The Ramifications of International Public Sector Accounting Standards on Public Financial Reporting in Ghana

Abstract

The purpose of the study is to examine the influence of International Public Sector Accounting Standards (IPSAS) on financial reporting in Ghana and to explore the anticipated advantages as well as the problems that will be faced throughout the transition process. A thorough examination of the body of existing research, theoretical foundations, documents, and guidelines led to the study's methodological adoption, which mostly followed the qualitative research technique. The findings of this study which was fundamentally based on the thorough analysis of previous studies indicate that Ghana continues to trail behind in terms of IPSAS implementation. The adoption of IPSAS has the propensity to fundamentally alter the preparation and presentation of financial reporting in the public sector providing greater economic and societal benefits due to its improved comparability and understandability. Findings also reveal IPSAS promotes ongoing foreign direct investment to the public sector, which is done by financial account comparability