ABSTRACT
This study focus on the accounting for pension and gratuity in public sector. A vivid study of Enugu state civil service. The study is trying to look into how the problem of Governmental unit in Nigeria in paying retirement benefits can be solved. The processing and payment of such benefits in the public sector is also the recognition that this situation is not going to be an easy one hence it requires immediate and concerted effort aimed at reappraising the accounting practice involved in pension and gratuity administration focus that this will ensure a prompt disbursement of retirement benefit.
The researcher constructed some review of related literature using journal articles, the historical review of accounting, pension and nature of pension and gratuity were been explained extensively. Data were been obtained through questionnaire distribution while oral interview were conducted in cases where the use of questionnaire were administered to scheduled and professional offices drawn from the auditors, General office, as well as the training and pension bureau. Analysis was done through simple percentage technique and the findings were responsible for the report in accounting practices. These includes documentation of essential service history, falsification of words ignorance and overlapping of function etc.
CHAPTER ONE
1.0 Introduction
Pension and gratuity is commitment represent an agreement in which the employer promises to make periodic. Payment or allowance to an individual because of length service or when certain conditions like age.A pension plan is a contract between the company and its employees under which the company agrees to pay benefit to employees after their retirement. The government management, exports, shareholders and other users of accounting information are in desperate need to ascertain whether funds are utilized in compliance with approved accounting standard and government established financial control mechanism.
Moreover there has been frequent case of exchange of public fund, non-adherence to accounting principle as regards pension fund administration especially in the public sector.In addition, in the public sector the funding of pension and gratuity schemes is done by the federal government of the federation. It is in line with the foregoing that this research becomes necessary to make ensuring into the remote cause of delay in the payment of retirement benefit in the remove the various measure by which pension and gratuity benefit are accounted for the bureaucracy involved in pension fund to peruse through the general theory of pension and gratuity.
1.1 Background of the study
Pension and gratuity commitment made b employers to employees are common characteristics of modern employment agreement. This commitment represents an agreement in which the employer promises to make periodic payment or allowance to an individual because of some meritorious work or when certain conditions such as age, length services etc.In fact, the quest for accountability in both the private and pubic sectors have really increased the drive for more graphic information about organization.