ADOPTION OF INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS IN FINANCIAL REPORTING BY ACCOUNT OFFICERS IN TERTIARY INSTITUTIONS IN SOUTH-EAST NIGERIA

SOURCE:

Faculty: Education
Department: Technology Education

CONTRIBUTORS:

Odimmega, C. G.
Okolocha, C. C.

ABSTRACT:

This study assessed the adoption of International Public Sector Accounting Standards in financial reporting by account officers in tertiary institutions in South-East, Nigeria. Five purposes and corresponding research questions guided the study and ten null hypotheses were tested at 0.05 level of significance. Related literature pertinent to the study was reviewed. Descriptive survey research design was adopted for the study. The population consisted of 849 accounting officers. The sample consisted of 272 account officers drawn using Taro Yamani formula. A structured questionnaire developed by the researcher was used for data collection. Cronbach alpha method was used to establish the reliability of the instrument. The reliability yielded coefficient values of .81, .83, .89, .79 and .84 for the five clusters. Data were analyzed using mean, standard deviation and ANOVA. Mean was used to answer the research questions and standard deviation was used to explain how the responses of the respondents varied. ANOVA was used to test the hypotheses at 0.05 level of significant. Statistical Package for Social Sciences (SPSS) version 23 was used to analyze the data. The results showed that account officers adopted International Public Sector Accounting Standards (IPSASs) in presenting separately current and non-current assets and liabilities in its financial statement position, presents liability in order of maturity and stating balances carried over from one accounting period to the next accounting period in tertiary institutions in South East, while majority of the account officers did not adopt IPSAS in presentation of current assets in order of liquidity, disclosure of amount expected to be recovered for each asset and liability, receivables and payables from exchange transactions in reporting assets and liabilities in tertiary institutions in South-East, Nigeria. The results also showed that there was no significant difference in the adoption of IPSASs in reporting assets and liabilities, cash flow management, capturing of revenues and expenses, presentation of budget information and internal control system in tertiary institutions in South-East based on type of institution and years of experience. Based on the findings, the researcher recommended, among others, that Federal Government should include International Public Sector Accounting Standards in the curriculum of accounting education in tertiary institutions. This will help to improve more the existing financial management mechanism and policy to enable accrual-based accounting and IPSAS to be fully adopted.

Recently browsed