Theme: Towards entrenchment of professionalism in technical functions within organizations
Venue: Virtual
CPD: 10
This seminar will be considered as one of the mandatory trainings for practicing certificate consideration
Valentine Offer! Bring one delegate for free
The Institute not only cares about your professional welfare but that of your loved ones too! During this Valentine’s Day, pay Ksh 10,000 for the virtual seminar with 10 CPD Hours to you. Bring an extra delegate who will also learn and be awarded 10 CPD Hours at no extra cost!
Seminar Overview:
The need for high-quality and reliable financial reports for all sectors of the economy cannot be over-emphasized even during this time of the COVID-19 pandemic. ICPAK aims to improve the quality of general-purpose financial reporting by entities to ensure that there is better informed assessment of resource allocation and utilization decisions, thereby enhancing accuracy, transparency, and accountability.
The training has been carefully tailored to meet the financial reporting requirements in view of the recent and current developments under the COVID-19 pandemic environment, and the emerging developments in reporting under the various financial reporting frameworks and guidelines for the different economic sectors.
The changing terrain during the COVID-19 pandemic period requires that users of audited financial statements place a lot of reliance on the information contained in these reports for purposes of decision making among other applications.
Thus, the need for high-quality, accurate, and reliable financial reports continues to be of great relevance even during this time of the COVID-19 pandemic. The Institute aims at ensuring that the accuracy of these reports is maintained for all the sectors of the economy to enable enhanced confidence of the different categories of users.
It is equally critical that the users of the financial statements and annual reports obtain the relevant information to aid in decision making. The audit and assurance procedures which result into the audit report must therefore be reliable and compliant with the International Auditing and Assurance Standards.
Kenya has been at the forefront in the review of its tax framework. Over the pandemic period the government has instituted various measures ranging from what was known as COVID -19 tax relief measures, the ongoing review of the Income Tax Act and development of tax policy. Further, Kenya has been very active in shaping the international tax framework through the OECD Inclusive Framework. Through Finance Act 2021 proposed changes that are geared toward promoting the exchange of information and subsequently promote tax transparency.
Continuous review of tax mechanism has impacted heavily on the levels of tax compliance for taxpayers who have been affected by the pandemic. Increased scrutiny by the tax administration and the associated cashflow impacts calls for the need to always ensure tax compliance.
The Institute will host a two-day seminar which will focus on the following topical areas:
- Overview of new Standards and Practical Implications
- IFRS 15 – Revenue from Contracts with Customers
- IFRS 16 – Leases
- IFRS 17 – Insurance Contracts
- Future developments and regulatory implications on financial reporting
- Future development in standards setting and financial reporting
- IFRS for Small and Medium-Sized Enterprises (SMEs)
- Technological impact on financial reporting
- Globalization, digitalization, and tax compliance – the impact of the recent OECD two-pillar solution on international tax compliance and its impact on unilateral Digital service tax
- Country by country reporting & exchange of information as tools of tax compliance
- Overview of sustainability reporting
- Understanding the Kenyan budgeting cycle and process
- Overview of GDPR– Global Data Protection Regulations (GDPR)
Continuous Professional Development Units (CPD Units):
Members of ICPAK and reciprocating professional bodies will be 10 CPD Units upon successfully attending each of the workshop sessions. The accompanying delegate will also be awarded 10 CPD Units.
Target Audience:
All ICPAK Members and non-members
Cost:
The training will be offered for Ksh 10,000 with an offer for an additional delegate for free as a Valentine’s gift for ICPAK members who are non CPD Compliant resulting from the tough economic times occasioned by the pandemic.
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)
