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Saturday, August 31, 2024 –Government is now in top gear to shift accounting method from cash-based to accrual-based; this being part of its new efforts to make sure there is accountability in expenditure.
Newly-appointed Treasury Cabinet Secretary, John Mbadi, to ensure a smooth transition, has unveiled a steering Committee which is mandated to oversee the whole exercise that will affect both the National and county government.
Mr. Mbadi noted that this change in financial management is part of the global agreement and standards in ensuring accountability and which was approved by the Kenyan Cabinet on March 7th 2024.
Scheduled to operate in three straight years, the Steering Committee, is tasked with providing overall direction and coordination during the entire delicate transitional period.
The change was triggered by the fact that the current cash-based accounting system, which records transactions only when money is paid out or received, has long been criticised for its limitations.
Additionally, this current style does not allow a comprehensive recording of pending bills, a major issue that has plagued both the national and devolved units.
On the development front, contractors and other service providers, at the county level, due to unpredictable payment schedules, have become increasingly wary of offering services to those governments because of delayed and deducted payments.
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