See discussions, stats, and author profiles for this publication at: https://www.researchgate.

net/publication/322634147

Public sector accounting standards and quality of financial reporting: A case of

Ogun state government administration in Nigeria

Article · December 2017

CITATION READS

1 5,281

4 authors:

Wisdom Okere Damilola Eluyela

Bells University of Technology Landmark University
24 PUBLICATIONS   41 CITATIONS    25 PUBLICATIONS   51 CITATIONS   

SEE PROFILE SEE PROFILE

Bassey Inemesit Opeyemi Ajetunmobi

Covenant University Ota Ogun State, Nigeria Covenant University Ota Ogun State, Nigeria
1 PUBLICATION   1 CITATION    7 PUBLICATIONS   5 CITATIONS   

SEE PROFILE SEE PROFILE

Some of the authors of this publication are also working on these related projects:

auditors report modification View project

CORPORATE GOVERNANCE AND EARNINGS MANAGEMENT: A COMPARATIVE STUDY OF FINANCIAL AND NON-FINANCIAL FIRMS IN NIGERIA. View project

All content following this page was uploaded by Wisdom Okere on 22 January 2018.

The user has requested enhancement of the downloaded file.

Business and Management Research Journal Vol. 7(7): 76 – 81, December 2017
Available online at http://resjournals.com/journals/research-in-business-and-management.html
ISSN: 2026-6804 ©2017 International Research Journals

Full Length Research Paper

Public sector accounting standards and quality of

financial reporting: A case of Ogun state government
administration in Nigeria
*Okere Wisdom, Eluyela Damilola, Bassey Inemesit and Ajetunmobi Opeyemi
Department Of Accounting, Covenant University, Canaan land, Ota, Ogun State

*Corresponding Author’s Email: wisescar@yahoo.com

Abstract

This study evaluated the relationship between International Public Sector Accounting Standard (IPSAS) adoption and
reliability, credibility and integrity of financial reporting in State Government Administration in Nigeria. The study builds
on the work of Ndinaiwe (2013) who posits that the transition to IPSAS and the presentation of accrual based financial
statement will have a significant impact on oversight tasks. The study made use of survey research design. The
findings showed that implementation of IPSAS will improve the reliability, credibility and integrity of financial reporting
in State Government administration in Nigeria. Also, it was observed that implementation of IPSAS based standards
can facilitate efficient internal control and result based financial management in the public sector of Nigeria.
Implementation of IPSAS can enhance Federal Government’s goal to significantly deliver services more effectively
and efficiently. Accountability is no doubt the hallmark for good governance. This study shines more light to public
sector accounting to ensure that political office holders, citizens and stakeholders in the Nigerian project embrace
integrity, transparency and accountability public funds management. Furthermore, we concluded that implementation
of IPSAS by public sectors in Nigeria will impact positively on reliability, credibility and integrity of financial reporting
and promote uniform chart of financial reporting by the three tiers of Government in Nigeria.

