The Annual IFRS Week -Option 3 days

Overview

As the knowledge needed to function effectively as a professional accountant continues to expand and change at a rapid rate so are the standard-setters seeking for the most useful and accurate way to account for new and emerging transactions. This creates a huge demand on accountants to keep up with the pace at which new standards are introduced and old ones revised. The demand is even higher in sectors that are continuously evolving due to the dynamic and complicated business environment as in the case of the financial and natural resources sectors.

ICPAK has organized the Annual IFRS Week to enhance the knowledge and skills of accounting professionals on IFRSs in its bid to realize excellent financial reporting in Kenya. This workshop aims to equip delegates with a broad knowledge and skills of IFRS, inform them of recent updates to standards, and also cover the main principles of each standard in full. The workshop will have a special focus on firms in the financial sector, Oil and Gas Industry, Manufacturing, Agriculture and service sectors.

Learning Objectives

By the end of the workshop participants will:

1. Appreciate the IFRS take up status in Kenya
2. Understand the role of the Institute in implementation of financial reporting standards
3. Have a thorough knowledge of the principles of selected IFRSs.
4. Be able to apply the principles of IFRS standards to real-life situations, including the recognition, derecognition, measurement and disclosure of transactions and balances.
5. Gain skills to decide on the appropriate accounting treatment of transactions.

Topics to be covered  

24^th -25^th August 2015

• Status update IFRS adoption in Kenya
• ICPAK view and updates
• Conceptual Framework; Presentation of financial statements
• Accounting and Financial Reporting Updates in the oil & Gas Sector and effects in the Economy. Industry over view in Kenya & globally
• The new revenue recognition standard IFRS 15 emphasis on the Oil & Gas sector
• IFRS 11 Joint Arrangements emphasis on the Oil & Gas sector

26^th -28^th August 2015

• Financial instruments IFRS 9 ( IAS 32, IAS 39, IFRS 9, IFRS7) and implication in the financial sector
• IFRS 4 Insurance Contracts
• IAS 27 “Consolidated and Separate Financial Statements,”
• IAS 19 “Employee Benefits,”
• IFRS 15 Revenue from Contracts with Customers/IAS 18 & 11
• IFRS 2 Share based payments
• IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
• IFRS 13 Fair Value Measurement
• IAS 20 Accounting for Government Grants and Disclosure of Government Assistance

Target Audience

Financial accountants, general accountants, department heads, auditors, audit committee, members of public and private entities that require a reasonable knowledge of IFRS, Academicians and others who are responsible for ensuring accurate external financial reporting that complies with IFRS.

*IFRS books and ICPAK branded shirts & bags will be on sale

Workshop program

The workshop will be delivered in 3 different options: