• Jonah Wala

    Country

    Kenya

    Jonah Wala joined the IPSASB as a member in January 2023. He was nominated by Public Sector Accounting Standards Board in Kenya.   

    Currently, he is leading teams in transitioning Kenya from cash to accrual accounting using as part of my responsibilities as Director of Accounting Services/ Accountant General at the National Treasury.  He sits on various public boards and councils in Kenya including the Institute of Certified Public Accountants of Kenya, Kenya Institute of Certified Financial Analysts of Kenya, Chuka University, and Kenya Law. He is the Registrar of the Certified Public Secretaries Board. 

    Mr. Wala has led teams in reviewing and developing laws, subsidiary regulations, and policies in the public sector fiscal management space, as well as the Public Finance Management Act, Public Audit Act, Accountants Act, and the Certified Public Secretaries Act. 

    He convenes the Technical Committee of the Africa Association of Accountant Generals, an association with a support mandate of public sector reforms in all 54 countries in Africa. He serves on the academic board of the Africa Professionalization Initiative developing competency content. He chaired the IFRS S2 Climate-related disclosures transition roadmap committee for Kenya. 

    Mr. Wala holds a Master’s degree in Banking and Finance and is pursuing a PhD in Management from the Case Western Reserve University, US. 

    His technical advisor is Georgina Muchai.

    Jonah

  • IPSASB eNews: June 2022

    English

    The IPSASB held its second meeting of the year in New York on June 21-24, 2022.

    Transfer Expenses

    The IPSASB made significant progress in finalizing its transfer expense model. The IPSASB confirmed that a transfer provider’s enforceable rights in a binding arrangement is an asset that is derecognized as the rights are extinguished. For transfers without binding arrangements, the board decided the transfer expense is recognized when control of the transferred resources is lost.

    Revenue

    With the revenue accounting models largely shaped in 2021, the IPSASB focused on the application to public sector specific issues. The IPSASB confirmed that existing proposals related to the subsequent measurement of non-contractual receivables and disclosure requirements remain appropriate from a principled perspective. The board also confirmed that accounting principles for binding arrangements should be applied to account for capital transfers.

     

    Measurement

    After analyzing the additional information and perspectives from respondents, the IPSASB agreed to continue developing its public sector measurement basis, Current Operational Value (COV), for assets held for their operational capacity. The IPSASB confirmed the core principles of COV and agreed they should be clarified to enhance understandability. With the core principles agreed, the IPSASB will next focus their attention on developing the non-authoritative text to ensure clarity in their intended application in practice.

    Conceptual Framework – Phase I

    The IPSASB continued its analysis of assumption price, cost of release and net selling price. The IPSASB considered the approach of the International Accounting Standards Board and the broader relevance of these measurement bases to public sector financial reporting and decided not to include these measurement bases in a revised chapter on measurement.

    Other Lease–Type Arrangements

    The IPSASB agreed on the accounting for concessionary leases. For lessees, the IPSASB agreed to measure the right-of-use asset at fair value on initial recognition.  For lessors, the IPSASB decided that the current IPSAS guidance is appropriate for concessionary leases.

    ED 78, Property, Plant, and Equipment

    The IPSASB performed a detailed review of the responses to ED 78, Property, Plant, and Equipment. The proposals in ED 78 were strongly supported by respondents. The IPSASB agreed to move forward with the proposals related to the structure of the guidance, characteristics of infrastructure assets, additional disclosure of unrecognized heritage assets, and non-authoritative guidance.

  • Property, Plant, and Equipment

    The objective is to develop enhanced guidance clarifying the recognition and measurement of infrastructure and heritage assets that are Property, Plant, and Equipment.

    Current Status of the Project

    The IPSASB approved IPSAS 45, Property, Plant and Equipment. IPSAS 45 replaces IPSAS 17, Property, Plant and Equipment and adds public sector guidance on heritage and infrastructure assets, and aligns with the new measurement principles.

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