The Commission held a workshop to train staff on International Public Sector Accounting Standards (IPSAS) Payroll and Finance Act 2023 themed “Commitment to Excellence in Compliance” on 9th to 12th October 2023. The Act has prompted fundamental changes to the iTax platform, introduced new tax rates and levies, and incorporated a mandatory accounting requirement related to National Industrial Training Authority.
Further, staff are being trained on IPSAS accrual template and emerging issues affecting financial reporting. The accrual template reflects a shift towards accrual accounting principles, which recognize revenue when earned and expenses when incurred.
The Commission Secretary/CEO, Marjan Hussein Marjan, while opening the workshop, underscored that the Commission had made huge strides in complying with various relevant laws and regulations pertaining to elections, labour and employment, political parties, social security, public finance and public procurement among others.
“The Commission is among the few public entities that have fully implemented the IPSAS accrual basis of reporting and accounting. In fact, it is increasingly becoming a reference point as a leading entity in the implementation of IPSAS accrual accounting and hence the need to develop the capacity of all accountants in the Commission,” he said.
Deputy Commission Secretary (DCS - Support Services), Obadiah Keitany, was hopeful all the accountants present, after the training, would be able to prepare county financial reports using the IPSAS template. Further, Keitany underlined the importance of familiarity with the Finance Act of 2023 and its relevance to the Commission.
Osman Hassan Ibrahim, Director of Finance, said going forward Accountants will be required to create county financial statements using the accrual basis. “This move aims to streamline the consolidation process, especially as the government plans to devolve the Integrated Financial Management Information System (IFMIS), promising greater financial accuracy,” said Ibrahim.
In line with the global agenda to embrace environmental conservation and climate change for sustainability of generations, the CEO, DCS - Support Services and Director of Finance planted trees at Epashikino Resort.