from cash to accruals

8/7/2019 From Cash to Accruals

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Helen DeanAudit and Advisory

Nairobi25 August 2010

Helen DeanAudit and Advisory

Nairobi25 August 2010

GLOBAL SERVICE/ INDUSTRY

AUDIT / TAX / ADVISORY / LINE OF BUSINESS

From Cash to Accruals: LessonsFrom Cash to Accruals: Lessonsbeing learnedbeing learned


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ContentsContents

What is accruals accounting?What is accruals accounting?

Where is accruals in place?Where is accruals in place?Financial reportingFinancial reporting -- usersusers expectationsexpectations

Introduction toIntroduction to IPSASsIPSASs

A look at some driving factorsA look at some driving factorsA look at regional governmentsA look at regional governments

Benefits of adoptingBenefits of adopting IPSASsIPSASs

Key considerations when adoptingKey considerations when adopting IPSASsIPSASsA few proposals for addressing potential challengesA few proposals for addressing potential challenges

QuestionsQuestions


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What is accruals accounting?What is accruals accounting?

Accrual accounting is an accounting methodology under whichAccrual accounting is an accounting methodology under whichtransactions are recognized as the underlying economic events octransactions are recognized as the underlying economic events occur,cur,

regardless of the timing of the related cash receipts and paymenregardless of the timing of the related cash receipts and payments.ts.In the public sector, this would imply the recording of transactIn the public sector, this would imply the recording of transactions on anions on anaccrual basis, and the preparation of accrualaccrual basis, and the preparation of accrual--basedbased fifinancial statementsnancial statementsfor the government as a whole.for the government as a whole.

In addition, individual ministries may also be required to prepaIn addition, individual ministries may also be required to prepare auditedre auditedfifinancial statements on an annual basis, and unaudited reports mornancial statements on an annual basis, and unaudited reports moreefrequently. Some advanced countries have also implemented accruafrequently. Some advanced countries have also implemented accruallbudgetingbudgeting

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Where is full accruals in place?Where is full accruals in place?

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What does this look like?What does this look like?

Selected International ExperienceSelected International Experience

The U.S. government produces audited consolidatedThe U.S. government produces audited consolidated fifinancial statementsnancial statementsfor mainly the budget entities. It excludes entities such as Armfor mainly the budget entities. It excludes entities such as Army Forcey ForceExchange Service and Board of Governors of the Federal ReserveExchange Service and Board of Governors of the Federal ReserveSystem.System.

The U.K. government is currently working on a project to produceThe U.K. government is currently working on a project to produce

consolidatedconsolidated fifinancial statements of the whole of central government.nancial statements of the whole of central government.The Australian government produces auditedThe Australian government produces audited fifinancial statements for thenancial statements for thefederal government as a whole, including analysis of the key aggfederal government as a whole, including analysis of the key aggregatesregatesrelated to: general government entities, public nonrelated to: general government entities, public non fifinancialnancialcorporations, and publiccorporations, and public fifinancial corporations that are controlled by thenancial corporations that are controlled by the

federal government.federal government.The New Zealand government produces auditedThe New Zealand government produces audited fifinancial statements fornancial statements forthe government as a whole.the government as a whole.

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Rationale for moving to accrual accountingRationale for moving to accrual accounting

Allows for complete, reliable, and timely information about nonAllows for complete, reliable, and timely information about non--cashcashfinancial resourcesfinancial resources -- investments, taxes receivable, accounts receivable,investments, taxes receivable, accounts receivable,

and loans receivable.and loans receivable.The inability to match financial assets and liabilities in termsThe inability to match financial assets and liabilities in terms of amountsof amountsand timing is a fundamental cause of liquidity and solvency proband timing is a fundamental cause of liquidity and solvency problems,lems,which can become fullwhich can become full--blown fiscal crisesblown fiscal crises

A good government accounting system at the minimum keeps accuratA good government accounting system at the minimum keeps accurateefinancial scores; a better government accounting system directsfinancial scores; a better government accounting system directs thetheattention of policy makers and managers to problem areas; and atattention of policy makers and managers to problem areas; and at itsitsbest, a government accounting system provides information usefulbest, a government accounting system provides information useful forfordecision making.decision making.

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Why move to accruals accounting?Why move to accruals accounting?

