International Public Sector Accounting Standards and Budget Performance in Ministries, Department and Agencies in Lagos State, Nigeria

Joseph Agbashi ODAMA () and Godwin Emmanuel OYEDOKUN ()
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Joseph Agbashi ODAMA: Federal Inland Revenue Services, Postal: Lagos, Nigeria, https://www.afarng.org/jfafi/
Godwin Emmanuel OYEDOKUN: Department of Management & Accounting, Postal: Lead City University Ibadan,,, https://www.afarng.org/jfafi/

Journal of Forensic Accounting & Fraud Investigation (JFAFI), 2022, vol. 7, issue 1, 88-100

Abstract: The budget is a vital tool for public administration because it determines where resources are allocated, stimulates growth, guides investments, and promotes more fair distribution of wealth. Nevertheless, Budget Performance in Lagos State has been plagued by issues negatively affecting its performance. This raising concerns for the adoption of international public sector accounting standard. Hence, this study examined the effect of IPSAS on budget performance in Ministries, Departments, and Agencies (MDAs) in Nigeria. This study adopted a cross-sectional survey research design, and the population was 310 accountants and auditors in MDAs in Lagos State, Nigeria. All the 310 accountants and auditors in MDAs in Lagos State were used as the unit of analysis hence the adoption of total enumeration method. A validated questionnaire was used to collect data. Data were analyzed using descriptive and inferential statistics. Findings revealed that IPSAS had significant effect on budget performance (R2 = 0.231, F(1,291)= 87.379, p= 0.000). This study concluded that IPSAS affects budget performance in MDAs in Lagos State in Nigeria. It important that management of MDAs in Lagos State, Nigeria to continue to ensure strict implementation and compliance to IPSAS as financial management reform instruments so that the improvement in budget performance can be guaranteed for year-on-year.

Keywords: Budget performance; Financial management reforms; IPSAS; MDAs; Lagos State (search for similar items in EconPapers)
Date: 2022
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Journal of Forensic Accounting & Fraud Investigation (JFAFI) is currently edited by Godwin Emmanuel Oyedokun, Muhammad Akaro Mainoma and Suleiman A. S. Aruwa

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