Implementation of Accrual-Based Accounting Under International Public Sector Accounting Standards Board Framework

The International Public Sector Accounting Standards (IPSAS) Technical Committee on the transition from cash based to accrual based accounting held a meeting to advance implementation efforts in the State Department for Petroleum. The meeting was chaired by the Deputy Accountant General, Mr. Mbogo Miruri.

The session focused on identifying, evaluating & recognising assets as key steps toward strengthening public financial management, improving the accuracy of asset reporting, & enhancing the overall financial position.
The Committee also reviewed compliance requirements under Government Notice No. 11033, which came into effect on 30th August 2024 & requires all government entities to adopt accrual based accounting.

The State Department for Petroleum issued its first accrual based financial report in June 2025, with full compliance targeted for the 2026/2027 financial year.