The case of theThe case of the costlesscostless civil service pay increasecivil service pay increase

A political party in country X promised certain civil service saA political party in country X promised certain civil service salary increases aslary increases as

part of its election pledges. On winning office, the governmentpart of its election pledges. On winning office, the government found that thefound that thepromised pay rise would increase the budget depromised pay rise would increase the budget defificit to acit to a fifinancially unsustainablenancially unsustainablelevel. So the government rescinded the promised pay rise and inslevel. So the government rescinded the promised pay rise and instead introducedtead introduceda generous increase in pension entitlements. As the pension incra generous increase in pension entitlements. As the pension increases did noteases did nothave an immediate cash impact, the budget dehave an immediate cash impact, the budget defificit of the current year, calculatedcit of the current year, calculated

under the cash accounting basis, was unaffected and the additionunder the cash accounting basis, was unaffected and the additional futureal futurepension liabilities were hidden from public scrutiny.pension liabilities were hidden from public scrutiny.

Under a full accrual accounting framework, the increased pensionUnder a full accrual accounting framework, the increased pension costs would becosts would berereflflected in the budget bottom line in the year in which the costs wected in the budget bottom line in the year in which the costs were incurred,ere incurred,irrespective of the fact that no cash would be paid for sometimeirrespective of the fact that no cash would be paid for sometime in the future.in the future.

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Why move to accruals accounting?Why move to accruals accounting?

The case of theThe case of the amazingly inexpensiveamazingly inexpensive police vans.police vans.

The police force in country Y acquired aThe police force in country Y acquired a flfleet of vehicles, the purchaseeet of vehicles, the purchaseprice of which were to be paid in three annual installments. Theprice of which were to be paid in three annual installments. The cashcashbudget showed only one third of the total cost in thebudget showed only one third of the total cost in the fifirst yearrst years budget.s budget.The full cost of the vehicles were not transparent and the budgeThe full cost of the vehicles were not transparent and the budget det defificitcitdid not redid not reflflect the cost of the governmentect the cost of the governments purchasing decisions.s purchasing decisions.

Under an accrual accounting framework, the full liability for thUnder an accrual accounting framework, the full liability for the vehiclese vehiclespurchased would be repurchased would be reflflected in the accounts.ected in the accounts.

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Look at some driving factors- why accruals?Look at some driving factors- why accruals?

Need to spend public fundsNeed to spend public funds effectivelyeffectively--goodgood

governancegovernanceGlobalGlobal financial crisisfinancial crisis

Accountable & transparent governmentsAccountable & transparent governments

Restore public confidence in financial marketsRestore public confidence in financial marketsStrengthen global privateStrengthen global private--sector financial market placesector financial market place

Currently incomplete & fragmentedCurrently incomplete & fragmented informationinformation

resources received & consumed, assets, liabilitiesresources received & consumed, assets, liabilitiesneed for clear, complete and comparable financialneed for clear, complete and comparable financial

statementsstatements

relate budgets to outputsrelate budgets to outputs--performanceperformance


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Some issues relating to implementation of

accruals

Some issues relating to implementation of

accruals

Is there an acceptable cash accounting based system?Is there an acceptable cash accounting based system? A soundA soundaccounting system that can generate reliable cashaccounting system that can generate reliable cash--based data is anbased data is an

essential basis from which to start the move to an accrual frameessential basis from which to start the move to an accrual framework.work.Start with the basics first.Start with the basics first. Concentrate on improving the existingConcentrate on improving the existingsystems and processes, before considering any move to accrualsystems and processes, before considering any move to accrualaccounting.accounting.

Some indicators of unreliable systems:Some indicators of unreliable systems:oo An inadequate budget classiAn inadequate budget classifification system;cation system;

oo No/incomplete COA or doubleNo/incomplete COA or double--entry based general ledger system;entry based general ledger system;

oo InadequateInadequate fifiscalscal reporting, including large unexplained differencesreporting, including large unexplained differencesbetween revenue and expenditure on the one hand, andbetween revenue and expenditure on the one hand, and fifinancing datanancing dataon the other.on the other.

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Issues (contd)Issues (contd)

Is there political ownership?Is there political ownership?

