Effect Of Implementation Of International Public Sector Accounting Standards (ipsas) In Ministries, Departments And Agencies

Over the years, the Nigerian society has been filled with stories of wrong practices such as stories of ghost workers on the pay roll of Ministries, Extra-ministerial Departments and Parastatals, frauds, embezzlements and setting ablaze of offices housing sensitive documents and corruption leading to none or poor accountability of individuals in public offices of the country. 

One of the most researched and least understood variablesin public sector accounting of the nation is how the accountability and stewardship of financial controls are conducted. Scholars have been speculating on how the funds generated are managed but now researchers through the International Public Sector Accounting Standards (IPSAS) have conducted systematic investigation of funds and leakages in Nigeria with direct reference to ministries, departments and agencies.

Even with this, there is still an increasing difficulty and doubts in establishing the fact that the generated revenues are put to good use by individuals in public offices. This work contains also an evaluation of the source of revenue and the impact of the financial control system in the ministries, departments and agencies particularly.

This work actually examines the effectand implementation of International Public Sector Accounting Standards (IPSAS) in terms of how public office holders in ministries, departments and agencies give accountability report of their stewardship. 

Data on total federal government revenue and expenditure, state governments’ revenue and expenditure were collected from Statistical bulletin of the Central Bank of Nigeria from 1961-2008 and used to expanciate the points indicated above. 

The researcher designed a research questionnaire, which was made of hypothetic questions of the research work.

Interview questions were formulated and tested for validity before dispatching to the chosen sample populace. 

Also a stratified sampling technique was used for this study as the sample is made up of both male and female staff of the ministries, departments and agencies in the country. 

The data collected were analysed and from the analysis there on, the researcher was able to reveal that the level of accountability is very poor in Nigeria because the attributes of accessibility, comprehensiveness, relevance, quality, reliability and timely disclosure of economic, social and political information about government activities are completely non available or partially available for the citizens to assess the performance of public officers mostly the political office holders. On the basis of these, the research report recommends among others that for accountability to be successfully implemented public offices in Nigeria there must be a reduction in the level of corruption, improving public sector accounting and auditing standards, legislators taking positions as champions of accountability and total restructure of public accounts committees and monitored application of the value of money in the conduct of government business.

TABLE OF CONTENTS

Title page

Approval page 

Dedication

Acknowledgement

Abstract

Table of contents

CHAPTER ONE:

CHAPTER TWO 

Review of the related literature

2.1 The concept of accountability

2.2 Public accountability and financial management in Nigeria

2.2.1. Policy formulation

2.2.2. Budget formulation: The budget formulation is the step that involves 

2.2.3. Budget structures

2.2.4. Payments system

2.2.5. Government accounting and financial reporting

2.2.6. Audit

2.2.7. Legislative control

2.3 Achieving accountability in Public Financial Management in Nigeria

2.3.1. Legislatures to champion the cause of accountability.

2.3.2. Re-orientation of Value System

2.3.3. Management accountability framework.

2.3.4. Protection of Whistleblowers

2.3.5. Creating an environment of accountability

2.3.6. Adoption of International Public Sector Accounting Standards

2.3.7. Public performance reporting

2.3.8. Determination of the cost of doing government business

2.3.9. The establishment of the benchmark of efficiency

2.3.10. Strengthening the Public Accounts Committee

2.3.11. Change in the structure of Government Accounting and Auditing

2.4 Revenue and expenditure in Nigeria

2.5 Problems and prospects of public sector accounting 

2.6 Prospect for public sector accounting

 

CHAPTER THREE 

CHAPTER FOUR 

CHAPTER FIVE 

SUMMARY, FINDINGS, CONCLUSION AND RECOMMENDATION 

BIBLIOGRAPHY

APPENDIX / QUESTIONNAIRE