Impact of the IPSAs on the presentation off the Generals Purpose financial statements: A case study of Ruwa Local Board.
- Author
- Chiwaridzo, Takunda
- Title
-
Impact of the IPSAs on the presentation off the Generals Purpose financial statements:
A case study of Ruwa Local Board. - Abstract
-
The main goal of this project was to investigate the impact of IPSAs on the presentation of
financial statements for general purposes using the case study of Ruwa Local Board. Following
the depreciation of Zimbabwean bonds in 2018, which corresponded with an economic crisis
that left public-sector debts sky-high, the researchers investigating this region were concerned
about an increase in demand for high-quality information by public-sector stakeholders. The
study used a qualitative research approach to answer the research questions. Both secondary
and primary sources were used to compile the statistics and information. Primary data was
collected through questionnaires and interviews. A sample of 43 people were chosen from a
target demographic of 50 people, including management, internal auditors, and appropriate
accounting staff. The key findings of the study show that applying IPSAS in public sector
reporting will result in high-quality reporting. The study's findings revealed that the cost of
implementing IPSAS in public sector reporting is determined by the quantity of technology
available, as well as the training and skills required to implement IPSAS. The studies also
found that implementing IPSAS in the public sector will improve financial statement openness
and accountability, as well as relevance, comparability, and reliability, but will not diminish
government corruption. Some African countries have completed the adoption process, while
others are still working on implementing IPSAS in public sector reporting, according to the
survey. In order to improve the use of IPSAS in public sectors, the researcher advised that the
IPSASB continue to provide financial help to public sectors in order to alleviate
implementation challenges, improve communication, and expand the number of training
sessions for all stakeholders. The study discovered that there is a need to implement the single
International Accounting Standard in public sector reporting since the researcher concluded
that the advantages will outweigh the expenses of doing so. - Date
- 2021
- Publisher
- BUSE
- Keywords
- Financial Statements
- Economic Crisis
- Supervisor
- N/A
- Item sets
- Department of Accountancy
