IMPACT OF INTERNATINAL PUBLIC SECTOR ACCOUNTING STANDARD (IPSAS) IN NIGERIA PUBLIC SECTOR

ABSTRACT This study investigated the impact of International Public Sector Accounting Standards (IPSAS) in Nigeria public sector. The specific objectives of the study were to investigate the effect of IPSAS on the disclosure of financial information in the public sector in Kwara State, examine the impact of IPSAS on transparency and accountability in financial reporting in the public sector in Kwara State, and evaluate the influence of IPSAS on the comparability of financial reporting in the public sector in Kwara State. The study employed a survey design approach, and questionnaires were administered to 208 chartered accountants working in Ministries and Agencies under the Kwara State civil service. Descriptive and inferential statistics were used to analyze the data, and Pearson Chi-Square was employed to test the study's hypotheses. The findings revealed that IPSAS has a significant impact on the disclosure of financial information, transparency, and accountability in public sector financial reporting in Kwara State. Additionally, it was found that IPSAS has a significant influence on the comparability of financial reports. In conclusion, this study demonstrates that IPSAS has a substantial impact on public sector financial reporting in Kwara State, Nigeria. The study recommends that the adoption of IPSAS should be sustained, annual financial reports should be published in a timely manner and made accessible through the internet as a dissemination medium. Furthermore, reporting entities should enhance the level of disclosure in their financial reports