Public Sector Accounting Standards Board

What Public Sector Accounting Standards Board does

The Public Sector Accounting Standards Board (PSASB) is a Semi-Autonomous Government Agency (SAGA) operating under Kenya's National Treasury, constituted under sections 192 and 193 of the Public Finance Management (PFM) Act 2012 via Gazette Notice No. 1199 of 28 February 2014. It is the sole statutory body mandated to prescribe generally accepted accounting, internal audit, and financial reporting standards for all state organs and public entities in Kenya, and is tasked with monitoring adherence to those standards. Its mandate also extends to risk management frameworks and, following the August 2024 Gazette Notice No. 11033, to the International Professional Practices Framework (IPPF) for public sector internal audit.

PSASB delivers its mandate through a portfolio of standards, templates, guidelines, and digital platforms rather than a single product. Core offerings include the Directorate of Accounting Standards and the Internal Audit and Risk Standards directorates, which together issue accounting standards, internal audit standards, transition documents, technical resources, and exposure drafts. Supporting products include more than 100 standardized financial reporting templates for MDAs, county governments, state corporations, SAGAs, hospitals, schools, TVETs, water companies, and pension schemes; 32 internal audit templates; the Model Internal Audit Manual; the Government-Wide Integrated Risk Management Policy; the IARA web tool (iara.psasb.go.ke); and the Masomo e-learning platform (masomo.psasb.go.ke), which delivers Cash to Accrual Accounting Transition and Internal Audit training. The FiRe Awards program, co-promoted with ICPAK, CMA, NSE, and RBA, recognizes excellence in financial reporting across public and private sectors.

PSASB does not generate commercial revenue; all standards, templates, e-learning content, and award participation are provided free of charge, and the organization is funded through National Treasury appropriations. Its customers are all state organs, the 47 county governments, state corporations, public universities, public hospitals, public secondary schools, TVETs, public water companies, public pension schemes, and municipal boards — together covering essentially every public sector entity in Kenya. Recent strategic activity has centered on the three-year cash-to-accrual transition (with four new IPSAS standards effective 1 July 2025), issuance of climate-related and natural-resources disclosure standards effective 1 July 2028, the OAG partnership MoU signed in February 2026, and capacity building via the Masomo e-learning platform.

Name

Public Sector Accounting Standards Board

Legal name

Public Sector Accounting Standards Board

Website

https://psasb.go.ke

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

11–50 employees

Short description

The Public Sector Accounting Standards Board (PSASB) is a Kenyan Semi-Autonomous Government Agency under the National Treasury that sets accounting, internal audit, and risk management standards for all state organs and public entities. It delivers standards, templates, guidelines, the Masomo e-learning platform, the IARA tool, and the FiRe Awards free of charge.

Ownership category

akta.pro rank

Product category

Public Sector Accounting Standards

NAICS

Public Finance Activities (921130)

akta.pro primary industry

Financial Risk, Controls & Audit (Public Sector) (BPAIAEAH)

Keywords

• Public sector accounting
• Financial reporting standards
• Internal audit standards
• Risk management frameworks
• Government financial management

Headquarters

HQ city

Nairobi

HQ country

Kenya

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Government Funding: PSASB is a Semi-Autonomous Government Agency (SAGA) under The National Treasury. As a regulatory body, it operates under government funding and appropriations rather than commercial revenue generation.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

PSASB sets and prescribes generally accepted accounting, financial reporting, internal audit, and risk management standards for all state organs and public entities in Kenya. It delivers a complete ecosystem of standards, guidelines, financial reporting templates, internal audit templates and manuals, risk management frameworks, an e-learning platform, and recognition through the FiRe Awards program. Operations are mandated by sections 192 and 193 of the Public Finance Management (PFM) Act, 2012 and executed as a Semi-Autonomous Government Agency under The National Treasury.

