1. Background of the Study
Public sector is that sector of the economy established and operated by government and its agencies distinguishable from the private sector and are organized on behalf of the whole citizens while Public sector accounting is the process government agencies and municipalities use to record financial transactions.
Mathias, (2004:78). Said, similar to private sector accounting in theory, the focus of public sector accounting is somewhat different. Most government agencies and municipalities need to track funds generated from tax revenues and expenditures related to projects or appropriations. In addition, nations may need to follow a set of standard of accounting principles different from private sector accounting rules. The creation of an international accounting standard helps nations to follow similar rules in other to present information in a similar manner.
Government accounting typically uses a set of rules that tracks financial information. Rather than attempting to determine how much money a public sector entity has made, the entity must report financial information to interested parties, primarily constituents. The separation of money into these funds makes it difficult for government agency or municipality to spend money on unauthorized purposes. Elected officials or legislatures must create appropriations or spending authorizations to transfer funds amongst government fund accounts. This process attempts to restrict the spending of money on a free-will basis that will quickly deplete an agency’s resources similar to private sector accounting, public sector accounting principles often seek to lay a framework for accounting practices.
Afolabi ( 2004:320) Said rather than creating a hard set of rules to follow, the principles allow for an application of basic principles to either large and small entities or municipalities. An international set of accounting principles is also necessary for smaller nations to learn and adopt rules that will enhance their internal national accounting process. Most times, developing nations cannot or do not have the resources capable to create and install a framework for their public sector accounting practices. Adopting an international set of accounting rules will help them overcome this problem and typically helps them start on the path better infrastructure development.
Over the years, countries of the world have defined and set the standards of financial reporting in their individual territories. However, globalization has brought about ever increasing collaboration, international trade and commerce among the countries of the world; hence, there is grave need for increased uniformity in the standards guiding financial statements so that such statement would remain comprehensible and convene the same information to users across the world. The need for the development of unified accounting standards has been the primary driver of international public sector Accounting Standards for public sector financial reporting. While the commercial entities across the world are moving toward international financial Reporting standards (IFRS), governments are harmonizing with I
Table of Contents
1. Background of the study
2. Statement of the problem
3. Research hypothesis
5. Significance of the study
1. Conceptual framework
2. Theoretical framework
3. Empirical review
4. Summary of chapters
SUMMARY,CONCLUSION AND RECOMMENDATION
1. Summary of findings
4. Contribution to knowledge
5. Areas of further research
Research, A. (2018). PROSPECTS OF IMPLEMENTATION OF IPSAS ON MINISTRIES, AGENCIES, AND DEPARTMENTS. Afribary. Retrieved from https://afribary.com/works/prospects-of-implementation-of-ipsas-on-ministries-agencies-and-departments-5417
Research, Afri "PROSPECTS OF IMPLEMENTATION OF IPSAS ON MINISTRIES, AGENCIES, AND DEPARTMENTS" Afribary. Afribary, 29 Jan. 2018, https://afribary.com/works/prospects-of-implementation-of-ipsas-on-ministries-agencies-and-departments-5417. Accessed 28 May. 2023.
Research, Afri . "PROSPECTS OF IMPLEMENTATION OF IPSAS ON MINISTRIES, AGENCIES, AND DEPARTMENTS". Afribary, Afribary, 29 Jan. 2018. Web. 28 May. 2023. < https://afribary.com/works/prospects-of-implementation-of-ipsas-on-ministries-agencies-and-departments-5417 >.
Research, Afri . "PROSPECTS OF IMPLEMENTATION OF IPSAS ON MINISTRIES, AGENCIES, AND DEPARTMENTS" Afribary (2018). Accessed May 28, 2023. https://afribary.com/works/prospects-of-implementation-of-ipsas-on-ministries-agencies-and-departments-5417