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
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