This document summarizes a study that examined the effects of implementing International Public Sector Accounting Standards (IPSAS) on public sector financial management in Nigeria. The study found that IPSAS explained about 11.2% of the variation in public sector financial management. It was statistically significant that IPSAS implementation affects public sector financial management in Nigeria. However, challenges remain in fully implementing IPSAS in Nigeria, including the costs associated with identifying government assets and providing training. The document provides background on traditional public sector accounting standards, the meaning of the public sector and public financial management, and reviews literature on IPSAS, its challenges and implementation.
The Nexus between Fiscal Decentralization and Economic Growth: Evidence from ...RSIS International
Panel Vector Auto Regression is used to examine the
impact of financial decentralization on economic growth in
seventeen sub-national governments (SNGs) in India taking data
from 2000-01 to 2014-15. We find the positive impact of
decentralization on the economic growth of SNGs with feedback
effect.
Effects of Financial Management Reforms on Financial Corruption in Nigeria Pu...ijtsrd
This paper examined Financial Management Reforms and its Effect on Curbing Financial Corruption in Nigeria Public Sector. A survey design was adopted in the study and a sample of three hundred and twenty four 324 respondent which consist of Accountants and Auditors from Anambra state MDAs. The variables used for this study consists of dependent and independent variables. The dependent variable for this study is financial management reform proxy as IPSAS, TSA, IPPIS, and GIFMIS. The data generated were subjected to different statistical tests such as descriptive statistics, correlation analysis, jargua Bera normality test, and auto correlation test. The data gathered were finally analyzed using Ordinary Least Square OLS regression analysis. The study found that International Public Sector Accounting Standards IPSAS and Treasury Single Account TSA , when tested as standalone variables was found to be positively and statistically significant in curbing financial corruption. While Integrated Payroll and Personnel Information System IPPIS and Government Integrated Financial Management Information System GIFMIS when tested as standalone variable was found to be positively but insignificantly and negatively but insignificantly curbing financial corruption respectively across public sector in Nigeria. Meanwhile, the t statistic result of the interaction among these variable showed that their combination can go a long way in curbing financial corruption. The study recommends that, There should be Effective efficient monitoring, upgrading and sustenance of IPSASs, TSA, IPPIS and GIFMIS in the public sector, if Nigerian government is actually sincere and serious about tackling corruption in the country and stop cases of financial mismanagement, teaming and lading and prepare financial statements that could make full disclosure of every material facts and figures. This study, been the first and best of its type, makes a two major contributions to knowledge in a way that the variables used were tested as both stand alone and interactive variables, and the results are quite revealing. Onukelobi, Peace Chinwe | Okoye, Pius V. C. "Effects of Financial Management Reforms on Financial Corruption in Nigeria Public Sector" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-6 , October 2019, URL: https://www.ijtsrd.com/papers/ijtsrd29255.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/29255/effects-of-financial-management-reforms-on-financial-corruption-in-nigeria-public-sector/onukelobi-peace-chinwe
The Nexus between Fiscal Decentralization and Economic Growth: Evidence from ...RSIS International
Panel Vector Auto Regression is used to examine the
impact of financial decentralization on economic growth in
seventeen sub-national governments (SNGs) in India taking data
from 2000-01 to 2014-15. We find the positive impact of
decentralization on the economic growth of SNGs with feedback
effect.
Effects of Financial Management Reforms on Financial Corruption in Nigeria Pu...ijtsrd
This paper examined Financial Management Reforms and its Effect on Curbing Financial Corruption in Nigeria Public Sector. A survey design was adopted in the study and a sample of three hundred and twenty four 324 respondent which consist of Accountants and Auditors from Anambra state MDAs. The variables used for this study consists of dependent and independent variables. The dependent variable for this study is financial management reform proxy as IPSAS, TSA, IPPIS, and GIFMIS. The data generated were subjected to different statistical tests such as descriptive statistics, correlation analysis, jargua Bera normality test, and auto correlation test. The data gathered were finally analyzed using Ordinary Least Square OLS regression analysis. The study found that International Public Sector Accounting Standards IPSAS and Treasury Single Account TSA , when tested as standalone variables was found to be positively and statistically significant in curbing financial corruption. While Integrated Payroll and Personnel Information System IPPIS and Government Integrated Financial Management Information System GIFMIS when tested as standalone variable was found to be positively but insignificantly and negatively but insignificantly curbing financial corruption respectively across public sector in Nigeria. Meanwhile, the t statistic result of the interaction among these variable showed that their combination can go a long way in curbing financial corruption. The study recommends that, There should be Effective efficient monitoring, upgrading and sustenance of IPSASs, TSA, IPPIS and GIFMIS in the public sector, if Nigerian government is actually sincere and serious about tackling corruption in the country and stop cases of financial mismanagement, teaming and lading and prepare financial statements that could make full disclosure of every material facts and figures. This study, been the first and best of its type, makes a two major contributions to knowledge in a way that the variables used were tested as both stand alone and interactive variables, and the results are quite revealing. Onukelobi, Peace Chinwe | Okoye, Pius V. C. "Effects of Financial Management Reforms on Financial Corruption in Nigeria Public Sector" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-6 , October 2019, URL: https://www.ijtsrd.com/papers/ijtsrd29255.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/29255/effects-of-financial-management-reforms-on-financial-corruption-in-nigeria-public-sector/onukelobi-peace-chinwe
A study on Budget deficit AND Its impact on the economy of BangladeshMd Showeb
Government budget deficit is the difference between government revenues and expenditures. Government has different sources of revenues. Major portion of government revenues comes from direct and indirect taxes. Direct taxes come from income and profits of individuals and institutions and indirect taxes come from import duty, supplementary duty and value added tax. It can be put in different way. Direct taxes are the part of economic revenues and incomes of individuals and institutions and indirect taxes are the part of economic transactions in the form of buy, sale, export and import transactions. If government wants accelerate its revenues to meet the growing public expenditures and to reduce the budget deficit without reducing the expenditures of different influential sectors, much efforts should be made to increase economic revenues and income as well as the economic transactions so that the government revenues can meet the growing demand of the economy with the increase in revenues from income tax, import duty, supplementary duty and value added tax. In this regard the concentration of the report is on the management of deficit budget to minimize bad effects and maximize the utilization of funds. Having budget deficit is not a problem at all. The problems lie with the government inefficiency in the management of budget deficit. The evaluation of different reasons behind deficit budget and the evaluation of different bad effects of deficit budget are two crucial parts of our discussion. The impact of budget deficit on the different sectors of the economy is addressed here with relevant information. It is further concentration point of the report to find ways to improve the management performance of the government to achieve different macroeconomic goals with the help of expansion of economic revenues and transactions. The government revenues increase with the increase in economic revenues and economic transactions. The key point of our discussion is government should not decrease the public expenditures as the population is growing. The expenditures on different public sectors have to be increased as the population is growing. But budget deficit should not grow to meet the expenditures as budget deficit has some associated problems with it. For this reason government has to concentrate on accelerating the revenue collection rapidly with the expansion of economic revenues and economic transactions. For this reason government should try to integrate different policies to achieve key macroeconomic goals.
The Effect Of Government Apparatus Competence And The Effectiveness Of Government Internal Control Toward The Quality Of Financial Reporting And Its Impact On The Performance Accountability In Local Government (Survey Of All Units Local Government In Tegal City – Central Java Province- Indonesian)
Budgetary Considerations in Governmental AccountingNeveenJamal
The main purpose of government is to provide a variety of services to their citizens.