Keywords: Credibility; Reliability; Accountability; Governance; Implementation

Introduction need for good quality financial reporting in the public

sector. One of the implications of this crisis is the shift of
The low level of accountability and transparency in significant financial risks in many countries from the
financial reporting and management in the public sector private to the public sector. Heiling (2011) noted that
in Nigeria engenders a high level of corruption. The there is a need for governments to maintain quality
public sector in Nigeria has suffered setbacks largely accounting and reporting systems that are able to
due to ineffective and inefficient management as most of accurately reflect these risks. Quality financial reporting
the public enterprises have failed to deliver on the which contains all of the public sector’s revenue and
purposes for which they were established (Esu & expenditure are responsible for formulating financial and
Inyang, 2009). Public accountability is the assurance of economic policies, effective coordination of Government
modern democratic governance. Democracy remains a financial operations and management of budget control
paper procedure if those in power cannot be held leading to better informed assessments of the resource
accountable in public for their acts and omissions, for allocation decisions made by governments, thereby
their decisions, their policies, and their expenditures. increasing transparency and accountability.
Public accountability, as an institution, therefore, is the Financial reporting in the public sector is important to
complement of public management”. Iyoha & Oyerinde help achieve political and economic stability by ensuring
(2009), “Accountability has thus, become of essence government revenue is not wasted, and is managed and
because the keys to creating wealth and maintaining a spent efficiently, effectively and transparently; and most
free society have been recognized to lie primarily in the importantly that it is appropriately spent on health care,
same direction. Both require that broad-based systems education, transport and infrastructure. Compliance to
of accountability be built into the governance structures meaningful accounting principles enhances fiscal
of government institutions as well as business discipline, unite system efficiencies, reduce the
corporations”. In the private sector, the significance of likelihood that scare resources are dissipated because
quality financial reporting has been well established and of poor controls and provides more relevant information
the recent financial and economic crisis indicates the for better informed decision making.
76
 The purpose of Public Sector Accounting and they are faced with making economic decisions
Financial Reporting is to provide useful financial (investments, credit decisions, and allocating resources)
information to the users of the information. Information that may augment total capital markets efficiency (IASB,
must have certain characteristics in order for it to be 2008; 2010). The concept of financial reporting quality is
useful for decision making such as relevance, reliability, wide and subsists of financial and nonfinancial
comparability and understandability. Financial reporting information disclosure which is paramount for decision
might be internal: presented to management for specific making. Financial reports should ascertain some
purposes, or external: presented to stakeholders for qualitative criteria to prevent poor quality of information.
general purposes. The focus of this study is on external IASB and FASB in their Conceptual framework
reporting in the public sector for general purposes. To posited that high quality is attained by obeying the
this end, the study seeks to investigate the value objective and the qualitative characteristics of financial
relevance/quality of general purpose financial reporting reporting information (IASB 2008; 2010).Qualitative
in accounting for public sector entities due to its characteristics are “the traits that make the financial
adoption of IPSAS. information valuable” (IASB, 2008). However, provision
of relevant and quality information is restricted by one
Literature Review persistent factor: the costs of reporting information must
be covered by its benefits (IASB, 2010). The qualitative
International Public Sector Accounting Standards characteristics studied are as follows; Relevance and
