THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountant Act, Laws of Kenya)
IFRS 15 – Revenue from Contracts with Customers
Theme: Recognition and Measurement of Revenue under Uncertain Environment
Date: 18th March 2021
Time: 4 – 6 PM
This is one of the mandatory trainings for practicing certificate consideration
The COVID-19 pandemic crisis still appears to be continuing with its destructive impact across most economies around the globe. The economic effects of this devastating pandemic mean that investors and other stakeholders need high-quality financial information more than ever, especially multinational entities with footprints in diverse geographical locations. The same applies to parent companies with several subsidiaries and associated entities which need accurate recognition and measurement of their business revenues.
IFRS 15 Revenues from contracts with Customers is an International Financial Reporting Standard promulgated by the International Accounting Standards Board providing guidance on accounting for revenue from contracts with customers. It was adopted in 2014 and became effective in January 2018. It was the subject of a joint project with the Financial Accounting Standards Board, which issues accounting guidance in the United States, and the guidance is substantially similar between the two boards outlines the requirements for the preparation and presentation of consolidated financial statements, requiring a company to consolidate entities it controls.
Due to recent developments, entities will be required to pay keen attention to all aspects surrounding recognition and accounting for business revenues to ensure accurate and reliable information to the different stakeholders.
To help address the questions and any other concerns around the consolidation of financials statements related to IFRS 15, the Institute has organized a Webinar to address this critical topic.
To guide the discussion during the Webinar, the following areas will form the focus of this very important virtual event.
- The five revenue recognition steps of IFRS 15
- Impact of COVID-19 on revenue recognition and measurement
- Disclosure considerations
Continuous Professional Development Units (CPD Units):
Members of ICPAK and reciprocating professional bodies will be awarded 2 CPD Unit upon successfully attending the Webinar.
Charges for the training will be Kes1,500/= which will cover Webinar fees, and an e-certificate of attendance.
We call on Webinar participants to note that booking 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)
Further requests can be channeled to us via telephone calls on +254 719 074 000, (+254) 733 856262 or via email to firstname.lastname@example.org with a copy to email@example.com
We encourage members to regularly visit our website https://www.icpak.com for updates.