Most of governmental resources are derived from those who pay taxes, but most tax payer do not pay taxes.
Therefore, It can be said that the various services provided by government must compete with each other for scarce resources.
Budget is a process that provides for accumulating resources and for allocating them among competing programs.
Government And Not-For-Profit Accounting Concepts And Practices 7th Edition G...NathanielsIs
Full download : https://alibabadownload.com/product/government-and-not-for-profit-accounting-concepts-and-practices-7th-edition-granof-test-bank/ Government And Not-For-Profit Accounting Concepts And Practices 7th Edition Granof Test Bank
Do Regional Finance Accountability And Budgetary Composition Enhance Regional...inventionjournals
Accountability is pivotal factor in the implementation of successful good governance since accountability is an indicator whether public fund is spent properly or not. Another relevant factor is budgetary composition more particularly local tax revenue and capital expenditure due to their correlation with public service. Empirical evidence showed that regional finance accountability affected regional economic performance measured using the Supreme Audit Board opinion and the amount of saved fund had negative and significant influence towards Gross Regional Domestic Product. On the other hand, budgetary surplus had positive and significant influence towards the Gross Regional Domestic Product. Budgetary composition and regional expenditure improved regional economic performance measured using local tax revenue and capital expenditure that have positive and significant influence towards Gross Regional Domestic Product.
International Public Sector Accounting Standards and Financial Reporting in N...iosrjce
IOSR Journal of Economics and Finance (IOSR-JEF) discourages theoretical articles that are limited to axiomatics or that discuss minor variations of familiar models. Similarly, IOSR-JEF has little interest in empirical papers that do not explain the model's theoretical foundations or that exhausts themselves in applying a new or established technique (such as cointegration) to another data set without providing very good reasons why this research is important.
Effect of Accounting Records on Financial Performance of Small and Medium Ind...ijtsrd
This study examines the effect of accounting records on financial performance of small and medium industries in Nigeria. Specifically the study sought to determine whether small and medium industries keep accounting records of their financial transactions in Anambra state and evaluate whether sound accounting system significantly improve the performance of small and medium industries in Anambra State. Survey research designs were adopted for the study. Data were collected through survey in which questionnaire was administered on a sample of 176 was purposively collected from population of selected small and medium industries. The study found that the Small and medium industries keep accounting records of their financial transactions in Anambra state. Also that sound accounting system has significantly improved the performance of small and medium industries in Anambra State. Based on this, it recommended that the cost of operating sound accounting system should be minimized in order to encourage the adoption of in small and medium industries in the State. Okpala, Lucy Ifeoma ""Effect of Accounting Records on Financial Performance of Small and Medium Industries in Nigeria"" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-4 , June 2019, URL: https://www.ijtsrd.com/papers/ijtsrd25084.pdf
Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/25084/effect-of-accounting-records-on-financial-performance-of-small-and-medium-industries-in-nigeria/okpala-lucy-ifeoma
A study on Budget deficit AND Its impact on the economy of BangladeshMd Showeb
Government budget deficit is the difference between government revenues and expenditures. Government has different sources of revenues. Major portion of government revenues comes from direct and indirect taxes. Direct taxes come from income and profits of individuals and institutions and indirect taxes come from import duty, supplementary duty and value added tax. It can be put in different way. Direct taxes are the part of economic revenues and incomes of individuals and institutions and indirect taxes are the part of economic transactions in the form of buy, sale, export and import transactions. If government wants accelerate its revenues to meet the growing public expenditures and to reduce the budget deficit without reducing the expenditures of different influential sectors, much efforts should be made to increase economic revenues and income as well as the economic transactions so that the government revenues can meet the growing demand of the economy with the increase in revenues from income tax, import duty, supplementary duty and value added tax. In this regard the concentration of the report is on the management of deficit budget to minimize bad effects and maximize the utilization of funds. Having budget deficit is not a problem at all. The problems lie with the government inefficiency in the management of budget deficit. The evaluation of different reasons behind deficit budget and the evaluation of different bad effects of deficit budget are two crucial parts of our discussion. The impact of budget deficit on the different sectors of the economy is addressed here with relevant information. It is further concentration point of the report to find ways to improve the management performance of the government to achieve different macroeconomic goals with the help of expansion of economic revenues and transactions. The government revenues increase with the increase in economic revenues and economic transactions. The key point of our discussion is government should not decrease the public expenditures as the population is growing. The expenditures on different public sectors have to be increased as the population is growing. But budget deficit should not grow to meet the expenditures as budget deficit has some associated problems with it. For this reason government has to concentrate on accelerating the revenue collection rapidly with the expansion of economic revenues and economic transactions. For this reason government should try to integrate different policies to achieve key macroeconomic goals.
The Effect Of Government Apparatus Competence And The Effectiveness Of Government Internal Control Toward The Quality Of Financial Reporting And Its Impact On The Performance Accountability In Local Government (Survey Of All Units Local Government In Tegal City – Central Java Province- Indonesian)
Budgetary Considerations in Governmental AccountingNeveenJamal
The main purpose of government is to provide a variety of services to their citizens.
Most of governmental resources are derived from those who pay taxes, but most tax payer do not pay taxes.
Therefore, It can be said that the various services provided by government must compete with each other for scarce resources.
Budget is a process that provides for accumulating resources and for allocating them among competing programs.
Government And Not-For-Profit Accounting Concepts And Practices 7th Edition G...NathanielsIs
Full download : https://alibabadownload.com/product/government-and-not-for-profit-accounting-concepts-and-practices-7th-edition-granof-test-bank/ Government And Not-For-Profit Accounting Concepts And Practices 7th Edition Granof Test Bank
Do Regional Finance Accountability And Budgetary Composition Enhance Regional...inventionjournals
Accountability is pivotal factor in the implementation of successful good governance since accountability is an indicator whether public fund is spent properly or not. Another relevant factor is budgetary composition more particularly local tax revenue and capital expenditure due to their correlation with public service. Empirical evidence showed that regional finance accountability affected regional economic performance measured using the Supreme Audit Board opinion and the amount of saved fund had negative and significant influence towards Gross Regional Domestic Product. On the other hand, budgetary surplus had positive and significant influence towards the Gross Regional Domestic Product. Budgetary composition and regional expenditure improved regional economic performance measured using local tax revenue and capital expenditure that have positive and significant influence towards Gross Regional Domestic Product.
International Public Sector Accounting Standards and Financial Reporting in N...iosrjce
IOSR Journal of Economics and Finance (IOSR-JEF) discourages theoretical articles that are limited to axiomatics or that discuss minor variations of familiar models. Similarly, IOSR-JEF has little interest in empirical papers that do not explain the model's theoretical foundations or that exhausts themselves in applying a new or established technique (such as cointegration) to another data set without providing very good reasons why this research is important.