faithful representation (fundamental characteristics);
Countries globally over the years have converged their comparability, verifiability, timeliness and
standards of financial reporting would has helped understandability (enhancing characteristics).
promote trade and financial liberalization between
countries. There is a grave need to ensure consistency Public Sector Accounting: The Nigerian Experience
and uniformity of accounting rules, standards and
principles so that financial statements would embody the Accountability and Transparency has over the years
qualitative characteristics. Quality (relevance, faithful been recognized as instruments of reduction of
representation, comparability, verifiability, timeliness and corruption at all levels of public sector (Ogundana,
understand ability) of accounting standards has been Okere, Imeokparia, Njogo, & Adeoye, 2017). The public
the principal motivator of IPSAS for public sector sector can be defined as that sector of the economy
financial reporting (Heald, 2003). IPSAS are established and operated by the government or, its
recommendations promoted by the IPSASB under the agencies, distinguished from the private sector and
control of the IFAC (IPSASB, 2008; Delloitte & Touches, organized on behalf of the whole citizens (Okoye & Ani,
2013). IPSAS are rules that direct the recognition, 2004). The primary motive of the public sector is to
measurement, presentation and disclosure requirements provide services to the citizens and not to maximize
pertaining transactions and events in general purpose profit. The public sector in Nigeria consists of: the
financial statements. The development of IPSAS has its Federal Government such as its ministries, departments
origin in the Accounting profession as a means of and agencies like Central Bank of Nigeria (CBN),
promoting transparency and accountability of Independent National Electoral Commission (INEC) and
governments and their sub units by improving and Nigeria Ports Authority (NPA), the state government
standardizing financial reporting (Delloitte & Touches, represented by its ministries, departments and its
2013; Ijeoma, 2014). agencies, the local governments. Speaking on the need
The IPSASB issues IPSASs that guides cash based for a suitable framework for public sector accounting,
financial reporting as well as accrual based financial (Izedonmi & Ibadin, 2013), argued that sound public
reporting (Kanellos, Evangelos, & Dimitrios 2013). It is sector accounting rests on an articulate framework
expected that all public financial reporting should adopt which has been defined to reflect best practice around
accrual basis financial reporting. Consequently, IPSASB the world.
has recognized that for many governments, adoption of To this end, a conceptual framework for public sector
a cash-basis IPSAS is a more realistic goal (PWC, accounting is structured to reflect objectives and scope,
2009). The most important function of the IPSASB is to recognition and measurement criteria, definition and
ensure that published annual reports are uniform in qualitative characteristics of financial information shown
content and in format and communicate exactly what in financial and accounting reports of public sector
they represent leading to improved informed accounting entities. They explain that, the conceptual
assessments of the resource allocation decisions made framework describes the period and time frame of
by governments, thereby promoting transparency and financial reporting of government levels. It is the heart of
accountability (Stephen, Mercy, & Wynne 2012). financial re accounting principles and forms the basis for
the preparation and publication of budgets, maintenance
Quality of Financial Reporting of complete financial records, provision of full
disclosures and submission to full audit. In other words,
Financial reporting is a communication of financial the framework helps monitor incomes, expenses, assets
statements and its related information from a venture to and liabilities and assists the assessment of financial
its stakeholders. The primary goal of financial reporting consequences of transactions and events. This finally
is to deliver high-quality information on reporting entities, leads to producing user-friendly financial reports on a
to promote informed economic decisions making (IASB, periodic basis. Without doubt, accountability is all about
2010). This can confidently impact stakeholders when

