International Public Sector Accounting Standards (IPSAS) Adoption and Quality of Financial Report in Public Sector in Nigeria

Abstract

This study examined the impact of International Public Sector Accounting Standards (IPSAS) adoption on the quality of public financial reporting in Nigeria. One hundred fifty-five (155) accountants and internal auditors from ministries, departments, and agencies in Bayelsa State, Nigeria, were given questionnaires using a five-point Likert scale to fill out the questionnaire in order to collect data for the research. The sample size was determined using the Taro Yamane technique. In order to analyze the data, descriptive statistics were employed using the statistical technique of the ANOVA regression model. The results show that implementing IPSAS enhances accountability in the Nigerian public sector by enabling better management of public finances, credible reporting, high-quality financial reporting, transparency, comparability, and reliability. This indicates that IPSAS implementation and maintenance would help the Nigerian economy since IPSASs are seen as change agents in Nigeria. Due to the above advantages, the research recommends adopting and smoothly implementing an accrual-based government financial reporting system.

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