THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountants Act, Laws of Kenya)
FINANCIAL REPORTING WEEK -ADVANCED COURSE
Theme: Advancing Sustainability Reporting in Emerging Economies for Improved Investment Decisions
(This is one of the mandatory trainings for practicing certificate consideration.)
Date: 4th – 8th September 2023
Venue: Safari Park Hotel & Casino, Nairobi
OVERVIEW
The changing business landscape call for the need for enhanced financial reporting compliance that provides relevant information on the performance of entities across the different sectors of the economy. Financial reporting has become dynamic and highly demanding of accurate and reliable financial information.
Despite all the realignments that organizations face in the current economic times, the need for high-quality and reliable financial reports cannot be over-emphasized. ICPAK in collaboration with other regulators and stakeholders aim to improve the quality of general-purpose financial reporting by organization across all sectors of the economy to ensure that there is better informed assessments of resource allocation and utilization decisions, thereby enhancing transparency and accountability.
Additionally, sustainability for entities across different sectors of the economy remains a critical discussion point that requires attention by all relevant stakeholders. This informs the need for alignment of financial reporting and sustainability reporting to enhance the value of corporate disclosures to users of annual reports and financial statements.
It is against this backdrop that the financial reporting week has been considered by the Institute to provide the detailed perspectives of financial reporting and the link to non-financial information reported by entities in different sectors of the economy.
The sessions of the IFRS week have been carefully tailored to meet the financial reporting requirements in view of the recent and current developments, and business trends both locally and globally.
The presentations will also provide critical perspectives on the reporting challenges because of the dynamic environments and the emerging developments in reporting under the full IFRSs and the IFRS for SMEs. This interactive financial reporting training event will give the participants an opportunity to learn some of the latest developments in financial reporting and get details on the new reporting standards under the different financial reporting frameworks.
The sessions will also capture emerging trends in financial reporting as well as status of implementation of some of the latest IFRS standards within the Kenyan market which our specialist facilitators will provide the required guidance.
The financial reporting seminar will focus on the following areas:
• Existing standards and challenges in their application across various entities
• Technical standards and their contribution to uniform reporting and consistency in disclosures
• Effective adoption and implementation of the financial reporting standards and their contribution to stability of financial markets
• Application of IFRS for SMEs by entities without public interest and other fiduciary responsibilities.
Specifically, the weeklong seminar will cover practical applications within the following standards.
1. IFRS S1 & S2 Launch & adoption announcement and regulatory brief.
2. IFRS 9 – Financial Instruments
Recognition, measurement, impairment, and the required disclosures
3. IFRS 7 – Financial Instruments: Disclosures
4. IFRS 16 – Leases
Identification of leases, accounting for leases and disclosure requirements
5. IFRS for SMEs; a comparative analysis with Full IFRS
• Highlight of the sections under the IFRS for SMEs
• A comparative analysis between the Full IFRS and IFRS for SMEs
• An overview of the proposed changes in the 2023 exposure draft
6. IAS 19 – Employee Benefits
• Accounting for short-term and long-term employee benefits
• Disclosure requirements
7. IFRS 15 – Revenues from Contracts with Customers
• Identification of a contract
• The five-step model for revenue recognition
• Disclosure requirements
8. IFRS 17 – Insurance contracts
• IFRS 17 Modelling and implementation challenges
9. IAS 37 – Provisions, contingent liabilities and contingent assets
• Accounting for provisions
• Accounting for contingent liabilities
• Accounting for contingent assets
10. IAS 38 – Intangible Assets
• Recognition and measurement
• Accounting for intangible assets
11. IFRS 13 – Fair value measurement
-a practical application of fair value measurement principles
12. IAS 10 – Events after the reporting period
13. IAS 12 – Income Taxes: IASB Amendment- International Tax Reform – Pillar Two Model Rules on mandatory relief for accounting for deferred taxes from the global minimum taxation
14. Group Reporting
• Accounting for Investments in Associates
• Business combinations and accounting for entities in group investments and joint arrangements
• IFRS 3 – Business Combinations
• IFRS 10 – Consolidated Financial Statements
• IFRS 11 – Joint arrangements
15. 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
16. Implementation of IFRS in Kenya – FiRe Award 2022 Updates and Way Forward
Financial Commitment:
| Category | Charges Physical Option | Charges Virtual Option | |
| 1 | Associate Members | 50,000 per delegate | 25,000 per delegate |
| 2 | ICPAK/ACCA Members | 55,000 per delegate | 25,000 per delegate |
| 3 | Non-Members | 59,000 per delegate | 25,000 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.
Target Audience:
Private and Public Sector Accountants, Chief Finance Officers, Finance Directors and Managers, IFRS Experts, Transaction Advisors, Pension Scheme Administrators, Fund Managers, Engagement Partners and Key Audit staff, Banking, Extractive and SMEs sector accountants, Auditors, Practitioners, Heads of Internal Audit, Professionals working in County Governments and private sectors, Academia, Financial Reporting Consultants
Continuous Professional Development Units (CPD Units):
Members of ICPAK and those from reciprocating professional bodies will earn 20 Structured CPD points upon successfully attending all learning sessions.
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 with a copy to memberservices@icpak.com
We encourage members to regularly visit our website https://www.icpak.com for updates.
