Abstract:
In recent times the issue of International Public Sector Accounting Standards (IPSAS) has been of interest to scholars as far as financial reporting in the public sector is concerned. IPSAS have been embraced by many jurisdictions given its numerous benefits in the area of transparency and accountability. However, the transition to IPSAS has been a challenge, and the trend must be reversed. Therefore, the aim of this study is to contribute to the scholarly debate on the implementation of IPSAS1-40 so that Nigeria could gain some insight into factors relating to the transition, to improve public sector restructuring based on evidence from established body of knowledge and empirical analysis. The research objective is to investigate the factors that contribute to the slow implementation of IPSAS in Nigeria. A research question is pursued to achieve the objective. The research question is what are the factors that affect the implementation of IPSAS1-40 in Nigeria? An attempt is made to answer the research question based on cross-sectional survey design. Stratified random sampling statistics is employed for the study. A sample of two hundred and thirty-two (232) respondents drawn from the accounting and auditing cadres in the public sector are used to conduct this study. This study employs descriptive statistics for analysis. Findings from this study show that political buy-in of all the government functionaries as a collective decision is a significant factor for the slow implementation of IPSAS in Nigeria. The implication of this finding is that the benefits of IPSAS which are necessary for good governance and restructuring may remain untapped if the situation is unchecked. Therefore, this study recommends the need to apply moral suasion among the government functionaries to achieve the implementation, and harness the benefits of IPSAS for improvement in public financial management and restructuring in Nigeria. This study is useful to various stakeholders such as the National Assembly and the Federal Executive Council for law making and decision making.
