The Public Sector Accounting Standards Board (PSASB) has launched Year 2 course on the e-learning platform to retool public sector accountants as their entities transition from cash to accrual accounting.
Year 2 of the transition requires entities to report inventory as a compulsory element in the financial statements, in addition to the financial assets and liabilities recognized in Year 1. Entities are encouraged to report on the noncurrent assets for which they have information.
The year 2 course is divided into two parts. Part 1 covers inventory – IPSAS 12, while Part 2 covers other non-current assets required to be reported in year 3 of the transition. These include Agriculture – IPSAS 27, Intangible Assets – IPSAS 31, Leases – IPSAS 43, and Property, Plant and Equipment – IPSAS 45.
“As we launch the course, we invite accountants from the transitioning entities to register on our e-learning platform to empower them with the skills needed to prepare better financial reports, which is a key factor in promoting accountability,” FCPA Georgina Muchai said.
Part one of the course focuses on the recognition, measurement, and disclosure of inventory. The content provides illustrative examples from the public sector and concludes with multiple-choice questions to assess learners’ knowledge.
‘‘The transition to accrual accounting is a key reform in public financial management. We want to support public sector accountants in building practical competencies that will improve the quality, reliability, and comparability of financial reports in line with international standards,’’ FCPA Georgina added.
The portal is now open, and public-sector accountants from the transitioning entities can register and take the courses at the following link: https://masomo.psasb.go.ke/.
For any inquiries, stakeholders can contact PSASB at acctstandards@psasb.go.ke.