ADVOKS GLOBAL · KENYA
Public Finance Management Act
194. Functions of the Board
Edition: 2026-09-25 · In force
194. Functions of the Board
(1)The Accounting Standards Board shall provide frameworks and set generally accepted standards for the development and management of accounting and financial systems by all State organs and public entities, and shall in particular perform the following functions—(a)set generally accepted accounting and financial standards;(b)prescribe the minimum standards of maintenance of proper books of account for all levels of Government;(c)prescribe internal audit procedures which comply with this Act;(d)prescribe formats for financial statements and reporting by all state organs and public entities;(e)publish and publicise the accounting and financial standards and any directives and guidelines prescribed by the Board;(ea)prescribe a framework for the implementation of accrual accounting by the Government;(eb)prescribe a risk management framework; and(ec)prescribe sustainability reporting standards and formats for reporting by State organs and public entities;(f)in consultation with the Cabinet Secretary on the effective dates of implementation of these standards, Gazette the dates for application of the standards and guidelines; and(g)perform any other functions related to advancing financial and accounting systems management and reporting in the public sector.(2)In setting the standards under subsection (1), the Board shall take into account any relevant factors including—(a)best international accounting practices; and(b)the capacity of the relevant entity to comply with the standards.(3)The Board may set different standards for different categories of entities to which these standards apply including to develop content, structure and format of county frameworks and accounting and financial guidelines which are in line with the setting of county standards.(4)The Board shall monitor the adherence to the standards by all State organs and public entities.(5)The standards set by the Board shall promote transparency and other Constitutional values and principles in effective, prudence and efficient management of revenue, expenditure, assets and liabilities of the institutions to which these standards apply.(6)The framework for the implementation of accrual accounting contemplated under subsection (1) (ea) shall provide for a transition period of three years from the date of the commencement of subsection (1) (ea).