The Parliamentary Service Commission (PSC) finance team visited the Commission on 12th October 2023 to benchmark on the adoption of IPSAS Accrual Basis of accounting which IEBC adopted in 2011/2012 financial year. PSC is in the process of transiting from IPSAS Cash to IPSAS Accrual in the preparation of its financial statements.
Deputy Commission Secretary (DCS - Support Services), CPA Obadiah Keitany, welcomed the PSC team saying that the Commission did not take the visit for granted and noted that IEBC was ready to assist PSC in the transition process. The DCS was accompanied by CPA Patrick Nyakira, CPA Clifford Rono and CPA Muhamed Shee.
The IPSAS cash basis recognizes revenues when received and expenses when paid, while accrual basis recognizes revenue when earned and expenses when incurred. The adoption of IPSAS Accrual Basis of accounting offers greater accountability, transparency and openness in reporting use of public resources.
“The Commission first adopted the IPSAS Accrual Basis of Accounting in 2012 because it offered greater transparency and accountability in the use of public funds,” observed CPA Patrick Nyakira.