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The Public Finance Management (Amendment) Bill No. 2 of 2024 yesterday Tuesday, April 16, 2024, was read for the first time in the National Assembly.
The Bill sponsored by the Chairperson of the Departmental Committee of Finance and National Planning, Hon. Kuria Kimani (Molo) seeks to amend the Public Finance Management Act of 2012.Β
It intends to shorten the duration for public institutions to submit their financial statements. Instead of the current three months, the Bill proposes that public institutions submit their financial statements within one month at the end of each financial year. As a result of this proposed amendment, the Auditor General will have more time to conduct thorough audits, leading to better oversight and improved financial management.Β
The Public Finance Management (Amendment) Bill also proposes the creation of the Public Sector Accounting Standards Board. This board will replace the existing Accounting Standards Board. Its responsibilities will include setting reporting standards, enhancing accounting practices, formulating new accounting principles, and promoting public awareness about accounting standards.Β
If the Bill is approved, counties will be expected to prepare quarterly statements and reports that highlight both financial and non-financial performance aspects such as service delivery, project implementation, and compliance.Β
Further, the Bill seeks to establish the Parliamentary Fund and the National Government Public Fund. These funds will serve specific purposes related to financial management and governance as outlined in the Bill.
