View
221
Download
0
Category
Preview:
Citation preview
7/28/2019 The Quality of Information Content of Pgfs
1/17
THE QUALITY OF THE INFORMATION CONTENT OF
PUBLISHED GOVERNMENT FINANCIAL STATEMENTS
BY
SULEIMAN A.S. ARUWA
DEPARTMENT OF ECONOMICS AND MANAGEMENT SCIENCES,
NIGERIAN DEFENCE ACADEMY, KADUNA
A PAPER FOR PUBLICATION IN
IN THE BOOK OF READING ACCOUNTING PERSPECTIVE
DEPARTMENT OF ACCOUNTING, UNIBEN, EDO STATE
7/28/2019 The Quality of Information Content of Pgfs
2/17
JANUARY 2005
THE QUALITY OF THE INFORMATION CONTENT OF
PUBLISHED GOVERNMENT FINANCIAL STATEMENTS
By Suleiman A.S. Aruwa+
ABSTRACT
This paper investigates three basic qualitative epithets of Government Financial Statements.These are the adequacy of the financial reporting statements in meeting the information need ofdiverse user groups in the country, reports utilization, and compliance of the statements with the
statutory requirements. To accomplish the objectives of this paper, three hypotheses were
formulated and tested. On the basis of these hypotheses, personal interview and governmentfinancial statement evaluation questionnaire were used as research instruments. The descriptive
and parametric statistics were employed in analysing the data and testing the hypotheses,
respectively. The paper revealed that the Government Financial Statements, in the present form,significantly comply with statutory laws but inadequate for report utilisation. There is high desire
by the user groups for a more comprehensive and informative Government Financial Statements.
Consequently, to improve the quality of the financial statements, it is recommended that the
financial reports should be simplified with special financial reports based on users request. Theneed for emphasis on external reporting over stewardship reporting is strongly advocated. These
will add value to the usefulness of Government Financial Statements.
1.1 INTRODUCTION
A considerable body of literature has developed, particularly in the past thirteen years, which
examines the nature of governmental accounting and financial reporting. Applied researches in
governmental accounting and financial reporting have been well documented. Research in this
category typically explains the practical application of accounting standards in the governmental
settings, discusses currently unresolved governmental accounting issues, and or questions current
practices in governmental accounting and financial reporting (Aruwa, 2002; Giroux and
Apostolou, 1991; Granof and Mayper, 1991; Hay and Antonio, 1990; Raman and Wilson, 1990;
Ingram, Raman, and Wilson, 1989; Lewis, Patton, and Green, 1988; Ingram, Raman, and Wilson,
1987). Some of the major issues identified include: a perceived gap in the information content of
government financial report and information need of users (Aruwa, 2002), the need to integrate
budgeting, accounting and financial reporting and that a strong and enduring relationship exists
between government accounting and budgeting (Chan, 1992), and the need to reform budgeting
processes in view of large budget variances (Granof and Mayper, 1991).
Nigerian system of government accounting has its roots from the British colonialists who
were confronted with accounting and reporting problems that required resolution without the
assistance of professional accounting standard-setting organisations (Anyafo, 1994:61). The
+ Aruwa is a Lecturer with the Department of Economics and Management Sciences, Nigerian Defence Academy,
Kaduna-Nigeria.
2
7/28/2019 The Quality of Information Content of Pgfs
3/17
primary focus of financial accounting and reporting in those early days was determining whether
cash, usually generated from general tax levies support current operating activities, was collected
in amounts that at least equalled the cash paid for those purposes and whether laws restricting the
collection and expenditure of public funds were followed by those who administered the
programmes. Holder (1992:41) submits that the primary users of such reports were the
administrators and legislative representatives of government that were guided by that information
in performing their duties. Holder (1992:41) opines that little thought was originally given to the
usefulness of the information content of Government Financial Statements for external financial
statement users.
The nature, complexity, intensity of use, and the related costs of acquiring assets, road
maintenance, and other types of operating equipment have also increased sharply since the
accounting practices used currently were originally developed. Holder (1992:3) posits that the
assets that are acquired in one period but that are used for a number of periods pose accounting
issues today that were far less significant years ago, and this complicates reporting activities in a
meaningful way.
