IFRS Seminar (Mandatory Training) - Recording

THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountant Act, Laws of Kenya)

IFRS Seminar

Theme: Achieving IFRS Compliance in a Dynamic Environment

This is one of the mandatory trainings for Practicing Certificate consideration

Date: 7th – 8th April 2021

Platform: Virtual/Zoom

OVERVIEW

International Financial Reporting Standards (IFRS) guide the accounting treatment and presentation of transactions and other events in the financial statements. Even though the International Accounting Standards Board (IASB) has made significant progress towards the global adoption of IFRS and achieve uniformity, the business environment is dynamic, especially with the recent Covid 19 pandemic.

As a result, companies are facing challenges in applying fundamental concepts of recognition, measurement, valuation and reporting of assets, and the preparation of financial statements. For example, many entities have had to change their business models and provide products and services virtually, leading to low asset utilization. Assets like property, plant and equipment and investment property may therefore require careful analysis from recognition, measurement and valuation and even presentation. The same case applies for liabilities arising from leases and financial instruments, beside the threat on the going concern of the entire entity.

It is against this backdrop that the Institute has organized a two-day virtual workshop to engage preparers, auditors and other key stakeholders on addressing these challenges especially as entities consider the annual reports for year 2020.

Topics

1. Property, Plant & Equipment, Investment Property and Intangible Assets IAS 18, IAS 40, IAS 38
2. Financial Instruments and hedge accounting: IAS 32, IFRS 7 and IFRS 9
3. What is IFRS 9? How does it differ from IAS 39?
4. What are financial assets and financial liabilities?
5. IFRS 9 history and implementation overview

• Presentation of the three different categories i). Amortized Costs, ii) Fair value through Profit & Loss (FVTPL) and iii). Fair value through Other Comprehensive Income (FVTOCI)

1. Accounting treatment determined by (i) business model (ii) nature of cash flows
2. Decision tree to decide on classification of financial instruments
3. Balance sheet and P&L calculation of a bond at amortized cost

• Based on the Internal Rate of Return (IRR) of future cash flows
• Treatment of fees in the IRR calculation

1. Balance sheet and P&L calculation of a bond at FVTPL and FVTOCI

• Effective interest rate method for interests (same as amortised costs)
• Unrealised gain based on NPV at current yield of future cash flows

3. Reminder on determining fair value
4. Applies to amortized cost and FVTOCI mandatory fixed income instruments
5. Incurred losses (IAS 39) has been replaced by expected losses (IFRS 9)
6. Three stages process to determine impairments
7. Leases, IFRS 16
8. Fair Value and Impairment of Assets IFRS 13, IAS 36
9. Preparation of Financial Statements, Accounting Policies, Changes in Accounting Estimates and Errors, and Events after the reporting period IAS 1, IAS 8 IAS 10
10. Consolidated Financial Statements, Separate financial statements, Associates and Jointly Controlled entities IFRS 3, 10, IAS 27 IAS 28

FINANCIAL COMMITMENT:
The Webinar charges are Kshs. 10,000. Charges will cater for online video access fees, learning materials, and e-certificates of attendance

CONTINUOUS PROFESSIONAL DEVELOPMENT UNITS (CPD UNITS):
Members of ICPAK and those from reciprocating professional bodies will be awarded 10 Structured CPD Units upon successful completion of the Webinar.

ONLINE BOOKING:
Registration: Delegates are reminded to note that online booking for webinar is mandatory on https://www.icpak.com/event-registration/Online Booking

We call on Seminar participants to note that booking for is available only online at www.icpak.com/events and will close two hours before the training session. Delegates are reminded to note that online booking for training sessions is mandatory.

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)

Further requests can be channeled to us via telephone calls on +254 719 074 000, (+254) 733 856262 or via email to joy.wanyonyi@icpak.com. 

We encourage members to regularly visit our website https://www.icpak.com for updates.