Financial Reporting Workshop– Western Branch

THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA

(established under the Accountant Act, Laws of Kenya)

Financial Reporting Workshop– Western Branch

8th – 9th November 2018

VENUE: Golf Hotel, Kakamega

TIME: 9am to 4pm

Overview

The main purpose of financial reporting is to provide information useful in decision making to different users in the market. With the ever changing business environment, user expectations are increasingly getting dynamic, and so is the quality of information expected from financial statements prepared by the accounting entities. In response to this, the accounting and reporting standards are being revised and updated often to incorporate a more realistic background against which modern financial reporting will be based.

To continuously improve the quality of information disclosed in the financial statements, it is critical that accountants understand the key provisions and application of various standards relevant to their organizations and industry. Some of these standards are those relating to contracts with customers, accounting for leases as well as current and deferred tax. Contextualizing the provisions of these standards to suit different reporting environments will contribute positively to the credibility of disclosures made in the financial statements prepared by the accounting entity for its different users.

Further, there is a growing focus on the role of integrated reporting as a vehicle for increased stakeholder confidence in financial reporting. Deferred tax disclosures help an entity adopt a more forward looking reporting environment that appeals to potential investors and lenders.

To this end, ICPAK has organized a two-day workshop themed ‘Continuous Improvement in Financial Reporting’ to provide more insights on financial reporting standards as well as guide on disclosures and compliance.

Objectives

The specific training objectives will be as follows;

1. Obtain understanding of the application and use of IFRS as a reporting framework.
2. Understand the disclosure requirements for disclosure of revenue from contracts with customers.
3. Appreciate the requirements of the new standard for accounting for leases.
4. Increase understanding of related party transactions and transfer pricing.
5. Obtain a deeper understanding of deferred tax and the related computations.
6. Understand the motivation behind and components of integrated reporting and how these will impact business performance.

Topics

•  IFRS 15 (Revenue from customer contracts)
• IFRS 16 (Accounting for Leases)
• IAS 24 (Related party disclosures and transfer pricing)
• IAS 12 (Deferred tax and related amendments)
• IAS 19 (Employee benefits)
• Integrated Reporting

Continuous Professional Development Units (CPD Units)

Members of ICPAK and reciprocating professional bodies will be awarded 14 CPD Units upon successfully attending all workshop sessions

Target Audience:

Accountants, Auditors, Associate members, practicing members, Academia, Financial Reporting Consultants

 Financial Commitment

The charges for the two-day workshop are as follows:

 Online Booking

We call on workshop participants to note that booking is available only online at www.icpak.com/events and will close on 7th November 2018 at 1700 hrs.  Delegates are reminded to note that online booking for events 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 channelled to us via telephone calls on +254 733 856 262/ 727 531006 or via email to memberservices@icpak.com or emma.opiyo@icpak.com . We encourage members to regularly visit our website www.icpak.com for updates.