Abstract
International Public Sector Accounting Standards (IPSAS) has become one of the popular tools implemented by governments to ensure greater transparency and accountability globally. This research assesses the impact of IPSAS adoption on transparency and accountability in the use of public funds in Liberia. A survey design using five-point Likert scale questionnaire was employed for collecting the data. Questionnaires were administered to accountants, auditors (private and state-owned), government departments and related public sector bodies within the Montserrado County of Liberia. The valid questionnaires were then analysed using descriptive statistics. The hypotheses were formulated and tested by means of analysis of variance (ANOVA) at a 5% significant level with the aid of Microsoft Excel 2013. The study finds that IPSAS adoption increases the level of transparency and accountability in the use of government funds. It further establishes that revenue leakage and inadequate disclosure of public expenditure impedes government commitment to ensure a transparent and accountable management of public funds in the country. Hence, the paper recommends that governments in developing counties should hasten in their transition to the accrual basis IPSAS. Key words: Accountability, international public sector accounting standards (IPSAS), public funds, transparency, Liberia.
Highlights
Does a day pass without issues pertaining to massive public sector corruption being cited in the press
This study evaluated the impact of the adoption of the Cash Basis International Public Sector Accounting Standards (IPSAS) on transparency and accountability in managing public funds in Liberia
This research expanded the current literature on the impact of IPSAS adoption on public sector transparency and accountability regarding the use of public funds, especially in developing countries such as Liberia
Summary
Does a day pass without issues pertaining to massive public sector corruption being cited in the press. This is predominantly the case in developing countries. The West African sub-region in particular, has recorded many cases of reported massive misappropriation of public funds in recent times. Latest instances of reported public sector corruption include: The fraud involving over. Taxation loss of GHS347 million Ghana Cedis (about US$77 million) from national Consolidated Fund due to corrupt and treasury mismanagement by government officials in Ghana (Auditor General Report, 2012)
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