EFFECT OF INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS ADOPTION ON TRANSPARENCY AND ACCOUNTABILITY OF QUALITY FINANCIAL REPORTING IN THE PUBLIC SECTOR IN NIGERIA

Abstract The implementation of IPSAS seeks to improve the quality and comparability of financial reports in the public sector. Notwithstanding these objectives, the adoption of IPSAS in Nigeria has encountered several obstacles, including accountability and transparency, which may affect the quality of financial reports generated by the public sector. The research examined the effect of the adoption of IPSAS on the quality of financial reports in Nigeria's Federal Ministry of Finance. The variables employed are accountability and transparency as proxies for IPSAS adoption, while relevance, comparability, and full representation serve as proxies for quality financial reporting. The study population consisted of accountants, auditors, and finance managers inside the Ministry of Finance agencies in Nigeria. The Yamane method was employed to determine a total of 394 respondents. The primary data source was utilized alongside a structured questionnaire as the data gathering instrument. Factor analysis was employed to process the data, and multiple regression was utilized to evaluate the hypotheses. The results indicated that the accountability and openness of IPSAS considerably influence the comparability of high-quality financial reporting in the Federal Ministry of Finance at a 5% significance level. The transparency and accountability of IPSAS greatly influence the full representation of quality financial reporting in the Federal Ministry of Finance at a 5% significance level. The transparency and accountability of IPSAS significantly influence the relevance of quality financial reporting in the Federal Ministry of Finance at a 5% significance level. The study recommends the Federal Ministry of Finance to establish and execute explicit accountability frameworks delineating the roles and duties of different persons in the financial reporting process. This will guarantee that all individuals comprehend their responsibility to uphold the quality and integrity of financial reports.