Adoption of International Public Sector Accounting Standards and Financial Reporting Quality in Universities in Rivers State
Journal Title: Journal of Economics, Finance and Management Studies - Year 2024, Vol 7, Issue 09
Abstract
In spite of the adoption of International Public Sector Accounting Standards (IPSAS) in Nigeria, it appears that significant progress has not been made by public sector organisations in its implementation. The purpose of this study was to investigate the extent to which the adoption of IPSAS has influenced financial reporting quality in universities in Rivers State. Cross sectional survey research design was used for the study and the area of the study was Rivers State, Nigeria. The population of the study was 37 senior Accounting Personnel from the three universities studied. The entire population of 37 was used as sample, hence census was employed for the study. The instrument used for the collection of data was a self-structured questionnaire developed using a four-point rating scale of Very High Extent, High Extent, Moderate Extent and Low Extent. The instrument was validated by two Business Educators and one Measurement and Evaluation expert, all from the Faculty of Education, Rivers State University. The reliability of the instrument was determined using the test re-test method; this was done through the Pearson Product Moment Correlation Coefficient (PPMCC) and a reliability coefficient of 0.96 was obtained. Data was analysed using mean and standard deviation while the hypothesis was tested using one-way Analysis of Variance. Based on the results of the study, it was found that the adoption of international public sector accounting standards has influenced financial reporting quality in universities in Rivers State albeit to a moderate extent. The study further found that there was significant difference in the mean score of Senior Accounting Personnel in the three universities on the extent to which financial performance, financial position and cash flow standards have influenced financial reporting quality in universities in Rivers State. The study concludes that universities in Rivers State are still at an elementary stage of the adoption of IPSAS in the preparation of financial statements and as such the quality of their financial statements cannot be reasonably assured. One recommendation made, amongst others, was that Accounting Personnel of universities in Rivers State, especially those handling Final Accounts, should be made to undergo thorough training on IPSAS to enhance their financial reporting skills; the training should be practical and not theory-based and experts who have been involved in the successful implementation of IPSAS should champion the process.
Authors and Affiliations
Dr. Gift O. Eke , Prof. Joy Amesi , Ogechi Gift-Eke,
Keywords
Related Articles
- EP ID EP744543
- DOI 10.47191/jefms/v7-i9-19
- Views 38
- Downloads 0
Policies Contribution and Integrated Quality Management to Improve the Quality of Services in Primary and Secondary Education in the Banten of Province 21 St Centuruy The Era of the Revolutionary 4.0
The success of an organization is largely determined by the management model that is applied, sedangkan keberhasilan manajemen ditentukan oleh pemimpinnyaespecially in primary and secondary education which has a central...
Local Government Strategies in Improving the Quality of Human Resources Managing Micro, Small and Medium Enterprises (UMKM) in the Digital Era in Palembang City
Micro, Small, and Medium Enterprises or MSMEs are an important component of the community's economy, especially in Palembang City. The study aims to analyze the supporting and inhibiting factors and the strategy model of...
Transmission Mechanism of Monetary Policy in Nigeria: Investigating the Role of Interest Rate
Many studies on transmission mechanism of monetary policy only examine statistical relationship between policy variables and target variables. Most of these models may not be able to explain the pathway through which th...
Strategies to Increase the Degree of Cooperative Participation in the Implementation of Cooperative Empowerment Policies in West Java Province
This research is based on the main problem, namely the strategy of increasing cooperative participation in the implementation of cooperative empowerment policies which is considered to be still not optimal. This research...
Influence of Entrepreneurship Education on Students’ Innovation and Creativity in Nigerian Public Universities
Entrepreneurship education is designed to equip students with the skills and knowledge required to start and run successful businesses, as well as to foster an entrepreneurial mindset. Through entrepreneurial courses, st...