1.1 Background of the Study
In recent time, financial report on the corporate performance of business organization has been increasing due to increase in need and desire of people. This increase is also attributable to the present economic situation in the country, which prevent people from going into large-scale business. Financial reporting is the field of accounting is concerned with the summary, analysis and reporting of financial transactions and interpretation, and recording etc. pertaining to a business. This involves the preparation of financial statements available for public consumption. Stockholders, suppliers, banks, employees, government agencies, business owners, and other stakeholders are examples of people interested in receiving such information for decision making purposes.
Financial report are prepared detailing information about the business operations since there are many users of accounting information such as Government, Bankers, Auditors, Other organizations, individual stockholders and many stakeholders, it becomes imperative to render such financial report in order to assist those who are not accountants. So many stakeholders use accounting information to make decisions whether to buy shares or sell them. The above provides useful guide if such financial statements are decoded for understand ability and decision making. Financial reporting is governed by both local and international accounting standards. Generally Accepted Accounting Principles (GAAP) is the standard framework of guidelines for financial reporting used in any given jurisdiction. It includes the standards, conventions and rules that accountants follow in the preparation of financial statements. On the other hand, International Financial Reporting Standards (IFRS) is a set of relevant accounting standardsstating how particular types of transactions and other events should be reported. International Financial Reporting Standard (IFRS) are issued by the International Accounting Standards Board (IASB). With IFRS becoming more widespread on the international scene; consistency in financial reporting has become more prevalent between global organizations. While financial accounting is used to prepare accounting information for people outside the organization or not involved in the day-to-day running of the company, managerial accounting provides accounting information to help managers make decisions to manage the business.
Quality of financial report on the corporate performance of business organizations is becoming more apparent to users, of financial statement. Accounting is not an exact science neither a business operation without some subjective and judgmental errors when it comes to reporting them. Financial reporting is a specialized branched of accounting that keeps track of a company’s financial transactions. Using standardized guidelines, the transaction are recorded, summarized and presented in a financial report on financial statement such as an income statement or statement of financial position. It’s important to point out that the purpose of financial reporting is not to report the value of a company. Rather, its purpose is to provide enough information for others to assess the value of a company for themselves, financial reporting information is characterized by the following; relevance; understandability; reliability; completeness; objectivity and timeliness. Financial information of an organization is to contain the information requires to prepare a financial report which shall have the above characteristics then the transaction doing the period must be recorded promptly and accurately and interpreted in conformity with the Generally Accepted Accounting Principles (GAAP), National Accounting Standard Board (NASB), international Accounting Standard Committee and the Companies and Allied Matters Act (CAMA).Financial reporting becomes necessary with the obvious need for accounting of stewardship from which investors entrusted their financial resources.
1.2 Statement of the Problem
The study “Quality of financial report on the corporate performance of business organizations” aims to investigating the financial information of selected company in Nigeria with a view to determining the following;
a. The extent to which financial report contributes to corporateperformances.
b. The extent to which the financial report of business organization comply with statutory provisions
c. The uniformity and conflict which exist in the financial reporting regulation given the multiplicity of regulators.
1.3 Objectives of the Study
The main objective of the study is to examine quality financial reporting on corporate performance of business organization. Specifically, the study seeks to:

  1. ascertain the effect of relevance of financial reporting on return on investment of business organization
  2. investigate the effect of timelines of financial reporting on the return on investmentof business organization.
  3. examine the effect of reliability of financialreporting on return on investmentof business organization
    1.4 Research Questions
    The following research questions were formulated for the study
  4. What is the effect of relevance of financial reporting on return on investmentof business organization?
  5. To what extent does timelines of financial reporting affect the return on investmentof business organization?
  6. To what extent does reliability of financialreporting affect return on investmentof business organization?
    1.5 Research Hypotheses
    The following null and alternating hypothesis shall be tested in the course of this research work.
    H01: Relevance of financial reporting does not have significant effect on thereturn on investmentof business organization
    H02: Timeliness of financial reporting does not have significant effect on thereturn on investmentof business organization
    H03: Reliability of financial reporting does not have significant effect on thereturn on investmentof business organization

1.6 Significant of the Study
This study is very important and most significant at this period when companies with impressive income statement and statement of financial position are still faced with continuity threat.
Financial report is “Prima Facie” evidence on the state of affairs of companies as well as its performance and could be relied upon as a certificate because it has the auditors’ certification.This study offers solutions to the above raised questions, it is believe that the result of these finding will go a long way to help other researcher in this area of study. It will also enhance the understanding of the structure of published financial report information and accounts by the users.
The various users groups of published financial report will benefit from this study as follows:

The potential investors: These are groups who are interested in committing their financial resources to the purchase of the company’s share. The set of people will benefit from this study as the result of this study will arm them with the necessary tools with which to evaluate the financial accounting of a business organization as it affects them.

The general public: This group shall benefit from this report by knowledge that the business organization exists for them not against them and such has to live up to its full responsibilities

The regulators of financial Report: This group includes the Nigerian Accounting Standard Board (NASB), the companies and Allied Matters Act (CAMA), the Banking and other financial institutions act of 1991 (BOFIA), prudential guidelines for licensed banks, the insurance act 2003. The study will help them to standardize and harmonize their operations.

The employee group: This includes existing, potential and past employees.

The government including Tax Authorities Department who has interest in the financial reporting of companies: The result of this work shall be of immense assistance to these user groups in the advancement of their interest.
1.7 Scope and Limitations of the Study
This study could have covered the impact of financial accounting on business performance of all sectors of the Nigeria Economy but due to the challenges of such a task especially the financial resources with which to execute it, this is now limited to brewery industry.