IFRS CERTIFICATION COURSE
INTRODUCTION
The Institute of Certified Public Accountants of Kenya (ICPAK or the Institute) was established by the Accountants Act Cap 573 laws of Kenya and amended by the Accountants Act no 15 of 2008, with the primary mandate to register, regulate and develop the accountancy profession in Kenya. In fulfillment of its mandate to develop accountants, the Institute holds Continuous Development Programs geared towards promotion of the standards of professional competence for its members.
The need for high-quality and reliable financial reports for all sectors of the economy cannot be over-emphasized and the Institute aims to improve the quality of general-purpose financial reporting by entities to ensure that there is better informed assessment of resource allocation and utilization decisions as well as considering the emerging developments in reporting, thereby enhancing accuracy, transparency, and accountability.
It is against this backdrop that ICPAK launches its second online certification program on International Financial Reporting Standards (IFRS). This online certification is a comprehensive program which is developed to provide a grounding in IFRS and help you to distinguish yourself as a professional who is proficient as it brings you up to speed with the current developments and teaches you how to understand, apply, and explain fundamental concepts and principles of IFRS across a broad range of accounting standards.
In addition to promoting standards of professional competence, the online IFRS certification is also meant to keep members engaged and be up to date with IFRS in a convenient way.
This certificate program will cover:
- A broad overview of key IFRS definitions and concepts
- The fundamental principles of IFRS across a range of accounting topics
- The accounting impact of the latest standards and amendments issued by the IASB
STRUCTURE
The content for the IFRS certification begins with a general introduction to the certification. This is followed with three sections summarized as follows:
| Pre-Module Content | Module I | Module II |
| The International Accounting Standards Board (IASB) Conceptual Framework.
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This Module Covers IFRS that focus on Financial Statements Elements from Assets, Liabilities, Incomes and Expenses
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This Module covers IFRSs that focus on the preparation of financial statements and disclosures.
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| The conceptual framework provides the foundation for the preparation and development of IFRSs. | IAS 16 Property, Plant & Equipment
IAS 38 Intangible Assets IAS 40 Investment Property IAS 28 Investment in Associates & Joint Ventures IAS 36 Impairment of Assets IFRS 5 Non-Current Assets Held for Sale IAS 23 Borrowing Costs IAS 2 Inventory IAS 32 IFRS 7 IFRS 9 Financial Instruments IFRS 15 Revenue from Contracts with Customers IAS 19 Employee Benefits IAS 20 Government Grants and Disclosure of Government Assistance IFRS 2 Share Based Payments IFRS 16 Leases IAS 12 Income Taxes IAS 37 Provisions Contingent Liabilities and Contingent assets IAS 21 The Effects of Changes in Foreign Exchange Rates IFRS 13 Fair Value Measurement |
IAS 1 Presentation of Financial Statements
IAS 7 Statement of Cash Flows IAS 8 Accounting Policies Changes in Accounting Estimates and Errors IAS 10 Events After the Reporting Period IAS 24 Related Parties Disclosures IAS 27 Separate Financial Statements IAS 29 Financial Reporting in Hyperinflationary Economies IAS 33 Earnings Per Share (EPS) IAS 34 Interim Financial Reporting IFRS 3 Business Combinations IFRS 5 Discontinued Operations IFRS 8 Operating Segments IFRS 10 Consolidated Financial Statements IFRS 11 Joint Arrangements IFRS 12 Disclosure of Interests in Other Entities |
It is important to note that the IFRS certification does not cover sector-specific standards like Exploration of Mineral Assets (IFRS 6) Reporting by Retirement Benefit plans (IAS 26), Agriculture (IAS 41) and Insurance (IFRS 17). However, the module for these specific standards will be prepared and availed as optional for those members who interested at a future date.
A member should complete each section before proceeding to the next. For example, the Pre-module of the IASB conceptual framework should be completed before proceeding to Module I.
EXPECTED PARTICIPANTS
These courses are open to both members and non-members who work within the private and public sector Accounting, Finance and Audit functions in their respective organizations.
REGISTRATION
Login to https://icpak.bafunde.com/ to register. The entire course will cost Kshs. 40,000
COMPLETION
The course should be completed within a period of 3 months from the date of registration.
CPD
Members will earn 20 CPD points upon successful completion of the certification course.
FOR ENQUIRIES AND MORE INFORMATION
Please reach out to us via memberservices@icpak.com or call 0719074000 for more details.
