Sensitization forum for TTC Financial officers

FINANCIAL REPORTING FOR TEACHERS TRAINING COLLEGES – VIRTUAL SENSITIZATION FORUM FOR TTC FINANCE OFFICERS

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 under the IPSAS Accrual basis of accounting in July 2019 for application by the Teacher Training Colleges. These financial templates alongside others are revised regularly to incorporate changes from international accounting standards, best practice and feedback from preparers and users of the financial statements.

The purpose of this letter is to invite the Finance Officers of all the Teachers Training Colleges for a virtual session, to sensitize them on the requirements of the revised templates and to receive feedback on any challenges encountered as they prepare their financial statements. The session will be held on Thursday 22nd September 2022 at 10.00 am to 12 noon.

We look forward to your support on this matter.