Accrual Accounting Explained:
Transition from cash to accrual accounting
Treasury issues guidelines on transition to accrual accounting
Transition to accrual accounting to be complete by June 2027
#CitizenTonight@SamGituku
On a recent SGR trip, I saw fire extinguishers labeled in a foreign language. In an emergency, how are Kenyans expected to help if they can’t read the instructions? Shouldn’t safety info be in our official language?
Kenya’s Treasury has approved the valuation of all public assets as the country moves to an accrual accounting system.
The three-year shift will consolidate government assets and liabilities into one balance sheet for easier tracking of the country’s financial position
ACCRUAL ACCOUNTING.
📅 Kenya is steadily progressing towards a future of stronger accountability in the public sector through the adoption of IPSAS Accrual Accounting.
Here’s a snapshot of the significant steps taken so far:
Step 1 🗓 7th March 2024
✅ Cabinet approves migration to IPSAS Accrual Accounting – a crucial move towards improved financial transparency.
Step 2 🗓 1st July 2024
🚀 Official launch of IPSAS Accrual Accounting across both National & County Governments.
Step 3 🗓 30th August 2024
👥 Steering Committee appointed: 16 experts leading the transition to ensure a seamless process.
Step 4 🗓 30th September 2024
📈 First Quarter 1 financial statements successfully prepared under IPSAS Accrual.
Step 5 🗓 3rd October 2024
🤝 Key stakeholders (PS for Lands, CBK, ICPAK) join the Steering Committee to drive collaborative success.
Step 6 🗓 12th November 2024
🛠 Transition Roadmap & revised Standard Chart of Accounts (SCoA) approved, laying the groundwork for full implementation.
Step 7 🗓 3rd December 2024
⚙️ Technical Committee appointed to ensure smooth execution and monitoring of the transition process.
@ICPAK_Kenya@PSCKenya@CBKKenya@OAG_Kenya@KNBStats@KRACorporate@CRAKenya
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