FINANCIAL REPORTING AND COMPLIANCE TO INTERNATIONAL PUBLIC
SECTOR ACCOUNTING STANDARDS (IPSAS) IN NIGERIA: ISSUES AND
CHALLENGES


1 Amauwa, Basil and 2 Ihendinihu, John Uzoma
1 Department of Accounting, College of Management Sciences, Michael Okpara
University of Agriculture, Umudike, Abia State, Nigeria.
E-mail: basilgreat72@gmail.comTel: +2348032181929.
2 Department of Accounting, College of Management Sciences, Michael Okpara University of
Agriculture, Umudike, Abia State, Nigeria. E-mail: ihendinihu.john@gmail.com;
TeL: +2347013560060.

Abstract
This study aims to examine issues and challenges of financial reporting and compliance to
International Public Sector Accounting Standards (IPSAS) in Nigeria. The method used in obtaining
relevant information about IPSAS from auditors and accountants in local government areas, state
departments and ministries in Abia state was structured questionnaire. This research work employed
multiple regressions as a method of analysis and eview econometric software package was used to
run the analysis. The results of the findings show that the challenges of implementing IPSAS have an
impact on the quality of financial reporting in Nigerian public sector. The researcher recommends
that there should be constitutional amendment because the Nigerian constitution does not specify the
accounting standards that should be used for preparation of financial statements, and that sanction
should be given to any government officer who tries to resist IPSAS.
Keywords: IPSAS, Adoption, public sector, Government Accounting, Financial Reporting
Challenges.

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