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ABSTRACT
This study examined the compliance level of implementation of International Public Sector Accounting Standards (IPSASs) in Nigeria. The study conducted a comparative study of implementation of cash basis IPSASs by Edo and Ondo States of Nigeria. Cross sectional research design was adopted. The study employed a checklist as a research instrument to assess the States on cash basis IPSASs compliance level. Four hypotheses were formulated and tested. T-test statistical tool on SPSS was employed to test the hypotheses. The study found that Edo and Ondo States started the implementation of cash basis IPSASs in 2014 with compliance rate of 75% and 56% respectively. It was discovered that Edo State complied with IPSASs mandatory requirements in the area of main financial statements, performance reporting and accounting policies disclosures, but was not IPSASs compliant in statistical reporting. Ondo State complied with IPSASs mandatory requirements in the area of main financial statements and accounting policies disclosures, but was not IPSASs compliant in performance reporting and statistical reporting. On hypotheses testing, out of the four areas examined, there was no significant difference between the States in their main financial statements, accounting policies disclosures and statistical performance report implementation. There was a significant difference between the two states in their performance reporting. The study concluded that Edo and Ondo States were not IPSASs compliant as at 2014. Therefore it is recommended that additional peer review and monitoring should be undertaken amongst the States with regard to the implementation of IPSASs in Nigeria. This is because IPSAS 1.14 requires one hundred percent compliance before any country can be termed IPSASs compliant. Peer pressure can facilitate the implementation process since IPSASs lack enforcement mechanism over States and Central government.