Product overview

The Public Sector Accounting Standards Board (PSASB) operates as a regulatory body offering a portfolio of standards, tools, and platforms rather than a single product. The core offerings include the Accounting Standards Directorate Services and Internal Audit Standards Directorate Services, which set and maintain generally accepted accounting and financial standards for all state organs and public entities in Kenya. Supporting these core functions are the Financial Reporting Templates suite providing standardized templates for various entity types (MDAs, Counties, State Corporations, Schools, Hospitals), the Governance Risk Management and Internal Controls Services with associated risk management templates, and the Internal Audit Manuals and Templates package including the Model Internal Audit Manual. The PSASB E-Learning Platform (Masomo) delivers capacity-building courses on Cash to Accrual Accounting Transition and Internal Audit. The FiRe Awards program recognizes excellence in financial reporting. The IARA Tool provides Internal Audit Risk Assessment capabilities. Consultation Papers and Exposure Drafts facilitate stakeholder engagement on new standards.

Differentiator

Problem solved

Functional benefit

Brands

• FiRe Awards: Financial Reporting Excellence Awards - an award program organized jointly with ICPAK, CMA, NSE, and RBA to promote financial reporting standards across public and private sectors
• PSASB E-Learning Platform
• IARA Tool

Products and services

• Accounting Standards Directorate Services Directorate-level service that sets generally accepted accounting and financial standards for all state organs and public entities in Kenya, providing guidelines, transition documents, technical resources, and consultation papers for IPSAS adoption and cash-to-accrual accounting transition.
• Internal Audit Standards Directorate Services Directorate-level service that prescribes Internal Audit procedures consistent with the PFM Act 2012, providing internal audit templates, manuals, guidelines, audit programs, and transition documents aligned with the International Professional Practices Framework (IPPF).
• Financial Reporting Templates Standardized Excel and Word financial reporting templates for various public sector entity types including MDAs, County Governments, State Corporations, SAGAs, Hospitals, Schools, TVETs, Water Companies, and NGCDF, including cash-to-accrual transition templates for the three-year transition period.
• PSASB E-Learning Platform (Masomo) Online learning platform at masomo.psasb.go.ke offering courses on Accounting Standards, Cash to Accrual Accounting Transition, and Internal Audit Standards for public sector accountants.
• FiRe Awards Financial Reporting Excellence Awards program that promotes high-quality financial reporting across private and public sectors in Kenya, recognizing entities demonstrating excellence in financial reporting and sustainability disclosures.
• IARA Tool Web-based Internal Audit Risk Assessment tool available at iara.psasb.go.ke for integrated assessment and reporting by public sector entities.
• Governance, Risk Management and Internal Controls Services Service line that prescribes risk management frameworks, champions best practices in risk management, and supports public sector entities to manage risks effectively through the Government-Wide Integrated Risk Management Policy, Public Sector Risk Management Guidelines, Internal Control Guidelines, and risk management templates.
• Public Sector Entities Model Internal Audit Manual Model Internal Audit Manual for public sector entities providing practical tools, procedures, and professional guidance for internal auditors to support governance, risk management, and internal control, including Model Audit Committee Charter, Internal Audit Charter, Strategic Plan, Engagement Planning templates, Fieldwork documentation templates, and Quality Assurance templates.
• Guidelines on New Accounting Standards (IPSAS 43, 44, 45, 46) Guidelines issued on new IPSAS standards covering Leases, Non-Current Assets Held for Sale, Property Plant and Equipment, and Measurement, applicable to all Kenyan public sector entities from 1 July 2025 as part of the cash-to-accrual accounting transition.
• Cash to Accrual Transition Year 2 Course E-learning course on the Masomo platform delivering Year 2 cash-to-accrual accounting transition training for public sector accountants, covering IPSAS 12, 27, 31, 43, and 45.
• Draft QAIP External Assessment Templates Draft templates developed to strengthen conformance to Global Internal Audit Standards (GIAS) and performance objectives, published for public comment to enhance QAIP external assessment practices.
• Draft Public Sector Internal Control Guidelines Draft guidelines developed in collaboration with stakeholders to provide broad and standardized guidance for developing effective systems of internal control across Kenya's public sector entities.

Quantifiable outcome

• 1,397 public sector entities participated in FiRe Award evaluation, up 37% from 1,020 in 2024
• +2 more outcomes

Named customers1 record

Segments10 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Seven partnerships are on record, tiered core.