Effect of Accounting Records on Financial Performance of Small and Medium Ind...ijtsrd
This study examines the effect of accounting records on financial performance of small and medium industries in Nigeria. Specifically the study sought to determine whether small and medium industries keep accounting records of their financial transactions in Anambra state and evaluate whether sound accounting system significantly improve the performance of small and medium industries in Anambra State. Survey research designs were adopted for the study. Data were collected through survey in which questionnaire was administered on a sample of 176 was purposively collected from population of selected small and medium industries. The study found that the Small and medium industries keep accounting records of their financial transactions in Anambra state. Also that sound accounting system has significantly improved the performance of small and medium industries in Anambra State. Based on this, it recommended that the cost of operating sound accounting system should be minimized in order to encourage the adoption of in small and medium industries in the State. Okpala, Lucy Ifeoma ""Effect of Accounting Records on Financial Performance of Small and Medium Industries in Nigeria"" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-4 , June 2019, URL: https://www.ijtsrd.com/papers/ijtsrd25084.pdf
Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/25084/effect-of-accounting-records-on-financial-performance-of-small-and-medium-industries-in-nigeria/okpala-lucy-ifeoma
The study examined the effects of Integrated Financial Management Information System on Financial Reporting Effectiveness of District Local Governments in Uganda. The study adopted a descriptive case study research design due to its strength to giving reliable and firsthand information about the current state of affairs of the variable being researched about. Data was collected using a questionnaire and structured interview, data was analyzed quantitatively by Statistical Package for Social Sciences (SPSS) and qualitatively by thematic. The study found that IFMIS positively affects and improves the financial reporting effectiveness of district local governments in Uganda as it ensures consistency in reporting with mean support of 3.30, accuracy 4.19, timely reporting 4.39, transparency 4.32 and ensuring relevancy of the report 4.23 out of 5. This overwhelming support reflects that IFMIS has great effect on financial reporting of effectiveness of district local governments. This positive effect is attributed to effective budget preparation, transaction processing and effective report preparation of the system, meaning that, meaning that the findings indicate the fulfillment of one of the objective for the introduction of Integrated Financial Management Information System (IFMIS) in district local government in Uganda which is improving financial accountability through prompt financial reporting effectiveness
Creative Accounting Dynamics and Financial Reporting Quality in Public Corpor...YogeshIJTSRD
The public corporations are pivotal institutions that are vehicle used by the government to lubricate an economy and engender development. As government owned entity, their activity stimulates the economy of any nation. This paper examines financial statement to investigate the extent to which creative accounting issues in such financial reports had influenced the quality of such report in the public corporations in Nigeria. The study used secondary data from ten selected public corporate entities’ annual reports to rate the influence of creative accounting manipulations or otherwise on factors that influences financial reporting quality. A deductive approach using descriptive survey and inferential statistics were used to reach general conclusions based on the results from the findings. The result shows that application of standards allows for accounting preparer to use discretions given room to either positive or negative impact on financial reporting quality. The study noted that in Nigeria, the annual reports most times show positive growth while the economic reality signs show otherwise. Manipulative behaviours in financial reports in public corporations in Nigeria promotes corruption, destroys the image of the nation, public loss of confidence and negative growth trend. Otse Amos Egwurube "Creative Accounting Dynamics and Financial Reporting Quality in Public Corporations in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-3 , April 2021, URL: https://www.ijtsrd.com/papers/ijtsrd38651.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/38651/creative-accounting-dynamics-and-financial-reporting-quality-in-public-corporations-in-nigeria/otse-amos-egwurube
Factors Influencing the Level of Compliance with International Financial Re...Premier Publishers
Compliance with International Financial Reporting Standards (IFRS) by Small and Medium-Scale enterprises (SMEs) has become a topical issue in accounting research, and it has become necessary in order to enhance the ability of SMEs to live up to international best business practices. SMEs are pivotal to the growth and development of any nation's economy. Many countries are opening their doors to foreign investments due to globalization and businesses are expanding beyond their national borders. Therefore, there is a need for the SME sector in Nigeria to be prepared and take advantage of this phenomenon for their growth by ensuring that their financial reports comply with the disclosure requirements of IFRS. This study assessed the factors that influence the levels of compliance with IFRS by SMEs in Ondo State, Nigeria. A cross sectional survey of one hundred SMEs in Akure was conducted through structured questionnaire. The data was analyzed using Single-Factor Descriptive Analysis, Weighted Mean Scoring, Principal Component Analysis and Regression Analysis. The study found there was low level of compliance by the SMEs in the study area and major factors influencing compliance are proper accounting records submission of accounting statements to regulatory bodies and knowledge of IFRS with mean ratings of 3.29, 3.27, 3.26 and 3.24 respectively. It concluded that there is need for the SMEs in the study area to comply with the disclosure requirements of IFRS in order to improve their capitalization and profitability. It is recommended that Financial Reporting Act in Nigeria is reviewed to make compliance of SMEs with IFRS mandatory and that Financial Reporting Council should ensure proper capacity development to enable SMEs compliance.
Aggestam a project management perspective on the adoption of accrual based ipsasicgfmconference
Moving from cash or modified accrual-based accounting to full accrual accounting under
International Public Sector Accounting Standards (IPSAS) can be a challenging endeavor.
Ensuring proper convergence to accrual based IPSAS entails not only a vast amount of work
in the accounting arena of any given public sector entity or government but also often major
changes in business processes and practices. By using a project management approach in
adopting IPSAS an organization/government can make certain that, for example: the project
gets necessary support from top management; a sound governance structure is put in place;
communication and training plans are developed and managed; new accounting policies are
written; and necessary alignment of business processes will take place in a timely manner.
Sound project management may facilitate cost-effective adoption of IPSAS and a broader
strengthening of business practices across the implementing organization/government.
Treasury Single Account policy is a Public Financial Management reform under the world bank that
came into full force in Nigeria in the year 2015, this was aimed at addressing impediments to effective cash
management within the Federal Government.
Forensic Accounting and Integrated Financial Reporting of Banks using HausmanIJAEMSJORNAL
This study examined forensic accounting and integrated financial reporting of listed banks in Ghana. The study aimed to examine forensic accounting effects on the integrated financial reporting of the listed banks. Its specific objectives determined the impact Litigations, Claims, Fraud cases reported, Cost of forensic investigation and Non-performing loans (LCFCN) have on integrated financial reporting variables such as corporate social responsibility – CSR. Integrated financial reporting (IFR) is the dependent variable while forensic accounting (FA) is the independent variable. In line with these stated objectives, five research questions and five hypotheses were formulated and it adopted the ex-post facto research design. The population of study constitutes 24 listed banks in Ghana, only 8 listed banks was selected through a purposive sampling. The data for the study was purely secondary and sourced from related books of the banks via Central Banks bulletin (Ghana), African financials and banks reports for a period of 16years from 2004-2020. Moreover, data were analyzed using the descriptive statistics, the Shapiro -Wilk test for a diagnostic check for normality and a combination of the panel regression analysis with the Hausman test which aided appropriately specification whether the analysis should be done with a fixed effect or random effect model of which the fixed effect was used for the interpretation at (P 0.050 < 0.10). In nations analyzed, the results among others demonstrated that forensic accounting and integrated financial reporting were statistically significant at 1%, 5%, and 10% as claims is positive and have significant effect on CSR (β = 64687.53, P<0.10); Non-performing loans is statistically significant and had a negative effect on CSR (β = -2.934, P= 0.054 @ 0.10). The study hence concludes that the effective implementation of forensic accounting had a constructive and significant effect on the integrated financial reporting of listed banks in Ghana. The study recommends among others that the apex banks should mandate banks to incorporate forensic accounting when reassessing their employability skill set, report production, debt administration and management, and portray fairness virtue in their reporting system so as to attract more investment and positive public image.
