IFRS for NPO

THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA

(established under the Accountant Act, Laws of Kenya)

  IFRS FOR NPOS WORKSHOP

Theme: “Sustainable Reporting”

Date: 20^th – 21^st February 2020

Venue: Hilton Hotel, Nairobi

Time: 9.00am to 5.00pm

1.0 Overview

NPOs have recently found themselves at crossroads with the requirement that they prepare and file financial reports in full compliance with IFRSs. This requirement has in several instances not been in tandem with the reporting required by donors and financiers, resulting in increased cost of doing business, impacting the look and contents of financial statements, accounting for sector specific items such as monetary and non-monetary donations, how boards of directors “read” financial statements, and how board members and others may understand a nonprofit’s financial reports.

Management needs to ensure that enough funding is available at the right time to meet the needs of the business. In the short term, funding may be needed to invest in equipment and stocks, pay employees and fund sales made on credit. In the medium and long-term, funding may be required for significant additions to the productive capacity of the business or to make acquisitions. This links in with the financial decision-making process and forecasting.

NPOs are increasingly finding their environment constrained for funding coupled with increased call for reporting transparency and efficiency in information management. On the backdrop of the monumental role played by NPOs, they must rise up to the reporting expectations to not only continue fulfilling their mandate but remain afloat and accurately reporting to their stakeholders.

Ways of raising funds, application of funds and reporting have been digitized and evolved to an information based era. Providers of finance are coming with expectations often premised on regulators guidelines which are often generalized and at times may appear difficult if not impossible to apply to specific NPOs.

It’s also important to deliberate on the taxation issues of the sector as it continues to attract the attention of financiers’ reporters as well as the regulatory authorities.

NPOs in Kenya have been faced with questions such as; which specific standards do they apply in their reporting? How do they marry their near-cash reporting to the accrual-based accounting called upon by IFRSs? How will the donor reports be aligned to the IFRSs compliant financial statements? What interest does the tax authority have in NPOs?

Strength in Numbers – How do NPOs collaborate for better outcomes as opposed to “competing for declining/focused donor funding”? This session will focus on creating NPOs that are capable of negotiating with donors on development outcomes as opposed to “micro-organizations that are only seeking funding opportunities”.

Core Thematic Areas

Regulatory compliance and Taxation

Funding of NPOs

Specific NPO transaction reporting

Reporting for small and medium NPOs

Objectives of the Training

 The specific training objectives will be as follows;

• Be aware of expected compliance requirements in reporting
• Be able to interpret financial Statements
• Perform specific functional outcomes in reporting;
• Employ knowledge in reporting for leases and projects
• Develop an action plan to continue learning to be ready for the future changes

Target Audience:

Accountants, consultants, monitors, compliance officers, finance and non-finance managers and chief administrators working or intending to work with NGOs, Personnel of Charities, Aid Organizations, trusts, Personnel of foundations, religious organizations, Staff of faith-based organizations (churches, mosques,)

2.0 Topics

• IFRS for SMEs-based not-for-profit guide to financial reporting
• IAS 8/IPSAS 3 Accounting Policies Changes in Accounting Estimates and Errors
• IFRSs And IPSAS overview with emphasis on NPOs and practical transaction illustrations including Project reporting
• IFRS 16 Leases
• Taxation and regulatory requirements for NPOs

3.0 Financial Commitment

CHARGES

Charges cover workshop fees, materials, meals and e-certificates of attendance

4.0 Continuous Professional Development Units (CPD Units)

Members of ICPAK and those from reciprocating professional bodies will be awarded 14 CPD Units upon successfully attending all workshop sessions

5.0 Special Needs

If you have special dietary or religious requirements, or should you need any particular assistance kindly refer to the event coordinator on fredrick.Otwori@Ipcak.com

6.0 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).

7.0 Sponsorship’s, Partnership Opportunities & Additional Information

This workshop presents a unique opportunity for brand positioning and communication that will enjoy optimal visibility before potential targeted customers. Armed with significant purchasing power and decision-making authority, the audience are a key target group for businesses. Sponsorship opportunities range from item sponsorship’s, exhibitions, advertising and sub-event sponsorship within the major event

The workshop intends to attract over 100 participants drawn from both the public and private sectors presenting a rare chance for exhibitors and sponsors. Those interested in sponsoring the event can reach us through raphael.nguli@icpak.com

Further requests can be channeled to us via telephone calls on +254 733 856 262/ 0719 074100 or via email to memberservices@icpak.com or fredrick.Otwori@Ipcak.com .

We encourage members to regularly visit our website www.icpak.com for updates.