To develop, regulate and promote an internationally recognized accountancy profession that upholds public interest through capacity building, advocacy, innovation and sustainable practices.
INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under Accountants Act, Laws of Kenya)
THE FINANCIAL REPORTING WEEK 2025 II (MANDATORY TRAINING)
Theme: Enhancing Transparency & Accountability Through Robust Financial Reporting
Date: 8th -12th September 2025
Venue: Safari Park Hotel & Casino Thika Road, Nairobi
(This is one of the mandatory trainings for Practicing Certificate consideration)
OVERVIEW
The financial reporting landscape continues to evolve in response to global economic shifts, regulatory changes, technological advancements, and increased stakeholders’ expectations. Over the recent past, several IASs have been replaced with new IFRSs to align with the developments taking place as well as address identified financial information gaps. A good case in point is IAS 1: Presentation of financial statements now replaced with the new IFRS 18: Presentation and Disclosure in financial statements. It is therefore evident that accounting standards are dynamic in nature, always evolving and developing as and when need arises. Thus, it is incumbent upon preparers of the financial reports and audit & assurance professionals to constantly keep abreast with the new developments and changes in the accounting standards.
The development of new IFRSs is largely informed by the changes in the economic, social and political spheres both at local and international levels. Undoubtedly, one of the key enablers of global investment today is the adoption of the International Financial Reporting Standards (IFRSs) in the global arena. The adoption of IFRSs has not only brought uniformity in financial reporting practices across economies, but it has also helped in unlocking capital flows across jurisdictions globally.
It is therefore imperative that accounting professionals get acquainted with not only newly adopted accounting standards but also be facilitated to understand the practical applications of some of the challenging standards such as IFRS 9: Financial Instruments among others. Another key IFRS which has been adopted recently and is equally challenging in terms of practical application is IFRS 17: Insurance contracts. Moreover, climate change is a real phenomenon affecting all spheres of life globally. Consequently, sustainability standards developed by International Sustainability Standards Board (ISSB) and which have been adopted in Kenya are equally pivotal today. Indeed, Kenya is one of the leading countries in the African continent which has demonstrated interest and capability in adopting these sustainability standards. The road map for the adoption of sustainability standards in Kenya launched in November 2024 is a clear demonstration that sustainability is no longer a mere buzzword but is one that will shape the landscape of financial reporting going forward. Â There is therefore to need to lay a firm foundation for reporting entities to adopt and report on sustainability metrics from 2027 going forward.
Last but not the least, the Kenyan Government under the Kenya Kwanza regime has adopted accrual-based accounting for financial reporting purposes applicable to all public sector entities starting from financial period ending 30th June 2025. This directive calls for timely intervention to engender and share knowledge and principles related the accrual-based accounting as per IPSAS 33: First time adoption of accrual basis. At the same time, SMEs are often faced with enormous challenges reporting using IFRSs. In addition, SMEs lack the financial and human resource capabilities to comply with the stringent requirements of IFRSs in their financial reporting endeavours. The IFRS for SMEs addresses this gap by providing a mechanism for financial reporting that recognizes and appreciates their realities.
In view of the above-stated issues, ICPAK has organized a “Financial Reporting Week”, designed to equip accounting professionals with practical knowledge and insights on new and complex financial reporting frameworks, compliance requirements and emerging trends.
The financial reporting week will therefore focus on the following areas:
Application of IFRS for SMEs by entities without public interest and other fiduciary responsibilities.