Effective Performance and Accountability Reporting Challenges in Nigeria Publ...ijtsrd
There has been perceived weakness deeply rooted in corruption in the accountability of government fund as experienced in all facets of Nigeria public sector and consequential waste of national resources, loss of human capital and decay of economic infrastructure within the economy. It is evident that the people electorates are in a bad position and suffering socio economically because of the lack of integrity and accountability in governments around the world, Nigeria in particular. This study empirically analyse the effective performance and accountability reporting challenges in the public sector of the Nigerian economy. 138 questionnaires were administered to the respondents but only 125 were returned comprising 24 Directors and 55 Accountants Auditors of Finance and Account from Ministries Ministerial departments 79 and 46 Accountants Auditors from LGAs , thereby representing ninety percent 90.6 of the population and the data generated for this study were analysed using simple percentages, Z test and Pearson Product Moment Correlation Coefficient via the Statistical Package for Social Sciences SPSS, 20.0 version. The result shows that accrual basis of accounting significantly promote more effective performance and accountability reporting in Nigeria Public Sector and that there is significant relationship between improved accountability and performance reporting in Nigeria Public Sector and professional accounting bodies. The study concluded that the basic fundamental way for economic development is financial discipline and elimination of wastages of national resources in the public sector which is the direct function of accountability that it is rather unfortunate that the level of accountability experienced in the country is unacceptable due to weak accounting infrastructure, ineffective oversight bodies and the clog in the wheel of legal framework. The study recommended that Government should ensure that they create enabling environment for the development of professional Accountants and employed them in the civil service and that would be achieved by retaining the existing through motivation and attracting the new with good working conditions a proactive legislature and regulatory framework that should not only exist on paper but must be operational should be in place, thus giving the FRCN the operational right through adequate funding the provisions of 1999 constitution authorising review of audited report by PAC should be strictly adhered to with punishment spelled out for non compliance and also provide for the qualification of members of PAC. More so, there should be re orientation of members to encourage them to work in the public sector and the professional accounting bodies should motivate accounting students aspiring to be professionals while the civil society and organized labour unions should help create a more vibrant civil society so that they can balance the effects of bureaucratic actions. Peter-Mario Efesiri Efenyumi | Dhes
Effect of Treasury Single Account TSA on Selected Tertiary Institutions in Ni...ijtsrd
Successive governments in Nigeria have continued to operate multiple accounts for the collection and disbursement of government revenues in flagrant disregard to the provision of the constitution which requires that all government revenues be remitted into a single account. The Treasury Single Account TSA was recently implemented fully in the Nigerian economy by the present government in order to ensure prudence and probity in the management of financial resources. Treasury Single Account TSA came as a quick fix to regulate the level of accountability and transparency in managing the financial resources of the government of the country. With the TSA, government expects to block all loopholes and leakages of financial resources of the government and also ensure a robust financial management system. This paper therefore provides the conceptual meaning of the TSA, and also outline its expected benefits to the economy of Nigeria such as, enhanced system of financial management and control, unification of various Accounts of government, reduction of the costs of government borrowing and ensuring the optimum utilization of government financial resources. This paper also analyses the objectives of the TSA systems and its various Accounts such as TSA main account, Subsidiary Account, ZBAs, Transit and Imp rest Account among others. This paper finally discussed the prospects of the TSA system and its challenges and concludes that, the system requires political will, honesty and determination so as to overcome the various challenges identified in the paper in order to achieve the expected benefits of the system. Olaleye John Olatunde | Abbas Babajide Ayodeji ""Effect of Treasury Single Account (TSA) on Selected Tertiary Institutions in Nigeria"" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-3 , April 2019, URL: https://www.ijtsrd.com/papers/ijtsrd23458.pdf
Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/23458/effect-of-treasury-single-account-tsa-on-selected-tertiary-institutions-in-nigeria/olaleye-john-olatunde
Profitability and Timeliness of Financial Reports in Nigerian Quoted Companiesijtsrd
This study examined the relationship between profitability and timeliness of financial reports in Nigerian quoted companies. Ex Post Facto research design was adopted for the study. The population is all the 145 quoted companies in Nigeria. The sample size was determined using Taro Yamane method. Data were sourced from the content analysis of annual reports and accounts of the selected quoted Nigerian companies for eleven years from the year 2010 to 2019. The panel data regression technique was used to estimate the relationship between the variables with aid of e view 9.0 software. The outcome of the study revealed that there is a significant relationship between profitability and timeliness of financial reports in Nigerian quoted companies at 5 level of significance. The study therefore, recommended Since lower profitability most especially losses poses high risk including liquidation risk. Auditors should take more time in their audit to avoiding future litigations more especially the firms with bad news. Aigienohuwa, Osarenren O | Uniamikogbo, Emmanual "Profitability and Timeliness of Financial Reports in Nigerian Quoted Companies" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-6 , October 2021, URL: https://www.ijtsrd.com/papers/ijtsrd47698.pdf Paper URL : https://www.ijtsrd.com/management/accounting-and-finance/47698/profitability-and-timeliness-of-financial-reports-in-nigerian-quoted-companies/aigienohuwa-osarenren-o
Effect of Financial Reporting Quality on Corporate Performance Evidence from ...YogeshIJTSRD
This study determined the relationship between discretionary accruals, non discretionary accruals, on return on investment. Data for this study were obtained from secondary sources only. The study adopted an ex post facto research design. The secondary data were obtained from annual reports of 22 listed banks in Nigeria Stock Exchange. The sample banks were obtained using the stratified sampling technique while the sample size was obtained using the random sampling technique. The variables that were considered in this study are financial reporting quality and corporate performance, which were represented by the effect of discretionary accruals, and non discretionary accruals on return on investment. Data analyses were carried out using Ordinary Least Square statistical tools with aid of E view 9 and the level of significance used to test the hypothesis was 5 . The findings show that there is negative but significant relationship between discretionary accruals, non discretionary accruals and return on investment. Based on the findings, the study recommended that management of listed banks should ensure that they adopt best practices in financial reporting like Automated financial reporting solutions because there is direct relationship between abnormal accruals and return on investment. Anichukwu, Salome A | Ekwueme, Chizoba M "Effect of Financial Reporting Quality on Corporate Performance: Evidence from Listed Banks in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-3 , April 2021, URL: https://www.ijtsrd.com/papers/ijtsrd39835.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/39835/effect-of-financial-reporting-quality-on-corporate-performance-evidence-from-listed-banks-in-nigeria/anichukwu-salome-a
International Journal of Business and Management Invention (IJBMI)inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
1. American International Journal of Business Management (AIJBM)
ISSN- 2379-106X, www.aijbm.com Volume 2, Issue 12 (December 2019), PP 01-10
*Corresponding Author: Efuntade, Alani Olusegun www.aijbm.com 1 | Page
The Effect of International Public Sector Accounting Standard
(IPSAS) Implementation and Public Financial Management
In Nigeria.
Efuntade, Alani Olusegun,
Department of Accounting, Achievers University, P.M.B. 1030, Owo, Nigeria.
