Public sector financial reporting in Nigeria has long been challenged by issues of transparency, accountability, and comparability. The adoption of International Public Sector Accounting Standards (IPSAS) seeks to address these concerns by promoting globally recognized accounting practices that enhance the credibility and usefulness of government financial statements. This study, therefore, investigates the effects of the adoption of international public sector accounting standards (IPSAS) on the quality of public sector financial reporting in Nigeria, with emphasis on the Federal Ministry of Finance. This study employed an ex post facto research design. Specifically, the sources for data used for this study were drawn from audited financial statements and budget performance reports. Consequently, audited financial statements and budget performance reports of the Federal Ministry of Finance of 2024 were used for analysis. The study found that the adoption of International Public Sector Accounting Standards (IPSAS) has significantly improved the transparency and accountability, accuracy and reliability, and comparability. This study also concludes that IPSAS adoption has a revolutionary effect on Nigeria’s public sector financial management. The Federal Ministry of Finance has attained improved accountability, transparency, and budgetary restraint by bringing government accounting procedures into compliance with international norms. consistency of public sector financial reporting quality in the Federal Ministry of Nigeria. The study recommended, among others, that the government should strengthen institutional and regulatory frameworks to enforce IPSAS compliance across all ministries, departments, and agencies. This includes setting up effective monitoring and evaluation systems.
U. et al. (Thu,) studied this question.
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