ABSTRACT

                                      The objective of this study is to find out the prospects and challenges of adoptions of IPSAS by the Nigerian public sector. The study focused on federal ministries in Abuja. One hundred and fifty copies of questionnaire were distributed to civil servants in Abuja. The study employed Z-test statistical technique and chi-square. Data gathered from field was analyzed by MS-excel 2016. The result shows that adoption of IPSAS will increase the reliability of the reports prepared by Nigerian public sector. The result also shows that adoption of IPSAS will enhance better comparability of financial report among various state. Furthermore, the study shows that lack funds and internal resistance are major challenges facing the adoption of IPSAS. The study recommended that the federal government should release fund to power the switching over to IPSAS. Accountants in public should be trained on new accounting software that will enhance their understandability of IPSAS. Government should display the political toward adoption of IPSAS by mandating all ministries and government agencies to switch over to IPSAS and defaulters should be duly sanctioned.  

Key words:     Government Ministries, Nigeria, Accounting, MS Excel, IPSAS