The government financial reporting function seems to have been subjected to the greatest
amount of criticism in recent years with regard to its information content and its apparent inability
to meet the assumed need of a variety of decision-makers involved in the use of Government
Financial Statements. In addition, individuals and institutions outside the government have
become virtually interested in the financial activities and status of governments. Example of such
users includes creditors, citizen groups (i.e. taxpayers, service recipients or voters), business
enterprises and others, yet the Government Financial Reports remain the singular picture of the
resources entrusted, how the resources are employed during a fiscal year, and in what form the
resources are now held. However, there are overwhelming calls on government to shift emphasis
from traditional stewardship financial reporting to the presentation of more informative
Government Financial Statements (Maimako 1997:122).
In a situation where the government accounting system is caught up between its reports
based on financial related laws and regulations, and having to consider the needs and problems of
user groups. It becomes important to investigate the content of Government Financial Statements
in relation to problems of report adequacy, usefulness and the compliance of reports to relevant
laws. The contents and formats of Government Financial Reports therefore require consideration.
Gary (1992:10) observes that various persons who have written on the subject of financial
reporting in the Federal Government have termed it antiquated, fragmented, incomplete,
unreliable and lacking timeliness Gary further submits that to a person schooled in government
3
7/28/2019 The Quality of Information Content of Pgfs
4/17
accounting, the Federal Government Financial reporting is disgraceful. All of these epithets may
have merit, especially in respect of the statutory background of government accounting, the
adequacy of the information content and the level of usefulness to which the financial reports are
employed in decision-making.
Oshisami (1994:12) reports that Morey (1926) acknowledged that many errors of principle
will be committed if there are no material modification to the public accounts, in adopting private
sector accounting procedures. In addition, if relevant information contained in Government
Financial Statements could provide financial information, the timing of publication can impair its
reliability, completeness, and usefulness and so adversely affect users of Published Government
Financial Statements.
In practical essence, the paper shall attempt to achieve the following objectives:
1) To identify the nature of the information content of Published Government Financial
Statements;
2) To ascertain the Government Financial Statements usefulness to user groups in
decision-making;
3) To identify the factors that contribute or mitigate the Government Financial
Statements information content adequacy or inadequacy;
4) To reveal what major complaints or criticisms the user groups may have against the
Government Financial Statements, as regard their understanding of them, and to reveal
the reasons and areas of difficulty; and
5) To suggest improvements on Government Financial Statements that could enhance its
informative capacity.
LITERATURE REVIEW:
2.1 LEGAL FRAMEWORK OF GOVERNMENT ACCOUNTING
The public sector accounting in Nigeria is rooted in a number of legal instruments, which sets the
general framework for the total financial management, government accounting and financial
reporting. The legal instruments at the federal level include: The Constitution of the Federal
Republic of Nigeria, 1999, the Finance (Control and Management) Act), 1958, the Audit
Ordinance No. 28, 1956; and the Annual Appropriation and Supplementary Appropriation Acts.
Anyafo (1994:1) notes that these legal instruments constitute the statutory bed rock upon
which the government accounting manuals, treasury circulars, and federal financial regulations
and states financial instructions are founded. However, financial regulations and financial
instructions provide for the control and management of public finances at the federal level and for
4
7/28/2019 The Quality of Information Content of Pgfs
5/17
7/28/2019 The Quality of Information Content of Pgfs
6/17
accounting is the superior method for the economic resources of any organisation; it results in
accounting measurements based on the substance of transactions and events rather than merely
when cash is received and disbursed, and thus enhances their relevance, neutrality, timeliness,
completeness and comparability. NCGA recommends use of the accrual basis to the fullest extent
practicable in the Government environment. However, the report of research conducted by
Likireman and Vass (1984) on government expenditure recommended continued adoption of cash
basis of accounting by government.
The Finance (Control and Management) Act 1958 also requires the preparation of
government accounts on fund basis. In essence, all funds of a government must be classified into
one of three fund categories: Governmental, proprietary, and fiduciary, or expendable and non-
expendable funds. The category of a fund determines the type of accounting and financial
reporting that is accorded the activities conducted, assets owned or held, and liabilities incurred by
that particular fund (Brooks, 1992:41).