77
being answerable to those who have invested their trust, monetary value of public sector activities has increased
faith, and re-sources to one. substantially in recent years. This increase in activities
Adegite (2010), defined accountability as the has brought with it an increased demand for
obligation to demonstrate that work has been conducted accountability of public officers who manage these
in accordance with agreed rules and standards and the activities of the public. Tanzi (1999), noted that good
officer reports fairly and accurately on performance governance is an essential part of a framework for
results vis-à-vis mandated roles and plans. It means economic and financial management which includes:
doing things transparently in line with due process and macroeconomic stability; commitment to social and
the provision of feedback. Premchand (1999), observed economic equity; and the promotion of efficient
that the capacity to achieve full accountability has been institutions through structural reforms such as trade
and continues to be inadequate, partly because of the liberalization and domestic deregulation. Poor
design of accountability itself and partly because of the governance may result from factors such as
widening range of objectives and associated incompetence, ignorance, lack of institutions, the pursuit
expectations attached to accountability. He further of economically inefficient ideologies, or misguided
argued that if accountability is to be achieved in full, economic models. It is often linked to corruption and rent
including its constructive aspects, then it must be seeking.
designed with care. The purpose of accountability Achua (2009), reported that serious consideration is
should go beyond the naming and shaming of officials, being given to the need to be more accountable for the
or the pursuit of sleaze, to a search for durable often vast amounts of investment in resources at the
improvements in economic management to reduce the command of governments, which exercise
incidence of institutional recidivism. administrative and political authority over the actions
The future of accountability consists in covering the and affairs of political units of people. Government
macro aspects of economic and financial sustainability, spending is a very big business and the public demands
as well as the micro aspects of service delivery. It to know whether the huge outlays of money are being
should envisage a three-tier structure of accountability: spent wisely for public interests. Accountability is a
that of official (both political and regular civil employees), fundamental value for any political system. Citizens
that of intra-governmental relationships and that should have the right to know what actions have been
between government and their respective legislatures, taken in their name, and they should have the means to
(Onuorah & Appah, 2012). Egwuonwu (2007), force corrective actions when government acts in an
suggested that mere timely submission of annual reports illegal, immoral, or unjust manner.
and accounts is unlikely to solve the problem of public Olamide (2010), added that the major corporate
accountability, rather those reports should be made and collapses and related frauds which occurred in Nigeria
incorporated in the observances of the prevailing and around the world have raised doubts about the
standard of financial reporting. Hence, accountability is credibility of operating and financial practices of
the link in the seemingly perpetual level of analysis institutions in Nigeria. He noted that the effect of the
controversy and the connection between individual doubts has stirred a number of professional and
decision makers and collectives within which they live regulatory organizations/institutions to recommend
and works in institutions. reforms that will improve transparency in financial
Johnson (2004), opined that public accountability is reporting system in order to increase audit quality and
an essential component for the functioning of our corporate practices. In many developed nations, the
political system, as accountability means that those who applications of sound financial system are not new
are charged with drafting and carrying out policy should unlike in Nigeria where it is just evolving. (Wynne;
be obliged to give an explanation of their actions to their Emasu, & Nyangulu, 2011), some of the good financial
electorate. Speaking on the challenges of accountability, practices identified in Nigeria using the 2008 financial
(Ojiakor, 2009) argued that the factors and forces which statements include: inclusion of audit certificate from the
militate against accountability in Nigeria include ethnicity auditor general; inclusion of four statements cash flow,
and tribalism, corruption, religious dichotomy and assets and liabilities, consolidated revenue fund and
military culture. According to Bello (2001), huge amount capital development fund and the consistency of the
of Naira is lost through one financial malpractice or the main totals between them; inclusion of comprehensive
other in Nigeria, which has kept draining the nation’s set of notes and accounting policies including
meagre resources through fraudulent means with far- outstanding impress and advances; detailed schedule
reaching and attendant consequences on the provided of internal and external loans; details provided
development or even socio-economic or political of subventions to agencies by the over-seeing of
programmes of the nation. Put another way, every year, ministries and departments; consistency of the financial
billions of Naira is lost in the public sector of Nigeria statements from 2005 to 2008 (when the new format
through fraudulent means. This represents only the stated); financial statement appear on the internet; the
amount that is ferreted out and made public. development of some financial reporting guidelines by
Indeed much more substantial or huge sums are lost Federal Account Allocation Committee (FAAC). Lipman
in undetected frauds or those that are for one reason or (2007), indicated that best practices in corporate
the other, hushed up. Appah & Appiah (2010), argues governance must embrace the structure of the board of
that cases of fraud is prevalent in the Nigerian public directors, operation of the board of directors and other
sector that every segment of the public service, could corporate governance practices.
seem to be involved in one way or the other in some of In addition, he stressed that at the long run, the
these nasty acts. He pointed out that the number and benefits to the organization for adopting the best

