VENUE: – HILTON HOTEL NAIROBI
THEME: “Accountability and Disclosure Requirements”
Extractives (oil, gas and mining) are going to be highly important in Kenya’s future, it is therefore important to understand the IFRS requirements that relate to the minerals and mining sector, including a comparison with UK, Canadian and US GAAP. This three-day comprehensive workshop provides participants with an analysis of the accounting and disclosure requirements of IFRS 6 and discusses the current status of the IASB’s work on accounting for extractive activities.
The workshop will also look into IFRSs requiring extractive companies to report how much they pay governments on a disaggregated (country-by-country) basis since their investors might come to expect these minimum standards for transparency to be met. These IFRSs require multi-national companies to report the following key financial information for each country in which they operate, as part of their normal financial reports:
- Payments (benefit streams) to governments
- Reserves
- Production volumes
- Production revenues
- Costs
- Key subsidiaries properties.
How You Will Benefit
- Understand and apply the recognition, measurement, presentation and disclosure requirements of IFRS 6 Exploration for and Evaluation of Mineral Resources
- Appreciate the diversity in accounting practices used in the extractive industry and the IASB’s approach to address these differences
- Apply the relevant IFRS recognition and measurement requirements to the extractive industry
- Understand the options available for valuing assets
- Apply the complex rules on impairment of assets
- Understand and apply the IFRS requirements for reporting interests in joint ventures
- Appreciate the issues regarding intra-partner relationships, including cost allocation and audits
- Compare and contrast the accounting guidance for the extractive industry under UK, Canadian and US GAAP
- Complete a smooth transition to IFRS
What You Will Cover
Using case studies and worked examples to illustrate the key points, the workshop also covers the requirements of the most significant IFRS that affect the industry. The topics will include;
- Features of the minerals and mining industry
- Accounting issues in the minerals and mining industry
- IASB’s project on Extractive Activities
- IFRS 6 Exploration for and Evaluation of Mineral Resources
- Accounting and disclosure issues relating to:
—Property, plant and equipment
—Impairment of assets
—Decommissioning costs and site restoration
—Joint Ventures
- Other valuation and measurement issues
- Resources and reserve statements and other disclosures
- Hedge accounting
- Selecting and amending accounting policies
- Comparison between IFRS and other national GAAPs
Who Should Attend
Anyone involved in the preparation, review or analysis of financial statements for entities in the mining and mineral sector that will be prepared under IFRS e.g. Government offices including ministry of lands and ministry of mining; Non-Governmental Organizations, Community Based Organizations; Accountants in Extractive Sectors, Auditors, Tax and Financial Reporting Consultants
Workshop Charges:
The workshop will be held on 12th – 14th April 2016 at Hilton Hotel in Nairobi from 8.30am-4.30pm daily. Charges are Kshs. 21,950 and Kshs. 27,950 for ICPAK members and non members respectively. 20 CPD Hours will be awarded to members in attendance.