A question arose as to whether each fund should also constitute a reporting entity,
considering the voluminous annual report resulting from this practice. Critics further argue that
reporting by fund creates a fragmentary and incomprehensible picture of government finances.
Chan (1992:1) opines that this practice, however justifiable on grounds of stewardship, legal and
contractual compliance, certainly, it is not user-friendly- it produced comprehensive reports that
are not comprehensible.
2.2 OBJECTIVES OF GOVERNMENT ACCOUNTING
In the light of Financial (Control and Management) Act No. 33 1958, Anyafo (1994:64) states the
objectives of government accounting as:
a) To ensure that a full account is made to the legislature on management of public
finances and that its financial control as prescribed by the operated in accordance with
the provisions of the Constitution of the Federal Republic of Nigeria (section 5); and
b) To enable the Accountant-General to present to the Auditor-General for audit purposes,
the accounts showing fully the financial position as at the last day of each financial
year of the Consolidated Revenue Fund and all other Government funds (Section 24).
In essence, the purpose of government accounting is to provide information about the
economic and financial affairs of government agencies, institutions and units. It is tailored to
emphasize the use of funds provided to accomplish objectives designed in the best interest of tax
6
7/28/2019 The Quality of Information Content of Pgfs
7/17
payers. However, use of funds requires stewardship reporting, which preclude external reporting
by the government.
Similarly, Glyn (1987:7) reports that in Australia, the report of the committee on Public
Sector Accounting stated the primary objectives of accounting in the public sector organisations as
provision of information necessary for management controls and public accountability. Glyn
(1987:8) relates these objectives to include:
i) To provide information useful for determining and predicting the flows, balances and
requirements of short-term financial resources of the government unit;
ii) To provide information useful for determining and predicting the economic condition of
the government unit and changes therein;
iii) To provide financial information useful for monitoring performance under terms of legal,
contractual and judicial requirements;
iv) To provide financial information useful for planning and budgeting and allocation of
resources on the achievement of operational objectives; and
v) To provide information useful for evaluating managerial and organisational performances.
Comparatively, lacking in the legal requirement of financial reporting in the Nigerian
context is the external reporting by government. After considering the governmental environment
and users needs, Governmental Accounting Standard Board (GASB) of USA (1987) proposed the
following objectives:
a) Financial reporting should assist in fulfilling governments duty to be publicly accountableand should enable users to assess that accountability;
b) Financial reporting should assist users in evaluating the operating results of the
government entity for the year; and
c) Financial reporting should assist users in assessing the level of services that can be
provided by the government entity and its ability to meet its obligations as they become
due.
It is however observed that what is published varies greatly in the relative emphasis given
to each of these objectives and functions. The importance of using Published Government
Financial statements as a vehicle for public accountability through meeting external reporting
requirements has been steadily increasing.
A comparison of Nigerian Governmental Accounting system and the United Nations
model for Government Accounting further highlights the areas of discrepancies (Ngwu,1999:200):
7
7/28/2019 The Quality of Information Content of Pgfs
8/17
Cash accounting seems to constrain the realization of Accounting system being capable of serving
the basic financial information needs of development, programme-planning and appraisal of
performance in physical and financial terms, planning programming budgeting system (PPBS) and
the accrual basis of accounting need to be firmly implemented for the accounts to provide
financial data useful for economic analysis and reclassification of government transactions to
assist in development of national accounts..
2.3 GOVERNMENT FINANCIAL STATEMENTS AND USES
The five Audited Financial Statements made available by the Auditor-General of the Federation
represents the authentic and legal financial position of government at any time (Oshisami,
1992:166). These financial statements include, Consolidated Revenue Fund (CRF), Statements of
Revenue, Statement of Recurrent Expenditure, Statement of Assets and Liabilities, and the
Development Fund. All of the financial data in these publications contain up-to-date figures.