Government accounting reform in developing countries requiresGovernment accounting reform in developing countries requirespolitical and management support. Success depends on the abilitypolitical and management support. Success depends on the ability totomobilize support from political leaders, who set the tone by demmobilize support from political leaders, who set the tone by demandingandinggreater accountability and transparency. Their political determigreater accountability and transparency. Their political determination willnation willstand a better chance of realization if it is reinforced by thestand a better chance of realization if it is reinforced by the support ofsupport ofministers and senior managers to change the way the governmentministers and senior managers to change the way the governmentoperates. Because of its technical nature, theoperates. Because of its technical nature, the marketingmarketing of reformof reformsenior managers is a challenging task.senior managers is a challenging task.

Are there adequate resources?Are there adequate resources?

Sufficient budgetary support is necessary to acquire software anSufficient budgetary support is necessary to acquire software andd

hardware, and to hire and retain qualified staff. In most develohardware, and to hire and retain qualified staff. In most developingpingcountries, the shortage of technical personnel imposes a severecountries, the shortage of technical personnel imposes a severeconstraint and hinders the development of appropriate expertise.constraint and hinders the development of appropriate expertise.

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Are there robust systems of internal control?Are there robust systems of internal control?

Adoption of IPSAS assumes the existence of a robust system of inAdoption of IPSAS assumes the existence of a robust system of internalternalcontrol in a governmentcontrol in a governments financial management and accounting system.s financial management and accounting system.As recent corporate financial scandals in the United States, sucAs recent corporate financial scandals in the United States, such ash asEnron and WorldCom, have demonstrated, the reliability of accounEnron and WorldCom, have demonstrated, the reliability of accountingting--based financial statements can be undermined by the manipulationbased financial statements can be undermined by the manipulation ofof

underlying transactions.underlying transactions.Clearly this can also happen in public sector financial reportinClearly this can also happen in public sector financial reporting.g.Considering the vulnerability of the government in developing coConsidering the vulnerability of the government in developing countriesuntriesto financial misconduct, the reliability of numbers in their finto financial misconduct, the reliability of numbers in their financialancialstatements cannot be taken for granted, even if IPSAS are used.statements cannot be taken for granted, even if IPSAS are used.

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Is there adequate Technical capacity?Is there adequate Technical capacity?

Are there trained staff to implement accruals accounting?Are there trained staff to implement accruals accounting?

Accrual accounting systems require managers to be held accountabAccrual accounting systems require managers to be held accountable forle forassets and liabilities and to report on their financial positionassets and liabilities and to report on their financial position, balance, balancesheet and cash flows. Managers will be required to report onsheet and cash flows. Managers will be required to report oncommitments, contingencies, and accounting practices.commitments, contingencies, and accounting practices.

What to do with realWhat to do with real--time information?time information?These requirements have quite fundamental consequences for tradiThese requirements have quite fundamental consequences for traditionaltionalPFM systems and takes time to develop and implement.PFM systems and takes time to develop and implement.

Are auditors in a position to evaluate financial statements andAre auditors in a position to evaluate financial statements and systemssystemsaccording to IPSAS?according to IPSAS?

Is the legislature able to review auditorsIs the legislature able to review auditors reports? (PAC)reports? (PAC)

Is the legislature willing to hold the government to account?Is the legislature willing to hold the government to account?

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Is there an adequate IFMIS in place?Is there an adequate IFMIS in place?

Requires fully integrated FMIS in place with at least GL, commiRequires fully integrated FMIS in place with at least GL, commitmenttmentledgers, budget management, accounts payable, purchases, payrollledgers, budget management, accounts payable, purchases, payroll andandasset management.asset management.

Requires trained staff at all levels to operate (throughout goveRequires trained staff at all levels to operate (throughout government)rnment)

Is very costly to implement and maintainIs very costly to implement and maintain

Staff need constant training and upgrading in systemsStaff need constant training and upgrading in systemsIs there a sufficient ICT structure in place?Is there a sufficient ICT structure in place?

Requires reliable access to telecoms, power and appropriate IT sRequires reliable access to telecoms, power and appropriate IT skills tokills tokeep it operatingkeep it operating

Most developing countries do not have the resourcesMost developing countries do not have the resources-- other prioritiesother priorities


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Some issues around IPSASSome issues around IPSAS

Not applicable for Government Business Enterprises (Not applicable for Government Business Enterprises (GBEsGBEs))

11 cash accountingcash accounting standardstandard

A stepping stone to (full) accrual accountingA stepping stone to (full) accrual accounting

mandatory and encouraged disclosure sectionsmandatory and encouraged disclosure sections

2626 accrual accountingaccrual accounting standardsstandards

The Cash Basis IPSAS encourages an entity to voluntarily disclosThe Cash Basis IPSAS encourages an entity to voluntarily discloseeaccrual based information, although its core financial statementaccrual based information, although its core financial statements wills willnonetheless be prepared under the cash basis of accountingnonetheless be prepared under the cash basis of accounting

IPSAS are primarily designed for accrualsIPSAS are primarily designed for accruals-- leaving some gaps for thoseleaving some gaps for thosein transition.in transition.

