Adebiyi, (2012) is of the view that Accounting Framework has been shaped by International Financial
Reporting Standards (IFRS) to provide for recognition, measurement, presentation and disclosure requirements
relating to transactions and events that are reflected in the financial statements. IFRS was developedin the year
2001 by the International Accounting Standard Board(IASB) in the public interest to provide a single set of high
quality, understandable and uniform accounting standards. Users of financial statement world require sound
understanding of financial statement but this can only be made possible if there is General Accepted Accounting
Practice (GAAP).