ABSTRACT:- This study examined the effects International Public Sector Accounting Standards (IPSAS)
implementation on public sector financial management in Ekiti State, Nigeria. The study adopted a descriptive
survey research design because it helps in obtaining similar information from various groups of persons through
the use of an administered questionnaire. The population covered all the staffs of Ekiti State Accountant
General’ s Office; out of which 50 staff was selected as the sample size and this was achieved through random
sampling technique. A close ended questionnaire was used to elicit the needed information from the respondents
and the necessary validity and reliability of the instrument were done accordingly to authenticate the items on
the questionnaire. Data generated from the respondents was analyzed through simple regression and mean and
standard deviation. The findings of the study revealed that the independent variable explained about 11.2% of
the systematic variation of the dependent variable. The overall fitness of the model as shown in the F statistics
of 18.189 with a probability of 0.04 was statistically significant as it was lesser than the standard critical p-value
of 0.05. This, therefore call for the rejection of the null hypothesis. Hence, there is a significant effect of IPSAS
on the public sector financial management in the Nigerian Public sector. Hence, we conclude that IPSAS would
significant influence public sector financial management in Nigeria and that the challenges of Nigerian public
sector are costs associated with tracking and identifying government tangible assets. Hence, it was
recommended that government at all levels; should as a matter of necessity embark on continuous training and
retraining of accounting personnel who are charged with the responsibilities of preparing the accounts in order
to maintain and sustain enhanced credibility of financial reporting
Keywords: IPSAS, Public Financial Management, Public Sector Accounting,
I. BACKGROUND OF THE STUDY
The traditional approach to public sector accounting is based on cash accounting under the Generally
Accepted Accounting Principles (GAAP) which was copied from the private sector. The GAAP was originally
meant for the private sector. It is convenient for accounting and cheap because in government, the primary
objective of the financial statements has been for an individual Accounting Officer to be held to account and
responsible for the way in which funds allocated in the budget have been utilized based on cash accounting.
Unfortunately, The GAAP system has been criticized for poor transparency and accountability. The GAAP has
failed in the public sector because the public and private sectors are different in objectives, goals, and
expectation. Hence, the need for review was apparent and urgent to improve public financial resources
management. The pressure to review the GAAP was more in the wake of the European Financial crisis which
later became global because it was argued that the sometimes inapplicable GAAP accounting practices of the
private sector being used in the public sector contributed to the event and somewhat belated response to the
financial crisis. Ever since, Scholars have been concerned about accounting change in government (Sanderson
2009; IFAC, 2007).
Meaning of Public Sector
The public sector is usually composed of organizations that are owned and operated by the government.
This includes federal, state and local governments. Ibhahulu (2012) described public sector as that sector of the
economy established and operated by the government and its agencies distinguishable from the private sector
and are organized on behalf of the whole citizens. Mathias (2004) explain that private sector accounting aim in
theory is different from public sector accounting and argued that most government agencies and municipalities
need to track funds generated from tax revenues and direct it towards their expenditures and other related
projects or appropriations. In addition, nations may need to follow a set of standard of accounting principles
different from private sector accounting rules. But with the development of international accounting standard
helps countries to follow similar rules thus making preparation and presentation of similar financial statement
possible.
2. The Effect of International Public Sector Accounting Standard (IPSAS) Implementation And Public…
*Corresponding Author: Efuntade, Alani Olusegun www.aijbm.com 2 | Page
While Public Sector Accounting according to Oshisami (1992) and Olaoye (2010) is refers to the
process of recording, analyzing, classifying, summarizing, and communicating and interpreting financial
information about the government in aggregate and in detail, which reflects all transactions involving receipt,
transfer and disposition of government property and funds. Accounting is often said to be the language of
business”. It is used in the business world to describe and report the transactions entered into by all kinds of
government parastatals. In any situation where money is used as a mean of exchange, this calls for the recording
of the facts and figures underlying the financial transactions at least for ease of reference (Muyiwa, 2002).
1.3. PUBLIC FINANCIAL MANAGEMENT
The public sector financial management is described as a high-quality financial information in the
public sector that enables an accurate and complete assessment of the impact of policy decisions, supports
external reporting by governments to electorates, taxpayers, and investors; and aids internal decisions on
resource allocation (planning and budgeting), monitoring, and accountability of the government (International
Federation of Accountants, 2017).
1.4. PUBLIC SECTOR ACCOUNTING
Nigerian public sector accounting is strategic in the development of the Nation through the public
sector apparatus on one hand, it drives the business operations of the private sector to a large extent on the other
hand. The public sector accounting financial system in Nigeria is managed by the Ministry of Finance and the
budget office at the Federal level, while each of the thirty-six States of the Federation run their financial affairs
through their individual Ministries of Finance and budget offices as each State is autonomous with separate
budgets backed up by an appropriation law. Also, each of the seven hundred and seventy-four Local councils of
the nation run their affairs separately. The three tiers maintain individual budgets that are guided by separate
appropriation laws from preparation, approval, implementation of the government budgets. They are
individually governed with separate functionaries. They also maintain the development of the public sector
financial reports for audit and publication individually.
II. REVIEW OF RELATED LITERATURE
2.1 CONCEPTUAL REVIEW
INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS (IPSAS)
International Public Sector Accounting Standards (IPSASs) are a set of accounting standards issued by
the International Public Sector Accounting Standards Board for use by public sector entities around the world in
the preparation of financial statements (Modebe, & Ogundele, 2016). These standard is a replicate of the private
sector standard (International Financial Reporting Standards) issued by the International Accounting Standards
Board (IASB). IPSASs are issued by IPSASB (International Public Sector Accounting Standards Board), an
independent organ of IFAC (International Federation of Accountants). The IPSASB adopts a due process for the
development of IPSASs that provides the opportunity for comment by interested parties including auditors,
preparers (including finance ministries), standard setters, and individuals. IPSASB’s meetings to discuss the
development and to approve the issuance of IPSASs or other papers are open to the public. Agenda papers,
including the minutes of the meetings of the IPSASB, are published on the IPSASB's website (Heald, 2003;
Acho, 2014; ICAN 2014; Frank, 2015; Erin, Okoye, Modebe, & Ogundele, 2016).
The global apprehension, eagerness for better public financial management, fiscal prudence that
guarantees improved governance, accountability, and transparency have been a driving concern to both
developed and developing countries. This has given rise to many reforms such as the establishment of IPSAS by
IFAC which establishes and promotes the application of IPSAS for public sector entities around the world.
CHALLENGES OF IPSAS IMPLEMENTATION
In the pre-implementation era, Ijeoma and Oghoghome (2014) assert that Nigeria transition to Accrual
basis of IPSAS will bring about a lot of challenges such as: Systematic identification and valuation of assets and
liabilities as at the date from which accrual accounting commenced; Lack of adequate technical resources;
Political ownership such as inadequate support at the highest levels of the executive; Consolidation issues. Also,
Shehu, and Adamu (2014), that it challenges may be time consuming as well as resources needed to be provided
in order to carry out seminar and workshops for those who dealt with financial reporting matters of public
organizations may be inadequate to fully meet up with the requirements of IPSAS.
IPSAS are essential to the development of an efficient public sector accounting and reporting system in
any country to identify and measure the government's expenses, revenues, assets, and liabilities properly.
Therefore, the adoption of IPSAS in Nigeria in 2010 was a welcome development by all the tiers of government.
However, each tier has a different capacity to withstand what it takes to implement it regarding various factors
3. The Effect of International Public Sector Accounting Standard (IPSAS) Implementation And Public…
*Corresponding Author: Efuntade, Alani Olusegun www.aijbm.com 3 | Page
such as finance, expertise and political party alignment, which may be hindering the implementation and slow
the process of better governance.
