THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountants Act, Laws of Kenya)
IFRS Seminar (Mandatory Training) – Recording
Theme: Financial Reporting in a Dynamic Business Environment
Date: 11th – 12th October 2023
Time: 9.00am-3.30pm
Venue: Online
(This is one of the mandatory trainings for Practicing Certificate consideration)
Overview
Issued by the International Accounting Standards Board (IASB), IFRS aims to make financial statements consistent, comparable, and transparent across the world. Today, cross-border transactions are commonplace, with vast numbers of businesses seeking investment opportunities across the globe. In the past, this sort of internationalism was hampered by different countries maintaining different accounting standards, adding cost, complexity, and risk to business deals. IFRS eliminates that problem by ensuring that different countries adopt the same, globally applicable set of accounting standards.
Preparation of good quality financial statements overrides all other endeavors of an organization to present a concise case on its state of financial performance and its competitive standing against peers in the industry. Financial statements which constitute the statements of financial position, income statements, cash flow statements, footnotes and tax returns are all key indicators of a business’s health and operational performance for any given period. These must be prepared accurately and in accordance with the existing financial reporting frameworks and guidelines.
Therefore it is important to note that IFRS reporting is a highly specialized field of accounting that is expected to grow dramatically as standards change. As a Certified Public Accountant or Chartered Accountant, you can expect an increase in demand for your skills and services as businesses and organizations look to adjust their processes to reflect the upcoming changes. As the standards change, the requirements for preparing financial statements will also change. Many businesses may need assistance adjusting to the new standards and will be looking for people with your skills and expertise.
The scheduled IFRS seminar has been carefully tailored to meet the financial reporting requirements in view of the recent and current developments in corporate reporting under the IFRS framework. The virtual seminar will give the participants an opportunity to learn some of the latest developments in financial reporting and get details on the existing reporting standards.
The seminar will focus on the following areas:
- IFRS 17 – Insurance contracts; Transition from IFRS 4
- IFRS 15 – Revenue from contracts with customers
- IFRS 9- Financial Instruments
- IFRS 13 – Fair Value Measurement
- Introduction to IFRS S1 General Requirements for Disclosure of Sustainability-Related Financial Information & IFRS S2 Climate Related Disclosures
- IAS 8 – Accounting policies, changes in accounting estimates and Errors
Target Audience
This workshop will be useful to all professional Accountants and those aspiring to join the profession
Continuous Professional Development Units (CPD Units):
Members of ICPAK and reciprocating professional bodies will be awarded 10 CPD Units upon successfully attending the session.
Cost:
Charges for the training will be Kes 10,000/= which will cover workshop fees, materials, and e-certificates of attendance.
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. 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.
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, +254 719 074 100, or via email to Brenda Imali at brenda.imali@icpak.com with a copy to memberservices@icpak.com
We encourage members to regularly visit our website https://www.icpak.com for updates.