Cloud Accounting and the Qualitative Characteristics of Financial Reporting Quality of Deposit Money Banks in Nigeria

Abstract

the study examined the effect of cloud accounting in enhancing the qualitative characteristics of financial report of deposit money banks in Nigeria. Survey research design was employed, and data was gathered through the administration of questionnaires to the targeted respondents which comprises of the staff in the operation offices of the banks. the thirteen (13) deposit money banks listed in the Nigerian Exchange Group (NGX) formed the population of the study, from which the study sampled those with presence in Yenagoa, Bayelsa State to administer the questionnaires. Seventy (70) copies of questionnaires were administered to the heads of operations, and to the units heads in the operations departments, broken down to six (6) copies of questionnaires for each bank. However, only seventy three (73) copies of the questionnaires were successfully retrieved from the respondents, and were used for conducting the analysis of the study. Ordinary least square and the analysis of variance were used to test the hypotheses. the result showed that software as a service (SaaS) and Infrastructure as a Service (IaaS)  positively enhances the qualitative characteristics of financial reports of deposit money banks in Nigeria. The study therefore recommended that financial institutions, especially deposit money banks should explore the benefits of cloud accounting, that cloud accounting regulations should be created to reconcile the different components of software as a service to the cost structure of banks, and also corporate strategies should be implemented to lower the cost of cloud accounting.