INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS (IPSAS) AND FINANCIAL REPORTING IN EDO STATE GOVERNMENT, NIGERIA

ABSTRACT

The study examined the impact of International Public Sector Accounting Standards on financial reporting In Edo State, Nigeria. The specific objectives of the study were to, investigate the effect of IPSAS on disclosure of financial information of the public sector in Edo State, examine the impact of IPSAS on transparency and accountability of financial reporting of the public sector in Edo State, evaluate the influence of IPSAS on timely financial reporting of the public sector in Edo State. The survey research design and primary data were used. Questionnaire was administered to 208 chartered accountants in Ministries and Agencies operating under the Edo State Government. Descriptive and inferential statistics were employed to summarize the data and draw inferences on the phenomenon under investigation.  Pearson Chi Square was used to test the hypotheses of the study. The study revealed that IPSAS has a significant impact on disclosure of financial information, transparency and accountability on public sector financial reporting in Edo State. In addition, it was revealed that IPSAS has a significant influence on timely financial reporting as well as on comparability of financial reports. The study concluded that IPSAS has a significant impact on Public Sector financial reporting in Edo State Nigeria. The study recommended that the adoption of IPSAS should be sustained, publication of annual financial reports should be timely and accessible: using the internet as a disseminative medium. Furthermore, there should be greater levels of disclosure by reporting entities in their financial reports.