Treasury CS John Mbadi has unveiled the formation of a Steering Committee to manage the shift from cash to accrual accounting across the National Government, County Governments, and associated entities.

This strategic move aims to enhance financial transparency and efficiency within government accounting practices.

The Steering Committee will be led by the Principal Secretary of the National Treasury, with the Chairperson of the Public Sector Accounting Standards Board serving as Vice-Chairperson.

Key members include the Principal Secretary of the State Department for Public Works, the Director-General of Accounting Services and Quality Assurance, who will act as Project Manager, and representatives from the Chief of Staff and Head of the Public Service, among others.

Additional members include various directors from the National Treasury, the Chief Executive Officer of the Public Sector Accounting Standards Board, and representatives from the Council of Governors, the Auditor-General’s office, the Controller of Budget, and the Parliamentary Budget Office.

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The Committee’s Terms of Reference include providing comprehensive oversight for the transition, adopting a detailed roadmap, and appointing a technical committee to manage daily operations.

They will also develop and approve work plans, monitor progress, and advocate for policy support at senior levels.

Furthermore, the Committee will ensure the transition aligns with other government initiatives and oversee stakeholder engagement, communication strategies, and capacity-building efforts.

This body is tasked with a three-year mandate starting from the publication date of this notice.

It will self-regulate its procedures and engage with stakeholders to gather valuable input.

All costs associated with the Committee's operations will be covered by the National Treasury's funds.

The notice, dated 20th August 2024, highlights a significant step towards modernising public sector financial management, as outlined by Mbadi.