THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(established under the Accountant Act, Laws of Kenya)
FINANCIAL REPORTING WORKSHOP FOR SACCOS’
MT. KENYA BRANCH
DATE: 4th – 5th May, 2017
VENUE: Green Hills Hotel – Nyeri
Introduction
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 asper 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 asper 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
- Review the 2015 FiRe Award Status Report: Major Areas of Non-Compliance for SACCOs
- 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
Target Audience:
This forum will be most beneficial to delegates drawn from both the public and private sectors particularly; Finance Managers & Internal Auditors in SACCOs; Practicing Auditors, Accountants from SACCOs; Representatives from regulatory bodies (SASRA, CBK), Practitioners in SACCOs Finance consultants and any persons seeking knowledge in SACCO financial reporting matters.
Online Booking
Kindly note that booking 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.
Charges
The charges for this event which cover seminar materials, meals, and e-certificates of attendance are as below:
| Category | Cost |
| Associate Members | 6,950 |
| Members | 8,950 |
| Non Members | 10,950 |
Continuous Professional Development Units
Members of ICPAK and other reciprocating professional bodies will earn 14 CPD Hours upon successfully attending the event
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).
