International Public Sector Accounting Standards and Faithful Representation in Financial Reporting: Evidence from Higher Institutions in North-East, Nigeria
This study examines the relationship between International Public Sector Accounting Standards (IPSAS) and faithful representation in financial reporting of higher education institutions in selected North-East states of Nigeria. The research employed a mixed methods approach, including a survey of accountants, internal auditors, and finance officers in the Federal Higher Institutions of Bauchi, Gombe, and Taraba States, Nigeria and ex post factor. The study objective is to examine the relationship between IPSAS adoption and faithful representation of financial reporting for higher education institutions. The research found that IPSAS adoption has a positive and significant relationship with faithful representation in financial reporting for higher education institutions. This finding suggests that the adoption of IPSAS could be a crucial step in ensuring consistency, transparency, and accountability in the financial reporting of higher education institutions. The study also found that the effective implementation of IPSAS requires adequate resources and training. Institutions must invest in training programs to ensure that their staff members are familiar with the IPSAS guidelines and can apply them effectively. The study findings suggest that IPSAS adoption enhances consistency, transparency, and accountability in financial reporting practices. Therefore, it recommends that higher education institutions in North-East Nigeria consider the adoption of IPSAS as a fundamental step towards improving their financial reporting practices. Keywords: Faithful representation, financial Reporting, IPSAS, transparency, accountability, public sector.