International Public Sector Accounting Standard (IPSAS) Adoption and Quality of Financial Report in Akwa Ibom State Civil Service (Published)
The study examined the relationship between International Public Sector Accounting Standard (IPSAS) adoption and quality of financial report in Akwa Ibom State Civil Service. To guide the study, three research questions and three null hypotheses were formulated. Descriptive research design was adopted for the study. The population of the study centered on accountants and planning officers in the MDAS of government in Akwa Ibom State Civil Service. Data collected was analyzed to bring out the descriptive statistics and the hypothesis formulated was tested using t-test, the analysis of variance and regression analysis with the aid of SPSS. The findings of the study revealed that IPSAS 3 has a significant positive relationship with faithful representation of financial reports in Akwa Ibom State Civil Service, IPSAS 17 has an insignificant positive relationship with faithful representation of financial reports in Akwa Ibom State Civil Service and that IPSAS 24 has a significant positive relationship with faithful representation of financial reports in Akwa Ibom State Civil Service. Based on the findings of the study, it is concluded that the adoption of IPSAS has a significant effect on the quality of financial report in Akwa Ibom State Civil Service. From the result of the findings, the recommendations made included that Government should engage professionals, and technocrats to drive the process and implementation of IPSAS to reflect stakeholders’ expectation and public confident in financial reporting in the public sectors.
Keywords: Adoption, Akwa Ibom State, Civil service, Financial Report, Quality, international public sector accounting standard (IPSAS)
International Public Sector Accounting Standards Adoption and Challenges of Implementation in Nigeria (Published)
This study examined International Public Sector Accounting Standards (IPSAS) adoption and challenges of implementation in Nigeria. The study employed review of literature of prior studies using institutional theory as the anchor. The review of prior studies revealed that the adoption of International Public Sector Accounting Standards (IPSAS) in Nigeria is faced with several challenges such as political-will towards full IPSAS implementation; statutory adjustment, inadequate funding and institutional commitment, poor IT infrastructure, change management issues amongst others. The study recommended amongst others that professional accountancy organisations such as the Institute of Chartered Accountants of Nigeria (ICAN) and Association of National Accountants of Nigeria (ANAN) should consider what rolethey can play in growing consciousness of the need for transparent financial reporting in the public sector entities, including but going beyond providing training on accounting standards. Also governments should introduce plans for smooth and quick migration to full accrual-based IPSAS in all public sector entities in Nigeria so as to maximize the perceived benefits associated with accrual basis of IPSAS.
Keywords: Adoption, Challenges, Financial reports, IPSAS
International Financial Reporting Standard (IFRS) Adoption and Revenue Generation: A Descriptive Study of Nigeria and Ghana (Published)
Years after the inception of International Financial Reporting Standards (IFRS), most countries of the world now permit its utilization in their countries including West Africa countries such as Nigeria and Ghana. However, some countries of the world still have not subscribed to the IFRS situation. It is thus necessary to examine the situation of things with the countries that have adopted to know if the adoption has contributed to their growth favourably or adversely. This study adopted expost facto research design to examine how IFRS has influence Revenue base of the selected countries (Nigeria and Ghana). The study concludes that it is in the best interest of developing countries to adopt IFRS. The IFRS ship is already making its way around the world as a single set of high quality global accounting standards and also facilitating revenue flow into the country. Therefore, the earlier other countries come on board, the better for them.
Keywords: Adoption, Ghana, International Financial Reporting standard, Nigeria, Revenue Generation, descriptive study
Adoption of International Financial Reporting Standards in Nigeria: A Conceptual Appraisal (Published)
A recent reality of globalization is the harmonization of accounting standards. Accounting is said to be the language of business; if this assertion holds true, then the move by the International Accounting Standards Board (IASB) to harmonise accounting standards used in the preparation of financial statements across the world is a move in the right direction. This study examined the adoption of International Financial Reporting Standards (IFRS) in Nigeria with particular emphasis on the prospects and challenges of IFRS adoption in Nigeria. The major objective of the study was to identify the benefits and challenges of adopting International Financial Reporting Standards (IFRS) in Nigeria. The descriptive research design was used in the investigation that led to the production of this paper. Data were initially collected through review of existing literature and thereafter through questionnaire administration and personal interviews. Tables and percentages were used in summarizing data obtained. Based on the results of the study, it was found that adoption of International Financial Reporting Standards (IFRS) in Nigeria will help Nigeria and Nigerian corporations, among other benefits, secure access to global capital markets. Thus, the study concluded that Nigeria will benefit to a significant extent from the adoption of IFRS. One of the recommendations made was that Government at all levels, financial regulatory agencies, professional accountancy bodies, private and public companies and institutions, and accountancy firms should fast-track IFRS education in order to boost the acquisition of IFRS knowledge and competences.
Keywords: Adoption, Appraisal, Financial, International, Nigeria, reporting standards