INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS (IPSAS) AND ACCOUNTABILITY OF PUBLIC SECTOR.

Abstract

Nigerian states are currently confronted with difficulties of transparency and accountability in their cash-based accounting and budgeting system. It was in response to this challenge that the International Federation of Accountant (IFAC) through "International Public Sector Accounting Standard Board" (IPSASB) came up with "International Public Sector Accounting Standard" (IPSAS). The objective of this study was therefore to examine International Public Sector Accounting Standards (IPSAS) and Accountability of public sector in Nigeria. Using survey research design, the estimated population size population consists of the 20 local government in Lagos state while a sample of 10 randomly selected local government areas in Lagos state was derived using the simple random sampling technique. Independent variables that were used in this study included effective budget implementation, Staff financial expertise, comprehensive financial disclosure, comparability of financial statements and corruption among public officers and dependent variable was accountability of Public Sector in Nigeria. Frequency and mean within a range of five points was used to measure all the independent variables. The data was subjected to linear regression analysis to test the research hypotheses. The probability level was set up at 0.05 significance. The result of the Linear Regression Analysis hence indicates that International Public Sector Accounting Standards (IPSAS) impact on Accountability is significantly influenced by effective budget implementation of public sector in Nigeria with a significance level of 0.000 (p<0.05), International Public Sector Accounting Standards (IPSAS) impact on accountability is significantly influenced by Staff financial expertise of public sector in Nigeria with a significance level of 0.000 (p<0.05), International Public Sector Accounting Standards (IPSAS) impact on accountability is significantly influenced by comprehensive financial disclosure in Nigeria with a significance level of 0.000 (p<0.05), International Public Sector Accounting Standards (IPSAS) impact on accountability is significantly influenced by comparability of financial statements in Nigeria with a significance level of 0.000 (p<0.05), and International Public Sector Accounting Standards (IPSAS) impact on accountability is significantly influenced by cases of corruption among public officers in Nigeria with a significance level of 0.000 (p<0.05). This study however recommends that the Government should enforce the adoption of IPSAS since its adoption has drastically enhanced the level of accountability and transparency in the public sector organizations. The study also recommends that the federal government should release fund to power the adoption of IPSAS and make funds available for training of civil servants on International Public Sector Accounting Standards