78
practices must substantially exceed the cost of accounting such as the role of government in the
implementation. Omolehinwa & Naiyeju (2012), opined different fields like the armed forces, health and
that the nature of government accounting has the education and the policies set by government to achieve
purpose of determining how much money was received its aspirations and goals. Thus, government accounting
and its sources, how much was spent and for what is interested in information gathering that will enable her
purposes and the financial obligations accrued. Profit is to prepare Receipts and Payments accounts. According
not the main focus in this scenario; unlike the private to Ndinaiwe (2013), the transition to IPSAS and the
sector which has profit as the prime purpose and presentation of accrual based financial statement will
determining the profit of the business over a given have a significant impact on oversight tasks.
period. Hence, many factors influence government

IPSAS Adoption and Quality of Financial Reporting (Empirical Review)

Author Objective Methodology Result and conclusion

Erin, Okoye, Examined the impact of Regression IPSAS adoption has a significant
Modebe & IPSAS adoption on the Analysis positive impact on the quality of
Ogundele quality of financial reporting financial reporting in the Nigerian
(2016) in the Nigerian public sector public sector
Opanyi (2016) focused on effect of adoption Descriptive Adoption of IPSAS is adjudged to have
of IPSAS on quality of Statistics And T- moderate effect on quality of financial
financial reports in meeting Test reports in public sector
the criteria for decision
usefulness
Udeh & Examined the implications of Chi-square test Adoption of IPSAS would increase the
Sopekan adoption of International and Kruskal Wallis level of reliance on the financial
(2015) Public Sector Accounting test reporting of public sector organisations
Standards (IPSAS) on the in Nigeria
quality of financial reporting
Alshujairi Determine whether a Qualitative Iraqi government accounting should be
(2014) developing country like Iraq Methodology restructured through adoption of
should adopt IPSAS as a Using IPSAS because accrual accounting
means of improving the Questionnaire gives a better financial integrity
government accounting assurance compared to cash or
system modified cash based accounting.
Ijeoma & Examined the expectations, Primary Data adoption of IPSAS is expected to
Oghoghomeh benefits and challenges of Chisquare Test increase the level of accountability and
(2014) adoption of International Kruskal Wallis transparency in public sector of Nigeria
Public Sector Accounting Test
Standards (IPSAS) in Nigeria Descriptive
Analysis
Mhaka (2014) carry out a cost-benefit The study reveals the challenges
analysis of IPSAS adoption inherent in cash-based accounting
in Zimbabwe by a which will be resolved by the adoption
comparative study of the of IPSAS-based standards
current cash accounting
basis and the proposed
IPSAS based accounting
reporting
Christiaens, Examined the extent to Survey Research They show that there is no uniform
Vanhee, Rossi which European Design method to the adoption of IPSAS and
& Aversano governments adopt IPSAS accrual accounting as well as some
(2013) accrual accounting governments’ still apply cash based
accounting with a smaller fraction
applying IPSAS.

Methodology n = sample size

N = population
This study focused on all accounting departments of e = error limit
various ministries in Abeokuta, the capital of Ogun
State, Nigeria. The element of the population consists of Hence, primary source of data collection was employed
junior, intermediate, senior and professional for data generation. The ministries and the local
accountants, auditors (internal and external). The government finance and treasury departments where
population size was forty-five (45) and 40 samples were response were drawn from include: Ministry of Finance,
drawn using the Taro Yamane sample size Ministry of Economic Planning and Budget, Office of
determination technique at 95% confidence level, Local Government Auditors in Abeokuta and Local
Yamane (1967). Government Service Commission (LGSC) Abeokuta.
The statistical tools used were descriptive analysis and
Taro Yamane formula, n = N/1+N (e) 2
79
Pearson moment correlation technique to estimate the
relationship between the variables. QFR = β0 + β1ACCT + β2TRANS + β3RV + β4COMP +
β5FR + Ҽ ………………….. (ii)
The model can be represented as follows:
Where:
IPSAS Adoption = f (QFR) Β0= Constant term
…………………………………………………………. (i) ACCT = Accountability
TRANS = Transparency
Where: IPSAS = International Public Sector Accounting RV = Relevance
Standards, QFR = Quality of Financial Reporting. COMP = Comparability
FR = Faithful Representation
Applying a linear relationship, we can rewrite equation (i) Ҽ = error term
in an explicit form as:

Result

Table 1: Correlations

Quality of Financial Reporting IPSAS Adoption

(Accountability, Transparency,
Relevance, Comparability and
Faithful Representation)

Quality of Financial Pearson Correlation 1 .506(**)

Reporting Sig. (2-tailed) .001
(Accountability, N 40 40
Transparency,
Relevance,
Comparability and
Faithful Representation)
IPSAS Adoption Pearson Correlation .506(**) 1
Sig. (2-tailed) .001
N 40 40
** Correlation is significant at the 0.01 level (2-tailed).

