This archive report was first published on 3 September 2021.
September 3, 2021 - Nairobi, Kenya
The Ministry of Education has issued new financial reporting guidelines for public secondary schools, requiring them to align their financial reporting with the government's financial year.
The new guidelines, issued on Friday, are in line with the Public Finance Management (PFM) Act 2012, which states that government entities must record transactions that take place during a financial year running from July 1 to June 30.
According to the Ministry, the new guidelines are also in line with the Basic Education Act, 2013, which states that the financial year of the department of education shall be the government financial year.
Education Principal Secretary Julius Jwan said the new guidelines will require public schools to do financial reporting from July 1 to June 30, effective June 30, 2021.
"All public secondary school principals should therefore ensure that the financial statements for the period conform to the new template and stipulated dates," he said.
PS Jwan directed schools that have already submitted their financial statements for the year ending December 31, 2020, to prepare financial statements up from January 1, 2021 to June 30, 2021.
He further directed schools that had not submitted their financial statements for the year 2020 to prepare the statements for a period of 18 months from January 1, 2020 to June 30, 2021.
"The financial statements should be ready by September 30, 2021 in compliance with the PFM Act, 2012," he said.
