THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountant Act, Laws of Kenya)
Professional Forum
DATE:22nd June 2017
TIME: 5.30pm to 7.30pm
Venue: Laico Regency Nairobi
Theme: Unclaimed Financial Assets Act; The Role of The Accountant.
Overview
Kenya became the most recent country to enact unclaimed property laws, as the Unclaimed Financial Assets Act was passed into law on December 16, 2011. Modelled after unclaimed property regulations in the United States, the UFA Act 2011 established policies and procedures for the management of unclaimed property.
Under the UFA Act 2011, assets eligible to be reported include savings and deposit accounts, safe deposit box contents, unclaimed shares of stock, uncashed dividend, insurance and retirement benefits, stocks and bond proceed among others. Each of the asset type qualify as unclaimed after specified duration of abandonment.
The prerequisite for the enactment of the Act was as result of huge sums of money, signified as unclaimed assets, held by banks and other financial institutions in the country. The Act sought to provide a framework for reporting, dealing with such assets and penalties convoyed by failure to report and surrender unclaimed assets to the Authority.
It is in this regard that the Institute of Certified Public Accountants of Kenya (ICPAK) has organized the forum which will centre on:
- The UFA Act, 2011
- Roles and responsibilities of Accountant and Auditors.
Target Audience:
Associate members, Young professionals, Academia, Financial Reporting Consultants, Accountants in the public sector, Audit practitioners involved in the public and private sector, Scholars, Professionals from Financial services Sector (Banks, Insurance Companies, NS.S.F, Retirement Benefit Schemes, Investment companies etc.) and Representatives from regulatory bodies (SASRA, CBK, IRA etc.).
Charges:
The charges for this event are; Kes. 2,000 Associate Members, Kes. 2,000 Members and Kes. 2,500 non-members.
Continuous Professional Development Units
Members of ICPAK and other reciprocating professional bodies will earn 3 CPD Hours upon successfully attending the event.
Online booking is ongoing at www.icpak.com/events
