EFFECT OF INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS (IPSAS) IMPLEMENTATION ON FINANCIAL REPORTING QUALITY OF MINISTRIES DEPARTMENTS AND AGENCIES (MDAS) IN BENUE STATE

Abstract

The study examines effect of IPSAS implementation on financial reporting quality of MDAs in Benue State, Nigeria for the period 2018 - 2020. The research adopted the descriptive survey research design, using structured questionnaires to elicit data from a sample of 170 respondents, drawn from the office of the accountant-general for Benue state, office of the auditor-general for Benue state, practicing professional accountants and accounting lecturers from tertiary institutions in Benue state. The study employed simple linear regression analysis as a method of data analysis. The findings showed that there exists a significant effect of IPSAS implementation on faithful representation of the state of affairs of MDAs in Benue state.  Also; IPSAS has a significant effect on understandability of financial reports of MDAs in Benue state. The study therefore concludes that IPSAS implementation has positively impacted on financial reporting quality of MDAs in Benue state. Based on these findings it was recommended  that more valid explanations be provided by producers of financial reports to support their decisions for certain assumptions and estimates in the annual reports, and in their discussions of the actual results, and should as a matter of faithful presentation highlight both positive and negative events