Nationalizing the International Public Sector Accounting Standard: how Expedient should the Composition and Functions of Ministerial Ipsas Committee be in Nigeria?

Abstract

In the last few decades there has been a substantial global effort that aims to strategically reinvent the way and manner upon how the state resources are being managed worldwide. This reinvention is what has come to be widely known in the relevant literature as New Public Management (NPM). NPM has led to the creation of a paradigmatic shift in public sector accounting system. This subject matter saw how the traditional bureaucratic model of public sector accounting invented by Max Weber to be replaced by the 21st century model of IPSAS. This new development aims towards building and emancipating public sector organisations financial accounting structure in to a more transparent, resilient, captivating, purposeful structure that aim at instilling honesty and uniformity in the global, national and local accounting practices. The New model of Public Management also possesses an ardent empirical principle of making public sector organisation to provide the recognition that a country and its respective states are efficient and realistic in the execution of public expenditure. How this (IPSAS) could now metamorphose in to the Nigeria version of empirical application without impairing its values, tenets, teachings and principles constitute the thrust of the current article.