The study will aimed at establishing the relationship between accounting standards and
financial reporting in Mukwano group of companies. It was accompanied by the
following objectives, to examine the relationship between accounting standards and
financial reporting, to establish the procedures of setting accounting standards, and to
find out the factors that inhibit the adoption of accounting standards in the financial
reporting in Mukwano group of companies the study was explanatory and descriptive,
designed. The study explored a population of 100 respondents out of which a sample
size of 80 people was obtained using salven's formula. This study used primary data
instrument to collect and publications by the same organization that collected them.
Research instruments such as observation, interview and questionnaire were also used.
The researcher made the following conclusions it will be established at accounting
standards are rules primarily and intended to be founded in order to present consistent
and favorable financial reports. Standards avoided to present consumptions
management from checking unsuspecting investors. They provide guidelines of what to
conclude in the financial reports and how it will be reported. It will be also established
from the work of Zecharia Bolo of Moi University and Dr. Samuel Sejjaka that most
small and medium enterprises do not prepare financial reports and in cases where
some do; they fall short of generally accepted standards. Therefore small enterprises
like Mukwano group of companies will adopt proper and better financial reporting
practices like adopting accounting standards. Since it's a fact that small and medium
enterprises make up the majority of business in Uganda the benefits will also extend to
the economy as a provision of security and other services by the Mukwano companies.
Accounting standards if adopted as recommended by (ICPAU) by SMe's, will give
formats on preparations of financial reports and the accounting documents to include in
the final report. This will most likely prolong the continuity of SMe's and will go along
away in removing the a aforementioned inadequacies in SMe's reporting and enable
them acquire the much needed finance from financial institutions and hence better
reporting. The researcher made the following Recommendations, Mukwano group of
companies should carry out a cost and benefit analysis to find out whether the benefit of
preparing proper financial statements as defined by international accounting standards
exceeds the costs, Mukwano group of companies' management should acquire more
knowledge in business management and financial reporting. Going for training in
preparation of financial reports and performance can do this from educational centers
like the small business centre in Kampala International University, Mukwano group of
companies' management should adopt accounting standards when preparing their
financial statements; this practice will make their financial reports comparable and
Research, A. & LYDIA, T (2021). Accounting Standards And Financial Reporting Small Enterprise (Mukwano Group Of Companiesuganda). Afribary. Retrieved from https://afribary.com/works/accounting-standards-and-financial-reporting-small-enterprise-mukwano-group-of-companiesuganda
Research, AfroAsia, and TUMWEBAZE LYDIA "Accounting Standards And Financial Reporting Small Enterprise (Mukwano Group Of Companiesuganda)" Afribary. Afribary, 11 Jun. 2021, https://afribary.com/works/accounting-standards-and-financial-reporting-small-enterprise-mukwano-group-of-companiesuganda. Accessed 01 Aug. 2021.
Research, AfroAsia, and TUMWEBAZE LYDIA . "Accounting Standards And Financial Reporting Small Enterprise (Mukwano Group Of Companiesuganda)". Afribary, Afribary, 11 Jun. 2021. Web. 01 Aug. 2021. < https://afribary.com/works/accounting-standards-and-financial-reporting-small-enterprise-mukwano-group-of-companiesuganda >.
Research, AfroAsia and LYDIA, TUMWEBAZE . "Accounting Standards And Financial Reporting Small Enterprise (Mukwano Group Of Companiesuganda)" Afribary (2021). Accessed August 01, 2021. https://afribary.com/works/accounting-standards-and-financial-reporting-small-enterprise-mukwano-group-of-companiesuganda