IPSASB has issued forty accrual standards, but ironically despite the benefits, none of the standards has
been implemented in Nigeria. Many jurisdictions have adopted Accrual IPSAS but have not implemented them.
Some have implemented them either partially or completely. Much more are on the road to implementing the
standards. According to Aboagye (nd), the European Commission (EC), North Atlantic Treaty Organization
(NATO) and some members of the African Union (AU) such as Ghana, South-Africa, Zimbabwe, and Botswana
have adopted IPSAS.Also, the primary financial resource suppliers to developing nations such as the World
Bank, the Asian Development Bank, and the United Nations have endorsed transition from Cash Basis to
Accrual IPSAS for use in accounting for the financial assistance they offer. Chan (2005) explains that the
reports on the accounting and auditing gap assessment, prepared by the World Bank for the South Asian
countries indicate that all South Asian countries (Bangladesh, Bhutan, India, Afghanistan, Bangladesh, Bhutan,
India, Maldives, Nepal, Pakistan and Sri Lanka) have migrated to Accrual IPSAS successfully
Despite the benefits, the implementation of this unique accounting change in government has been
problematic because many governments are reluctant to accept the IPSAS reform but rather prefer to stick to the
prior system of financial reporting. Notwithstanding, IFAC continues to propagate Accrual IPSAS adoption but
despite the efforts the journey to adoption is still slow around the World although many countries adopted it but
implementation has been an issue (IFAC, 2014). Adhemar (2006) argues that the IPSAS benefits are
undermined by the fact that few governments have adopted the standards that are broadly consistent with
IPSAS. For instance, IFAC (2017) finds that Anguilla and the Cayman Islands are the only Caribbean countries
that have fully implemented IPSAS, many of the other Countries started the process while many more countries
are facing some challenges with IPSAS implementation despite the numerous benefits.
Also IFAC (2017) finds that implementation of IPSAS in the OECD countries have been very slow.
The study also argues that while the direct adoption of international accounting standards, such as International
Public Sector Accounting Standards (IPSAS) by national governments remains very low, almost 28% of the
standard-setters use IPSAS as primary or explicit references for developing their national standards. According
to IFAC (2017) why the direct adoption of international accounting standards by national governments remains
very low was due to some factors such as cultural, technical and required expertise.
In line with the trend in globalization, Nigeria considered the IFAC expectation and a significant
decision was made by the Nigerian government when the International Public Sector Accounting Standards
(IPSAS) was adopted in 2010, as the latest initiative in public sector reforms in Nigeria. This decision was
predicated on the need to improve good governance as a catalyst to promote accountability and transparency in
the management of public sector finances in the country. The adoption was supported by the enactment of the
Financial Reporting Council of Nigeria Act, No.6, 2011. The Act empowers the Council to ensure the
implementation of IPSAS in the best interest of Nigerians.
It is a good thing to adopt IPSAS but its implementation is a more serious and rigorous matter.
Unfortunately, since the adoption of IPSAS, Nigeria is behind in the implementation. While the Country is
wasting time on implementing the cash IPSAS, they were replaced with accrual IPSASs in 2013, and yet
Nigeria has not implemented any of them ever since, contrary to expectation. In view of the slow
implementation of IPSAS, the Federation Account Allocation Committee (FAAC) of Nigeria at the meeting of
13th June 2011 established a Sub-Committee to work out modalities for the implementation of IPSAS in
Nigeria.
It was expected that IPSAS cash basis would be applied to public sector financial reporting in 2012.
The application was scheduled to start in 2012 being the year set as the deadline for the issue of first published
IPSAS-compliant financial statements, but it failed. The Federal, State and Local Government Councils in
Nigeria are to commence implementation of cash IPSAS by 2014 and accrual IPSASs by 2016, alas Nigeria has
failed to meet the targeted dates despite the efforts of the Federal government since IPSAS adoption in 2010.
The incessant failure to implement IPSAS is quite an irony because the same Country has implemented the
International Financial Reporting Standards for its private sector organizations without much delay which shows
an element of a double standard attitude of some government institutions charged with the responsibility. For
example, the Financial Reporting Council of Nigeria which is a government apparatus enforced the
implementation of IFRS successfully in the private sector of the same Country, but this is not the case with
IPSAS which is a puzzle to be resolved as to factors responsible.
Many issues have been established by scholars for the failed implementation such as the required
expertise and cost (Atuilik, Adafula, and Asare, 2016; Omolehinwa, and Naiyeju, 2015; Tikk, 2010 and
Tickell, 2010). Several workshops and seminars have been organized to sensitize the public, educate and train
4. The Effect of International Public Sector Accounting Standard (IPSAS) Implementation And Public…
*Corresponding Author: Efuntade, Alani Olusegun www.aijbm.com 4 | Page
the practitioners and ensure a smooth transition to the IPSAS regime but they all failed to achieve the
implementation. Unfortunately, despite the efforts, the implementation date continues to fail and has shifted
several times first to January 2014 and then to January 2016 without success.
The frequent changes in implementation date have been viewed with mixed feelings among the
practitioners and scholars in Nigeria. According to Ofoegbu (2014), several attempts have been made in the past
towards improved financial reporting system in Nigeria, but they all failed. The study argues that existing
financial reporting practice was based on laws and regulations such as Audit Ordinance Act No. 38, 1956 and
Finance (Control and Management) Act No.33, 1958 all of which do not accord with the cash IPSAS.
Unfortunately, continuous delay in the implementation of IPSAS undermines the realization of the
benefits, such as in the area of transparency and accountability to the disadvantage of the Nigerian citizens. In
view of the foregoing, the ineptitude on the part of Nigeria to implement IPSAS raises some questions in the
minds of scholars in the areas of the factors that are affecting the implementation. It is necessary to probe these
factors. Besides the inconsistencies in dates of implementation of IPSAS have a great setback on Nigeria
because the country cannot operate in isolation of the World. It is evident that something has to be done to
reverse the trend.
Also, there is a shortage of studies on the implementation of IPSAS because prior research on IPSAS
have not paid much attention to the implementation but rather the benefits, whereas benefits can only accrue if
IPSAS are implemented. For instance, Ijeoma and Oghoghomeh, 2014; Christiaens, Vanhee, Manes-Rossi,
Aversano, and Cauwenberge, 2014 focused on the benefits of IPSAS which is a stage after implementation.
Also, some earlier research focused on the implementation of International Financial Reporting Standards
(Adeyemi, 2005; Adeyemo, 2014) but there are no enough studies on IPSAS. Furthermore, IPSAS issue is not
adequately focused by scholars in developing economies, this study covers Nigeria which is a developing
Economy. This study investigates the factors that are responsible for the slow implementation of IPSAS in
Nigeria. It is expected that the identification of the mitigating factors will highlight specific issues that require
attention, to improve the implementation strategy of IPSAS in Nigeria.
