INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARD AND FINANCIAL REPORTING IN THE PUBLIC SECTOR

This study evaluated the impact of international public sector accounting standards on financial reporting in the public sector. The objective of the study is to assess the extent to which the international Public sector accounting standards adoption has enhances credibility of financial statements reported by the public sector in Nigeria and to also determine whether there is a significant relationship between International Public sector accounting standards and financial performance in the public sector. Survey method was adopted and questionnaire was used as instrument of data collection. Descriptive statistics were used using Statistical Package for Social Sciences (SPSS) version 20 to run the analysis. Findings show that there is relationship between international public sector accounting standards adoption and credibility of financial statement reported by the public sector in Nigeria. This study recommend that government should engage professional to drive the process and also involve external professionals to leverage best practices and that Nigerian government should as a matter of necessity embark on continuous training and retraining of accounting personnel who are charged with the responsibilities of preparing the accounts.