Financial Management Workshop for SMEs

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March 23, 2017 @ 8:00 am - March 24, 2017 @ 5:00 pm

THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA

(established under the Accountant Act, Laws of Kenya)

FINANCIAL MANAGEMENT WORKSHOP for SMEs

DATE: 23rd -24th March 2017

VENUE: Nairobi Safari Club, Lilian Towers

TIME: 8am to 5pm

Theme

The theme of this workshop is “Simplified Accounting”. The workshop is designed to explore efficiencies in financial reporting through adoption of the simplified IFRS for SMEs.

 Overview

In February 2007, the International Accounting Standards Board (IASB) published its draft Standard for Small and Medium-sized Entities (‘IFRS for SMEs) to provide a simplified, self-contained set of rules based on the present set of IFRS but adapted for entities without public accountability (SMEs).

This workshop is designed to explore efficiencies in financial reporting through adoption of the simplified IFRS for SMEs It will also cover updates on the current developments in IFRSs for entities that apply IFRS for SMEs and IFRS Adoption Challenges by SMEs. This will involve a practical review of an IFRS for SME set of financials to help participants understand the disclosure requirements. Participants will also benefit from reviews of two new standards (IFRS 15 – Revenue and IFRS 16 – Leases) and refresher training on IAS 12 – Income taxes.

To this effect, the Institute has set up this two-day workshop to provide insights in the changes to standards and offer practical guidelines to implementing some of the complex standards.

Standard Content to be covered
Overview of IFRS for SMEs

 

Introduction to IFRS for SMEs

i.  Definition of SME

ii.  SME hierarchy

·Highlight of differences with full IFRSs

· Future changes/planned amendments

Review of IFRS for SMEs financials ·Review of illustrative financial statements in accordance with IFRS for SMEs (ICPAK Example)

i.  Accounting policies

ii.  Disclosure requirements

iii. Highlight significant differences using the set provided

IFRS 15- Revenue from contracts with customers · Overview of current revenue standards-IAS 18 & 11

· Overview of IFRS 15

· Analysis of the 5-step model

·Transition and disclosure requirements

IFRS 16-Leases ·Overview of current leases standards-IAS 17

·Major changes to leases- IFRS 16

· Impact of changes to Balance sheets

·Impact of changes to profit or loss

· Transition options and disclosure requirements

IAS 12- Income taxes · Tax issues for SMEs

· Current taxes

· Deferred tax

i. Normal operations- 30%

ii.  Capital gains tax – 5%

Financial Management and governance issues for SMEs

 

· Governance issues for SMEs

· Financial management issues for SMEs

· Audit and risks issues for SMEs

Learning Objectives:

At the end of the workshop, participants should be able to:

  1. Obtain an understanding of the application and use of IFRS for SMEs as a reporting framework.
  2. Understand the amendments and new developments brought by the new IFRS standards (IFRS 15 – Revenue and IFRS 16 – Leases).
  3. Obtain an understanding of tax issues facing SMEs as well as a refresher on tax computations and review (current and deferred taxes).
  4. Understand the financial management and governance issues facing SMEs and how to address these issues.
  5. Understand the disclosure requirements for IFRS for SMEs, IFRS 15, IFRS 16 and IAS 12.

Why the workshop is beneficial to you?

IFRS for SMEs is a simpler standard compared to full IFRS and offers and efficient reporting framework for SMEs. As a participant, you will be able to assess if you can adopt the framework and simplify your reporting requirements.

IFRS 15 introduces a new 5-step model on revenue recognition that may result into accelerated or delayed recognition of revenue. IFRS 16 on leases amends the previous standard on leases (IAS 17) and introduces a requirement for all leases to be on-balance sheet effective 1 January 2019. This workshop will give you a practical opportunity to apply the new changes and to be ready for the changes by amending any contracts if necessary that will need to be aligned with the new requirements.

You will also get a refresher training on income taxes with a focus on current taxes and deferred taxes including the impact of CGT on deferred tax computations.

Finally, the workshop presents you with an insight into financial management and governance issues for SMEs and how to deal with challenges in financial reporting.

1.0 Target Audience:

Accountants and auditors with start-up businesses, business people, Associate Members, among others.

2.0 Online Booking

Kindly note that booking for the Financial Management Workshop for SMEs 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. Delegates are urged to note that the bookings close on 22nd March 2017 at 1700 hrs

 3.0 Financial Management Workshop for SMEs Charges:

 The Charges for Financial Management Workshop for SMEs) which cover workshop materials, meals, and e-certificates of attendance is as provided under;

 Category Early Bird Registration

Booked & Paid for before 7th March 2017

Normal Registration

 Booking & Payments or LPOs / LSOs received after 7th March 2017

Associate Members 9,950 10,950
Members 13,950 14,950
Non Members 23,950 24,950
International Delegates USD. 340 USD. 350

 4.0 Continuous Professional Development Units – 14

Members of ICPAK and other reciprocating professional bodies will earn 14 CPD points upon successfully attending the workshop.

5.0 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).

6.0 Sponsorship Opportunities & additional information

The Financial Management Workshop for SMEs attracts over 200 participants drawn from both the public and private sectors presenting a rare chance for exhibitors and sponsors. Those interested in sponsorsing the event can reach us through raphael.nguli@icpak.com

Further requests for this workshop can be channelled to us via telephone calls on +254 733 856 262/ 727 531006 or via email to emma.opiyo@icpak.com . We encourage you to regularly visit our website www.icpak.com for more updates

 

Details

Start:
March 23, 2017 @ 8:00 am
End:
March 24, 2017 @ 5:00 pm
Event Category:

Organizer

ICPAK
Website:
icpak.com

Other

CPD Hours
14
Associates Member Cost
Ksh 14,950
Full Member Cost
Ksh 14,950
Non Member Cost
Ksh 24,950
Event Type
Seminar
Status
Open
Associate Member Discount
1000
Full Member Discount
1000
Non Member Discount
1000
Discount Date (yyyy-mm-dd)
2017-03-07

Venue

Nairobi Safari Club
Nairobi Safari Club, Kenya
+ Google Map
Phone:
+254 20 2821000
Website:
http://www.nairobisafariclub.com/
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About ICPAK

ICPAK is an Institution
mandated to protect and uphold public interest
as well as develop and regulate the accountancy profession in Kenya.

Member Of:

Contact Information:

P.O BOX 59963-00200,
CPA Center, Ruaraka, Thika road.
Nairobi, Kenya.
Telephone Line (Main) : +254 719 074 000
Mobile: +254 719 074 000
Email: icpak@icpak.com

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