THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountants Act, Laws of Kenya)
Overview of IPSAS – Recording
Date: 10th August 2023
Time: 04.00pm-06.00pm
Venue: Online
Overview
Whereas International Financial Reporting Standards (IFRSs) apply to commercial entities, the International Public Sector Accounting Standards (IPSASs) are high quality global financial reporting standards for application by public sector entities around the world.
They are developed and issued by the International Public Sector Accounting Standards Board (IPSASB), which is introduced in more detail in the following sections. The IPSASs deal with transactions and events in general purpose financial statements (GPFSs), i.e. financial statements intended to meet the information needs of users who are unable to require the preparation of financial reports tailored to meet their specific information needs. The standards provide guidance for the preparation of financial information under the accrual basis of accounting, but also the cash basis of accounting. Furthermore, they set out principle-based requirements for recognition, measurement and presentation/disclosure of assets and liabilities as well as revenue and expenses. The IPSASs on the accrual basis are in many cases based on the IFRSs, issued by the International Accounting Standards Board (IASB) where the requirements of those standards are in general applicable to the public sector, but are interpreted and adapted for the public sector context where appropriate. However, the IPSASB attempts, wherever possible, to maintain the accounting treatment and original text of the IFRSs unless there is a significant public sector issue which warrants a departure.
International Public Sector Accounting Standards (IPSAS) have gained worldwide acceptance and acclaim as an accounting and reporting framework as far as public sector financial reporting is concerned. IPSAS are therefore of interest to public sector accounting in many jurisdictions and this interest appears to be more and surging in the developing economies of the world, including the African region. Many countries are desirous of adopting these IPSAS, an in-depth exposition of the benefits and associated challenges of the framework could help the transitioning process in diverse ways.
The following topical areas will be covered:
- Adopting IPSAS in Kenya
- Migration to IPSAS Accruals Accounting
- IPSAS sustainability proposed guidelines.
Target Audience
This webinar will be useful to all professional Accountants and those aspiring to join the profession
Continuous Professional Development Units (CPD Units):
Members of ICPAK and reciprocating professional bodies will be awarded 2 CPD Units upon successfully attending the session.
Cost:
Charges for the training will be Kes 1,000/= 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)