Abstract:
The main purpose of this study was to examine the adoption and implementation of International Public Sector Accounting Standards (IPSAS) in Technical Universities in Ghana. The study employed the quantitative approach and the descriptive research design. The stratified random sampling technique was used to select 90 participants from Directorates of Audit and Finance in 10 Technical Universities in Ghana. Statistical tools of frequencies, percentages, mean, standard deviation and Spearman.s rank correlation were used to analyse data. It was found that Technical Universities in Ghana were not ready to adopt and implement IPSAS. Also, IPSAS prospects of improved comparability of financial statements, facilitation of transparency and accountability, provision of comprehensive and coherent financial information, increased accountability, among others, were found. Additionally, challenges of high cost of adoption and implementation, difficulty in understanding and cumbersome nature of IPSAS, non-availability of professionals with requisite expertise and knowledge, delay in provision of information related to IPSAS implementation, and lack of clear guidance were identified. Finally, both prospects and challenges correlated positively with level of readiness to adopt and implement IPSAS. It was concluded that if financial support and professional training is not provided, full adoption and implementation of IPSAS may not be achieved. It was then recommended that management of Technical Universities in Ghana train finance and audit staff and make funds available for the processes and activities involved in IPSAS adoption and implementation.als
