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
