Government establishes new financial report for high schools as Ministry directs financial statements be ready by September 30.
The Public Sector Accounting Standards Board (PSASB) and the National Treasury have established a financial reporting format (template) to be used by the public secondary schools across the country.
The new template is intended to close gaps in the use of public resources in all public secondary schools. Financial reporting is done in accordance with International Public Sector Accounting Standards (IPSAS). In 2014, the board adopted IPSAS for public entities in order to improve accountability and transparency while also safeguarding the use of public funds.
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“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 publication of the reporting format, the Ministry of Education issued a circular instructing all public secondary schools to follow the new rules.
This means that the financial reporting period for all public secondary schools will be from July 1 to June 30, in accordance with the government fiscal year.
Previously, public secondary schools reported their finances from January to December of each year.
“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.
The circular, signed by Basic Education Principal Secretary Julius Jwan, states that financial statements must be ready by September 30, 2021, in accordance with the Public Finance Management Act of 2012.
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