Education ministry issues new financial reporting guidelines for public secondary schools » Capital News

NAIROBI, Kenya, Sep 3 – The Ministry of Education on Friday issued new financial reporting guidelines to public secondary schools, in line with Public Finance Management (PFM) Act 2012 which provides that government entities record transactions which take place during a financial year running from July 1 to June 30.

The Ministry of Education said the new reporting 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’.

The existing financial reporting calendar year in public schools is aligned to the academic calendar which runs from  January 1 to December 31.

Education Principal Secretary Julius Jwan said the new guidelines will require public schools going forward, to do financial reporting from July 1 to of 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.

Juan said the ministry will organize sensitization programs for officers, school heads, bursars and boards of management so as to ensure successful implementation.

For purposes of transitioning, 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.