THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountants Act, Laws of Kenya)
IAS 1 Presentation of Financial Statements Webinar
Date: 21st July April 2022
IAS 1 sets out overall requirements for the presentation of financial statements, how they should be structured and minimum requirements for their content, over riding concepts such as going concern, the accrual basis of accounting and current /non-current distinctions. An entity is required to present a complete set of financial statements at least annually, with comparative amounts for the preceding year (including comparative amounts in the notes). A complete set of financial statements comprises:
- a statement of financial position as at the end of the period
- a statement of profit and loss and other comprehensive income for the period. Other comprehensive income refers to those items of income and expense that are not recognized in profit or loss in accordance with IFRS Standards. IAS 1 allows an entity to present a single combined statement of profit and loss and other comprehensive income or two separate statements
- a statement of changes in equity for the period.
- a statement of cash flows for the period.
notes, comprising a summary of significant accounting policies and other explanatory information; and
- a statement of financial position as at the beginning of the preceding comparative period when an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements.
An entity whose financial statements comply with IFRS Standards must make an explicit and unreserved statement of such compliance in the notes. An entity must not describe financial statements as complying with IFRS Standards unless they comply with all the requirements of the Standards. The application of IFRS Standards, with additional disclosure, when necessary, is presumed to result in financial statements that achieve a fair presentation. IAS 1 also deals with going concern issues, offsetting and changes in presentation or classification.
The webinar will cover the following topical areas.
- Preparation of Statement of profit or loss and other comprehensive income
- Preparation of statement of financial position as at the end of the period
- Preparation of statement of changes in equity for the period
- Preparation of statement of cash flows for the period
- Notes comprising a summary of significant accounting policies.
- Emerging issues in relation to preparation of Financial Statements-IAS 1
Continuous Professional Development Units (CPD Units):
Members of ICPAK and reciprocating professional bodies will be awarded 2 CPD Units upon successfully attending each of the sessions.
Charges for the training will be Kes 1,000/= which will cover workshop fees, materials, and e-certificates of attendance.
We call on Seminar participants to note that booking for is available only online at www.icpak.com/events and will close two hours before the training session. Delegates are reminded to note that online booking for training sessions is mandatory. This 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.
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)