INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
THE ANNUAL FINANCIAL INNOVATIONS & EMERGING ISSUES SEMINAR
Date: 6TH – 10TH FEBRUARY 2018
VENUE: INTERCONTINENTAL HOTEL, KUALA LUMPUR – MALAYSIA
THEME: BEYOND THE HORIZON
1.0 Background
This is an annual international event hosted by ICPAK to bring together professional accountants in both public and private sectors as well as aggressively progressive business leaders to delve on new ideas, trends and best practices in accountancy and financial management. The Seminar aims at equipping delegates with intellectual tools and mindset requisite for progressive change leadership. Themed “Beyond the Horizon”, the inaugural Annual Financial Innovations & Related Issues Seminar will focus on the following topical issues.
2.0 Topics:
- The Quantum Jump in Cloud Accounting:
The internet has evolved from a platform that connects millions of computers, into the network of interactive computing platforms now known as ‘the cloud’. It is estimated that 90% of small and medium enterprises will be using cloud accounting software by the end of 2018. Cloud technology has been growing rapidly in the recent past, and has been widely adopted by many industries, including accounting. In cloud technology, applications run on servers thus using cloud accounting will enable businesses to access their accounting (or any other) data online, whenever and wherever the info is required. This session will focus on what is cloud accounting, the pros and cons of cloud accounting the prospects in the innovation area.
2. Rethinking the Gender Diversity
Gender diversity is still a mirage in many countries globally but there definitely exist concerted efforts to address this. According to Cytonn Investments Corporate Governance Index Report – 2017, it was reported that gender diversity in the 50 listed companies at the Nairobi Securities Exchange declined to 16 percent in 2017.
The main questions are:
- Perception of gender diversity in the workplace
- Are there any obvious challenges that can be addressed by professional institutes or their members in regards to gender diversity?
3. Integrated Reporting <IR>
Interest in integrated reporting is rapidly increasing, it puts more emphasis on inter-connectivity among elements of an integrated report; for example, how developments in the external environment have affected a company’s business model and strategy. Both address more clearly resources that are not included in financial statements.
This session will consider what is Integrated accounting as per the International Integrated Reporting Council (IIRC) Framework, where is Kenya vis-à-vis Malaysia in IR with local & international Case Studies.
4. Emerging Tax Issues: Implications of Globalization and Technology
As the world is becoming a global village, the possibility of multinational companies relocating to other jurisdictions has become a reality. By diminishing the importance of national borders, globalization has created new multinational, tax-jurisdictional grey areas that make it easier for taxpayers to avoid or evade taxes. Concurrently, new technological advances are making it easier for multinational corporations to manipulate national tax structures to corporate advantage. Many developed countries have adopted tax reforms in the past few decades to counter these very problems.
This session will deeply consider tax heavens case study of Dubai and Bahrain, the challenges, benefits and implications of globalisation and technology on taxation systems. The session will lay special emphasis on how participation can be enhanced for effective budgeting.
5. Emerging Issues for the Forensic Accountant: Foreign Bribery!
Bribery and corruption are not only corrosive to the free market, but are major obstacles to economic development and the alleviation of global poverty.
Whilst most OECD member states have now implemented legislation outlawing the bribery of foreign officials, Transparency Internationals’ 2010 Progress Report indicates
that many, have done little to demonstrate effective enforcement of such legislation.
This session will consider the legislation in place to combat foreign bribery, a comparison of Kenya and Malaysia, explore the effects of bribery to a country’s economic growth.
6. Consultancy in Accountancy
Other than changes in software and technology, we are also seeing changes in traditional practices like billing and payments. Traditionally, we used to bill on a fixed hourly basis. But today, we are seeing more practitioners switching to a new model – ‘value-pricing model’ to charge their clients. In value pricing, the maximum amount that a client has to pay for a project is agreed up-front between the client and consultant. What this means is that clients get price-certainty up-front. At the same time, it rewards the accountant if he is efficient in his work. This change also means that accountants are rewarded not just for the number of hours they clock, but also the productivity and real value that they can bring to their clients. There is little doubt that these emerging trends point towards an increase trend of outsourcing of accounting work, as businesses would like to devote more time and attention to their core business processes. Only accountants who can step up to the role of a consultant will be the ones who will succeed and not be made obsolete by disruption in the accounting industry.
