THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(established under the Accountant Act, Laws of Kenya)
Date: 31st to 1st February 2018
Venue: Hilton Hotel, Nairobi
Theme: Towards Effective Implementation of IFRS 9
Overview
The dynamic nature of the financial reporting standards environment calls for close attention to the evolving trends in the standard setting arena. New standards are coming up all the time, with revisions and amendments being undertaken to the existing standards every time. This means that the modern day professional accountant needs to keep abreast with all these key developments.
One such change is the new International Financial Reporting Standard (IFRS) 9 which replaces International Accounting Standard (IAS) 39. This is in respect to the methodology used in providing for uncertainties in economic benefits of financial assets, loans or debts issued by financial institutions (impairment provisions on financial instruments). The new standard is effective from 1 January 2018 and affects any financial statements prepared after the date. The implementation of the new standard takes immediate effect and all affected entities will be expected to prepare compliant financial reports going forward.
The new impairment requirements in IFRS 9 are based on an Expected Credit Loss (ECL) model and replaces the IAS 39 Incurred Loss (IL) model. ECL model applies to debt instruments (such as bank deposits, loans, debt securities and trade receivables) recorded at discounted cost or at market value and recorded in the income statement through other comprehensive income, including lease receivables, contract assets, loan commitments and financial guarantee contracts that are not measured at market value through profit or loss. As a result, entities will have to recognize not only incurred credit losses but also losses that are expected to be incurred in future.
As way of responding to the existing complexity of the financial reporting arrangements which have been occasioned by the introduction of the new standard, the Institute of Certified Public Accountants of Kenya has organised a sensitization workshop to prepare members on the new developments expected during the implementation of IFRS 9.
Please check to ensure that you book for the workshop which will leave you well equipped to face the demands of the new IFRS 9 standard.
Key Topics
- Classification and Significant Accounting Policies – a comparative analysis for IAS 39 and IFRS 9
- Measurement and recognition
- Effective date, transitional provisions and disclosures
- Impairment and impairment models
- Effect on the Kenyan financial services sector
- IFRS 9 implementation guidelines
Learning Objectives
The workshop intends to enhance the capacity on participants’ knowledge and professional skills on the requirements of the new IFRS 9 Standard.
Target Audience
The target groups for this workshop include Auditors, Preparers of IFRS Financial Statements, CFOs of Banking Institutions, and Corporate Finance Managers.
Continuous Professional Development Units (CPD Units)
Members of ICPAK and reciprocating professional bodies will be awarded 14 CPD Units upon successfully attending all workshop sessions
Financial Commitment
The workshop charges are as follows
Category | Early Bird Registration Booked & Paid for before 22nd January 2018 | Normal Registration Booking & Payments or LPOs / LSOs received after 22nd January 2018 |
Associate Members | 10,950 | 13,950 |
Members | 17,950 | 18,950 |
Non-Members | 22,950 | 23,950 |
International Delegates | USDs 270 | USDs 280 |
7.0 Special Needs
If you have special dietary or religious requirements, or should you need any particular assistance kindly refer to the event coordinator on catherine.muema@icpak.com
8.0 Dress Code
- The workshop dress code is Business Formal/ Business Professional
9.0 Online Booking
We call on participants to note that booking for the this workshop is available only online at www.icpak.com/events and will close on the 29th January 2018 at 1700 hrs. Delegates are reminded to note that online booking for events is mandatory. This is available either online at www.icpak.com/events or on the ICPAK Live – A smart phone based application that is available from google store.
10.0 National Industrial Training Authority (NITA) Reimbursement
The Institute is registered as a trainer with National Industrial Training Authority. The Institute’s registration number is DIT/TRN/47. Participants who are registered levy contributors should apply to NITA for reimbursement of their fees. Please note that this is applicable for Kenyan citizens only and subject to NITA regulations. Remember that to qualify you should apply to NITA for approval prior to the date of the conference. Further details can be obtained from their website (www.nita.go.ke).
11.0 Sponsorship’s, Partnership Opportunities & Additional Information
This workshop presents a unique opportunity for brand positioning and communication that will enjoy optimal visibility before potential targeted customers. Armed with significant purchasing power and decision-making authority, the audience are a key target group for businesses. Sponsorship opportunities range from item sponsorship’s, exhibitions, advertising and sub-event sponsorship within the major event
The workshop intends to attract over 100 participants drawn from both the public and private sectors presenting a rare chance for exhibitors and sponsors. Those interested in sponsoring the event can reach us through raphael.nguli@icpak.com
Further requests can be channeled to us via telephone calls on +254 733 856 262/ 727 531006 or via email to memberservices@icpak.com or catherine.muema@icpak.com. We encourage members to regularly visit our website www.icpak.com for updates.