This study is unique in many ways, first it is on a contemporary issue on effect of implementation of
international public sector accounting standard on public sector financial management in Nigeria. Second it is an
attempt to cover some missing gap in the literature in the area of dearth of similar study in developing
economies like Nigeria. Third, its methodological approach is in line with the trend in research design, as a
contribution to the existing body of knowledge. Fourth, the findings are of significance to various stakeholders
in different ways. Fifth, the recommendation emanating from the research findings are worthy of actualization in
the best interest of citizens. Therefore this study seeks to fill a gap by examine the effect of implementation of
IPSAS in Nigerian Public sector financial management
2.2 THEORETICAL REVIEW
2.2.1 Principal-Agent Theory
Ross and Mitnick propounded agency theory in 1972 (Ross, 1974; Mitnick, 2006). Efobi and Bwala
(2013) argued that the seminal works of Meckling and Jenson (1976) and Fama and Jensen (1983) have been
widely attributed to propagate the agent-principal relationship (Agency Theory). This theory opines that there
are times when conflict arises between the principal (providers of capital) who in this study depicted the tax
payers and the agents (managers of capital) Public office Holders, such that the principal requires the agents to
effectively and efficiently utilize the resources committed into their hands. Meanwhile, the agents pursue their
personal interest at the expense of the principal interest. As a result of this, there exists conflict of interest
(agency problem). Consequently, the public is demanding more accountability from their elected officials
through qualitative financial reports of their activities. This is in contrast to stewardship theory that states that
managers, if left on their own, will indeed act as responsible stewards of the assets they control.
2.2.2. Stewardship Theory
Stewardship theory was propounded by Donaldson (1990) and held that there is no conflict of interest
between managers and owners, and that the goal of governance is to find the mechanisms and structure that will
facilitate the most effective coordination between the principal and their agent. Hence, this study relates the two
theories to drown out the relationship between the providers of funds (Principals) and the government officials
(agent) whose public resources are entrusted into their hands in order to empirically examine if IPSAS
implementation has improved public sector financial management in Nigeria.
2.3 EMPIRICAL REVIEW
5. The Effect of International Public Sector Accounting Standard (IPSAS) Implementation And Public…
*Corresponding Author: Efuntade, Alani Olusegun www.aijbm.com 5 | Page
Roje, Vasicek and Vasicek (2010), carried out a study on accounting Regulation and IPSAS
implementation: Efforts of Transition Countries toward Accrual IPSAS basis and Compliance. The study
examines the comprehensiveness and effectiveness of public sector accounting and financial reporting model,
taking into account the existing accounting regulations and financial reporting system in countries of Croatia,
Slovenia, and Bosnia and Herzegovina all in Europe. The study which employs discussion of the status and
perspectives of developing countries towards IPSAS adoption paid more attention to Croatia, Slovenia and
Bosnia and Herzegovina to ascertain their level of convergence to the new international standards. The
statistical tools employed were the Chi-square test and Kruskal Wallis test. Their findings shown that the level
and changes of public sector accounting systems in most countries were dependent on their peculiar natures that
ought to be looked at when implementing the standards pointing out that most of the countries experienced one
challenge or the other in their attempts to implement the standards.
Ofoegbu, (2014) studied the new public management and accrual accounting basis for transparency and
accountability in the Nigerian public sector which aimed at ascertaining the experts’ perception on the
implementation accrual basis of IPSASs of accounting in achieving accountability and improved quality of
accounting information in the Nigerian public sector. The study administered questionnaire to 112 auditors and
accountants in the public sector. The data collected were analyzed tested using standard deviations, means, and
Friedman’s test statistics. Findings of the study indicated that the and implementations of IPSAS and adoption
Accrual IPSASs in the Nigerian public sector significantly enhance transparency though, with some challenges.
Mhaka, (2014) examined IPSAS, A Guaranteed way of Quality Government Financial Reporting; a comparative
analysis of the existing cash accounting and IPSAS Based Accounting Reporting. The study was aimed at
examining the cost benefit of IPSAS adoption in Zimbabwe by way of comparing the existing cash accounting
basis with the proposed IPSAS based accounting reporting. The study adopted a well qualitative method of
reviewing and analyzing of relevant discourse, publications, and documentary materials from some professional
accounting organizations. Findings shown that IPSAS adoption enhances and improves the quality of public
sector financial information, assets managements and the level of accountabilities of government reporting;
thereby increasing the confidence of both domestic and foreign donor organizations to make financial assistance
available for public sector entities.
Shehu, and Adamu (2014), explored the challenges of first time adopters of International Public Sector
Accounting Standards (IPSAS) in Nigeria. Their research was more of qualitative review of the Pre-IPSAS
adoption. Their findings revealed that, first time adopter will be expecting to comply with the requirement of the
standard when switching to IPSAS. Also the challenges include it is time consuming as well as resources need
to be provided in order to carry out seminar and workshops for those who dealt with financial matters of an
organization.
Nkwagu, Uguru and Nkwede (2016), examined the implications of international public sector
accounting standards on financial accountability in the Nigerian public sector: Their study adopted survey
design and administered questionnaires on a sample of 314 out of 1458 Accountants and Internal Auditors in the
ministries of finances of south Eastern states of Nigeria. The data was analyzed using descriptive statistics.
Hypotheses formulated were tested using one-way ANOVA model via Prism GraghPad at 5% level of
significance. Their Findings unveil that IPSASs adoption enhances accountability in the Nigerian public sector
as the standards pave way for improved management of public funds. It further showed that application of
IPSASs paves way for effective budget implementation and checks for possible cases of corruption in the
Nigerian public sector.
Ademola, Adegoke, and Oyeleye, (2017), their study evaluated the impact of International Public
Sector Accounting Standard (IPSAS) on the financial accountability of selected local governments of Oyo State,
Nigeria. Their study which adopted survey design collected data using five point likert-scale questionnaires
which was administered on sample of 105 Accountants and Internal Auditors in some selected local
governments of Oyo State Nigeria. The data was analyzed using descriptive statistics. The hypotheses
formulated were tested using chi-square analysis at 5% level of significance. The result of the study showed that
adoption of IPSAS increases the level of accountability, transparency and reduces corruption in the selected
local governments.
In view of scholars findings’ regarding the prospect and challenges of Accrual IPSAS (Roje, Vasicek
and Vasicek 2010; Nkwagu, Uguru and Nkwede, 2016; Shehu, and Adamu, 2014; Mhaka, 2014; Ofoegbu,
2014; Ademola, Adegoke, and Oyeleye, 2017). Yet cases of corruption is been reported in the Nigerian public
sector which IPSAS adoption and framework ordinarily opt to have detected or prevented, for example, IDPs
Contracts Scam in North East (Samson, 2016) and NNPC scandal of $25 Billion (Dirisu, 2017). This study
seeks to fill a gap by investigating the effect of implementation of IPSAS in Nigerian Public sector.
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*Corresponding Author: Efuntade, Alani Olusegun www.aijbm.com 6 | Page
III. METHODOLOGY
The study adopted a descriptive survey research design because it helps in obtaining similar
information from various groups of persons through the use of an administered questionnaire. The population
covered all the staff of Ekiti State Accountant General’s Office (188 staff); out of which 50 staff was selected
as the sample size and this was achieved through random sampling technique. A close ended questionnaire was
used to elicit the needed information from the respondents and the necessary validity and reliability of the
instrument were done accordingly to authenticate the items on the questionnaire. Data generated from the
respondents was analyzed through simple regression and mean and standard deviation. Simple regression was
used to analyze the first objective while mean and standard were used to analyze the second objectives. The
regression model was specified below:
Where:
IPSAS= International Public Sector Accounting Standards
FINMAN = Financial Management
α0 = constant of the equation
α1 = coefficient of the predictor variable
U=Stochastic Error Term
IV. RESULTS AND ANALYSIS
A. REGRESSION ANALYSIS
Dependent variable: FINMAN.