The five statements conform to the basic minimum which should be prepared for
government, under operational criteria: the balance sheet, statement of operations, statement of
sources and operation of funds. However, the five statements suffer from some technical
deficiencies in three areas (Oshisami, 1992:179): finalisation of accounts for publication, the
presentation format, and the inadequacies inherent in the application of cash basis of accounting
without supplementary information. Although the federal government supplies additional
information, but do not remove all the inadequacies. It is held also that a presentation of financial
statements for the year without budgetary comparisons is first of all not in conformity with
standard accounting principles and practice, and is generally considered short of full disclosure
(Anyafo, 1994:64).
In the corporate report (1975) published in the United Kingdom, the users of corporate
reports are defined as: Having a reasonable right to information concerning the reporting entity.
We consider that such rights arise from the public accountability of the entity whether or not
supported by legally enforceable powers to demand information.
The National Council on Governmental Accounting (NCGA, 1981) of USA sponsored
research paper identified many internal and external groups (and uses) as potential users. The
Governmental Accounting Standard Board (GASB, 1987) of USA however, following the
approach similar to that of Financial Accounting Standard Board (FASB, 1978) and the American
Institute of Certified Public Accountants (AICPA, 1974) paper group on the objectives of financial
statement, focused on external users who have limited authority, Ability or resources to obtain
specific information.
8
7/28/2019 The Quality of Information Content of Pgfs
9/17
Ngwu (1998:12) identified internal users (and uses) of Government financial reports as
Government, Public official, and Trade unions. Chan (1992:1) equally identifies external users of
Government financial statements as: Citizens group: as service recipients, as voters, and as
taxpayers; Legislative and oversight officials, Investors and Creditors, and other external users.
Hay and Antonio (1990:92) observe that interviewees indicated that notes disclosures on
government financial reports should be concise and contain essential information. In particular, the
respondents (users) were interested in information regarding events that may materially affect the
statements after balance sheet date: contingent liabilities and instances of non-compliance with
laws, regulations and agreement. Another disclosure that users would like to see is material
differences between the original budget and the final budget (due to supplementary
appropriations). In addition, users states that if budget and GAAP reporting differences are not
reconciled on the face of the statements, only material differences need to be disclosed in the
notes. Users recommended that for each major fund, a five year history be provided regarding
each major revenue source and a five-year expenditure history for each major fund by function,
program, or other category, and additional disclosures regarding assets and liabilities are necessary
3.1 METHODOLOGY
The primary data were sourced through personal interview and administration of Government
Financial Reports Evaluation Questionnaire to the users of government financial statement, the
staff of the office of the Accountant-General of the federation, and the staff of the office of the
Auditor-General of the federation. The population of users includes both the internal and external
user-groups. A systematic random sample of the population in Abuja, Kaduna and Kogi states
locations is taken only as representative of the aggregation of the elements that comprise the
research sample. The sample population is put at a randomly selected 597 (five hundred and
ninety-seven) representatives.
The secondary sources of data comprise the Federal Government Financial Statements
(Finalised version), Kaduna State Financial Statement 1998, professional journals textbooks,
research reports, articles and handbooks.
The following three Hypotheses were formulated to direct the paper in three key areas:
Report Compliance, Report Utilization, and Report information content adequacy.
HYPOTHESIS I
Ho1 There is no significant variation between the information content of Government Financial
Statements and the Statutory Requirements
9
7/28/2019 The Quality of Information Content of Pgfs
10/17
HA1 There is a significant variation between the information content of Government Financial
Statements and the Statutory Requirements
HYPOTHESIS II
HA2 There is no significant difference in the level of utilisation of Government Financial
Statements in decision-making process, when classified by user groups
HA2 There is a significant difference in the level of utilisation of Government Financial
Statements in decision-making process, when classified by user groups
HYPOTHESIS III
Ho3 There is no significant difference between the information content of Government
Financial Statements and the information need of user groups
Ho3 There is a significant difference between the information content of Government Financial
Statements and the information need of user groups
The procedures employed for data analysis were based on responses from the linkert scale
used for the questionnaire. The hypotheses were analysed separately for ease of data analysis and
utilisation of available data. The parametric statistics (ANOVA: Single factor analysis) was used
as the statistical tool to test the hypotheses at 0.05 level of significance, which depicts the
difference between and within the user-groups responses. The descriptive tools used include
mean, percentages and use of tables for data presentation.
