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AN EVALUATION OF FINANCIAL STATEMENTS IN DISCLOSING TRUE BUSINESS PERFORMANCE TO STAKEHOLDERS IN HOSPITALITY INDUSTRY (A CASE OF LESTER-LESLEY LIMITED)
ABSTRACT
The aim of this study was to evaluate the effectiveness of financial statements in disclosing true business performance to stakeholders in hospitality industry. The study appreciates that financial disclosures are important and they are essential in the financial reports of organisations. Mixed research methodology was adopted. A sample of 109 participants from a population of 180 was selected using judgemental sampling or nonprobability sampling. Questionnaires and structured interviews were used as the research instruments. Only primary data was used in this research. The questionnaire was designed and distributed from a sample of Major Shareholders, Senior Managers, Junior Managers and Accounts Staff in African Sun Limited. Data gathered was presented, analysed and evaluated so as to aid the understanding of the research findings. Bar graphs and tables were used to present data. The research appreciated that current developments in International Financial Reporting Standard and Generally Accepted Accounting Standards is an achievement towards disclosure of true business performance to stakeholders.
Key Words: Financial Statements, Performance, Business, Stakeholders, Hospitality Industry