Additional Information
Kenya formally adopted IPSAS for the public sector in June 2014 following promulgation by the Public Sector Accounting Standards Board (PSASB) in line with Section 194 (4) of the PFM Act 2012. The Board provided the effective date as year ends beginning on or after 1 July 2014, but encouraged public sector entities to early adopt these standards for June 30, 2014 year ends. The Board also, through a technical assistance of the World Bank, engaged EY and Deloitte to provide technical assistance to these entities in transition. Entities that elect to adopt International Public Sector Accounting Standards (IPSASs) accrual basis of accounting face a number of challenges. While the technical challenge of applying all relevant IPSASs should not be underestimated, just as important are making the right choices over accounting policies to select; whether and how to use any of the transitional provisions in the IPSASs; managing stakeholders; data gathering; ensuring systems and processes are adequate and managing the overall transition project. The workshop will cover:
- Transition requirements of each IPSAS and what are the implications of the available choices
- Common pitfalls that occur during transition to accrual based IPSAS and how can they be avoided
- Understanding recognition, measurement; presentation and disclosure requirements of revenue under IPSAS.
- Understanding non-financial assets and liabilities, and their recognition, measurement, presentation and disclosure requirements.