This session will explore the opportunities, advantages and challenge accountants face to move on from performing current manual processes to providing more value-added services for their clients.
7. Welcome to Crypto World: The Revolution of Crypto-Currency 2018
Most people will have heard stories of how if you purchased Bitcoin years ago, how you’d now have millions of pounds worth. You’d literally be loaded! That story seemed to grab the attention of a lot of people around the globe. The media spotlight sort of paved the way for more and more people to take note and delve a bit deeper into the world of cryptocurrency and its purpose. So, with this guide we want to give you a good understanding of what cryptocurrency is all about, how it works, its pros and cons, emerging opportunities, Regulations & Policy for a Decentralized World and Speculating on the Future.
8. IFRS 9: Comparative analysis and transition options
The purpose of this session is to understand and improve your mechanism of impairment as required by IFRS 9, the new accounting standard for financial instruments, in effect from January 1st, 2018. Because it includes revolutionary new features, extensive post-deadline work will be needed to reach full compliance. These features include expected credit losses over the lifetime of transactions, integration of a forward-looking stance and numerous judgmental calls.
This session will focus on why the transition, comparative analysis for IAS39 and IFRS9, measurement and recognition, transitional provisions and disclosures, Impairment models and effect on the financial sector (implications on access to credit)
3.0 About Kuala Lumpur – Malaysia
Kuala Lumpur is the capital of Malaysia. Its modern skyline is dominated by the 451m-tall Petronas Twin Towers, a pair of glass-and-steel-clad skyscrapers with Islamic motifs. The towers also offer a public skybridge and observation deck. The city is also home to British colonial-era landmarks such as the Kuala Lumpur Railway Station and the Sultan Abdul Samad Building.
3.1 Excursions and organized tours/Historic Site Visits & Shopping
Visit to Singapore on the 10th February 2018 more details on planned visits – including historical sites and shopping destinations – and the associated costs will be communicated in due course
4.0 CPD Units
Members of ICPAK and reciprocating professional bodies will be awarded 20 CPD Units upon successfully attending all seminar sessions.
5.0 Target Audience
This seminar will be most beneficial to delegates drawn from both the public and private sectors interested in investments, audit, risk management and financial reporting in Malaysia and Kenya. This seminar is not limited to the accountancy profession only, staff from other units are highly encouraged to attend.
5.0 Your Financial Commitment
The seminar charges for the Seminar are as follows:
| Category | Early Bird Registration
|
Normal Registration
|
| Booking & Payment or LSO/LPO received by ICPAK on or before 15th January 2018 | Booking & Payment or LSO/LPO received by ICPAK after 15th January 2018 | |
| Members | 154,000 | 164,000 |
| Non-Members | 164,000 | 174,000 |
| International Delegates | 1700 USD | 1800 USD |
6.0 Installment Payments
Delegates may pay in consecutive installments using the early bird rate provided the final installment is by end of the early booking period, in this case 15th January 2018
6.1 Group Discount
Registering multiple participants?
Group-rate discounts offer maximum savings for firms with multiple registrants. Contact us to book your group registration at memberservices@icpak.com
7.0 Travel Information
Delegates from other nationalities are requested to check with their Malaysian Embassy/ High Commission for their travel requirements. Kindly note that Kenyan citizens do not require visa to Malaysia, but yellow fever jab may be a requirement.
The Seminar will happen at InterContinental Kuala Lumpur
165, Jalan Ampang, 50450 Kuala Lumpur
DRESS CODE
Business Casual
8.0 Special Needs
If you have special dietary or religious requirements, or should you need any particular assistance kindly refer to the event coordinator at judith.wambura@icpak.com with a copy to memberservices@icpak.com
9.0 Online Booking and more information
We call on seminar participants to note that booking for the seminar is available only online at www.icpak.com/events and will close on the 1st February 2018. Delegates are reminded to note that online booking for events is mandatory. For more information or inquiries please email memberservices@icpak.com with a copy to judith.wambura@icpak.com; or visit www.icpak.com
