THE FINANCIAL REPORTING WEEK (IFRS) EDITION 2 (Mandatory Training)

THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountants Act, Laws of Kenya)
THE FINANCIAL REPORTING WEEK (IFRS) EDITION 2 (Mandatory Training)
Date: 5th -9th September 2022
Venue: Hilton Hotel, Nairobi

Time: 09.00am-03.30pm
(This is one of the mandatory trainings for Practicing Certificate consideration)

Overview:

The changing business landscape call for the need for enhanced financial reporting compliance that provides relevant information on the performance of entities across the different sectors of the economy.  It is also critical to note that financial reporting has become dynamic and highly demanding of accurate and reliable financial information.  This is in addition to the developments of COVID-19 pandemic which impacted the way transactions are recorded and reported in the annual reports and financial statements.

Despite all these realignments, the need for high-quality and reliable financial reports cannot be over-emphasized. ICPAK in collaboration with other regulators and stakeholders aim to improve the quality of general-purpose financial reporting by organization across all sectors of the economy to ensure that there is better informed assessments of resource allocation and utilization decisions, thereby enhancing transparency and accountability.

Additionally, sustainability for entities across different sectors of the economy remains a critical discussion point that requires attention by all relevant stakeholders.  This informs the need for alignment of financial reporting and sustainability reporting to enhance the value of corporate disclosures to users of annual reports and financial statements.

It is against this backdrop that the financial reporting week has been considered by the Institute to provide the detailed perspectives of financial reporting and the link to non-financial information reported by entities in different sectors of the economy.

The sessions of the IFRS week have been carefully tailored to meet the financial reporting requirements in view of the recent and current developments, and business trends both locally and globally.

The presentations will also provide critical perspectives on the reporting challenges because of the COVID-19 pandemic environment, and the emerging developments in reporting under the full IFRSs and the IFRS for SMEs. This interactive financial reporting training event will give the participants an opportunity to learn some of the latest developments in financial reporting and get details on the new reporting standards under the different financial reporting frameworks.

The sessions will also capture emerging trends in financial reporting as well as status of implementation of some of the latest IFRS standards within the Kenyan market which our specialist facilitators will provide the required guidance.

The financial reporting seminar will focus on the following areas:

• Existing standards and challenges in their application across various entities
• Technical standards and their contribution to uniform reporting and consistency in disclosures
• Effective adoption and implementation of the financial reporting standards and their contribution to stability of financial markets
• Application of IFRS for SMEs by entities without public interest and other fiduciary responsibilities.

Specifically, the weeklong seminar will cover the following standards.

1. IFRS 9 – Financial Instruments

Recognition, measurement, impairment, and the required disclosures

1. IFRS 16 – Leases

Identification of leases, accounting for leases and disclosure requirements

• IFRS for SMEs; a comparative analysis with Full IFRS
• Highlight of the sections under the IFRS for SMEs
• A comparative analysis between the Full IFRS and IFRS for SMEs

1. IAS 19 – Employee Benefits

• Accounting for short-term and long-term employee benefits
• Disclosure requirements

1. IFRS 15 – Revenues from Contracts with Customers

• Identification of a contract
• The five-step model for revenue recognition
• Disclosure requirements

1. IFRS 17 – Insurance contracts

The new IFRS 17 standard and considerations for transition from IFRS 4

• IAS 2 – Inventories
• Recognition and measurement
• Disclosure requirements
• IFRS 7 – Financial Instruments: Disclosure

1. IAS 37 – Provisions, contingent liabilities and contingent assets

• Accounting for provisions
• Accounting for contingent liabilities
• Accounting for contingent assets

1. IAS 38 – Intangible Assets

• Recognition and measurement
• Accounting for intangible assets

1. IFRS 13 – Fair value measurement

-a practical application of fair value measurement principles

• IAS 10 – Events after the reporting period
• IAS 12 – Income Taxes
• Emerging trends in corporate reporting – Sustainability disclosures and Integrated Reporting
• Why Environment, Social and Governance (ESG) disclosures are gaining popularity among investors
• Integrated Reporting considerations for corporate organisations

Continuous Professional Development Units (CPD Units):

Members of ICPAK and reciprocating professional bodies will be 20 CPD Units upon successfully attending each of the sessions of the Seminar.

Target Audience:

Private and Public Sector Accountants, Chief Finance Officers, Finance Directors and Managers, IFRS Experts, Transaction Advisors, Pension Scheme Administrators, Fund Managers, Engagement Partners and Key Audit staff, Banking, Extractive and SMEs sector accountants, Auditors, Practitioners, Heads of Internal Audit, Professionals working in County Governments and private sectors, Academia, Financial Reporting Consultants

Financial Commitment:

Note: Delegates are required to make their own travel and accommodation arrangements. Symposium charges cater for training fee, training materials, certificate and meals during the event.

Note: Delegates are required to make their own travel and accommodation arrangements. Seminar charges cater for training fee, training materials, certificate and meals during the event.

Online Booking:

We call on Conference participants to note that booking is available only online at www.icpak.com/events.

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)