Africa-Press – Kenya. National Treasury Cabinet Secretary John Mbadi has made six new appointments to the Public Sector Accounting Standards Board, starting with a new board chair, Pius Mungai Nduatih.
In the Kenya Gazette, May 9 issue, Mbadi appointed Nduatih to serve in that capacity for the next three years as outlined in section 193(2) of the Public Finance Management Act, 2012.
“In exercise of the powers conferred by section 193(2) of the Public Finance Management Act, 2012, the Cabinet Secretary for the National Treasury and Economic Planning appoints Pius Mungai Nduatih to be the Chairperson of the Public Sector Accounting Standards Board for a period of three (3) years, with effect from the 1st of April, 2025,” the notice read.
In the same notice, the CS appointed three Fellows of the Institute of Certified Public Accountants of Kenya (FCPAs) and two Certified Public Accountants (CPAs) to serve as members of the board for a period of three years, too.
They are FCPA Pius Mungai Nduatih, CPA Damaris Mumo, FCPA Edwin Kamar, FCPA Kipkoech Andrew Tanui, and CPA Leonard Okoth Ouma.
The Directorate of Accounting Standards (DAS) sets generally accepted accounting and financial standards for all state organs and public entities, prescribing the minimum standards of maintenance of proper books of account for all levels of government.
It also prescribes financial statements and reporting formats for all state organs and public entities.
The new appointments by Mbadi come just a few months after CS Mbadi formed a Steering Committee to oversee the transition from cash-based to accrual-based accounting across both National and County Governments.
This committee, announced in the gazette notice on August 30, 2024, sought to have far-reaching consequences for Kenya’s financial management system, particularly in how the government handles public debt and pending bills.
It followed a decision made by the cabinet on March 7 to move to accrual accounting with an implementation timeline set for July 1, 2024.
The committee was to serve for three years and was tasked with providing overall direction and coordination during this transitional period.
In the cash basis, receipts or payments are recorded when actual cash is received or paid, while in the accrual basis, revenue or expenses are recorded when a transaction occurs, enhancing reporting on liabilities, pending bills and other liabilities.
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