VIRTUAL SENSITIZATION FORUM ON FINANCIAL REPORTING FOR COUNTY RECEIVERS OF REVENUE (CROR) & COUNTY REVENUE FUND (CRF).
The Public Sector Accounting Standards Board (PSASB) was established under sections 192 to 195 of the Public Finance Management (PFM) Act 2012. The Board is mandated to provide
frameworks and set generally accepted accounting standards for the development and management of accounting and financial systems and internal audit procedures by state organs and public entities as spelt out under Section 194 of the PFM Act. The Board has been operationalized as a Semi-Autonomous Government Agency under the National Treasury.
PFM Act Section 194 (1) (d) requires PSASB to prescribe formats for financial statements and
reporting by all state organs and public entities. In furtherance to this mandate, PSASB issued two financial reporting templates through the National Treasury Circular dated 6th July 2022
for use by all the Counties for the County Revenue Fund (CRF) and the County Receivers of Revenue (CROR). The templates were to be used to report for the financial year 2021/2022 beginning 1st July 2021 to 30th June 2022 and the subsequent years. To guide in year
reporting, PSASB also issued 2 quarterly financial reporting templates for the same on 30th September 2022. The Financial reporting templates are revised on a regular basis to incorporate changes in the accounting standards, best practice and feedback from the preparers and users of the financial statements.
The purpose of this letter therefore is to invite the preparers of financial reports for the County Revenue Fund and the County Receiver of Revenue to a virtual session to sensitize them on
the requirements of the annual and quarterly financial reporting templates. The session will be held on Thursday 9th March 2023 at 10.00 am to 12 noon. Kindly send the names and contacts of the nominees to acctstandards@psasb.go.ke by Tuesday 7th March 2023.