Mean (X) is computed as = (SXt)
N
Where SXt is the total computed mean of group
N is the number of selected group (i.e. 5)
The One-Way Analysis of Variance (ANOVA) was computed using the table below:
Sources of variation SS DF MS F
SSc
SSe
SC
SE
1(K-1)
K(n-1)
Sc
1(K-1) = S1
SE
K (n-1) =
S2
S1/S2 =Fc
SSt Sr N(K-1)
10
7/28/2019 The Quality of Information Content of Pgfs
11/17
Where: SSc is the sum of square column
SSe is the sum of the square error
SSt is the sum of square total
DF is the degree of freedomMS is the mean square
F is the computed F
The rejection region consists of all value of P that is equal to or less than = 0.05. Therefore, the
value of P greater than = 0.05 is the acceptable region.
4.1 TEST OF HYPOTHESES
Statistical tests and analysis of hypotheses based on data collected provides the empirical evidence
for the following research findings:
HYPOTHESIS I LEVEL OF COMPLIANCE
The extent of the information content of published government financial statement and the degree
of variance in the level of compliance with statutory requirement were examined. The responses
on compliance level as computed from the Government financial statement evaluation
questionnaire is given below:
Table l Mean Scores on Compliance level
Group Sample size (n) Mean
Public officialspublic InstitutionsLegislative officials
Business enterprises
Citizen groups
8681123
86
130
958971
47
45
Mean 69.4
Source: Field data (2003) *Absolute Scores
Compliance level using ANOVA: Single Factor Analysis
Groups Sum
Averag
e VarianceBetween group 506 101.2 543.7Within group 347 69.4 534.8
Source of Variation SS Df MS F P-value F crit
Between Groups 2528.1 1 2528.1 4.688178 0.062281 5.317645Within Groups 4314 8 539.25
Total 6842.1 9
11
7/28/2019 The Quality of Information Content of Pgfs
12/17
P > 0.05
From table l the overall mean scores of compliance level is 69.4. This reflects a commendable
compliance level of published government financial statement with statutory requirements in
varying level of each groups perception. Statistical test of the hypothesis with respect to the
level of compliance depicts that the null hypothesis (Ho 1) was accepted on the ground that the
sample evidence (P) is greater than = 0.05, P > 0.05; P = 0.06228; we conclude that the specified
groups of users agree in degree of level of compliance.
HYPOTHESIS II LEVEL OF REPORT UTILISATION
Five groups of users were examined on the level of utilisation of published government financial
statements. The analysis of these user-groups responses are as shown in table ll.
Table ll Mean Scores on Report Utilisation level
Group Sample size (n) MeanPublic officials
public Institutions
Legislative officials
Business enterprisesCitizen groups
86
81
123
86130
84
79
71
4745
Mean 65.2
Source: Field data (2003) *Absolute Scores
Report Utilisation level using ANOVA: Single Factor Analysis
Groups SumAverag
e Variance
Between Groups 506 101.2 543.7Within Groups 245 49 236.5
Source of Variation SS df MS F P-value F crit
Between Groups 6812.1 1 6812.1 17.46245 0.003085 5.317645Within Groups 3120.8 8 390.1
Total 9932.9 9
P < 0.05
Table ll depicts mean scores of 78.0 and 46.5 for the internal and external users, respectively.
These scores reflect a lower level of financial statement utilization at 65.2 mean score but worse
on the part of external user-groups. The statistical test conducted on null hypothesis ll (Ho 2)
indicated that the probability (P) is less than = 0.05, P = 0.003085. Our decision in this test is to
12
7/28/2019 The Quality of Information Content of Pgfs
13/17
reject Ho in favour of HA. The conclusion drawn was that there is a significant difference in the
level of report utilisation in decision making process when classified according to user groups.
