IIARD International Institute of Academic Research and Development

Journal of Accounting and Financial Management (JAFM )

E-ISSN 2504-8856
P-ISSN 2695-2211
VOL. 10 NO. 9 2024
DOI: 10.56201/jafm.v10.no9.2024.pg119.136

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Effect of IPSAS Adoption as An Accountability Tool on Nigeria's Public Financial Management

Ven Prof JK Onuora Ajuonu Anulika Uche

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Abstract

This study on effect of IPSAS adoption on Nigeria public financial management was empirically investigated. The study is vital as it portrays the extent to which the adoption of international public sector accounting standards has ensured public financial management in Nigeria using Abia State, and Ebonyi State as a reference point. Three hypotheses were formulated to guide the investigation and the statistical test of parameter estimates was conducted using least square regression model. The study anchored on the stakeholders’ theory and social-contract theory. Hence, data were collected using questionnaire survey administered to the Accountants, Auditor's, administrative staff, and some contractors to the state government who are in business. The empirical analysis of the study indicates that the presentation of financial statements information about the general government sector, cash flow statements, consolidated financial statement on Nigeria public financial management. The study concludes that there is a positive effect of IPSAS adoption on public financial management in Nigeria. The study recommends that as Nigeria in her 9th dispensation, they should make stringent rules to ensure that all Federal government establishments and MDA'S across the 36 states of the federation have full compliance of IPSAS in their financial statements and records because it ensures accountability and transparency. Which is needed this time around that the nation is encountering challenges to strengthen the polity and boost confidence amongst stakeholders in the country.

keywords:

IPSAS, Financial Statement Presentation, Cash Flow Statement, Consolidated

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