THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(established under the Accountant Act, Laws of Kenya)
Date: 19th to 20th March 2018
Venue: Hilton Hotel, Nairobi
Theme: Towards IFRS 9 Compliant 2018 Q1 reports
The recent developments in the financial reporting environment call for close attention to the key areas of change in the standard setting arena. One major change which has been causing significant worry in markets across the globe is the new International Financial Reporting Standard (IFRS) number 9. The Kenyan market has not escaped the impact of the new standard either.
IFRS 9 replaces International Accounting Standard (IAS) 39. This is in respect to the methodology used in providing for uncertainties in economic benefits of financial assets, loans or debts issued by financial institutions (impairment provisions on financial instruments). The new standard is effective from 1 January 2018 and affects any financial statements prepared after the date. The implementation of the new standard takes immediate effect and all affected entities will be expected to prepare compliant financial reports going forward.
The new impairment requirements in IFRS 9 are based on an Expected Credit Loss (ECL) model and replaces the IAS 39 Incurred Loss (IL) model. ECL model applies to debt instruments (such as bank deposits, loans, debt securities and trade receivables) recorded at discounted cost or at market value and recorded in the income statement through other comprehensive income, including lease receivables, contract assets, loan commitments and financial guarantee contracts that are not measured at market value through profit or loss. As a result, entities will have to recognize not only incurred credit losses but also losses that are expected to be incurred in future.
As way of responding to the existing complexity of the financial reporting arrangements which have been occasioned by the introduction of the new standard, the Institute of Certified Public Accountants of Kenya has organized a sensitization workshop to prepare members on the new developments expected during the implementation of IFRS 9. This is a practical based approach which will provide guidance on preparation of Quarter 1 of 2018 financial reports.
Please check to ensure that you book for the workshop which will leave you well equipped to face the demands of the new IFRS 9 standard.
- A Practical approach to Classification and Measurement under IFRS 9
- Effective date, transitional provisions and disclosures
- A Practical approach to Impairment and impairment models
- Effect on the Kenyan financial services sector
- IFRS 9 implementation guidelines
The workshop intends to enhance the capacity on participants’ knowledge and professional skills on the requirements of the new IFRS 9 Standard. The session will also leave them fully equipped to meet the demands of the new standard.
The target groups for this workshop include Auditors, Preparers of IFRS Financial Statements, CFOs of Banking Institutions, Corporate Finance Managers and Regulators.
Continuous Professional Development Units (CPD Units)
Members of ICPAK and reciprocating professional bodies will be awarded 14 CPD Units upon successfully attending all workshop sessions
The workshop charges are as follows
|International Delegates||USDs 380|
7.0 Special Needs
If you have special dietary or religious requirements, or should you need any particular assistance kindly refer to the event coordinator on email@example.com
8.0 Dress Code
- The workshop dress code is Business Formal/ Business Professional
9.0 Online Booking
We call on participants to note that booking for the this workshop is available only online at www.icpak.com/events and will close on the 16th March 2018 at 1700 hrs. Delegates are reminded to note that online booking for events 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.
10.0 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).
11.0 Sponsorship’s, Partnership Opportunities & Additional Information
This workshop presents a unique opportunity for brand positioning and communication that will enjoy optimal visibility before potential targeted customers. Armed with significant purchasing power and decision-making authority, the audience are a key target group for businesses. Sponsorship opportunities range from item sponsorship’s, exhibitions, advertising and sub-event sponsorship within the major event
The workshop intends to attract over 100 participants drawn from both the public and private sectors presenting a rare chance for exhibitors and sponsors. Those interested in sponsoring the event can reach us through firstname.lastname@example.org
Further requests can be channeled to us via telephone calls on +254 733 856 262/ 727 531006 or via email to email@example.com or firstname.lastname@example.org. We encourage members to regularly visit our website www.icpak.com for updates.