• Office of the Auditor-General (OAG)coreStrategic or Co-development Partner · 4 February 2026PSASB and OAG signed a Memorandum of Understanding on February 4, 2026, to strengthen financial accountability structures and advance shared commitments to enhancing accountability and transparency in the public sector. The partnership promotes adoption and implementation of high-quality accountability standards and facilitates information and expertise exchange to improve financial reporting and auditing practices.
• Institute of Certified Public Accountants of Kenya (ICPAK)coreGTM or Marketing PartnerCo-promoter of the Financial Reporting (FiRe) Award, jointly promoting best practices in financial reporting and sustainability reporting across Kenya's public and private sectors.
• Capital Markets Authority (CMA)coreGTM or Marketing PartnerCo-promoter of the Financial Reporting (FiRe) Award, promoting ESG disclosures and sustainability reporting among listed companies and capital market participants.
• Nairobi Securities Exchange (NSE)coreGTM or Marketing PartnerCo-promoter of the Financial Reporting (FiRe) Award, supporting companies in Kenya to report on sustainability and manage ESG risks to attract investments.
• Retirement Benefits Authority (RBA)coreGTM or Marketing PartnerCo-promoter of the Financial Reporting (FiRe) Award, promoting ESG principles in financial reporting by retirement benefits schemes.
• National TreasurycoreStrategic or Co-development PartnerPSASB is under The National Treasury. The Board collaborates with National Treasury on developing and issuing accounting standards, internal audit manuals, and transition guidelines. National Treasury issues circulars on behalf of PSASB for cash to accrual transition.
• Internal Auditor General's DepartmentcoreStrategic or Co-development PartnerCollaboration with Internal Auditor General's Department and other stakeholders in developing the Draft Model Internal Audit Manual to strengthen internal audit practices in the public sector.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Governmental Accounting Standards Board (GASB): The US public-sector accounting and financial reporting standard-setter established under the Financial Accounting Foundation. GASB is the closest functional analogue to PSASB in terms of mandate, structure, and the issuance of standards and guidance for state and local government entities.
• International Public Sector Accounting Standards Board (IPSASB): The global standard-setter for public-sector accounting that PSASB directly operationalizes in Kenya. IPSASB issues the IPSAS, SRS, and guidance frameworks that PSASB adopts and translates into local templates, training, and assurance programs.
• Public Sector Accounting Board (PSAB, Canada): Canada's independent standard-setter for public-sector accounting under the CPA Canada Handbook. PSAB is highly comparable to PSASB in issuing standards for governments, public-sector entities, and not-for-profit organizations, including the transition toward accrual accounting.
• Australian Accounting Standards Board (AASB): Australia's national accounting standard-setter that issues both Australian Accounting Standards (including the public-sector-specific AASB 1049) and aligns with IPSAS. Comparable to PSASB in scope, government oversight, and the role of promulgating standards for the public sector.
• Financial Reporting Advisory Board (FRAB, UK): The UK body that advises HM Treasury on the adoption of financial reporting standards for the public sector, including the IFRS-based FReM. FRAB is structurally similar to PSASB in providing government-wide oversight of public-sector financial reporting standards.

Others

• Office of the Auditor-General (OAG) Kenya: Kenya's supreme audit institution and PSASB's MoU partner since February 2026. OAG audits the financial statements prepared under PSASB standards, making it the principal enforcement counterpart whose capacity directly affects the realized adoption of PSASB's framework.
• The National Treasury (Kenya): PSASB's parent ministry and primary funder. The National Treasury issues circulars on behalf of PSASB, co-develops standards and transition guidelines, and represents PSASB at the Cabinet level, making it the key policy and funding counterpart for PSASB's operations.

Regional players

• Institute of Certified Public Accountants of Kenya (ICPAK): Kenya's professional accountancy body and co-promoter of the FiRe Awards alongside PSASB. While its mandate is professional licensing and capacity, ICPAK works jointly with PSASB on standards promotion, training, and the FiRe Award program across the Kenyan market.

Broad incumbents

• The Institute of Internal Auditors (IIA): The global professional body that issues the International Standards for the Professional Practice of Internal Auditing (IPPF) and Global Internal Audit Standards. PSASB formally adopted the IPPF in 2024, making IIA a direct upstream standard-setter whose frameworks PSASB promulgates within Kenya.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/PSASBKe
• LinkedInlinkedin.com/company/public-sector-accounting-standards-board-psasb-kenya

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

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M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Public Sector Accounting Standards Board