Public sector accounting and developing economies: A comparative review and analysis of Ghana and Nigeria (original) (raw)

2013

Abstract

Public sector constitutes the largest sector of the economy of all nations, employs the largest work force and controls the greatest part of nations’ financial resources. The paper adopted exploratory research method through literature scrutiny and scanning for relevant facts to assist in the achievement of the paper objectives. The public sector accounting system of Ghana and Nigeria were reviewed and was found that some of the differences that exist were as a result of the governance system (unitary and federal). It was also found that Nigeria has a unique system of allocating revenue collected to its various constituencies on monthly basis. The two countries are working gradually toward the implementation and adoption of International Financial Reporting System for the public sector. Also both countries are using modified cash basis of accounting along side with fund accounting. The bases of monitoring and evaluating budget are not well defined or benchmarked thus making performa...

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