THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountant Act, Laws of Kenya)
IFRS 9- Financial Instruments Webinar
Theme: IFRS 9 reporting during the uncertain times of COVID-19
Date: 5th May 2021
Time: 4.00 – 6.00pm
IFRS 9 Financial Instruments is a standard which came into effect on 1st January 2018. Three years down the line, complexities abound in the implementation of the standard. This has further been compounded by the COVID-19 pandemic which has left in disarray some of the best efforts put into the adoption of the standard major due to unprecedented disruptions to normal economic activities around the world.
Institutions are facing challenges from two fronts with regard to the way credit risk engines work. One is the economic turbulence caused by the Coronavirus pandemic; the other is the requirements of the international accounting standard, International Financial Reporting Standard (IFRS) 9. Although vastly different in nature, each has an urgent need for real-time data and analytics to be built into credit risk processes.
Quantifying IFRS 9 Expected Credit Losses (ECL) and credit risk is extremely challenging in this unprecedented economic crisis. Senior management need to plot a course through the uncertainty with a compelling story for their view of future credit losses. The economic and credit outcome is highly uncertain which impacts the ability and confidence in entities to meet IFRS 9 commitments.
Both the financial services and the non-financial services sectors have had to grapple with the challenges brought about by the COVID-19 pandemic regarding the appropriate accounting treatment of the financial instruments, impact on financial reporting and resultant disclosure requirements on the same. Disruptions caused by the pandemic are also disproportionately impacting some age groups, occupations, and regions more than others, significantly undermining some of the blanket assumptions about the potential economic impacts on credit losses used in some ECL calculations.
To help address the questions around the uncertainties in reporting in view of the impact of the pandemic and other emerging developments related to IFRS 9, the Institute has organized this virtual session 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.
- Impact of COVID-19 on IFRS 9 Financial Instruments
- Credit risk under COVID-19
- Effect on IFRS 9 expected credit loss models
- Disclosure considerations
CONTINUOUS PROFESSIONAL DEVELOPMENT UNITS (CPD UNITS):
Members of ICPAK and those from reciprocating professional bodies will be awarded 2 Structured CPD Units upon successfully completion of the Webinar.
The Webinar charges are Kshs. 1,500. Charges will cater for online video access fees, learning materials, and e-certificates of attendance
Registration: Delegates are reminded to note that online booking for webinar is mandatory on https://www.icpak.com/event-registration/Online Booking. 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.
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)
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