HYPOTHESIS lII REPORT ADEQUACY
The perceptions of user groups with respect to the adequacy of the Government financial reports
to their respective information needs formed the basis of the data reported in Table lll
Table lll Mean Scores on Adequacy level
Group Sample size (n) Mean
Public officialspublic Institutions
Legislative officials
Business enterprisesCitizen groups
8681
123
86130
6257
61
3629
Mean 49
Source: Field data (2003) *Absolute Scores
Level of Report Adequacy using ANOVA: Single Factor Analysis
Groups Sum Average Variance
Between groups 506 101.2 543.7Within groups 5 326.2 65.24 329.788
Source of Variation SS df MS F P-value F crit
Between Groups 3232.804 1 3232.804 7.402057 0.026221 5.317645Within Groups 3493.952 8 436.744
Total 6726.756 9
P < 0.05
Table lll depicts the highest mean score of 62.0 for public officials and the lowest mean score of
29.0 for citizen group. The overall mean scores stood at 49.0, which indicate a low level of report
adequacy to the generality of the users. Again, the internal users scored higher (60.0) than the
internal users (32.5). Sample evidence in table lll rejects null hypothesis lll (Ho 3) at P = 0.026221
(P < 0.05), therefore we conclude that there is a significant variation between information need of
users and the information content of published government financial statements.
5.1 CONCLUSIONS AND RECOMMENDATIONS
From the foregoing analysis and findings, we can derive empirical conclusions with respect to
three qualitative epithets of the information content of published government financial statements.
These epithets are anchored on reports compliance, utilization and adequacy.
13
7/28/2019 The Quality of Information Content of Pgfs
14/17
The paper has indicated that the published government financial statements have over the
years attained a high level of compliance with legal prescriptions on the statement contents, format
of presentation and the financial measurement principles prescribed by the legal instruments. The
note to the accounts has been disclosed to the extent of disclosure permitted by law; but failed to
meet timely publication as mandated by law.
The conclusions drawn on report adequacy and utilisation were that variation exists among
user groups in terms of level of utilisation and the sufficiency of the information contents of
financial statements to the information need of user groups. It has been established in the paper
that the adequacy of the information content of the statements is linked to the level of its under-
utilisation by the user groups, especially the external users.
It must be emphasised that the relative adequacy of the reports to internal users resulted in
a high level of utilisation than the external users. It was observed, that, the internal users have
statutory duty to receive and utilize the financial statements in the process of discharging their
functions, even at that it is not significant. The external users desire more information than what is
presently obtained from the government financial statements.
The conclusion that emerge from this paper is that, the entire basis of preparation,
presentation and disclosure of financial information must be thoroughly examined with a view to
meeting user-groups information needs, thereby making it more useful. Financial reporting in
government should emphasize on external reporting than stewardship reporting.
The findings and conclusions of the paper necessitated the following recommendations on
legislative requirements, and report content and presentation:
1) Legislative Requirements
a) the right of users to request special financial reports must be legally mandated, and be
made accessible;
b) the timing of reports publication should be made 3-months as against the statutory 7-
months
c) establishment of Governmental Accounting Standard Board, to determine the detailed
procedures, principles, and standards that should operate within the public sector, as
Nigerian Accounting Standard Board is to the private sector accounting; and
d) the present statue makes the accrual basis of accounting illegal, in view of the importance
now attached to it, the modified accrual basis of accounting should be adopted in reporting
government financial transactions.
2) Content and Presentation:
14
7/28/2019 The Quality of Information Content of Pgfs
15/17
a) Provision of information showing the relationship between services rendered and operating
outlays, to enable groups external to the government obtain accounting information to
assist them in evaluating the performance of functionaries in charge of government
operations.
b) Improvement in the quality and style of presentation of the statements with focus to make
it understandable, complete, reliable and consistent. This could be achieved through:
i) expansion of the contents of the notes to financial statements; notes to include: Basis of
presentation and explanation of funds and fund accounts, Basis of accounting- for
measuring and reporting constituents of the financial statements;
ii) disclosure of the reconciliation between actual expenditures on the budget basis and the
modified accrual basis, and disclosure on adverse situations- deficits in fund balances
or retained earnings of individual funds, excess expenditures over appropriations,
material violations of finance related legal and contractual provisions;
iii) details of investments, including the cost, interest rates and market value, be fully
disclosed;
iv) a summary of fixed assets, including acquisition, depreciation, and whether
infrastructures (roads) are capitalised- capital formulation disclosure; and
v) disclosures with regard to total outstanding liabilities in respect of various guarantees,
and pension funds.
c) Comparative data in form of statistical tables and charts for a 5-year period, representing
government revenue sources, expenditures by function, and forecasts of revenue and
expenditures.