Ironically, need some degree of technical capacity to manage theIronically, need some degree of technical capacity to manage thetransitiontransition-- modified cash or modified accruals?modified cash or modified accruals?


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What degree of accrual?What degree of accrual?

Most transitional countries are somewhere in betweenMost transitional countries are somewhere in between

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A review of some countries in the regionA review of some countries in the region

Country ACountry A

Political democracyPolitical democracy-- demand for changedemand for change

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Financial reporting - Different audiences-

different expectations

Financial reporting - Different audiences-

different expectationsPrivatePrivate sectorsector PublicPublic sectorsector

Financial statementsFinancial statements

Independent auditorsIndependent auditors reportreport

Timely reportingTimely reporting

Return on capitalReturn on capital

ChairpersonChairpersons reports report

CEOCEOs statements statement

Corporate governance reportCorporate governance report

AGMs & EGMsAGMs & EGMs

Appoint directors & auditorsAppoint directors & auditors

Address any special businessAddress any special business

e.g. amend Memo & Articlese.g. amend Memo & Articles

Financial statementsFinancial statements

Timely reportingTimely reporting

Delivery of goods and servicesDelivery of goods and services

Government performance reportsGovernment performance reports

-- ParliamentParliament

-- Treasury & Accounting OfficersTreasury & Accounting Officers

-- Controller and Auditor GeneralController and Auditor General

Address any special mattersAddress any special matters

e.g. how national crises, financiale.g. how national crises, financial

meltdown, post election violence,meltdown, post election violence,

H1N1 flu, floods, famine etc haveH1N1 flu, floods, famine etc have

been addressedbeen addressed


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Introduction to IPSASsIntroduction to IPSASs

A set ofA set ofinternational best practiceinternational best practice accountingaccounting

standardsstandards an accounting frameworkan accounting frameworkDeveloped by IFACDeveloped by IFACs International Public Sectors International Public SectorAccounting Standards Board (IAccounting Standards Board (IPSASBPSASB))

For public sectorFor public sectorfinancial reportingfinancial reporting

General purposeGeneral purpose financial statementsfinancial statements

Use byUse by public sector entitiespublic sector entities i.e.i.e.

governments (national,governments (national, regional and localregional and local ) and) and

their components entitiestheir components entities departments, agencies,departments, agencies,

boards, commissions etcboards, commissions etc


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Introduction to IPSASscontdIntroduction to IPSASscontd

FacilitateFacilitate convergenceconvergence of international and nationalof international and national

standardsstandardsEnhance the quality and uniformity of financialEnhance the quality and uniformity of financialreportingreporting around the worldaround the world

Set outSet out recognition, measurement, presentation andrecognition, measurement, presentation anddisclosuredisclosure requirements for transactions and eventsrequirements for transactions and events


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Look at some driving factorscontdLook at some driving factorscontd

Adoption ofAdoption ofIFRSsIFRSs??

EnablingEnabling technologytechnology:: ee--government, internet etcgovernment, internet etcThe World Bank and IMFThe World Bank and IMF

Bilateral governments/donor pressureBilateral governments/donor pressure

IndependentlyIndependently set financial guidelines/standardsset financial guidelines/standardsPeerPeerpressure? Regional markets pressurepressure? Regional markets pressure


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Case study- A- developed countryCase study- A- developed country

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A look at the regionA look at the region

Country ACountry A

Fairly developed economyFairly developed economy

Political democracyPolitical democracy

Consolidation of various PS entities but not full accrualsConsolidation of various PS entities but not full accruals

Auditor GeneralAuditor Generals Reports Report Agreed Upon ProceduresAgreed Upon Procedures

PAC does not consistently follow up NAO reportsPAC does not consistently follow up NAO reports--large backloglarge backlog

Poor integration of FMISPoor integration of FMIS-- after 5 yearsafter 5 years

Accounting staff inadequately trained and few in numberAccounting staff inadequately trained and few in number

