THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountant Act, Laws of Kenya)
THE IFRS MASTER CLASS
Theme: Navigating the Complexities of International Financial Reporting Standards
Date: 15th – 19th July 2024
Venue: Safari Park, Nairobi
(This is one of the mandatory trainings for Practicing Certificate consideration)
Overview
International Financial Reporting Standards (IFRSs) are designed to bring consistency to accounting language, practices, and statements, and to help businesses and investors make educated financial analyses and decisions. The IFRS Foundation sets the standards to “bring transparency, accountability, and efficiency to financial markets around the world, therefore fostering trust, growth, and long-term financial stability in the global economy.” Companies benefit from the IFRS because investors are more likely to put money into a company if the company’s business practices are transparent.
Financial reporting is thus, a critical catalyst for economic growth and development. Investors and other stakeholders rely on financial reports for decision making and gauging the financial performance and health of an organisation. Financial reporting has been given significant attention by different users of an entity’s financial statements to guide their various judgements and decisions. This has resulted to great emphasis and focus on maintaining the highest quality of financial reports prepared by an organisation. The professional accountant and accounting practitioners have to keep abreast of these developments to ensure proper and informed contribution to business performance and growth.
The International Financial Reporting Standards (IFRS) represent a comprehensive set of accounting standards used by organizations worldwide to prepare and present their financial statements. Navigating the complexities of IFRS requires a deep understanding of the standards, their application, and the latest updates and developments. The IFRS Masterclass aims to provide participants with the knowledge and skills necessary to effectively navigate the intricate world of IFRS.
The IFRS Masterclass seeks to provide participants with a comprehensive understanding of the fundamental principles, concepts, and requirements of IFRS, including the latest updates and amendments, equip participants with the practical skills and tools needed to apply IFRS effectively in real-world scenarios, including complex accounting transactions and financial reporting issues, enable participants to critically analyze and interpret IFRS standards and guidance, evaluate their impact on financial reporting, and make informed decisions and finally share best practices and practical insights from industry experts and experienced practitioners in the field of IFRS, fostering a deeper understanding of implementation challenges and solutions.
| DAY | MODULE | TOPICS |
| DAY 1 | IFRS 18: Presentation and Disclosure in Financial Statements | · Introduction to IFRS 18
· Objective and Scope of IFRS 18 · Presentation of Financial Statements · Disclosure Requirements · Impact of IFRS 18 on financial reporting · Challenges and best practices in implementing IFRS 18 |
| DAY 2 | IFRS 17, IFRS 9 & IPSAS Standards
(Breakout sessions) |
IFRS 17 – Insurance Contracts
· Introduction and background of IFRS 17 · Scope of IFRS 17 · Recognition and measurement · Level of aggregation · Introduction the measurement models the general approach · Premium Allocation Approach · Reinsurance
IFRS 9 – Financial Instruments · Introduction and background of IFRS 9 · Scope of IFRS 9 · Recognition and measurement · Transition · Classification and Subsequent Measurement of Financial Assets/ Liabilities · Reclassification & Derecognition
IPSAS Standards (Non-Current assets) · IPSAS 17 Property, Plant and Equipment o Initial recognition o Subsequent measurement including optional use of revaluation approach o Depreciation o Treatment of infrastructure and heritage assets
· IPSAS 5 Borrowing Costs o Choice of policy o Qualifying assets o Measurement · IPSAS 16 Investment Property · IPSAS 31 Intangible Assets o What intangible assets are held by the public sector? o Recognition of acquired and donated intangible assets o Research and development phases of internally generated intangible assets |
| DAY 3 | IFRS 17, IFRS 9 & IPSAS Standards
(Breakout sessions) |
IFRS 17- Insurance Contracts
· GMM Models a deep dive · Variable Fee Approach · Contract modification and derecognition · Transition approaches · Presentation and disclosure · Changes on IFRS 9 on IFRS 17 Adoption IFRS 9 – Financial Instruments Impairment of financial assets: · Simplified impairment model & application to trade receivables · General impairment model: o Staging o ECL Model o PD, EAD & LGD Considerations o Recognition of impairment – 12-month ECL & Lifetime expected credit losses (LECLs) o Determining significant increases in credit risk and credit-impaired financial assets o Off-balance sheet financial items o Hedge accounting
IPSAS Standards (Presentation & Disclosure) · IPSAS 18 Segment Reporting o Identifying reportable segments o Required disclosures · IPSAS 20 Related Party Disclosures o Identification of related parties and transactions o Disclosure requirements · IPSAS 24 Presentation of Budget Information in Financial Statements o Required disclosures o Comparison of budget and actual amounts o Material differences o Preparing and presenting reconciliation of results under IPSAS to budget basis · IPSAS 22 Disclosure of Financial Information about the General Government Sector o Purpose of the disclosures o Voluntary disclosures · Transitioning to the Accrual Basis of Accounting o Detailed review of IPSAS 33 First-time Adoption of Accrual Basis IPSASs o Optional and mandatory transition exemptions and requirements o Alternative approaches to transition o Identifying and responding to the change management implication |
| DAY 4 | IFRS S1 (General Requirements for Disclosure of Sustainability-Related
Financial Information) &
IFRS S2 (Climate-Related Disclosures) |
· Overview of IFRS S1 & S2
· Core contents · Approach to financial materiality · Linkage between SASB Standards and IFRS S1 · Overview of TCFD architecture · What climate-related information investors need and the best way for companies to gather and report it · Deep Dive understanding of disclosure requirements under IFRS S1 and S2 · Industry-Focused Examples and Case Studies · Building an ESG Implementation Roadmap in Line with IFRS S1 and S2 · Transparency around climate-related risks and opportunities · GHG Accounting protocols |
| DAY 5 | IFRS 16: Lessee Accounting
&
Soft Topic |
IFRS 16
· Initial recognition · Initial measurement · Subsequent measurement · Remeasurement of lease liabilities · Lease modifications · Other lessee matters From Skyscrapers to Starry Skies: Embracing Country Living · The Urban Exodus: Trends and Motivations · Rural Resilience: Challenges and Opportunities · Nature’s Classroom: Learning and Growth in Rural Settings · Sustainable Living and Environmental Stewardship · Community Connection and Social Capital · Health and Wellness in Rural Retreats · Rural Revival: Economic Development and Entrepreneurship · Future Trends and Perspectives: Navigating the Rural Landscape |
The facilitators will explore the different aspects relevant for effective implementation of the IFRS and related professional standards and judgments.
The areas of focus to be discussed during the training include:
- Understanding the newly issued standards, along with IFRS Foundation, IASB & IAASB projects, and how they will impact on the financial statements,
- Understanding the practical implementation of the more complex standards,
- Understanding the disclosure and accounting requirements in financial reporting of a group of companies,
- Understanding practical implications of using IFRS in specific industries.
Additionally, this Master Class is intended to offer critical financial reporting insights and provide the participants with a detailed discussion on the various international financial reporting standards and frameworks while exploring the regulatory requirements in Kenya which are associated with the various standards to be covered. It will also be a good opportunity for delegates to build their professional skills and network with other like-minded professionals in the same field.
Continuous Professional Development Units
Members of ICPAK and those from reciprocating professional bodies will earn 20 CPD units upon successfully attending all training sessions.
Financial Investment
The Master Class charges are Kshs. 90,000 for both members and non-members. The cost caters for training fee, training materials, certificate and meals during the conference. Delegates are required to make their own travel and accommodation arrangements.
Online Booking:
We call on Conference participants to note that booking 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 with a copy to marketing@icpak.com
We encourage members to regularly visit our website https://www.icpak.com for updates.
