INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARD (IPSAS), AND FINANCIAL REPORTING AND COMPLIANCE IN NIGERIA: ISSUES AND BENEFIT (A SURVEY ANALYSIS)

Quality financial reporting plays an important role in government accountability and meeting its financial management responsibilities to its citizens. The implementation of IPSAS was an integral part of public sector reforms and based on a global trend to respond to requests for increased financial accountability and transparency from government which reflect significant democratic values.This research focused on issues and benefits of implementing IPSAS on the consistency of financial reports by evaluating theoretical and past empirical studies in meeting the requirements for utility of decision. The IPSAS adoption review showed that international best practices were presented to government agencies, international intergovernmental organizations and international organisations. It stressed the advantages of good governance, accountability and transparency. Further analysis highlights Nigeria's problems during the time focusing on openness, accountability, comparability, and management and decision-making processes. The study concluded that Nigeria's IPSAS adoption driving forces were to align its operations with the financial year, meet the requirements of partners, attract donors and be competitively comparable with other international organizations.