THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(established under the Accountant Act, Laws of Kenya)
Financial Reporting Workshop for Cooperative Societies
Theme: “Fostering the Culture of Entrepreneurship and Innovation in
SACCO”
DATE: 27th -28th April 2017
VENUE: Hilton Hotel, Nairobi.
TIME: 8am to 5pm
The vibrant and dynamic cooperative movement in Kenya is a key player in the economy, controlling a significant per cent of Kenya’s gross domestic product (GDP). The Cooperative Societies in Kenya provides employment opportunities besides creating the opportunity for people to take control of their own financial affairs. Savings and credit societies (Saccos), the fastest growing sub-sector in the movement, have mobilized savings in large amounts. Despite the unsurmountable growth, Saccos in Kenya are exposed to various transparency and accountability issues.
To safeguard the gains achieved, the Government took various measures to ensure the movement operates according to international best practice. These include the establishment of the Sacco Societies Regulatory Authority (Sasra) through the Sacco Societies Act 2008, which introduced prudential regulations covering all deposit-taking Saccos to enhance transparency and accountability. Financial Reporting in Saccos is facilitated by Constitution of Kenya 2010, the Cooperative Societies Act, SACCO Societies Regulatory Authority (SASRA) and the International Financial Reporting Standards (IFRSs)
With the convergence of regulatory and institutional framework, the stakeholders of SACCOs should undergo a continuous development and empowerment programmes to sustain growth while at the same time enforcing compliance as per the prevailing instruments. All the players in this sector must clearly understand the financial reporting requirements according to the International Financial Reporting Standards (IFRSs) and the regulatory requirements from SACCO Societies Regulatory Authority (SASRA).
To address the salient financial reporting issues affecting this sector ICPAK has organized a two-day workshop to provide the delegates with expert knowledge on the practical challenges affecting SACCOs in Kenya and guidance on compliance with both the regulatory and reporting requirements. Some of the issues that will be addressed include;
- Cooperatives Current reporting status in Kenya
- SASRA Required Reports and Disclosure Requirements
- Practical application of IFRSs
- Key IFRSs affecting SACCOs
- The Future of SACCOs and Financial Reporting in Kenya
Learning outcome:
By the end of the workshop participants will be able to:
- Understand challenging IFRSs relating to SACCOs.
- Appreciate and prepare SASRA regulatory reports.
- Appreciate compliance challenges and way forward.
- Understand how to assimilate the auditors’ reports.
- Review the 2015 FiRe Award Status Report: Major Areas of Non-Compliance for SACCOs
1.0 Target Audience:
Finance Managers & Internal Auditors in SACCOs; Practicing Auditors, Accountants from SACCOs; Representatives from regulatory bodies (SASRA, CBK), Finance consultants and any persons seeking knowledge in SACCO financial reporting matters.
2.0 Online Booking
Kindly note that booking for the Financial Reporting Workshop for Cooperative Societies Workshop 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 26th April 2017 at 1700 hrs
3.0 Financial Reporting Workshop for Cooperative Societies Workshop Charges:
The Charges for Financial Reporting Workshop for Cooperative Societies Workshop which cover workshop materials, meals, and e-certificates of attendance is as provided under;
| Category | Early Bird Registration
Booked & Paid for before 18th April 2017 |
Normal Registration
Booking & Payments or LPOs / LSOs received after 18th April 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 Financial Reporting Workshop for Cooperative Societies 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 Instruments Workshop attracts over 200 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
Further requests for the Financial Reporting Workshop for Cooperative Societies 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
