IPSAS and PFM Seminar - North Rift Branch

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March 31, 2021 @ 8:00 am - 5:00 pm

| Ksh 10000

THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountant Act, Laws of Kenya)

IPSAS and PFM Seminar –  North Rift Branch

Date: 29th – 30th April 2021

Time: 8.00am to 5.00pm

Venue: Sirikwa Hotel – Eldoret

Overview:

Financial reporting in the public sector plays a very crucial role in how public entities account for their stewardship of public money and other assets. This is essentially the care they take with these public resources under their trust. Financial reporting through proper compliance with the International Public Sector Accounting Standards helps in sound decision-making and at the same time increasing accountability, openness, and transparency in the use of those resources. It also helps to improve the performance of, and trust in, the public sector.

Financial reports provide basic information to people interested in the performance of an entity (the users).  They allow the entity to be held accountable for how it manages and uses the money it receives, including the entities in the public sector. This requires that that the process of preparing and presenting these reports meets fully the requirements of the accounting standards and that the reports produced are of high quality and, when used by the different stakeholders, result in reported information which meets the needs of users.

Additionally, the ever-disturbing subject of most public sector entities preparing financial reports which receive qualified opinions raises a lot of concern by the various users of those financial statements and other stakeholders. The impact of the COVID-19 pandemic further complicates the situation in the accounting and financial reporting requirements in the public sector.

The COVID-19 pandemic presents unprecedented challenges for everybody and to all entities; from its effects on everyday lives, to its impacts on the world’s economies. However, it should not be lost to the fact that after the world emerges on the other side of this devastating pandemic, one of the legacies of this extraordinary period will undoubtedly be the longer-term financial impacts of the interventions by governments around the world.

The unparalleled nature and scale of the fiscal measures being taken in response to COVID-19 reinforce the need for strong Public Financial Management (PFM) to maximize their immediate effectiveness. Strong public accountability for the resources used in fighting the pandemic, through high quality financial reporting, will also be essential to making their overall impact on public sector finances fully transparent.

It is against this backdrop of the prevailing situation that the Institute has organized a two-day Seminar for the Western Branch to build capacity of the preparers of the public sector financial statements which are compliant with IPSAS and PFM requirements.

The discussion during the Workshop will focus on;

  1. The IPSAS Standards; Overview, and application
  • Review of current IPSAS Standards
  • The correct application of individual IPSAS Standards
  • Overcoming key challenges
  • Obtaining guidance and support from International Federation of Accountants
  1. IPSAS Compliant Financial Statements
  • Key IPSAS requirements within financial statements (IPSAS 1)
  • Producing the statement of financial position
  • Producing the statement of financial performance
  • Producing the cash flow statement (IPSAS 2)
  • Accounting policies, changes in accounting estimates, and errors (IPSAS 3)
  • Reporting changes in net asset position
  • Producing compliant notes to the accounts
  1. Cash-Basis IPSAS
  • The statement of cash receipts and payments
  • Disclosures
  • Consolidation under the cash basis
  • Presentation of budget information in the financial statements
  • The additional (non-mandatory) disclosures encouraged in Part 2 of the cash basis IPSAS
  1. Accrual basis of accounting in the public sector – assessing the implementation progress
  2. IPSAS 39 Employee Benefits
  3. Strengthening of Public Sector Financial Management through effective deployment of technology
  4. IPSAS 19 Provisions, Contingent Liabilities and Contingent Assets
  5. IPSAS 41 Financial Instruments
  6. Impact of COVID-19 on public sector financial reporting – assessing the effect on treatment of accounting transactions

 

  1. Introduction to Public Financial Management
  • What is Public Financial Management?
  • Differences between the public and private sector
  1. PFM and Effective planning and budgeting for the public sector

TARGET

This seminar attracts an audience from academia, government accounting officers, public finance specialists, chief finance officers, county government executives, county assembly executives, legislators, international and local development partners, civil societies, donor agencies, governance experts, policy analysts, among others.

CONTINUOUS PROFESSIONAL DEVELOPMENT UNITS (CPD UNITS):
Members of ICPAK and those from reciprocating professional bodies will be awarded 14 Structured CPD Units upon successful completion of the workshop.

FINANCIAL COMMITMENT:
The workshop charges are Kshs. 10,000. Charges will cater for the workshop fees, learning materials, and e-certificates of attendance

ONLINE BOOKING:
Registration: Delegates are reminded to note that online booking for the workshop is mandatory on https://www.icpak.com/event-registration/Online Booking. We call on workshop participants to note that booking is available only online at www.icpak.com and will close one day before the training session. Delegates are reminded to note that online booking for the training 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)

Further requests can be channeled to us via telephone calls on +254 711 148569, +254 719 074 000, (+254) 733 856262 or via email to Ann Chomba at; ann.chomba@icpak.com or memberservices@icpak.com

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

Details

Date:
March 31, 2021
Time:
8:00 am - 5:00 pm
Cost:
Ksh 10000
Event Categories:
, ,

Venue

Sirikwa Hotel
Nairobi,
+ Google Map
Phone:
+254 727 531006

Other

CPD Hours
14
Associates Member Cost
Ksh 10,000
Full Member Cost
Ksh 10,000
Non Member Cost
Ksh 10,000
Event Type
Seminar
Status
Closed
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About ICPAK

ICPAK is an Institution
mandated to protect and uphold public interest
as well as develop and regulate the accountancy profession in Kenya.

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Contact Information:

P.O BOX 59963-00200,
CPA Center, Ruaraka, Thika road.
Nairobi, Kenya.
Telephone Line (Main) : +254 719 074 000
Mobile: +254 719 074 000
Email: icpak@icpak.com

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