IPSAS Compliance and Accountability in Public Sector in Nigeria

Globalization spawns a historical revolution and unavoidably influences the accounting sector, hence, this study examined International Public Sector Accounting Standard (IPSAS) compliance and accountability of public sector in Nigeria. To achieve this, the study used five selected public Ministries Departments and Agencies (MDAs) in Ekiti State, Nigeria. Descriptive statistics, correlation, one-sample test and regression analysis of ordinary least square were the methods employed in the analysis. The outcome of the correlation test revealed that IPSAS compliance has a strong positive significant correlation on accountability of public sector in Nigeria. This was also corroborated by the result of one-sample test where all the tested variables were significant. From the result of the regression analysis, the study revealed that IPSAS compliance indicated insignificant positive relationship with accountability of public sector in Nigeria, factors that influence IPSAS showed negative relationship while quality of financial reporting depicted a significant positive relationship with accountability of public sector in Nigeria. Based on this, the study recommended that for IPSAS to gain its momentum among the public sector in Nigeria, all governments at all levels in conjunction with all relevant stakeholders must be ready to provide the needed support, financial, technical and managerial support. In addition to this, all the identified factors in this study should be carefully addressed by the concerned parties for accountability to be achieved in the Nigerian public sector.