Discussion organizations obliged to follow the standards. Hence,

the knowledge that weak public sector accounting,
This study looks at the value relevance/quality of auditing and financial management can lead to
general purpose financial reporting in accounting for economic crises is not to be overemphasized. The
public sector entities. The Pearson moment correlation findings of this study showed that implementation of
analysis was used to test if there is a relationship IPSAS will improve the reliability, credibility and integrity
between the variables and also to see the strength of of financial reporting in state Government administration
the relationship. Our variables are continuous scaled in Nigeria. Also, it was observed that implementation of
and normally distributed. From the analysis, our Pearson IPSAS based standards can facilitate efficient internal
correlation co-efficient of (.506) tells us the strength of control and result based financial management in the
the relationship between our variables and it is a strong public sector of Nigeria. Equally, it was found that
and positive relationship between public sector implementation of IPSAS can enhance federal
accounting and value relevance/quality of general government’s goal to significantly deliver services more
purpose financial reporting and the correlation is effectively and efficiently. Accountability is no doubt the
significant at (0.01). This results explains that IPSAS hallmark for good governance, if Nigeria is to be a
based accounting ensures quality financial reporting in member of the twenty most developed nations of the
the public sector. This result is in line with the works of world by the year 2020, political office holders, citizens
Erin, Okoye, Modebe & Ogundele (2016); Opanyi (2016) and all stakeholders in the Nigerian project should
and Udeh & Sopekan (2015) who also discovered that embrace integrity, transparency and accountability in the
adoption of IPSAS would ensure increased quality of management of public funds.
financial reporting. Furthermore, we concluded that implementation of
IPSAS by public sectors in Nigeria will not only impact
Conclusion and Recommendation positively on reliability, credibility and integrity of
financial reporting but is expected to pave way for a
This study evaluated the impact of International Public uniform chart of financial reporting by the three tiers of
Sector Accounting Standard (IPSAS) on reliability, Government in Nigeria. Based on the finding of this
credibility and integrity of financial reporting in State study we recommend that the Federal Government of
Government Administration in Nigeria. Accounting Nigeria should put in place an enabling legislative
standards are more objective and of a higher quality if framework that would aid the smooth onset of IPSAS
they are set by an expert group independent of the implementation in Nigeria. Government should engage

