International Public Sector Accounting Standards (IPSAS) Adoption and Governmental Financial Reporting in Nigeria- An Empirical Investigation.

Governments all over the world are seen to be representatives of the people. They are by implication agents of their service recipients/citizens. As agents, they are responsible to the people in the area of rendering reliable, transparent, timely and accurate stewardship through financial reporting. Nigeria, in order to ensure more accountability, reliability and transparency recently adopted the International Public Sector Accounting Standards (IPSAS) as the basis of government reporting. This study examined the effects on IPSAS adoption of government reporting in Nigeria. Primary data were sourced amongst accountants and auditors of government ministries, departments and agencies within the Rivers State Civil Service. The data were presented using tables and charts. They were further analyzed using simple percentages. The study revealed that IPSAS adoption will result in financial transparency/accountability, strengthened internal controls, boosts financial and resource stewardship and increased efficiency in decision making and good governance. The researcher therefore supports and recommends the adoption and seamless implementation of accrual based government financial reporting system due to the above attendant benefits derivable from its adoption. KEYWORDS: Accountability, transparency, cash basis, accrual basis, decision making.