Statement of the Problem
The incidence of financial malpractices and concealment of material facts in the financial statements of public and private organizations necessitated the introduction and adoption of International Public Sector Accounting Standards across the world. The IPSASs has been identified 14 internationally as an effective tool for financial reporting. This is why the Federal Government of Nigeria approved its adoption in both public and private sectors of the economy in July 2010 (International Federation of Accountants (IFAC), 2012). With this directive, private and public organizations are expected to make their financial statements clear and to make full disclosures of all financial transactions. Despite this directive, public and private organizations seem not to have fully adopted this practice in their accounting transactions. The financial statement prepared by most public institutions especially tertiary educational institutions on the cash basis system of accounting lack disclosure of certain expenses that have earlier been prepaid or accrued especially prepaid tuition fees, caution deposits, development levies, identity card levies and other levies. This makes account officers in tertiary institutions not to report transactions that have entered into excess financial transaction above their budget. This is probably why their financial statements are lacking both in accountability and transparency and fails to meet the diverse needs of the institutions, hence the need for the study on adoption of IPSASs which would covey the same information to users across various tertiary institutions in the world.
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