IPSAS & PUBLIC FINANCE MANAGEMENT SEMINAR
23RD – 26TH AUGUST 2016
GARISSA TOWN
Overview
There is need to improve the quality of general purpose financial reporting by public sector entities for better informed resource allocation decisions by governments. This in turn increases transparency and accountability. The International Public Sector Accounting Standards (IPSAS) sets out recognition, measurement, presentation and disclosure requirements dealing with transactions and events in the general-purpose financial statements of all public sector entities. IPSAS, inspired by International Financial Reporting Standards (IFRS) additionally deal with accounting issues that are specific to the public sector such as “service objective”, revenue from non-exchange transactions, presentation of budget information in the financial statements, etc. This ensures that organisations in the public sector that adopt IPSAS have financial reports that are consistent and comparable globally and with comparable entities in the private sector.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.
In recognition of the need for comparable public sector reporting, lessons learned from the sovereign debt crisis and the increasing pressure on governments and public sector organisations to better manage public resources, ICPAK has organized this seminar. This three-day seminar, comes at a time when public sector entities are just about to prepare their financial statements for the year ended 30 June 2015, and provides a comprehensive coverage of the various IPSAS dealing with presentation, recognition, measurement and disclosure of non-financial assets and liabilities, revenue, employee benefits and the role of IFMIS in financial reporting chain. It will also highlight the legal framework for IPSAS and provide an update of the status of implementation in Kenya one year later.
Learning Outcomes
By the end of the training the delegates will achieve the following learning objectives:
- Appreciate the role of the PSASB and ICPAK in development of IPSAS in Kenya.
- Appreciate non-financial assets and liabilities, and their recognition, measurement, presentation and disclosure requirements.
- Appreciate the recognition, measurement; presentation and disclosure requirements of revenue under IPSAS.
- Comprehend the current requirements for recognition, measurement and reporting on employee benefits provided by public sector employers.
- Appreciate the link between of IFMIS and proper financial reporting
- Grasp new career and professional advisory opportunities in relation to IPSAS.
- Assess the impact of the application of IPSAS on your organisation
- Appreciate the rationale for Enactment of PFM
- Understand stipulations of PFM Act on Budgeting
- Appreciate the 2015 regulations on PFM
Target Audience
- County Government Staff, Public sector senior executives: Chief Financial Officers, Finance Directors Accountant General, Auditor General, etc:
- Finance staff including accountants, auditors, finance and non-finance staff, budget officers, controllers, treasurers, etc.
- Practitioners involved in public sector accounting: auditors, policy advisors, consultants, strategic and financial planners.
- Academicians, accountancy students and any person who wants to develop a good understanding and working knowledge of the IPSAS standards and its challenges.
The seminar will be held from 23rd – 26th August 2016 in Garissa from 8.30 am -4.00 pm. Charges are Kshs. 25, 950 and Kshs. 35, 9450 for ICPAK members and non members respectively. 28 CPD Hours will be awarded to members in attendance.