(1) Within a period of three months, or such other period as Parliament may by

resolution appoint, after the end of each financial year, there shall be prepared by the

(a) head of each department and transmitted to the Auditor-General, the Minister and the Controller and Accountant-General in respect of the financial year, accounts of the department which shall comprise

(i) a balance sheet showing the assets and liabilities of the departments as at the end of the year;

(ii) a statement of revenue and expenditure of the department for the year;

(iii) a cash flow statement of the department for the year; and

(iv) notes that form part of the accounts which shall include particulars of the extent to which the performance criteria specified in the estimate in relation to the provision of the department’s output were satisfied.

(b) Controller and Accountant-General and transmitted to the Auditor-General and Minister in Respect of the financial year, the public accounts which shall comprise

(i) a balance sheet showing the assets and liabilities of the Consolidated Fund as at the end of the year;

(ii) a statement of revenue and expenditure of the Consolidated Fund for the year;

(iii) a cash flow statement of the Consolidated Fund for the year; and

(iv) notes that form part of the accounts.

(2) The accounts submitted under this section shall

(a) be prepared in accordance with generally accepted accounting principles and in accordance with any instructions issued by the Controller and Accountant-General in consultation with the Auditor-General; and

(b) state the basis of accounting used in their preparation and identify any significant departures and the reasons for the departures.

(3) The Controller and Accountant-General shall prescribe in Departmental Accounting Instructions, which items are to be classified as assets and liabilities of the public accounts and the departmental accounts.

(4) Without limiting this section, the Controller & Accountant-General may prescribe for inclusion in the Departmental Accounting Instructions of each department the content of information to be included in the notes required under subsection (1)(a)(iv) and 1(b)(iv).