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 the Accountants Act, Laws of Kenya)
IFRS for SMEs (Third Edition)
Date: 5th February 2025
Time: 4:00 PM – 6:00 PM
Mode of Delivery: Virtual
Overview
The IFRS for SMEs Accounting Standard (Third Edition) was released by the International Accounting Standards Board (IASB) in 2024 and is effective for annual reporting periods beginning on or after 1 January 2027 with early application permitted. This revision represents the most substantial overhaul of the Standard since its inception, incorporating updated principles from full IFRS and addressing the evolving reporting needs of small and medium-sized entities. Because SMEs form a significant share of Kenya’s economic fabric, supporting more than 40 percent of the country’s GDP and employing the majority of the workforce, it is essential that professional accountants fully understand the implications of these changes for financial reporting, audit, and advisory work.
The webinar seeks to enhance members’ technical capacity by providing an in-depth exploration of the key changes in the Third Edition. Participants will be introduced to updates related to revenue recognition, financial instruments, the expected credit loss model, and refinements in measurement, presentation, and disclosure requirements. The session will also explain why the IASB undertook the revision, how the new edition aligns with full IFRS standards, and what this means for both preparers and auditors serving SME clients. Special attention will be given to Kenya’s unique environment, including the practical challenges SMPs and SMEs are likely to face as the new Standard comes into effect.
Through this event, ICPAK aims to help members understand not only what has changed, but why it matters. The webinar will unpack transition requirements and highlight the implications for compliance, audit work, documentation, and quality control. Members will also have the opportunity to engage experts through a dedicated question-and-answer session, enabling them to clarify technical issues and discuss practical implementation concerns.
By the end of the webinar, participants are expected to have strengthened their understanding of the Standard’s conceptual foundations and improved their ability to apply the updated requirements in real-world reporting scenarios. The session will contribute to more consistent, transparent, and decision-useful SME financial statements, thereby promoting public confidence in the profession. It will also support practitioners in navigating audit implications, advising SME clients on transition, and identifying opportunities to enhance compliance and reporting quality.
Overall, this webinar will reinforce ICPAK’s commitment to strengthening professional competence and contributing to the successful national adoption and implementation of the IFRS for SMEs (Third Edition), ensuring that Kenyan accountants remain aligned with global reporting developments and best practice.
 Target Audience
This webinar will be useful to all professional Accountants.
 Continuous Professional Development Units (CPD UNITS):
Members of ICPAK and reciprocating professional bodies will be awarded 2 Structured CPD Units upon successfully completion of the webinar.
Financial Commitment
The webinar charges are Kshs. 1,000. Charges will cater for online video access fees, learning materials, and e-certificates of attendance.
Online Booking
Registration: Delegates are reminded to note that online booking for the workshop is mandatory on https://www.icpak.com/event-registration/Online Booking
We call on interested participants to note that booking for the event is available online at www.icpak.com and will close two hours before the training session.
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)
Further requests can be channeled to us via telephone calls on +254 719 074 000, (+254) 733 856262 or via email to marketing@icpak.com
To develop, regulate and promote an internationally recognized accountancy profession that upholds public interest through capacity building, advocacy, innovation and sustainable practices.
