Financial Reporting: A Tool for Revenue Generation, the Bayelsa State Experience

Abstract

Financial Reporting is a tool designed to eradicate financial corruption affecting government revenue generation. This research was embarked to examine the extend Financial Reporting can lead to improvement in revenue generation in Bayelsa State. A descriptive survey design was adopted in the study and a sample size of four (400) respondents which comprised administrators, accountants, auditors and IT Specialists working in State and Local Governments in Bayelsa State were used. Descriptive statistics, correlation analysis, and inferential statistics were among the statistical tests used to the produced data. Finally, SPSS version 26 was used for regression analysis on the collected data. According to the research, IPSAS and the Treasury Single Account (TSA) significantly affect the amount of money the state gets. Consequently, the study concludes that financial reporting is capable of enhancing the revenue base of the State by eliminating loopholes that are susceptible for diversion, embezzlement, theft and preventing tendencies of fraud perpetration that has led to the abysmal revenue generation. The study recommends that Bayelsa State government should enforce the political will to ensure full compliance in the reform agenda; ensure efficient monitoring and sustenance of these reforms and massive training of workers and enlightenment programmes for the people of the State as well as meting appropriate punishment to erring officers, institutions and organs.

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