The Quality of Information Content of Pgfs

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


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


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


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


5/17


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


7/17

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


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


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


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


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


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


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


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


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


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


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


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


17/17

United Nations (1958), Manual of Economic and Functional Classification of Government

Transactions. UNO.

17

Documents

The Quality of Information Content of Pgfs