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State sets new financial report for high schools

NEWS
By Peter Theuri | September 13th 2021

Fredrick Riaga, CEO Public Sector Accounting Standard Board. [Wilberforce Okwiri, Standard]

The Public Sector Accounting Standards Board (PSASB) has in collaboration with the National Treasury prescribed a financial reporting format (template) for use by public secondary schools.

The new template is meant to plug in the loopholes in the use of public resources in all public secondary schools. The financial reporting format is done under the International Public Sector Accounting Standards (IPSAS). The board prescribed IPSAS for public entities in 2014 to enhance accountability and transparency and safeguard the use of public funds.

Since then, the uptake rate has been going up. “Transparency and accountability in financial management are paramount to the continuity and sustainability of learning institutions as they seek to provide knowledge to the current generations and in posterity,” said PSASB Chief Executive Fredrick Riaga.

Following the release of the reporting format, the Ministry of Education has, through a circular, directed all public secondary schools to comply with the new rules.

This means all public secondary schools’ financial reporting period shall be from July 1 to June 30, in line with the government fiscal year.

Previously, public secondary schools reported their finances over a calendar year that runs from January to December.

“The current school financial reporting calendar is aligned to the academic year which runs from January 1 to December 31. Therefore, the schools’ financial reporting period shall be from July 1 to June 30 effective from June 30, 2021, and subsequent period,” reads the circular.

The circular urges schools that have submitted their financial statements for the financial year ending December 31, 2020, to prepare six months’ financial statements up from January 1, 2021, to June 30, 2021.

“Schools that have not submitted their financial statements for 2020 shall prepare the statements for 18 months from January 1, 2020, to June 30, 2021,” PSASB advised.

Signed by Basic Education Principal Secretary Julius Jwan, the circular says financial statements should be ready by September 30, 2021, in compliance with the Public Finance Management Act of 2012.

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