THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountant Act, Laws of Kenya)
Financial Reporting Workshop for SACCOs – Mt. Kenya
Date: 6th – 7th September, 2018
Venue: GreenHills Hotel, Nyeri
Brief
The financial services market in Kenya has grown diverse, with SACCOs emerging and seizing market share from conventional banks. SACCOs play a vital role in the Kenyan economy, controlling a significant share of the GDP. They are primarily set up with the intention of aiding people and businesses to meet their needs and transform their lives to greater comfort and well-being. Through offering affordable and convenient savings and credit facilities, SACCOs have permeated the market over time to reach the previously unbanked.
However, despite the glory around the impressive growth in cooperative movements and SACCOs, there are exposure risks which if not addressed, will be of great worry to the sector. Of great concern is transparency and accountability in the leadership of these institutions. IASB pronouncements, particularly the coming to effect of IFRS 9 further complicates the risk rating and management procedures for SACCOs. Additionally, the industry has evolved and today is laden with technology enabled products that have altered means of operation.
To protect the gains achieved in SACCOs, the government has taken measures to ensure the societies operate 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.
ICPAK has organized this workshop to provide participants with expert knowledge on reporting and regulatory requirements, compliance, updates and challenges affecting SACCOs in Kenya through discussion on topics such as:
- Seamless Implementation of IFRS 9
- Implications of FinTech on Financial Reporting and Audit Functions
- Reporting on Assets – IAS 36, 37 and 38
- Statement of Cash Flows – IAS 7
- Financial Instruments – IFRS 7, IAS 32 and 39
- Addressing Non-compliance; Safeguarding member deposits and financial sustainability
Target Audience
Finance Managers & Internal Auditors in SACCOs; Practicing Auditors, Accountants from SACCOs; Finance consultants and any persons seeking knowledge in SACCO financial reporting matters.
Event 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. Delegates are advised to book early for planning purposes.
Charges
Charges for this forum are as provided below:
| Category | Charges (Ksh) |
| Associate Members | 6,950 |
| Members | 8,950 |
| Non Members | 10,950 |
Continuous Professional Development (CPD) Units
Members of ICPAK will earn 14 CPD points upon successful attendance. Enquiries may be directed to us via email through memberservices@icpak.com.