BIBLIOGRAPHY
Accounting Standards Committee (1975), The Corporate Report. London, United Kingdom.
Anyafo, A.M.O. (1994), Government and Public Sector Accounting: Legal and Constitutional
Framework. Vol. I Gopro Press, Enugu-Nigeria.
Anyafo, A.M.O. (1996), Public Finance in a Developing Economy: The Nigerian Case. UNEC.
Press, Enugu-Nigeria.
Aruwa, S.A.S (2002), Empirical Investigation of the Information Content of PublishedGovernment Financial Statements, M.Sc. Accounting and Finance Thesis, A.B.U., Zaria.
Brooks, R.C. (1992), Research in Government Accounting and Reporting. In: Apostolou, G. andCrumbley, D.L. Handbook on Governmental Accounting and Finance. (2nd ed.). John Wiley &
Sons, Inc. New York.
15
7/28/2019 The Quality of Information Content of Pgfs
16/17
Chan, J.L. (1992), The Government Environment: Characteristics and Influences onGovernmental Accounting and Financial Reporting. In: Apostolou, G. and Crumbley, D.L.
Handbook on Governmental Accounting and Finance. (2nd ed.). John Wiley & Sons, Inc. New
York.
Federal Republic of Nigeria (1958), The Constitution of the Federal Republic of Nigeria 1999.
Federal Government Press, Lagos.
Federal Republic of Nigeria (1989), Federal Treasury Accounting Manual. Federal Government
Press, Lagos.
Federal Republic of Nigeria (1999), Finance (Control and Management Act 1958. Federal
Government Press, Lagos.
Federation of Nigeria (1976), Revised Financial Regulations 1976. Federal Ministry of
Information Printing Division, Lagos.
Financial Accounting Standard Board (FASB) and American Institute of Certified Public
Accountants (AICPA) (1978), Report of Paper Group on the Objectives of Financial Statements.
Gary, T.J. (1992), Financial Reporting. In: Apostolou, G. and Crumbley, D.L. Handbook onGovernmental Accounting and Finance. (2nd ed.). john Wiley & Sons, Inc. New York.
Giroux, G. and Apostolou, N.G. (1992), The Market Reaction to the Information Content ofMunicipal Surplus/Deficit ratios, Public Budgeting and Financial Management. In: Apostolou, G.
and Crumbley, D.L. Handbook on Governmental Accounting and Finance. (2nd ed.). John Wiley &
Sons, Inc. New York.
Glyn, J.J. (1987), Public Sector Financial Accounting. Basil Blackwell Ltd. London.
Governmental Accounting Standard Board (GASB, 1987), Proposal on Objectives of ExternalReporting by Government. U.S.A.
Holder, W.W. (1992), Future Developments in Government Accounting and Reporting. In:
Apostolou, G. and Crumbley, D.L. Handbook on Governmental Accounting and Finance. (2nd ed.).John Wiley & Sons, Inc. New York.
Maimako (1997), Financial Reporting and Accountability in the Public Sector Accounting.Journal of Nigerian Accounting Association.
Ngwu, F.N. (1998), Public Sector Accounting and Finance. Computer Edge Publishers, Enugu-Nigeria.
Oshisami, K. (1992), Government Accounting and Financial Control. Megavons (W.A.), Plc.
Lagos-Nigeria.
Oshisami, K. and Dean, P.N. (1984), Financial Management in the Nigerian Public Sector.
Pitman. London.
16
7/28/2019 The Quality of Information Content of Pgfs
17/17
United Nations (1958), Manual of Economic and Functional Classification of Government
Transactions. UNO.
17
Recommended