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.
