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ABSTRACT
The study examined the implication of International Public Sector Accounting Standards (IPSAS) implementation on financial accountability in Nigerian public sector. Financial accountability was proxied using budget performance, level of corruption and management of public funds. The study sampled the six (6) south-south states in Nigeria and specifically assessed the level of International Public Sector Accounting Standards’ implementation in each of the states, as well as the challenges affecting the implementation of the accrual basis of IPSAS. The survey research design was adopted focusing on primary sources of data. The finance and budget ministries in each of the states were sampled. The structured questionnaire was distributed to account/finance officers, accountants and auditors in the selected ministries among the six states. The study was based on a total of three hundred and twenty four (324) participants. However, only two hundred and seventy five (275) questionnaires were retrieved and found valid. The data were analysed using descriptive statistics, percentages and Karl Pearson product-moment correlation (r). The results showed that three among the six sampled states have fully implemented the IPSAS accrual basis, while the remaining states have partially implemented the IPSAS accrual basis. The outcome of the hypotheses testing also revealed that there is significant positive linear relationship between IPSAS implementation and budget performance. It also revealed that there is perfect negative linear relation between IPSAS implementation and level of corruption. However, the relationship between IPSAS implementation and management of public funds was non-significant. The study recommends, among others, state governments should ensure full implementation of IPSAS accrual basis for all government transactions and reporting in order to tackle the issue of corruption and poor budget performance in the public sector.
