The Public Sector Accounting Standards Board (PSASB) is mandated by section 194 of the PFM Act, 2012 to provide frameworks and set generally accepted standards for the development and management of accounting and financial systems by all state organs and public entities. PSASB in compliance with this section, prescribes formats for financial statements and reporting by all state organs and public entities.
Pursuant to the above mandate, PSASB has prepared a Draft Accrual based Annual Financial Reporting Template for application by Ministries, Departments and Agencies (MDAs) in readiness to transition from cash basis of accounting to accrual basis of accounting. In line with Article 201 (a) of the Constitution of Kenya 2010, PSASB invites all stakeholders to provide comments on the Draft Accrual based Annual Financial Reporting Template for MDAs.