LEARNING OBJECTIVES:
This program is divided into the following five modules covering various aspects:
| DAY | MODULE | TOPICS |
| DAY 1 | A.  Overview of sector specific illustrative financial reports | ·        Banking, insurance, SACCOs, SMEs, NPOs, general purpose & pension funds. |
|  | B.  SASB Standards
 |
·        Introduction to SASB Standards
·        SASB’s Industry-Specific Approach ·        Key Disclosure Topics and Metrics ·        Practical Application of SASB Standards |
|  | C.  IFRS S1: General requirements for disclosure of sustainability -related financial information
   IFRS S2: Climate-related disclosures |
·        Identifying sustainability related risks & opportunities (SRROs)
·        Evaluating materiality ·        An overview of the roadmap for the adoption of IFRS S1 & S2 in Kenya ·        Cross-industry climate metrics ·        GHG disclosure, key concepts & measurements ·        Disaggregation of GHG emissions |
| DAY 2 | D.  IFRS 18 – Presentation and disclosure in financial statements | ·        Introduction of defined sub-totals and categories in the statement of profit or loss
·        Management-defined performance metrics ·        Transition provisions |
|  | E.  IFRS 15: Revenue from Contracts with customers | ·        Five-step revenue recognition model
·        Practical application and industry-specific challenges ·        Contract modifications and variable considerations |
|  | F.  Financial reporting & emerging technologies | Artificial Intelligence (AI)
·        AI concepts for accountants ·        AI in financial reporting ·        Audit & assurance applications ·        Ethical and governance considerations Data Analytics ·        Introduction ·        Practical use in reporting ·        Excel analytics for financial reporting |
| DAY 3 | G.  FiRe Award feedback | ·        Key areas of non-compliance
·        Future trends in financial reporting |
|  | H.  Breakaway Sessions | Break Out Room 1: Insurance & Banking sector
IFRS 9 – Financial Instruments IFRS 7 – Financial Instruments-disclosures ·        Classification and measurement (amortized cost, FVPL &FVOCI). ·        Impairment model -Expected Credit Losses (ECL). ·        Hedge accounting fundamentals ·        Disclosures IFRS 17 – Insurance Contracts ·        Purpose and scope ·        General Measurement Model (GMM), Premium Allocation Approach (PAA), Variable Fee Approach (VFA) ·        Feedback from users of IFRS 17 in Kenya Challenges in data, systems and actuarial collaboration Break Out Room 2: IFRS for SMEs ·        Highlights 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 Break Out Room 3: Public Sector IPSAS ·        An overview of key IPSASs relevant to public sector reporting in Kenya. ·        Transition to accrual accounting basis planning, opening balances and policy choices ·        Practical application of IPSAS 33: Best practices from selected public sector entities Break Out Room 4: Manufacturing Sector ·        An overview of key IFRSs/IASs relevant to manufacturing sector reporting in Kenya. ·        Practical application of IAS 16: Property, plant and equipment and IAS 23: Borrowing costs in the construction of manufacturing plants, capitalization of borrowing costs during construction ·        Revaluation and impairment |
|  | I.    IAS 19 – Employee Benefits | ·         Accounting for short-term and long-term employee benefits
·        Disclosure requirements |
| DAY 4 | J.   IAS 12:  Income Taxes | ·        Temporary differences, deferred tax assets/liabilities.
·        Common pitfalls and disclosure challenges. |
|  | K.  IFRS 16: Leases | ·        Identification of leases
·        Accounting for leases ·        Disclosure requirements |
|  | L.   Recent Exposure Drafts | ·        Amendments to IFRS S2 climate-related disclosures published on 28th April 2025
·        Provisions -targeted improvements (IAS 37) on proposed clarifications on recognizing/measuring provisions. ·        Ongoing exposure drafts from 2024: Equity method (IAS 28) and IFRS 9/7 for renewable energy contracts |
| DAY 5 | M. Code of Ethics for Professional Accountants | ·        Fundamental principles as per IESBA Code of Ethics
·        Ethical threats and how to resolve ethical dilemmas ·        Compliance with ICPAK’s checklist on Code of Ethics for professional accountants ·        Ethics in the digital age |
|  | N.  Unique Document Identification Number | ·        ICPAK’s Unique Document Identification Number for authentication of Auditor’s signed report |
|  | O.  Stress management for Auditors and Accountants | ·        Beyond the deadline: mental wellness for auditors and accountants |
TARGET AUDIENCE:
Board Members, Private and Public Sector Accountants, Chief Finance Officers, Finance Directors and Managers, Corporate reporting 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 and Assurance functions, Professionals working in County Governments, Anyone interested in gaining a practical overview of Sustainability Reporting, Audit Committee Members.
 FINANCIAL INVESTMENT:
| Â | Category | Charges Kes |
| 1 | Associates | 54,000 per delegate |
| 2 | ICPAK /ACCA Members | 59,000 per delegate |
| 3 | Non-members | 64,000 per delegate |
CONTINUOUS PROFESSIONAL DEVELOPMENT UNITS:
Members of ICPAK and other reciprocating professional bodies will earn 20 CPD points upon successfully attending the event.
ONLINE BOOKING:
We call on all 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 , you can also reach us through marketing@icpak.com
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)
SPONSORSHIP OPPORTUNITIES & ADDITIONAL INFORMATION
The Tax Convention attracts over 400 participants drawn from both the public and private sectors presenting a rare chance for exhibitors and sponsors. Those interested in sponsoring this event can reach us through raphael.nguli@icpak.com. Other requests for information can be channeled to us via telephone on +254 0719 074 100 / 727531006/721469169.
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.
To develop, regulate and promote an internationally recognized accountancy profession that upholds public interest through capacity building, advocacy, innovation and sustainable practices.
