THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountants Act, Laws of Kenya)
PUBLIC SECTOR FINANCIAL REPORTING WEEK
Theme: Sustainability and Accountability in Public Sector Financial Reporting
Venue: Pride Inn Paradise Beach Hotel, Mombasa
Date: 10th – 14th June 2024
Overview
In recent years, the importance of sustainability and accountability in public sector financial reporting has gained significant attention in Kenya. With growing concerns about environmental, social, and governance (ESG) factors, as well as the need for transparent and responsible use of public funds, there is a pressing demand for robust financial reporting practices that prioritize sustainability and accountability.
The adoption of International Public Sector Accounting Standards (IPSAS) and more recently the adoption of IFRS S1 and S2 has played a crucial role in promoting sustainability and accountability in public sector financial reporting in Kenya. IPSAS provides guidelines for transparent and comprehensive reporting of financial information, including sustainability-related disclosures. By aligning with international standards, Kenya aims to enhance the credibility and comparability of its financial reports.
Despite progress, there are challenges in promoting sustainability and accountability in public sector financial reporting in Kenya. Capacity constraints, limited resources, and technical expertise remain barriers to effective reporting practices. Additionally, ensuring consistency and reliability in sustainability disclosures poses challenges for government entities.
It is on this premise that the Institute has organized a five-day Conference to explore and address critical issues shaping the financial landscape of government entities in Kenya. Against the backdrop of evolving economic, environmental, and social dynamics, this week-long event brings together stakeholders to reflect on challenges, share best practices, and chart a course towards greater sustainability and accountability in public sector financial reporting. To guide the Conference, the following key matters will form the focus of discussions:
- What are the emerging developments in public sector financial reporting?
- What strategies can be implemented to improve budget execution and reporting accuracy?
- What are the key challenges in measuring and reporting on performance in government programs and services?
- What are the key challenges faced by public sector entities in financial reporting and public finance management?
- What strategies can be employed to ensure financial sustainability in the face of economic challenges and uncertainties?
- How has FiRe Award contributed to the quality and level of financial reports prepared by the public sector entities – feedback on the gaps and recommendations from the 2023 FiRe Award evaluation.
- What role do professional development programs play in promoting excellence in public sector financial management?
- Discussing the adoption and implementation of IPSAS, and sharing experiences and lessons learned
- Integration of environmental, social, and governance (ESG) factors into public sector financial reporting, including strategies for measuring and reporting on sustainability initiatives, climate change adaptation, and social impact.
- Ethical considerations and integrity issues in public sector financial reporting, including the prevention of fraud, corruption, and conflicts of interest, and promoting a culture of transparency and ethical behavior.
- Dealing with the aspect of pending bills and strategies to ensure financial sustainability of the public sector entities.
- Finally, we will culminate the conference with a new segment on personal development revolving around country living dubbed “From Skyscrapers to Starry Skies: Embracing Country Living“
Based on these considerations, the following topics will be discussed during the Seminar.
- Integration of ESG Factors into Public Sector Financial Reporting
- Challenges Faced by Public Sector Entities in Financial Reporting and Public Finance Management
- Effective budgeting considerations for public sector organisations
- Feedback from the FiRe Award on the major challenges and strides achieved in public sector financial reporting
- IPSAS 33 – First-time Adoption of Accrual Basis IPSASs
- IPSAS 31- Intangible Assets
- IPSAS 41- Financial Instruments
- IPSAS 24 – Presentation of Budget Information in Financial Statements
- IPSAS 19- Provisions, Contingent Liabilities and Contingent Assets
- From Skyscrapers to Starry Skies: Embracing Country Living
- Panel Discussion:
- Ethical Considerations in Public Sector Financial Reporting
- Dealing with Pending Bills and Ensuring Financial Sustainability
- Role of Professional Development Programs in Public Sector Financial Management
- The future of tax and public spending
- Ensuring Financial Sustainability Amid Economic Challenges
Continuous Professional Development Units (CPD Units):
Members of ICPAK and reciprocating professional bodies will be awarded 20 CPD Units upon successfully attending each of the Conference sessions.
Target Audience:
Accountants and Finance Officers in the County Governments, Public sector accountants, Chief Finance Officers in SAGAs, Finance Directors and Managers in entities dealing with the government, Tax Experts, Engagement Partners and Key Audit staff, SME sector accountants, Auditors, Accounting Practitioners, Tax Practitioners, Professionals working in County Governments, Academia, employees of the NPO Sector.
Financial Commitment:
| Category | Charges | |
| 1 | Associate Members | Kes 55,000 per Delegate |
| 2 | ICPAK /ACCA Members | Kes. 59,000 per Delegate |
| 3 | Non-Member | Kes. 64,000 per Delegate |
The cost caters for training fee, training materials, certificate and meals during the conference. Please note that delegates are required to make their own travel and accommodation arrangements.
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)
Partnership Opportunities
The training presents a perfect opportunity for organizations to showcase their products & services to a target group with high purchasing powers, both on personal and corporate levels. You will also have a unique opportunity for brand positioning and communication that will enjoy optimal visibility. Armed with significant purchasing power and decision-making authority, the audience are a key target group for businesses. For more information or enquiries please email raphael.nguli@icpak.com.
Further requests can be channeled to us via telephone calls on +254 719 074 100, or via email to Brenda Imali at brenda.imali@icpak.com, or with a copy to marketing@icpak.com.
We encourage members to regularly visit our website https://www.icpak.com for updates.
