THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountant Act, Laws of Kenya)
Financial Reporting Workshop for SACCOs
Date: 5th – 6th September, 2019
Venue: White Rhino Hotel, Nyeri
Savings and Credit Cooperative Societies (SACCOs) in Kenya have grown and transformed greatly over the decades and championed values such as self-help, responsibility, democracy, equality, equity and solidarity among members.
However, in the recent past, concerns have emerged regarding rampant mismanagement, fraud and reckless lending, which have resulted in loss of members’ savings and other resources. The regulatory body, the Sacco Societies Regulatory Authority (SASRA), is currently pursuing the development of a market conduct policy as well as legal and regulatory frameworks with the aim of protecting members’ deposits and improving the stability of SACCOs.
To support good corporate governance among SACCOs and promote best practices in management, financial reporting is key towards achieving these objectives.
Financial reporting encompasses the disclosure of financial information to management and the public about an organization’s performance over stated periods of time. Financial reporting for SACCOs in Kenya is enabled by the Constitution of Kenya Section 226, Cooperative Societies Act Cap 490, International Financial Reporting Standards (IFRS) and the SACCO Societies Act No 14 of 2008 among other factors. SACCOs therefore must keep proper records that conform to these set frameworks.
ICPAK has organized this workshop to enlighten delegates on the emerging trends and expectations in financial reporting for SACCOs. The workshop will outline:
- An Overview of financial reporting requirements in SACCOs
- IAS 40 – Investment Property
- IFRS 9 – Financial Instruments
- IFRS 7 – Financial Instrument Disclosures
- Understanding the link between financial reporting and SASRA Prudential Guidelines
- IAS 37 – Provisions, Contingent Liabilities and Contingent Assets
- IAS 19 – Employee benefits
Target Audience
Accountants, Auditors, Associate members, Practicing members, Academia, Financial Reporting Consultants
Event Booking
Kindly note that booking 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. Delegates are advised to book early for planning purposes.
Charges
Charges for this forum are as provided below:
| Category | Charges (Ksh) |
| Associate Members | 8,000 |
| Members | 10,000 |
| Non Members | 12,000 |
Continuous Professional Development (CPD) Units
Members of ICPAK will earn 14 CPD points upon successful attendance. Enquiries may be directed to us via brenda.imali@icpak.com and on telephone +254 719 074311.
