The Commission hosted a delegation from the Office of the Controller of Budget (OCOB) for a benchmarking exercise on the implementation of the International Public Sector Accounting Standards (IPSAS) Accrual basis of accounting.

The OCOB delegation, led by CPA Pamela Okatch, Chief Manager Finance and Accounts, was welcomed by the Deputy Commission Secretary - Support Services, CPA Obadiah Keitany.

Keitany assured the delegation that the Commission will provide any technical support needed in their transition journey.

Director Finance CPA Osman Ibrahim said the Commission adopted the International Public Sector Accounting Standards (IPSAS) accrual basis in the 2011/2012 financial year and is among the few state agencies that have fully implemented this standard of accounting. This makes IEBC a reference point for best practices in IPSAS accrual accounting.

Accountants CPA Patrick Nyakira and CPA Clifford Rono were at hand to showcase the Commission’s IPSAS accrual journey, benefits gained, milestones achieved, key lessons learnt, challenges and made recommendations of how best an organization can implement the standard to ensure smooth transition from IPSAS Cash to IPSAS Accrual basis.

The discussions also covered key areas including reporting on current assets and liabilities, inventories, applicable accounting policies, accrual of revenues and expenditure, contingent assets and liabilities and gratuities.

CPA Pamela Okatch lauded the Commission’s commitment to financial integrity.

“This has been an enlightening experience. Your team’s dedication is commendable and we look forward to further collaboration,” said Okatch.

The benchmarking session reinforced the Commission’s leadership in public sector financial reporting and strengthened the mutual collaboration with OCOB in advancing best practices in accounting.