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Accounting Standards

The Directorate of Accounting Standards plays a pivotal role in achieving the mandate of the Board. In particular, the directorate undertakes the following activities for the Public Sector:

  1. Responding to technical queries from public sector entities on the interpretation of prescribed standards
  2. Coordinating and documenting responses to CPs, DPs, EDs documents issued by the standard setters
  3. Undertaking an annual review of the prescribed reporting templates
  4. Issuing guidelines to aid the public sector in the application of the standards
  5. Annually updating guidelines following the review of the templates
  6. Facilitating consistent implementation of accounting standards
  7. Repositioning the public sector component of FiRE awards in collaboration with other promoters through timely feedback and  technical support to Public Sector Entities on areas of non-compliance
  8. Capacity building initiatives in the Public Sector
  9. Undertaking research in areas of accounting standards
  10. Facilitating the transition to accrual IPSAS by all public sector entities

Over the past years, the DAS has supported the public sector entities by providing reporting templates that conform to the IPSAS reporting framework prescribed by the Board. On 8th August 2014, the Public Sector Accounting Standards Board vide gazette notice number 5440 approved the adoption of reporting frameworks as follows:
i.    The National and County Governments and their respective entities - IPSAS cash-based standard.
ii.   The Semi-Autonomous National and County Government Agencies - IPSAS accrual-based standards.
iii.  The State and County corporations carrying out commercial activities - IFRS 
iv.   Regulatory and non-commercial State and County Corporations - IPSAS accrual-based standards.

The Directorate currently has 3 staff (a director, a manager, and a principal officer)

Latest update from the Directorate:
The directorate has developed the following guidelines to aid public sector entities in the application of standards.
Guideline on IPSAS 2 Cash Flow Statement
Guideline on IPSAS 17 Property Plant and Equipment
Guideline on IPSAS 24 Presentation of Budget information in the financial statement 
Guideline on IPSAS 16 Investment Property

Recent activities
Fire Awards 2020 had 244 Public Sector entities participating. The climax for this was the FiRe Awards Conference and Award Ceremony at Nairobi Serena Hotel on 26th March 2021, the Chief Guest for the event was Retired Chief Justice David Maraga. The event was also attended by the Chief Administrative Secretary of, National Treasury, Nelson Gaichuhie. Some of the entities awarded from the public sector include:
1.    National Intelligence Service 
2.    Winner State Department for Co-operatives
3.    Kenya Electricity Generating Company Ltd 
4.    Kenya Deposit Insurance Corporation
5.    Competition Authority of Kenya 
6.    Kenya Tsetse and Trypanosomiasis Eradication Council 
7.    National Authority for Campaign Against Drug Abuse
8.    Kenya National Commission of Human Rights
9.    National Cohesion and Integration Commission. 
10.    Independent Policing Oversight Authority
11.    Bomet County Assembly
For more details regarding the Fire Awards  click>>>>

Collaboration with other stakeholders
The Directorate is currently inactive in collaboration with other stakeholders in the execution of its mandate. Some of these stakeholders are:
National Treasury – Accountant Generals Department
Ufadhili Trust on Sustainability Reporting
NG- CDF  Board on Enhancing Prudent Financial Reporting in the Constituencies
Public Financial Management Reforms Secretariat: Upscaling PFM Reforms relating Financial Accountability in the Public Sector