Unable to produce timely reports or reconcile figures at Y/EUnable to produce timely reports or reconcile figures at Y/E

Largely cash based reporting after WB support for 5 yearsLargely cash based reporting after WB support for 5 years

Issues with budget managementIssues with budget management-- no budget management toolno budget management tool

Issues with reliability of data coming from regionsIssues with reliability of data coming from regions


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Country A- contdCountry A- contd

BUTBUT--

Consolidated accountsConsolidated accounts

Statement of Financial PerformanceStatement of Financial Performance

Statement of Financial PositionStatement of Financial Position

Cash Flow StatementCash Flow Statement

Accounting policies and explanatory notesAccounting policies and explanatory notes

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A look at a region.contdA look at a region.contd

Country BCountry B

PostPost--conflict and reconstructionconflict and reconstruction 20yrs civil war20yrs civil war

About to enter political democracyAbout to enter political democracy

Expansive countryExpansive country national and federalnational and federal

Severe lack of capacity and systemsSevere lack of capacity and systems

HumanHuman numbers, experience,numbers, experience,

ITIT--FMIS moderately integratedFMIS moderately integrated

ProcessesProcesses supporting documentssupporting documents

InfrastructureInfrastructure communication, roads, flights, banking systemscommunication, roads, flights, banking systems

BudgetingBudgeting -- national/regional levelnational/regional level

Use ofUse ofmodifiedmodified cash accountingcash accounting

Focus on Treasury transactionsFocus on Treasury transactions receipts & paymentsreceipts & payments

Priority of financial reporting?Priority of financial reporting?


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Country CCountry C

Country CCountry C

PostPost--conflict and reconstructionconflict and reconstruction 10 year civil war10 year civil war

Fledgling democracyFledgling democracy-- feted by donorsfeted by donors

Very small countryVery small country

Severe lack of capacity and systemsSevere lack of capacity and systems

HumanHuman numbers, experience, virtually nonnumbers, experience, virtually non--existentexistent

ITIT--FMIS integrated and state of the artFMIS integrated and state of the art

ProcessesProcesses supporting documents being developedsupporting documents being developed

InfrastructureInfrastructure communication, roads, flights, banking systemscommunication, roads, flights, banking systems

BudgetingBudgeting well developed systems and procedureswell developed systems and procedures-- best in regionbest in region

Use ofUse ofmodifiedmodified cash accountingcash accounting

Focus on Treasury transactionsFocus on Treasury transactions receipts & paymentsreceipts & payments

No capacity at legislature to review reportsNo capacity at legislature to review reports

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Country C contdCountry C contd

Political will to implement best practice systems but no capacitPolitical will to implement best practice systems but no capacityy

High concentration of consultants implementing systemsHigh concentration of consultants implementing systems

Budget 50 per cent funded by donorsBudget 50 per cent funded by donors

Rated moderate fiduciary risk despite low capacityRated moderate fiduciary risk despite low capacity

Focusing on training staff despite low numbersFocusing on training staff despite low numbers

Quality of financial reporting very poorQuality of financial reporting very poor

Capacity of Audit Office and internal audit very lowCapacity of Audit Office and internal audit very low

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Benefits of adopting IPSASsBenefits of adopting IPSASs

MoreMore true and fairtrue and fairaccounting of assets & liabilitiesaccounting of assets & liabilities

Full costFull cost measurement of government activities asmeasurement of government activities asnoncash items are includednoncash items are included

MoreMore accountable and transparentaccountable and transparent governmentgovernment

enhanced reportingenhanced reporting

scrutiny of budgets by electorates, taxpayers, investors,scrutiny of budgets by electorates, taxpayers, investors,parliament, donors etcparliament, donors etc

Enhance reputation accountabilityEnhance reputation accountability clean governmentclean government

Ultimately, assistUltimately, assist government decisionsgovernment decisions on:on:Budgeting and performance monitoringBudgeting and performance monitoring

Planning revenue allocationPlanning revenue allocation


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Benefits of adopting IPSASscontdBenefits of adopting IPSASscontd

Per thePer the United Nations General AssemblyUnited Nations General Assembly which adoptedwhich adoptedIPSAS in 2006IPSAS in 2006

ImprovedImproved internal controlsinternal controls wrt assets and liabilities for allwrt assets and liabilities for allconcerned entitiesconcerned entities

Alignment with best practicesAlignment with best practices through adoption ofthrough adoption of

credibility credible, independent accounting standardscredibility credible, independent accounting standardson a full accrual basison a full accrual basis

MoreMore comprehensive informationcomprehensive information on costs that will betteron costs that will bettersupportsupport resultresult--based managementbased management

TheThe integration of assetsintegration of assets and improved accuracy andand improved accuracy andcompletenesscompleteness of assetsof assets

ImprovedImproved consistency and comparabilityconsistency and comparability of financialof financial

statementsstatements


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Key considerations when adopting IPSASsKey considerations when adopting IPSASs

Adopting IPSASsAdopting IPSASs lock stock and barrellock stock and barrel??

