THE IMPACT OF THE ADOPTION OF INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARD (IPSAS) ON THE QUALITY OF PUBLIC SECTOR ACCOUNTING IN NIGERIA (A CASE STUDY OF FEDERAL SECRETARIAT, BAUCHI)
The development of any accounting system requires consideration of the underlying purpose of that system. In Nigeria, government accounting processes have been conducted within the general framework of the principles of fund accounting but the application of these principles to financial reporting has been a major challenge. This study examined the impacts of adoption of International Public Sector Accounting Standards (IPSAS) on the quality of public sector organizations in Nigeria. Primary and Secondary sources of data were employed. ANOVA SPSS was employed. Findings from the study showed that adoption of IPSAS would improve the quality of financial reporting of public sector organizations in Nigeria. In addition, it was found that the adoption of the standard would help in curbing corruption and mismanagement in the public sector. It was concluded that IPSASs adoption would improve the performances of government enterprises. The study recommended that government should ensure full implementation and compliance with the standard in Public organizations. Therefore, the adoption of IPSAS is expected to influence the operating procedures and reporting practices of public sector organizations in Nigeria.
Keywords: IPSAS, Quality, Adoption, Impact, Public Sector
CHAPTER ONE: Introduction
1.1 Background to the study
The rate of change affecting the world of public sector managers show no sign of slowing down especially with apparent shrink in geographical boundaries among nations of the world. Because of this, governments across the world are constantly searching for ways to improve their public financial management systems. Hence, it is sine qua non for public sector managers to harness the opportunities of globalization such as access to international finance, collaboration, international markets for domestic products and grants. To harness the above, it is paramount to evolve uniform standards of financial reporting unlike in the previous years when nations of the world had only been concerned in setting financial reporting standards in their own defined territories. The uniform standards will provide a framework that will guide the preparation and presentation of financial statements to ensure that such statements are comprehensive and present the same information to global users (Alan and Susan, 2007).