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1.1 Background to the Study

In recent times, there are persistent entails larger transparency and revelation of monetary information among countries of the globe in a very bid to lift the extent of public confidence in monetary reports. AN upsurge in cross-border activities have semiconductor diode to a rise in international transactions among countries of the globe that necessitated the requirement for enlarged collaboration and commerce across totally different geographical zones (Ijeoma & Oghogbomeh, 2014). Thanks to this development, there's currently stress on the requirement for enlarged transparency, uniformity and compare within the set of accounting standards guiding the preparation of monetary statement for public entities. The essence of those accounting standards is to form public entities’ monetary statements more relevant.

Sound government accounting system is an essential ingredient of a country’s economic development. Government accounting is commonly perceived as a bureaucratic and business unfriendly. Better accounting systems can quite readily lead to improvements in a government’s financial management. Effective government accounting makes it possible to manage the government’s finances smoothly and provides audit trails to prevent and detect financial misconduct. However, the accounting system’s contribution to the achievement of higher-order goals, such as poverty reduction, is necessarily indirect and long-term. The accounting system is in effect the “nerves of government” because it is the core of a government’s financial command and control centre. A government accounting system can be rudimentary or sophisticated. A good government accounting system at the minimum keeps accurate financial scores, advanced government accounting system directs the attention of policy makers and managers to problem areas; and at its best, and a government accounting system provides information useful for decision making (IPSAS 2005).

In Nigeria, the Institute of Chartered Accountants of Nigeria (ICAN) has called on the Federal Government through President Muhammadu Buhari to make adequate provisions for the implementation of International Public Sector Accounting Standards (IPSAS) Accrual Basis in the 2018 budget (Steve,2018).

Speaking at ICAN’s Economic Discourse Series, with the theme: “2018 FGN Budget and Beyond,” held in Lagos, the Institute’s President, Isma’ila Muhammadu Zakari, said that ICAN considered IPSAS an essential component that should not be ignored in the budget implementation process in order to put in place an enhanced public finance management system (Steve,2018). This, according to him, would facilitate the economic consolidation envisaged in 2018 Federal Government budget proposals. He added that if the National Assembly can pass the 2018 Appropriation Bill and get it signed into law by December 31, 2017, the Nigerian economy would be the better for it (Steve,2018).

1.2 Statement of the Problem 

The gap identify in the study is the proposed used of international public sector accounting standard against the traditional cash basis accounting. Cash basis of accounting is observed to be the commonly used basis in the public sector which has some limitations and setbacks that affects financial transactions such as poor budget implementation, mismanagement of public fund etc. This can be traced to the fact that while using the cash basis of accounting, there is no attempt to match an expense with the revenue it generates. This means that income statement and balance sheet are not good pictures of recent business conditions and an expense written against specific revenue may not have been incurred for generating the revenue (Emmanuel; Oyadonghan,2014). This creates the issue of poor budget implementation, making it necessary to consider the relationship between public sector budgeting and cash basis of accounting (Emmanuel; Oyadonghan,2014). The study will examine the effect of IPSAS 18,22 & 24 on the performance of Nigeria fiscal budget and how effective it will be other than the traditional cash basis standard.

1.3 Purpose of the Study

The purpose of this study is to determine the effect of international public sector accounting standards (IPSAS 18,22 &24) disclosure requirement on Budget performance in Nigeria.

1.4 Objectives of the Study 

1.       To determine the effect International public sector accounting standards (IPSAS 18,22 & 24) adoption on efficient management of budgetary allocation. 

2.       To examine the effect International public sector accounting standards (IPSAS 18,22 & 24) adoption on budget performance.

3.       To find out if the adoption of International public sector Accounting Standards (IPSAS 18,22 & 24) checks cases of corruption among public officers in Nigeria public sector. 

1.5 Significance of the Study 

The findings of the study is expected to be of immense significance to governments of Nigeria especially the Ministry of Budgeting and Economic development, it will appreciate from the findings of the study the need to adopt and swing into full implementation of International Public Sector Accounting Standards for budget design and implementation. The government will be fully aware of the gains of full disclosure requirements of IPSAS adoptions as it affects transparency, comparability, credibility, informative, and comprehensiveness of financial information. 

Again, state government ministries will be brought to terms, the realities of IPSAS adoption and the economic benefits. Preparers and users of public sector accounting information will also be encouraged on the need for full disclosure arising from IPSAS adoption as it influences accountability, transparency and credibility of accounting information. It will also unveil to the state houses of assemblies in all states in Nigeria the need for IPSAS adoption because the insight on the full disclosure requirement as one of the IPSAS requirements can enable legislators on their oversight functions. Again, the result will guide members of the public on the likely gains or otherwise arising from the adoption of International Public Sector Accounting Standards and their effects on financial reporting. 

1.5 Scope/limitations of the Study 

This study focused on the effect of international public sector accounting standards on budget performance with emphasis on Ministry of Budgeting and Economic Development. The study will also focus 18,22 and 24 disclosure requirement of IPSAS standard. Meanwhile, effort was made to ensure a genuine and reliable research report that undoubtedly would be generally accepted, however, there are insignificant constraints to the study, such as lack of database management in the area of international public sector accounting standards as it relates to financial accountability in public sector of south eastern states of Nigeria. Besides, to be fully represented, this study needs to cover wider areas and larger number of public entities covering whole Nigeria, but due to financial and time constraints, the study was limited to ministries and agencies in the south eastern states of Nigeria. 

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