80
professionals to drive the process and also involve Lipman, F. D. (2007). Summary of major corporate
external professionals to leverage best practice. In governance principles and best practices. International
addition, there is serious need for quality training and Journal of Disclosure &Governance, 4(4): 309-319.
retraining of relevant staff to fully understand IPSAS. Mhaka, C. (2014). IPSAS, a guaranteed way of quality
government financial reporting? A Comparative
Analysis of the Existing Cash Accounting and IPSAS
References Based Accounting Reporting. International Journal of
Financial Economics, 3 (3), 134-141
Achua, J. K. (2009). Reinventing governmental accounting for Ndinaiwe, H. (2013). Impact of IPSAS on auditors and internal
accountability assurance in Nigeria. Nigeria Research control system. A paper presented at training workshop on
Journal of Accountancy, 1(1): 1-16. adoption of IPSAs in Nigeria at Port-Harcourt.
Adegite, E. O. (2010). Accounting, accountability and national Ogundana O. M., Okere W., Imeokparia L. A., Njogo B. O., &
development. Nigerian Accountant, 43(1): 56-64. Adeoye D. (2017). Impact of public sector auditing in
Alshujairi, M. (2014). Government accounting system reform promoting accountability and transparency in Nigeria.
and the adoption of IPSAS in Iraq. Research Journal of Journal of Research in Business and Management, 5(5),
Finance and Accounting, 5 (24), 1- 20. 28-32
Appah, E. & Appiah, K. Z. A. (2010). Fraud and development Ojiakor, N. (2009). Nigerian Socio-Political Development:
of sound financial institutions in Nigeria. Nigerian Journal Issues and Problems. Enugu: John Jacobs Classic
for Development Research, 1(1): 49-56. Publishers.
Bello, S. (2001). Fraud prevention and control in Nigerian Okoye, E. I. & Ani, W. U. (2004). Annals of Government and
public service: The need for a dimensional approach. Public Sector Accounting. Nimo: Rex Charles and Patrick
Journal of Business Administration, 1(2): 118-133. Limited.
Christiaens, J., Vanhee, C., Rossi, F. & Aversano, N. (2013). Olamide, F. (2010). Audit quality, corporate governance and
The effect of IPSAS on reforming governmental financial firm characteristics in Nigeria. International Journal of
reporting: An international comparison. International Business Management, 5(5): 10-15.
Review of Administrative Sciences, 76, 537-554. Omolehinwa, E. O., Naiyeju, J. K. (2012). An overview of
Delloite (2013), International Public Sector Accounting accounting in the Nigerian public sector. International
Standards in your pocket, 2013 Edition. Journal of Financial Management, 12(1), 10-20.
Egwuonwu, P. (2007). Financial reporting: The Theoretical and Onuorah, A. C. & Appah, E. (2012). Accountability and public
Regulatory Framework (2nd Ed.) Lagos: Oladimeji sector financial management in Nigeria. Arabian Journal of
publishers LTD. Business and Management Review, 1(6): 1-17.
Erin, O., Okoye, L. U., Modebe, N. J. & Ogundele, O. (2016). Opanyi, R. O. (2016). The effect of adoption of international
International public sector accounting standards (IPSAS) public sector accounting standards on quality of financial
adoption and quality of financial reporting in the Nigerian reports in public sector in Kenya. European Scientific
public sector. ESUT Journal of Accountancy, 7(2). Journal, 12(28).
Esu, B.B & Inyang B.J. (2009). A case for performance Premchand, A. (1999). Public Financial Accountability in
management in the public sector in Nigeria. International Schviavo-Campo, S. (Ed). Governance, Corruption and
Journal of Business and Management. 4(4). 98-105. Public Financial Management. Asian Development Bank.
Heald D. (2003), the global revolution in government Manila, Philippines. www.adb.org
accounting, Symposium in Public Money & Management, Price Waterhouse Cooper (2009). Introduction to International
23(11). Public Sector Accounting Standards.
Heiling, J. (2011). ‘The importance of research in the field of Stephen E., Mercy N., & Wynne A. (2012) Annual Financial
governmental accounting – Views from a Practitioner’, Reporting by Governments-existing and practices in sub-
Comparative International Governmental Accounting Saharan Africa, African Capacity Foundation
Research Newsletter, 2(2). Tanzi, V. (1999). “Governance, Corruption, and Public
IASB, (2008). Exposure draft on an improved conceptual Finance: An Overview”, in Schviano-Campo, S. (Ed).
framework for financial reporting: The objective of financial “Governance, Corruption and Public Financial
reporting and qualitative characteristics of decision-useful Management”, Asian Development Bank, Manila,
financial reporting information. London. Philippines. www.adb.org
IASB, (2010). The conceptual framework for financial Udeh, F. & Sopekan, S. (2015). Adoption of IPSAS and the
reporting. quality of public sector financial reporting in Nigeria.
http://eifrs.iasb.org/eifrs/bnstandards/en/framework.pdf. Research Journal of Finance and Accounting, 6(20), 1-9.
Ijeoma, N. & Oghoghomeh, T. (2014). Adoption of international Wynne, A., Emasu, S., & Nyangulu, M. (2011). Government
public sector accounting standards in Nigeria: financial reporting-What is Africa’s best practice? Working
Expectations, benefits and challenges. Journal of Paper. The African Capacity Building Foundation.
Investment and Management, 3(1), 21-29 Yamane, T. (1967). Statistics: An Introductory Analysis (2nd
Iyoha, F.O & Oyerinde, D. (2009). Accounting Infrastructure Ed.). New York: Harper and Row
and Accountability in the Management of Public
Expenditure in Developing Countries: A focus on Nigeria.
Ph.D. Thesis. Covenant University: Nigeria.
Izedonmi, F., Ibadin, P. O. (2013). International public sector
accounting framework, regulatory agencies and standard
setting procedures: A critique. European Journal Business
Management, 5(6).
Johnson, I. E. (2004). Public Sector Accounting and Financial
Control. Lagos: Financial Institutions Training Centre.
Kanellos, T., Evangelos P., Dimitrios B. (2013). Concept,
regulators & institutional issues of IPSAS; A critical review.
European journal of business & social sciences 2(1), 43-
54.

81

View publication stats