Adoption Of International Public Sector Accounting Standards In Ghana: The Perception Of Controller And Accountanat General Department Staff

Abstract

The study analysed the perceptions of Controller and Accountant General Department Staff on Adoption towards International Public Sector Accounting Standards in Ghana. Primary data were collected through a questionnaire distributed to 240 accountants, financial analysts and auditors of the CAGD. The collected data was analysed using both SPSS the partial least square estimation technique and the research design used was explanatory. The findings of the study revealed that the accountants, financial analysts and auditors of CAGD possess awareness of IPSAS, a solid understanding of its key principles and concepts, receive adequate training and express confidence in applying IPSAS principles in their daily work. Further, the study reveals that staff perceives challenges in integrating IPSAS into their daily functions and believe the adoption of IPSAS will enhance the accuracy and transparency of financial reporting at CAGD. Additionally, the study establishes that IPSAS acts as a promoter of financial reporting accuracy. Moreover, staff believes that additional training is necessary for CAGD staff to align with IPSAS. Hence, it was recommended that the management of CAGD should develop targeted communication strategies to continuously promote awareness of IPSAS principles and concepts among CAGD staff. Also, they should offer regular training sessions to reinforce and deepen the understanding of IPSAS principles, ensuring that accountants, financial analysts and auditors stay updated on any changes or updates. Again, the management of CAGD should endeavour to formulate specific plans to address the challenges perceived by staff in integrating IPSAS into daily functions. Besides, accountants, financial analysts and auditors at CAGD should continuously emphasise the importance of IPSAS in promoting financial reporting accuracy, highlighting the benefits and impact on the credibility of financial disclosures. Finally, the management and decision makers of CAGD should establish a structured and on-going training programme focused on IPSAS for CAGD accountants, financial analysts and auditors, ensuring that it addresses specific areas identified by respondents as needing additional training.