An Empirical Examination of the Adoption of International Public Sector Accounting Standards and the Compliance Transition in Selected Higher Education Institutions in Lagos State, Nigeria

Abstract: This research explores the effects of adopting International Public Sector Accounting Standards (IPSAS) on three federal tertiary institutions in Lagos State. A survey approach was utilized, with data collected through questionnaires specifically designed for this study. The study's population comprised staff from the Bursary, Audit departments, and lecturers in the Accounting departments of the following institutions: University of Lagos (UNILAG), Yaba College of Technology (YCT), and Federal College of Education (Technical) (FCE). A sample of 200 staff members was selected, including 75 from UNILAG, 75 from YCT, and 50 from FCE, to whom 200 questionnaire items were administered. The purposive sampling technique was applied to ensure that the selected respondents were those with relevant experience and knowledge. In the second phase of data collection, researchers consulted with key officials from the three institutions to evaluate their progress in fully implementing the IPSAS accrual accounting framework. The growing economic connections with international partners, along with a push for best practices globally, has driven the necessity for countries to adopt modified accrual-basis IPSAS. The findings from this study indicate that the adoption of IPSAS has significantly enhanced the reliability and credibility of financial accounting information within the Nigerian public sector. Consequently, the study recommends that the Federal Government establish necessary legislative and institutional frameworks to create a supportive environment for IPSAS adoption. Additionally, it is crucial to impose strict penalties on organizations that fail to comply with these standards.