International Public Sector Accounting Standards and Organisational Characteristics as Determinants of Timeliness of Financial Reporting in Nigerian Public Sector Institutions

Abstract

The timeliness of financial reporting is crucial for transparency and accountability in public sector organisations. This study aimed to examine the effect of International Public Sector Accounting Standards (IPSAS) adoption and organisational factors on the timeliness of financial reporting of Nigerian public institutions. Data were sourced from the audited financial statements of ninety public institutions for 2017 and 2018. Panel regression analysis was adopted. The findings revealed a poor quality of timeliness in public sector financial reporting is poor in Nigeria. IPSAS adoption and organisational characteristics jointly did not demonstrate a significant effect on timeliness (Adj R² = 0.0190, Wald chi²₍₄₎ = 7.75, p > 0.05). The study concluded that the quality of timeliness in financial reporting in the Nigerian public sector is poor and is affected by other unmeasured factors rather than IPSAS adoption and organisational characteristics. Regulators need to enforce statutory timeframes for submission of financial reports by public institutions. There is also a need for further research to identify the determinants of timeliness in public sector financial reporting in Nigeria.