FINANCIAL REPORTING FOR SECONDARY SCHOOLS VIRTUAL SENSITIZATION FORUM FOR NATIONAL SCHOOLS’ BURSARS
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 a financial reporting template through a National Treasury Circular dated 30 th June 2021 for use by all public secondary schools in Kenya. The template was to be used to report for the financial year 2020/2021 beginning 1st July 2020 to 30th June 2021 and the subsequent years. Subsequently, PSASB has issued a revised financial reporting template for the Public Secondary Schools for implementation for the period ended 30th June 2022. These 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 financial statements.
The purpose of this letter is to invite the finance officers of all the National Public Secondary Schools for a virtual session, to sensitize them on the requirements of the template and receive feedback on any challenges being faced as they prepare their financial statements. The session will be held on Wednesday 21st September 2022 at 10.00 am to 12 noon. We look forward to your support on this matter.