Mandatory Financial Reporting Workshop

THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountants Act, Laws of Kenya)

Mandatory Financial Reporting Workshop – Recording
Theme: Financial reporting considerations for compliance by practitioners
This is one of the mandatory trainings for practicing certificate consideration
Date: 18th – 19th January 2022
Time: 8.30am – 3.30pm
Venue: Virtual

Overview

Financial reporting is a dynamic area which has been evolving over time to match the everchanging demands within the business environment. The primary goal of financial reporting in organizations is to provide enough information for decision making by both internal and external stakeholders, and qualities such as uniformity and comparability of statements across organizations are crucial in achieving this goal. To be of value, the statements should also reflect the true and fair financial position of an economic entity.

International Financial Reporting Standards (IFRS) set common rules so that financial statements can be consistent, transparent and comparable around the world. They specify how companies must maintain and report their accounts, defining types of transactions and other events with financial impact. IFRS were established to create a common accounting language, so that businesses and their financial statements can be consistent, comparable, and reliable from company to company and country to country.

As new standards and interpretations continue to be pronounced, management and professional accountants and practitioners are required to keep abreast with developments and ensure compliance. Recent issuances significantly impact areas of accounting that include measurement, recognition, disclosures and presentation of financial statements. In certain cases, they have the potential to impact other aspects of entities such as business structures and information systems.

Cognizant of this fact, ICPAK has organized this two-day workshop intended to appraise delegates on recent developments in IFRSs and IASs as well as delve into specifics of applying new standards which have recently been issued. The forum will cover various topics including:

1. IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors
2. IFRS 16 – Accounting for Leases: A Case Study and lessons from early adoption
3. IFRS 9 – Financial Instruments: IFRS vs Prudential Guidelines
4. IFRS 15 – Revenue from Contracts with Customers: Disclosure requirements
5. IFRS 13 – Fair Value Measurement
6. IFRS 17 – Insurance Contracts
7. IAS 38 – Intangible assets

Objectives

The specific training objectives will be as follows;

1. Obtain understanding and application of various IFRSs including the recently issued standard on insurance contracts
2. Understand the disclosure requirements for disclosure of revenue from contracts with customers and fair value measurements
3. Appreciate the requirements of the new standard for accounting for leases
4. Obtain a deeper understanding of the divergence between IFRS requirements and Prudential Guidelines as required by industry Regulators

Continuous Professional Development Units (CPD Units):

Members of ICPAK and reciprocating professional bodies will be awarded 10 CPD Units upon successfully attending each of the sessions

Target audience

Accountants, Auditors, Associate members, practicing members, accountants in academia, Financial Reporting Consultants and other professionals involved in financial reporting.

Cost:

Charges for the training will be Kes 10,000/= which will cover workshop fees, materials, and e-certificates of attendance.

Online Booking:

We call on Seminar participants to note that booking for is available only online at www.icpak.com/events and will close two hours before the training session.  Delegates are reminded to note that online booking for training sessions 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)