IPSAS and Its Impact on Financial Sustainability in Nigeria's Public Sector
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Background of the Study
Financial sustainability in the public sector is critical for ensuring efficient service delivery and long-term economic stability. The adoption of International Public Sector Accounting Standards (IPSAS) aims to improve financial reporting transparency, accountability, and decision-making in the public sector. In Nigeria, the implementation of IPSAS is seen as a transformative measure to enhance financial sustainability by providing a standardized framework for public financial management.
Statement of the Problem
Despite efforts to improve financial reporting standards in Nigeria’s public sector, challenges such as inadequate transparency, poor resource allocation, and inefficiencies in financial management persist. The lack of comprehensive data and standardization in financial reporting often undermines financial sustainability. This study seeks to investigate how the adoption of IPSAS impacts financial sustainability in Nigeria’s public sector and to identify barriers to its effective implementation.
Aim and Objectives of the Study
Aim:
To examine the impact of IPSAS on financial sustainability in Nigeria's public sector.
Objectives:
To assess the influence of IPSAS on financial reporting transparency in Nigeria's public sector.
To evaluate how IPSAS adoption improves resource allocation and financial management.
To identify the challenges faced by Nigeria’s public sector in achieving financial sustainability through IPSAS.
Research Questions
How does IPSAS adoption enhance financial reporting transparency in Nigeria’s public sector?
What is the impact of IPSAS on resource allocation and financial management in Nigeria’s public sector?
What are the challenges of implementing IPSAS in ensuring financial sustainability in Nigeria’s public sector?
Research Hypotheses
IPSAS adoption has significantly improved financial reporting transparency in Nigeria's public sector.
IPSAS adoption enhances resource allocation and financial management.
There are substantial challenges hindering IPSAS implementation for financial sustainability in Nigeria.
Significance of the Study
This study provides critical insights into the role of IPSAS in improving financial sustainability in Nigeria’s public sector. It is expected to aid policymakers and government agencies in addressing implementation challenges and maximizing the benefits of IPSAS adoption.
Scope and Limitation of the Study
The study focuses on public sector institutions in Nigeria that have adopted IPSAS. Limitations may include difficulty in accessing comprehensive financial data and the variability in IPSAS adoption across different institutions.
Definition of Terms
IPSAS: A set of international accounting standards for public sector entities to improve transparency and accountability.
Financial Sustainability: The ability of an entity to maintain financial health and service delivery over the long term.
Public Sector: Governmental organizations responsible for providing services to the public.
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