GOVERNMENTAL ACCOUNTING FOR PUBLIC SECTOR ASSETS AND LIABILITIES: This study aims to (i) evaluate the current practices in accounting for public sector assets and liabilities, (ii) identify the challenges in managing these financial elements, and (iii) propose improvements to enhance accuracy and transparency in reporting. A survey design is utilized to collect detailed data from accountants and financial managers in the public sector. The sample size of 325 respondents, determined using Taro Yamane's formula, ensures statistical validity. The case study focuses on Port Harcourt, selected for its extensive public sector investments. The reliability coefficient score of the survey instrument is 0.85. Findings reveal significant challenges in accurately tracking and reporting public sector assets and liabilities, including issues with data integrity and compliance with standards. Recommendations emphasize the need for more rigorous asset management systems and continuous updates to accounting standards to ensure comprehensive and transparent reporting.
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