Financial Reporting Workshop - Western

THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA

(Established under the Accountant Act, Laws of Kenya)

Financial Reporting Workshop

Date: 14^th – 15^th November, 2019

Venue: Golf Hotel, Kakamega

 Introduction

Financial reporting is a dynamic area which has been evolving over time to match the everchanging demands within the business environment. The primary goal of financial reporting in organizations is to provide enough information for decision making by both internal and external stakeholders, and qualities such as uniformity and comparability of statements across organizations are crucial in achieving this goal. To be of value, the statements should also reflect the true and fair financial position of an economic entity.

International Financial Reporting Standards (IFRS) set common rules so that financial statements can be consistent, transparent and comparable around the world. They specify how companies must maintain and report their accounts, defining types of transactions and other events with financial impact. IFRS were established to create a common accounting language, so that businesses and their financial statements can be consistent and reliable from company to company and country to country.

As new standards and interpretations continue to be pronounced, management and professional accountants are required to keep abreast with developments and ensure compliance. Recent issuances significantly impact areas of accounting that include measurement, recognition, disclosures and presentation of financial statements. In certain cases, they have the potential to impact other aspects of entities such as business structures and information systems.

Cognizant of this fact, ICPAK has organized this two-day workshop intended to appraise delegates on recent developments in IFRSs and IASs as well as delve into specifics of applying new standards which have recently been issued. The forum will cover various topics including:

IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors

IFRS 16 – Accounting for Leases: A Case Study and lessons from early adoption

IFRS 7 – Financial Instruments: Disclosures

IFRS 9 – Financial Instruments: IFRS vs Prudential Guidelines

IFRS 15 – Revenue from Contracts with Customers: Disclosure requirements

IFRS 13 – Fair Value Measurement: Disclosure requirements

IFRS 17 – Insurance Contracts

Integrated Thinking and Reporting for Sustainability

Objectives

The specific training objectives will be as follows;

1. Obtain understanding and application of various IFRSs including the recently issued standard on insurance contracts
2. Understand the disclosure requirements for disclosure of revenue from contracts with customers and fair value measurements
3. Appreciate the requirements of the new standard for accounting for leases
4. Obtain a deeper understanding of the divergence between IFRS requirements and Prudential Guidelines as required by industry Regulators
5. Understand the motivation behind and components of sustainability reporting and how these will impact business performance

Target Audience

Accountants, Auditors, Associate members, Practicing members, Academia, Financial Reporting Consultants

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:

 Continuous Professional Development (CPD) Units

Members of ICPAK will earn 14 CPD points upon successful attendance. Enquiries may be directed to us via memberservices@icpak.com.