Monday, 1 July 2013
THE QUALITY OF THE INFORMATION CONTENT
11:26
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THE
QUALITY OF THE INFORMATION CONTENT OF PUBLISHED GOVERNMENT FINANCIAL STATEMENTS
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 of diverse 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 government financial 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. The need for
emphasis on external reporting over stewardship reporting is strongly
advocated. These will add value to the usefulness of Government Financial
Statements.
Suleiman A.S. Aruwa+
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+ Aruwa is a Lecturer with the Department of Economics and Management
Sciences, Nigerian
Defence Academy
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