THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountant Act, Laws of Kenya)
IPSAS & PFM Virtual Seminar
Date: 27th to 28th October 2020
Time: 09:00 to 15:30 Hrs
Venue: Virtual Seminar
CPD Units: 10
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 Workshop to build the 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
2) 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
3) Cash-Basis IPSAS
• The statement of cash receipts and payments
• 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
4) First-Time Adoption of Accrual-Based IPSAS
• Migrating from cash to accrual basis
• First time adoption of IPSAS (IPSAS 33)
• Change management and the adoption of IPSAS
5) Accrual basis of accounting in the public sector – assessing the implementation progress
6) IPSAS 39 Employee Benefits
7) Strengthening of Public Sector Financial Management through effective deployment of technology
8) IPSAS 19 Provisions, Contingent Liabilities and Contingent Assets
9) IPSAS 41 Financial Instruments
10) Impact of COVID-19 on public sector financial reporting – assessing the effect on treatment of accounting transactions
11) Introduction to Public Financial Management
• What is Public Financial Management?
• Differences between the public and private sector
• Overview of the public financial management cycle
12) Effective planning and budgeting for the public sector
• Government and the economy
• Policy making
• Funding public services
• Budgeting and budgeting techniques
• Revenue management
• Project management
Private and Public Sector Accountants, Chief Finance Officers, Finance Directors and Managers, Tax Experts, Transaction Advisors, Engagement Partners and Key Audit staff, Banking, Extractive and SMEs sector accountants, Auditors, Practitioners, Tax Practitioners, Professionals working in County Governments and private sectors, Academia, employees of the NPO Sector.
CONTINUOUS PROFESSIONAL DEVELOPMENT UNITS (CPD UNITS):
Members of ICPAK and reciprocating professional bodies will be awarded 10CPD Units upon successfully completion of the Webinar.
The Webinar charges are Kshs. 10,000. 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. 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 +254 733 856 262/ 727 531006 or via email to firstname.lastname@example.org.
We encourage members to regularly visit our website https://www.icpak.com/event-registration/ for updates.