THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(established under the Accountant Act, Laws of Kenya)
THE IFRS MASTERCLASS
Theme: Enhancing financial reporting competencies during periods of uncertainty
DATE: 19th – 23rd July 2021
Time: 8.00am-4.00pm
VENUE: Sarova Stanley Hotel, Nairobi
OVERVIEW
International Financial Reporting Standards (IFRSs) are designed to bring consistency to accounting language, practices, and statements, and to help businesses and investors make educated financial analyses and decisions. The IFRS Foundation sets the standards to “bring transparency, accountability, and efficiency to financial markets around the world, therefore fostering trust, growth, and long-term financial stability in the global economy.” Companies benefit from the IFRS because investors are more likely to put money into a company if the company’s business practices are transparent.
Financial reporting is thus, a critical catalyst for economic growth and development. Investors and other stakeholders rely on financial reports for decision making and gauging the financial performance and health of an organisation. Financial reporting has been given significant attention by different users of an entity’s financial statements to guide their various judgements and decisions. This has resulted to great emphasis and focus on maintaining the highest quality of financial reports prepared by an organisation. With the advent of the COVID-19 pandemic and its attendant effects on the global economy, this need for quality and transparent financial reporting has become even more critical!
The standard setting space is also undergoing rapid developments to keep pace with the global commercial trends and economic transitions. The IFRS Foundation and the International Accounting Standards continue to develop and issue new standards while maintaining or amending the existing ones to meet the everchanging business and commercial needs. This calls for the professional accountant and accounting practitioners to keep abreast of these developments to ensure proper and informed contribution to business performance and growth.
It is against this background that the Institute has planned an IFRS Masterclass to update and equip the participants with the current trends in the standard setting arena and encourage the delegates to share their experiences on the implementation of the new standards. This will also extend to how the adoption and implementation of the standards is taking place under the pandemic environment and the way forward as the economies and organisations across the world cope with the pandemic.
The IFRS Masterclass seeks to assist participants in understanding the bottlenecks and challenges in adoption and implementation of the new standards and how to effectively apply the existing standards to maintain a high quality of financial reporting across the global markets.
The facilitators will explore the different aspects relevant for effective implementation of the IFRS and related professional standards and judgments.
The areas of focus to be discussed during the training include:
1. Understanding the newly issued standards, along with IASB projects, and how they will impact on the financial statements,
2. Understanding the practical implementation of the more complex standards,
3. Understanding the disclosure and accounting requirements in financial reporting of a group of companies,
4. Understanding practical implications of using IFRS in specific industries.
Additionally, this Master Class is intended to offer critical financial reporting insights and provide the participants with a detailed discussion on the various international financial reporting standards and frameworks while exploring the regulatory requirements in Kenya which are associated with the various standards to be covered. It will also be a good opportunity for delegates to build their professional skills and network with other like-minded professionals in the same field.
Learning Objectives:
This program is divided into the following seven modules covering the various aspects of IFRS:
| DAY | MODULE | TOPICS | KEY AREAS TO BE COVERED
|
| DAY 1 | A. IFRS overview and Background | 1. Overview of the IFRS Principles and Concepts
2. Updates on IFRS development 3. First time adoption of IFRS 4. IFRS and Specific industries |
i Overview of IFRS Principles and Concepts
ii The latest on world adoption of IFRS – an update from IASB / IFRS Foundation iii First time adoption of IFRS iv IAS 1 – Presentation of Financial Statements IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors IAS 18 – Revenue IFRS 6 – Exploration for and evaluation of Mineral Resources v Financial Instruments Post-Implementation Review for Financial Institutions vi Case Studies
|
| DAY 1 | B. Technical Standards | 1. Accounting for Income Taxes, Employee Benefits, Earnings per Share, and Interim Financial Reporting | i IAS 12 – Income Taxes
ii IAS 19 – Employee Benefits iii IAS 33 – Earnings Per Share iv IAS 34 – Interim Financial Reporting
|
| DAY 2 | 2. Impact of COVID-19 Pandemic on businesses and considerations in accounting for discotonued operations | i IFRS 5 – Discontinued operations
ii IFRIC 12 – Service Concession Arrangements
|
|
| C. Financial Instruments | 3. Recognition and measurement of financial instruments, fair value measurement and disclosure requirements | iii Recognition and measurement
iv IFRS 2 – Share-based Payments v IFRS 7 – Disclosures vi IFRS 13 – Fair Value Measurement vii Case Studies |
|
| DAY 2 | D. Group Reporting | 1. Accounting for Investments in Associates
2. Business combinations and accounting for entities in group investments and joint arrangements |
i IAS 28 – Investment in Associates
ii IFRS 3 – Business Combinations iii IFRS 8 – Segment Reporting iv IFRS 10 – Consolidated Financial Statements v IFRS 11 – Joint arrangements vi IFRS 12 – Disclosure of Interest in Other Entitites |
| DAY 3 AND 4 | E. New Standards and Practical Implications | 1. New standards | i IFRS 9 – Financial Instruments
ii IFRS 14 – Regulatory deferral accounts iii IFRS 15 – Revenue from Contracts with Customers iv IFRS 16 – Leases v Future Developments vi IFRS and Statutory Audit Procedures vii Case Studies and Practical Implementation |
| 2. Future developments
|
i Anticipated developments in standard setting
ii Future skills required for effective financial reporting
|
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| 3. Practical implications
|
i IFRS and statutory Audit Procedures
ii Case studies and Practical Implementation |
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| DAY 5 | F. Future developments and regulatory implications on financial reporting | 1. Future developments
2. Regulatory implications on financial reporting
|
i Future development in standards setting and financial reporting
ii Technological impact on financial reporting iii Regulatory implications on financial reporting
|
| DAY 5 | G. Implementation of IFRS in Kenya – FiRe Award 2020 Update and Way Forward | 1. Status on implementation
2. FiRe Award Update 3. Plans for FiRe Award 2021
|
i Status of IFRS implementation in Kenya
ii FiRe Award 2020 findings and recommendations iii FiRe Award 2021 preparations
|
CONTINUOUS PROFESSIONAL DEVELOPMENT UNITS
Members of ICPAK and those from reciprocating professional bodies will earn 20 CPD units upon successfully attending all training sessions.
FINANCIAL INVESTMENT
The Master Class charges are Kshs. 70,000 for both members and non-members. The cost caters for training fee, training materials, certificate and meals during the conference. Delegates are required to make their own travel and accommodation arrangements.
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).
PARTNERSHIP OPPORTUNITIES
The training presents a perfect opportunity for organizations to showcase their products & services to a target group with high purchasing powers, both on personal and corporate levels. You will also have a unique opportunity for brand positioning and communication that will enjoy optimal visibility. Armed with significant purchasing power and decision-making authority, the audience are a key target group for businesses. For more information or enquiries please email raphael.nguli@icpak.com.
For further inquiries, kindly contact Brenda Imali at brenda.imali@icpak.com with a copy to judith.wambura@icpak.com. Reach us on call: +254 719 074000/129
We encourage members to regularly visit our website www.icpak.com for updates.
