IMPACT OF INTERNATIONAL PUBLIC SECTOR ACCUNTING STANDARD (IPSAS) ADOPTION ON PUBLIC SECTOR FINANCIAL REPORTING IN NIGERIA

ABSTRACT

The need for the development of unified accounting standards has been the primary driver of International Public Sector Accounting Standards (IPSAS) for public sector financial reporting. This study examines the impact of International Public Sector Accounting Standards (IPSAS) adoption on public sector financial reporting in Nigeria. Four (4) objectives were formulated using accountability, transparency, corruption reduction and disclosure of relevant information. Survey research design was adopted, primary and secondary data were used for the study. The population of the study consist of all accountants in MDAs under Edo state Government civil service. The sample size of this study is made up of 111 respondents of which the administration of questionnaires was restricted to office of the Accountant General (State) and office of the Auditor General (State). Data collected from the study were analyzed by the researcher using simple percentages, bar and pie charts. The hypotheses were tested using chi-square statistical tools with the aid of SPSS version 20.0 at 5% level of significance. The study revealed that the adoption of International Public Sector Accounting Standards has improved accountability, enhanced transparency, helped in reducing corruption practices among public officers and enabled the disclosure of more relevant information. Based on the result of the study, the researcher recommends among other things, that the Nigerian government should not relent towards full adoption and sustenance of IPSAS in their accounting and financial reporting.