Overview
Charities and other not-for-profit organizations (NPOs) increasingly work internationally with grants from government funding their development and relief activities, while private donors and international foundations are increasingly taking a global approach to their work. As a result, charities and other NPOs face a multiplicity of international grant regimes, often made more complex by the lack of an agreed approach to financial planning and reporting
This one day workshop will provide delegates a rigorous and detailed review of major IFRS requirements of relevance to non-profit entities.
Topics to be covered will include:
- Financial reporting framework for the NPO sector
This section presents the specific and general accounting and financial reporting frameworks for NPOs that have been highlighted in the literature. These are discussed in three main sub-sections:
►General Framework;
- Objective of financial statements
- Contents of financial statements
- Characteristics of financial statements
- Financial statements assertions
►Specific Framework Only applicable to NPOs
- Inventories
- Tangible/intangible assets – ( Assets Impairment of assets (IAS 36) and adaptations for non-cash generating assets: Liabilities General expense and liability recognition principles/ Giving donations and grants/ Provisions, contingent liabilities and contingent assets (IAS 37))
- Strategic investments
- Contribution
- Fund accounting
- Related party transactions
- Accounting for Revenues (IFRS 15/IAS 18 & 11) – Why the change
- Case Study – Illustrative Financial Statements, Footnotes and Disclosures: Best Practices
Target group
Accountants and finance staff with financial reporting responsibilities of not-for profit making entities such as faith based organizations and charity organizations, operational managers of not-for profit entities, auditors of not-for profit making entities that report under IFRS, consultants, compliance staff
Workshop Charges:
The Workshop will be held on Friday, 12th February 2016 at Hilton Hotel Nairobi. Charges are Kshs. 7, 950 and Kshs. 14, 950 for ICPAK members and non members respectively. 7 CPD Hours will be awarded to members in attendance.