Authors: Johnson Kolawole OLOWOOKERE, Oluwatimileyin Esther ADENLE, Taiwo Eniola AGUNLOYE, Lateef Obasanjo ONIBONOKUTA, Olayinka Olayemi AJIBOYE
Abstract
The effects of International Public Sector Accounting Standards (IPSAS) adoption on the quality of public sector accounting information was examined in this study. Adopting IPSAS is significant to accounting information because it helps improve the accuracy and reliability of financial information by ensuring that public sector financial statements are prepared according to internationally recognized standards. This study population comprised 200 accountants working in government ministries and public institutions of Osun State. The sample size encompassed 110 respondents from the population. A survey research design was used in the study, and questionnaires were used to gather the data utilized in this research. Descriptive statistics, Correlation, and regression analysis were the methods of data analysis used. Findings from the study revealed that IPSAS adoption and transparency, together with full disclosure of accounting information, have a significant and positive influence on the quality of accounting information in public sector organizations, as evidenced by t-stats. of (33.485, 13.88) and p-values of (0.000, 0.000) respectively. The study concludes that adopting IPSAS and the extent of transparency and full disclosure in the public sector will affect the quality of accounting information in the Osun State public sector. The study recommends that the government ought to provide adequate training and education for public sector accountants on the benefits that accrue to the adoption of IPSAS. Also, a monitoring team should be set up by the government to ensure that government ministries and institutions abide by the provisions of the IPSAS so as to enhance the quality of public sector accounting information.
Keywords: Accountability, Accounting Information, Full disclosure, IPSAS, Transparency