GAZETTE NOTICE NO. 11033

IN EXERCISE of the powers conferred by section 194(1)(f) of the Public Finance Management Act, the Public Sector Accounting Standards Board, in consultation with the Cabinet Secretary for the National Treasury and Economic Planning, notifies the dates prescribed in this Notice for the application of accounting standards and guidelines for the public sector. 1.0 INTRODUCTION 1.1 The Public Sector Accounting Standards Board is established under section 192 of the Public Finance Management Act. Under section 194(1), the Board is mandated to provide frameworks, and set generally accepted standards, for the development and management of accounting and financial systems by all State organs and public sector entities. 1.2 The Board 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 sector entities; (e) publish and publicise the accounting and financial standards and any directives and guidelines prescribed by the Board; (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. 1.3 In exercise of its mandate, the Board, vide