THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(established under the Accountant Act, Laws of Kenya)
IFRS WORKSHOP – Understanding IFRSs and ISAs from a Practical Perspective
Date: 10th February 2017
Venue: Hilton Hotel, Nairobi
Time: 8am to 5pm
Overview
For the last 16 years, Kenyan entities have prepared their financial statements on the basis of the International Financial Reporting Standards (IFRS). The dynamic nature of business environments and innovative business models creates a need for standards to evolve, thus necessitating professionals to gain knowledge and experience in these standards. Significant to note is the recent changes is the Revenue Standard which becomes effective on 1 January 2018 and the leases standard which becomes effective for periods beginning on or after 1 January 2019.
| Standard | Content to be Covered |
| IFRS 15 | Overview of current revenue standards-IAS 18 & 11.
Overview of IFRS 15. Analysis of the 5-step model. Transition and disclosure requirements. |
| IFRS 16
|
Overview of current leases standards – IAS 17.
Major changes to leases- IFRS 16. Impact of changes to Balance sheets. Impact of changes to profit or loss. Transition options and disclosure requirements. |
The IAASB issues amendments to International standards on Auditing aimed at improving auditor reporting effective for audits of financial statements for periods ending on or after December 15, 2016. This workshop is designed to equip participants with necessary skills to ensure compliance with new changes and will focus on three standards (ISAs 700, 701 and 570) as indicated below:
| New and revised ISAs | Content to be covered |
| ISA 700 (Revised) Forming an Opinion and Reporting on Financial Statements | New required reporting elements.
Illustrative example auditor’s reports. |
| ISA 701(New) Communicating Key Audit Matters in the Independent Auditor’s Report
|
Key audit matters
Requirements and guidance for the auditor’s determination of key audit matters. Communication of KAM to those charged with governance. Reporting KAMs in the auditor’s report for listed entities. |
| ISA 570 (Revised) Going Concern
|
Amendments to auditor reporting requirements.
Evaluating the adequacy of disclosure if events or conditions cast doubt on going concern. |
It is in view of the above that the Institute has set up this one-day workshop to provide insights in the changes to standards and offer practical guidelines to implementing the selected standards covered in this module. Participants will be introduced to the new requirements of IFRS 15, 16 and ISAs 700, 701 and 570 respectively. The workshop will also provide illustrative examples to enable participants use their knowledge and experience to discuss applications and possible challenges in implementation of new requirements.
1.0 Target Audience:
Accountants in listed companies, pension scheme funds & insurance companies’ personnel, personnel of organizations applying full IFRS, Audit practitioners, among others.
2.0 Online Booking
Kindly note that booking for the IFRS Workshop 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. Delegates are urged to note that the bookings close on 9th February 2017 at 1700 hrs
3.0 Charges:
The Charges for IFRS Workshop which cover workshop materials, meals, and e-certificates of attendance is as provided under;
| Category | Early Bird Registration
Booked & Paid for before 31st January 2017 |
Normal Registration
Booking & Payments or LPOs / LSOs received after 31st January 2017 |
| Associate Members | 6,950 | 7,950 |
| Members | 7,950 | 8,950 |
| Non Members | 17,950 | 18,950 |
| International Delegates | USDs 250 | USDs 300 |
4.0 Continuous Professional Development Units
Members of ICPAK and other reciprocating professional bodies will earn 7 CPD points upon successfully attending the IFRS Workshop
5.0 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).
6.0 Partnership Opportunities & additional information
IFRS Workshop attracts over 250 participants drawn from both the public and private sectors presenting a rare chance for exhibitors and sponsors. Those interested in sponsoring can reach us through raphael.nguli@icpak.com
Further requests for The IFRS Workshop can be channeled to us via telephone calls on +254 733 856 262/ 727 531006 or via email to emma.opiyo@icpak.com . We encourage you to regularly visit our website www.icpak.com for more updates