Model coefficients Std
Error
R
0.335
R2
0.112
F
18.189
Prob
0.000
Constant 1.48 0.444
IPSAS 0.445 0.104
Source: Researchers’ compilation (2019)
Table 1: Simple Regression
In the table above, the R-square, which showed the overall explanatory power of the model, revealed
that the independent variable explained about 11.2% of the systematic variation of the dependent variable. The
overall fitness of the model as shown in the F statistics of 18.189 with a probability of 0.04 was statistically
significant as it was lesser than the standard critical p-value of 0.05. This, therefore call for the rejection of the
null hypothesis. Hence, there is a significant effect of IPSAS on the public sector financial management in the
Nigerian Public sector.
B. MEAN AND STANDARD DEVIATION ANALYSIS
S/N Items Mean Std Deviation Remarks
1. Excessive costs associated with
tracking and identifying government tangible
assets
3.14 0.702 Agreed
2. Implementing IPAS comes with a lot of
difficulties in reconciling budget and financial
statement information
2.98 0.804 Agreed
3. Consolidation issues in respect of elimination of
all inter-agency transactions, and balances
2.89 0.838 Agreed
4. Lack of qualified Accountants to adequately
carryout the changes in IPSAS as opposed to the
Financial reporting frame work currently existing
in Nigeria.
2.98 0.884 Agreed
5. Some terminologies used in IPSAS could not be
applied to country’s financial reporting system
due to some uniqueness
2.83 0.993 Agreed
Table 2: Responses of the Respondents on the Challenges of
IPSAS Implementation
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H01: The Implementation of IPSAS in public sector financial reporting will not significantly enhance
comparability of financial statements of public sector in Nigeria.
Decision Rule: Accept H0 if p-value > significance level, Reject H0 if p-value < significance level.
Table 4 Ranks
Option N
Mean Rank
Responses
NS 5 8.50
SD 5 5.00
D 5 10.50
A 5 23.00
SA 5 18.00
Total 50
Key: SA= Strongly Agree, A= Agree, D= Disagree, SD= Strongly Disagree,
NS= Not Sure
Table 5 Test Statistics a,b
Response
Chi-Square 20.078
Df 4
Asymp. Sig. 0
a. Kruskal-Wallis Test; b.Grouping Variable: Option
Figure 1. Percentage Distribution of Responses on Comparability of IPSAS-Based GPFS
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*Corresponding Author: Efuntade, Alani Olusegun www.aijbm.com 8 | Page
Figure 2. Percentage Distribution of Responses on National/International Comparability of IPSAS-Based
Financial Information
Source: Researchers’ compilation (2019)
V. DISCUSSION
The analysis above revealed that the respondents unanimously agreed that excessive costs associated
with tracking and identifying government tangible assets; a lot of difficulties in reconciling budget and financial
statement information; consolidation issues in respect of elimination of all inter-agency transactions and
balances; lack of qualified accountants to adequately carryout the implementation of IPSAS as opposed to the
financial reporting frame work currently existing in Nigeria and some terminologies used in IPSAS that could
not be applied to countries financial reporting system due to some uniqueness that constituted the challenges of
IPSAS in Nigeria with mean and standard deviation of 3.14 and 0.702; 2.98 and 0.804; 2.89 and 0.838; 2.98 and
0.884 and 2.83 and 0.993 respectively.
VI. FINDINGS
Major in the discovery made was that there is a significant effect of IPSAS on the public sector
financial management in Nigeria. This implies that IPSAS has paved the way for transparency and probity in
Nigerian public sector. The corollary of this finding is that IPSAS could positively influence fund management
in the Nigeria Public sector when used by qualified Accountants. Hence, it should be used by all government
parastatals and institution in a bid to achieve efficiency of operations, effectiveness of public officers and drastic
reduction in the corruption and mismanagement level among public officers. This finding corroborated the
findings of Ademola, Adegoke, and Oyeleye, (2017); Shehu, and Adamu (2014) and Mhaka, (2014) Their
Findings unveil that IPSASs adoption enhances and improves the quality of public sector financial information,
assets managements and the level of accountabilities of government reporting; thereby increasing the
confidence of both domestic and foreign donor organizations to make financial assistance available for public
sector entities; and that it application paves way for effective budget implementation and checks for possible
cases of corruption in the Nigerian public sector.
It was also discovered that excessive costs associated with tracking and identifying government
tangible assets; difficulties in reconciling budget and financial statement information; consolidation issues in
respect of elimination of all inter-agency transactions and balances; lack of qualified accountants to adequately
carryout the changes in IPSAS as opposed to the financial reporting frame work currently existing in Nigeria
and some terminologies used in IPSAS that could not be applied to countries financial reporting system due to
some uniqueness constituted the challenges of IPSAS in Nigeria. This outcome was in line The results is
collaborated with Roje, Vasicek and Vasicek (2010) and Ofoegbu, (2014), their results shown that the level and
changes of public sector accounting systems in most countries were dependent on their peculiar natures that
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*Corresponding Author: Efuntade, Alani Olusegun www.aijbm.com 9 | Page
ought to be looked at when implementing the standards pointing out that most of the countries experienced one
challenge or the other in their attempts to implement the standards.
VII. CONCLUSION AND RECOMMENDATIONS
Based on the findings of this study, it was concluded that IPSAS would significant influence public
sector financial management in Nigeria and that the challenges of Nigerian public sector are costs associated
with tracking and identifying government tangible assets; difficulties in reconciling budget and financial
statement information; consolidation issues in respect of elimination of all inter-agency transactions and
balances; lack of qualified accountants to adequately carryout the changes in IPSAS as opposed to the financial
reporting frame work currently existing in Nigeria and some terminologies used in IPSAS that could not be
applied to countries financial reporting system due to some uniqueness that constituted the challenges of IPSAS
in Nigeria. It was therefore recommended that government should employ professional Accountants;
government at all levels; should as a matter of necessity embark on continuous training and retraining of
accounting personnel who are charged with the responsibilities of preparing the accounts in order to maintain
and sustain enhanced credibility of financial reporting and management by the public sector entities and that
the Federal Government should enact an enabling law to back up the adoption and implementation of IPSAS
and more importantly institute appropriate sanctions to ensure full compliance.
2.2. CONCLUSION
This study concludes that political buy-in among the various functionaries of government is a major
factor affecting the implementation of IPSAS in Nigeria. This study has largely achieved its aim of contributing
to the debate on accounting change regarding the implementation of IPSAS. It also achieved its objective of
investigating the factors that affect the implementation of IPSAS in Nigeria
2.3. RECOMMENDATIONS
The factors mitigating against the adoption of IPSAS in Nigeria should be addressed to achieve the
implementation of IPSAS in Nigeria in compliance with the trend in IFAC financial reporting convergence
policy
Given the findings in this study, moral-suasion is recommended as a way to improve the acceptance of IPSAS
among all the functionaries of Government, collectively, in solidarity and conformity with one another, for
effective political-buy-in and ownership of the accounting change of successful implementation of IPSAS in
Nigeria.
A timely implementation of IPSAS is desirable to enjoy the benefits of a transparent government in the best
interest of Nigerians.
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*
Corresponding Author:
Efuntade, Alani Olusegun,
Department of Accounting, Achievers University, P.M.B. 1030, Owo, Nigeria.