THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountants Act, Laws of Kenya)
FINANCIAL REPORTING WEEK 2024 – ADVANCED COURSE
Theme: Enhancing Financial Reporting Skills in Modern Times in Pursuit of Global Compliance
Date: 15th – 19th April 2024
Venue: Safari Park Hotel, Nairobi
Time: 09.00am-03.30pm
(This is one of the mandatory trainings for Practicing Certificate consideration)
OVERVIEW:
Financial reporting serves as the cornerstone of transparency and accountability in business operations. It provides stakeholders, including investors, creditors, regulators, and the public, with essential information about an organization’s financial performance, position, and cash flows. In this article, we delve into the importance of financial reporting, highlighting its key benefits and significance in driving informed decision-making and fostering trust in the marketplace. Financial reporting plays a crucial role in promoting transparency and accountability within organizations. By disclosing comprehensive and accurate financial information, companies provide stakeholders with visibility into their financial health, operations, and risk exposures. Transparency fosters trust among investors, creditors, and other stakeholders, enabling them to assess the company’s performance and make informed decisions about investment, lending, and other transactions.
Prudent financial reporting is essential for maintaining investor confidence and facilitating efficient capital allocation in the marketplace. Investors rely on financial statements, such as the balance sheet, income statement, and cash flow statement, to evaluate the financial viability and growth prospects of companies. Accurate and timely financial reporting helps investors assess the company’s profitability, liquidity, and solvency, allowing them to allocate capital to businesses with promising prospects and mitigate investment risks.
Compliance with International standards ensures consistency, comparability, and reliability in financial reporting practices, enhancing the credibility and trustworthiness of financial information. Moreover, robust financial reporting practices are integral to good corporate governance, promoting integrity, accountability, and ethical conduct within organizations. Financial reporting provides essential insights and metrics that inform strategic decision-making within organizations. Executives, managers, and stakeholders rely on financial reports to evaluate the company’s performance, assess profitability and efficiency, identify areas for improvement, and allocate resources effectively. Whether evaluating investment opportunities, expanding operations, or optimizing capital structure, financial reporting serves as a critical tool for assessing risks and opportunities and guiding business decisions.
It cannot be left without mention that financial reporting serves as a means of communication between companies and their stakeholders, facilitating dialogue and transparency. Through annual reports, quarterly filings, and other financial disclosures, companies communicate their financial performance, strategies, and outlook to shareholders, analysts, employees, customers, and regulators. Transparent communication builds trust, fosters investor relations, and enhances the company’s reputation, contributing to long-term sustainability and stakeholder confidence.
As a fundamental pillar of corporate governance, transparency, and accountability; prudent financial reporting remains more and more relevant and important especially in modern times. By providing stakeholders with accurate, reliable, and timely financial information; companies foster trust confidence, and informed decision-making in the marketplace. As businesses navigate through dynamic and challenging environments, the importance of financial reporting in guiding strategic decisions, allocating capital efficiently, and upholding ethical standards cannot be overstated. Embracing best practices in financial reporting ensures transparency, integrity, and sustainability, driving value creation and prosperity for all stakeholders in the long run.
The changing business landscape calls for the need for enhanced financial reporting compliance that provides relevant information on the performance of entities across the different sectors of the economy. Financial reporting has become dynamic and highly demanding of accurate and reliable financial information. Despite all the realignments that organizations face in the current economic times, the need for high-quality and reliable financial reports cannot be over-emphasized. ICPAK in collaboration with other regulators and stakeholders aim to improve the quality of general-purpose financial reporting by organization across all sectors of the economy to ensure that there is better informed assessments of resource allocation and utilization decisions, thereby enhancing transparency and accountability.
The sessions of the IFRS week have been carefully tailored to meet the financial reporting requirements in view of the recent and current developments, and business trends both locally and globally. The presentations will also provide critical perspectives on the reporting challenges because of the dynamic environments and the emerging developments in reporting under the full IFRSs and the IFRS for SMEs. This interactive financial reporting training event will give the participants an opportunity to learn some of the latest developments in financial reporting and get details on the new reporting standards under the different financial reporting frameworks.
The sessions will also capture emerging trends in financial reporting as well as status of implementation of some of the latest IFRS standards within the Kenyan market which our specialist facilitators will provide the required guidance.
The financial reporting seminar will focus on the following areas:
- New standards and proposed amendments to existing standards in the year 2024
- Technical standards and their contribution to uniform reporting and consistency in disclosures
- Existing standards and challenges in their application across various entities
- Effective adoption and implementation of the financial reporting standards and their contribution to stability of financial markets
- Application of IFRS for SMEs by entities without public interest and other fiduciary responsibilities.
Specifically, the weeklong seminar will cover practical applications within the following standards.
- Overview of sector specific illustrative financial reports- Banking, Insurance, SMEs, General Purpose, Pensions, Saccos & NPOs
- IFRS S1 & S2- Implementation RoadMap and Proposals for Compliance in Kenya
- IFRS 16 – Leases
Identification of leases, accounting for leases and disclosure requirements
- IAS 19 – Employee Benefits
- Accounting for short-term and long-term employee benefits
- Disclosure requirements
- IFRS 15 – Revenues from Contracts with Customers
- Identification of a contract
- The five-step model for revenue recognition
- Disclosure requirements
- IAS 37 – Provisions, contingent liabilities and contingent assets
- Accounting for provisions
- Accounting for contingent liabilities
- Accounting for contingent assets
- IAS 38 – Intangible Assets
- Recognition and measurement
- Accounting for intangible assets
- IFRS 13 – Fair value measurement
-a practical application of fair value measurement principles
- IAS 10 – Events after the reporting period
- IAS 12 – Income Taxes: IASB Amendment- International Tax Reform – Pillar Two Model Rules on mandatory relief for accounting for deferred taxes from the global minimum taxation
- Future developments and regulatory implications on financial reporting
-Future development in standards setting and financial reporting
-IFRS for Small and Medium-sized Enterprises (SMEs)
-Technological impact on financial reporting
- Break out Rooms:
Break Out Room 1: Group Reporting
- Accounting for Investments in Associates
- Business combinations and accounting for entities in group investments and joint arrangements
- IFRS 3 – Business Combinations
- IFRS 10 – Consolidated Financial Statements
- IFRS 11 – Joint arrangements
Break Out Room 2: IFRS 17 – Insurance contracts & IFRS 9 & 7
- IFRS 17 Modelling and implementation challenges
- IFRS 9 – Financial Instruments- Recognition, measurement, impairment, and the required disclosures
- IFRS 7 – Financial Instruments: Disclosures
Break Out Room 3: IFRS for SMEs- a comparative analysis with Full IFRS
- Highlight of the sections under the IFRS for SMEs
- A comparative analysis between the Full IFRS and IFRS for SMEs
- An overview of the proposed changes in the 2023 exposure draft
Continuous Professional Development Units (CPD Units):
Members of ICPAK and reciprocating professional bodies will be 20 CPD Units upon successfully attending each of the sessions of the Seminar.
Financial Commitment:
| Category | Charges | |
| 1 | Associate Members | Kes 50,000 per Delegate |
| 2 | Full Members | Kes. 55,000 per Delegate |
| 3 | Non-Member | Kes. 59,000 per Delegate |
Note: Delegates are required to make their own travel and accommodation arrangements. Symposium charges cater for training fee, training materials, certificate and meals during the event.
Online Booking:
We call on Conference participants to note that booking 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)
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.
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 marketing@icpak.com
We encourage members to regularly visit our website https://www.icpak.com for updates.
