THE CHALLENGES OF ADOPTING INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARD (IPSAS) BY NIGERIA

Acho, Yunusa

Department of Accountancy

Federal Polytechnic Idah, Kogi State, Nigeria.

E-mail: alhassanay@gmail.com

Abstract: The fact that corruption have eaten deep into the fabric of Nigeria Public Sector is no longer a hidden truth. One of the major reasons is the lack of adequate accounting standard to regulate the recording of government activities. Most financial activities in government establishments are not properly recorded this prompt corruption and lack of comparison of records with that of other countries. The aim of this research is to examine the challenges facing Nigeria in the adoption of International Public Sector Accounting Standard which is believed to be a high quality standard and transparent for the recording of public sector financial activities worldwide. The research sample selected cut across the budget officers, finance officers and other officers in charge of preparing financial statements in Federal Polytechnic Idah, Kogi State Ministry of Finance and Idah Local Government. Hundred questionnaires were distributed to this sample using the random sampling technique. It is observed from findings that the adoption of IPSAS would significantly improve accounting and financial recording systems in the Nigerian Public Sector and this would definitely reduce corruption and other ill practices in the public sector. It is therefore recommended that all the three tiers of Nigeria government should join hands together and ensure its full adoption and implementation. Staff of government establishments should be constantly sent for training to acquire more current knowledge that would enhance proper implementation of IPSAS.