model financial memoranda which was given enabling jurisdiction effect by the state government was in use up to 1990 when major development in the structure of the country’ local government system occasioned in large part by the application of the 1988 civil service reforms to local government service, and the extension of the logic of the presidential system of government to local government necessitated a review of the model, financial memoranda.

Consequently, a committee was appointed in July 1990.  The committee report currently constitutes the reviewed model financial memoranda.  The revised financial memoranda officially issued in December 1991 by the (then) Vice President of the republic of Nigeria, Adimiral A. A. Aikhomo who in his forward to the revised edition among other things, expressed the hope that the provisions of the model financial memoranda would be faithfully implemental (emphasis mine) in such a way as to foster natural culture of public probity and accountability beginning from the grassroots.

Management is essentially concerned with planning and control of the resources of an organization with a view to the attachment of set objectives.

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