Significant opportunity forSignificant opportunity forchange managementchange managementPart ofPart ofPFM reformsPFM reforms & government& government accountabilityaccountability

NationalNational economic planseconomic plans Vision 2030, regionalVision 2030, regionalintegration, political will etcintegration, political will etc

CurrentCurrent legal and regulatorylegal and regulatory provisionsprovisionsCurrent accounting and financialCurrent accounting and financial systemssystems cash/accrual; manual etc?cash/accrual; manual etc?

Capacity of professional servicesCapacity of professional services providersprovidersAA challenging processchallenging process -- 11--10 years?10 years?

InvestmentInvestment Benefit vs. resource constraintsBenefit vs. resource constraints


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Key considerations when adopting

IPSASscontd

Key considerations when adopting

IPSASscontd

CapacityCapacity gapsgaps human, accounting/technical and IThuman, accounting/technical and ITskills; resistance to change?skills; resistance to change?

Current systems and processesCurrent systems and processes centralised, manualcentralised, manualetc?etc?

DeterminingDetermining Opening Balance SheetOpening Balance Sheet identificationidentification

and valuation; challenging, time consuming process;and valuation; challenging, time consuming process;materiality considerationsmateriality considerations

InformationInformation loadload from many government entitiesfrom many government entities

ManagingManaging alignment with budgetsalignment with budgets cash vs.. accrualscash vs.. accruals

& common chart of accounts (COA)& common chart of accounts (COA)ConsolidationConsolidation andand eliminationelimination of interof inter--entityentitytransactionstransactions


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A few proposals for addressing potential

challenges


challenges

Political and governmentPolitical and government buybuy--in, commitmentin, commitment andand

sensitisationsensitisationLegal and regulatoryLegal and regulatory revisionsrevisions

EstablishEstablish roadmaproadmap for adoption and implementationfor adoption and implementation

EstablishEstablish project implementation structuresproject implementation structures and teamsand teamsGap analysis of current accounting systems vs..Gap analysis of current accounting systems vs..IPSASsIPSASs


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challengescontd


challengescontd

EstimateEstimate implementation time frame and approachimplementation time frame and approach

MulMultiti--phase/yearphase/yearapproachapproach planning, accountingplanning, accountingareas, implementation etcareas, implementation etc

DetermineDetermine eligibleeligible entitiesentities

Role ofRole ofauditors and external advisorsauditors and external advisors (technical(technical

assistance)assistance)ExternalExternal assistanceassistance World Bank and IMF?World Bank and IMF?

IPSASsIPSASs interpretation supportinterpretation support

CapacityCapacity buildingbuilding && changechange managementmanagementpublic sectorpublic sectoraccounting trainingaccounting training

functionalfunctional integrated IT systemsintegrated IT systems--GFMIS etcGFMIS etc


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challengescontd


challengescontd

Regular and timelyRegular and timely progress reportingprogress reporting -- parliament,parliament,press briefings, government websites etcpress briefings, government websites etc

Include adoption of IPSASs as part ofInclude adoption of IPSASs as part ofregionalregional(governments(governments) integration) integration

IntegrationIntegration with governmentwith government performance managementperformance management

systemssystemsKnowledgeKnowledge && experience sharingexperience sharing at the internationalat the internationaland regional leveland regional level


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Questions

&Answers ?

Questions &

Answers ?


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The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although weendeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it willcontinue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particularsituation.

2009 KPMG Kenya, the Kenyan member firm of KPMG International, a Swiss cooperative. All rights reserved. Printed in Kenya

PresenterPresenters contact detailss contact details

Patrick KibePatrick Kibe

KPMG East AfricaKPMG East Africa

+254 (20) 2806 000+254 (20) 2806 000

[email protected]@kpmg.co.ke

from cash to accruals

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