The Effect of Public Sector Accounting Standards on Budget Performance in Funtua LGA, Katsina State
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Background of the Study
Public sector accounting standards (PSAS) are critical for ensuring that budgets are prepared, executed, and monitored effectively in local governments. In Funtua LGA, Katsina State, budget performance is crucial for the successful implementation of development projects and service delivery. Public sector accounting standards ensure the proper planning, allocation, and monitoring of budgeted funds. However, adherence to these standards is often challenged by issues such as inadequate financial reporting systems, weak internal controls, and lack of skilled personnel. This study will explore the impact of public sector accounting standards on budget performance in Funtua LGA.
Statement of the Problem
Despite the establishment of public sector accounting standards, Funtua LGA has faced challenges in budget performance. These challenges include underutilization of allocated funds, misallocation of resources, and poor financial reporting. These issues undermine the effectiveness of budget implementation and the achievement of development goals. This study will assess how public sector accounting standards influence budget performance in Funtua LGA and the challenges encountered in their application.
Aim and Objectives of the Study
The aim of this study is to assess the impact of public sector accounting standards on budget performance in Funtua LGA, Katsina State. The specific objectives are:
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To assess the role of public sector accounting standards in the preparation and execution of budgets in Funtua LGA.
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To examine the challenges faced by Funtua LGA in adhering to public sector accounting standards during budget implementation.
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To recommend strategies for improving the application of public sector accounting standards to enhance budget performance in Funtua LGA.
Research Questions
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How do public sector accounting standards influence budget preparation and execution in Funtua LGA?
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What challenges does Funtua LGA face in complying with public sector accounting standards during budget implementation?
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What strategies can be implemented to improve adherence to public sector accounting standards for better budget performance in Funtua LGA?
Research Hypotheses
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Adherence to public sector accounting standards improves budget performance in Funtua LGA.
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Non-compliance with public sector accounting standards negatively impacts budget execution and performance in Funtua LGA.
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Improving compliance with public sector accounting standards will enhance budget performance in Funtua LGA.
Significance of the Study
This study will provide valuable insights into the relationship between public sector accounting standards and budget performance. The findings will assist Funtua LGA in improving financial management practices to ensure better budget execution and the achievement of development goals.
Scope and Limitation of the Study
This study will focus on Funtua LGA, Katsina State, and will specifically assess how public sector accounting standards affect budget performance. Limitations include challenges in accessing financial records and the potential reluctance of local government officials to provide required information.
Definition of Terms
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Public Sector Accounting Standards: A set of regulations and guidelines that govern the financial reporting, budgeting, and auditing processes within public sector institutions.
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Budget Performance: The measure of how effectively a local government implements its budgeted plans, ensuring that allocated funds are used for their intended purposes.
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Local Government Area (LGA): A subdivision of a state in Nigeria responsible for managing and providing services to local communities.
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