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)
Evaluation of Challenges Facing Adoption of International Public Sector Accounting Standards (IPSAS) in Valuation Reporting in Nigeria (Published)
The issue of International Public Sector Accounting Standards (IPSAS) has come to stay in Nigeria, and interests of scholars as regard to financial reporting in the public sector are geared to it. IPSAS have been embraced by many countries because of it numerous benefits in the area of transparency and accountability. However, this study evaluates the challenges facing adoption of international public sector accounting standards (IPSAS) in valuation reporting in Nigeria. And the aim is to examine the challenges facing adoption of international public sector accounting standards (IPSAS) in valuation reporting in Nigeria with a view to providing information that will enhance implementation in the relevant sectors of government. The research objectives are to identify the relevant content of the IPSAS that will be apply to valuation reporting, to analyze the challenges facing adoption of IPSAS, and to identify the extent of adoption IPSAS in valuation reporting in Nigeria for financial reporting. Questionnaire, key informant interviews, and content analysis were adopted. Nine hundred and thirty-four (934) Estate Surveyors and Valuers both in private and public sectors, in addition to twenty six(26) accountants in different ministries all-in Nigeria were sampled. Data obtained were analyzed with the use of the following statistical tools: Relative Importance Indices (RII), Mean, Frequency and Percentage Distribution. Findings indicate that political Challenges ranked first in both respondent’s views’ with (RII = 4.69) and (RII =5.00) respectively. And others variables followed which affects adoption of IPSAS. The study recommends that, for transparency, accountability and to be in line with international best practices that all the variables analyzed in this study should be fully considered and get right.
Citation: Chinaza Henry Obineme, Ifeanyichukwu Valentine Nwafor, Stanley Chika Nwaogu (2021) Evaluation of Challenges Facing Adoption of International Public Sector Accounting Standards (IPSAS) in Valuation Reporting in Nigeria, European Journal of Accounting, Auditing and Finance Research, Vol.9, No. 6, pp.64-77
Keywords: Estate Surveyors and Valuers, Financial Report, IPSAS, Valuation, accrual accounting
IFRS-Based Results and the Readiness of Nigerian Audit Committee: The Professional Accounting Academic Standpoint (Published)
This study investigated the level of readiness of the audit committee towards understanding and interpreting IFRS based result in Nigeria. This study adopted the survey research method to garner opinion of stakeholders especially the professional accounting academic. One hundred and twenty copies of questionnaires were administered making forty copies of questionnaire to each of the three university studied. The questionnaires were analyzed with the use of One-Sample t-test. The study found that the presently constituted audit committee in Nigeria is statistically significantly weak in understanding and interpreting IFRS based results. It is therefore recommended as a matter of urgency that the audit committee members be subjected to training that will specifically tailored towards the application of IFRS in their various sectors and industry they represent. This training should not however, be one off. It should be continuous and in timely manner as changes in IFRS is still ongoing
Keywords: Academic, Audit Committee, Financial Report, IFRS, Professional and Nigeria