THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountants Act, Laws of Kenya)
THE IFRS MASTER CLASS (Mandatory Training)
Date: 18th – 22nd July 2022
Venue: Safari Park Hotel & Casino Thika Road, Nairobi
(This is one of the mandatory trainings for Practicing Certificate consideration)
International Financial Reporting Standards (IFRSs) are designed to bring consistency to accounting language, practices, and statements, and to help businesses and investors make educated financial analyses and decisions. The IFRS Foundation sets the standards to “bring transparency, accountability, and efficiency to financial markets around the world, therefore fostering trust, growth, and long-term financial stability in the global economy.” Companies benefit from the IFRS because investors are more likely to put money into a company if the company’s business practices are transparent.
Financial reporting is thus, a critical catalyst for economic growth and development. Investors and other stakeholders rely on financial reports for decision making and gauging the financial performance and health of an organisation. Financial reporting has been given significant attention by different users of an entity’s financial statements to guide their various judgements and decisions. This has resulted to great emphasis and focus on maintaining the highest quality of financial reports prepared by an organisation. With the advent of the COVID-19 pandemic and its attendant effects on the global economy, this need for quality and transparent financial reporting has become even more critical!
The standard setting space is also undergoing rapid developments to keep pace with the global commercial trends and economic transitions. The IFRS Foundation and the International Accounting Standards continue to develop and issue new standards while maintaining or amending the existing ones to meet the everchanging business and commercial needs. This calls for the professional accountant and accounting practitioners to keep abreast of these developments to ensure proper and informed contribution to business performance and growth.
It is against this background that the Institute has planned an IFRS Masterclass to update and equip the participants with the current trends in the standard setting arena and encourage the delegates to share their experiences on the implementation of the new standards. This will also extend to how the adoption and implementation of the standards is taking place under the pandemic environment and the way forward as the economies and organisations across the world cope with the pandemic.
The IFRS Masterclass seeks to assist participants in understanding the bottlenecks and challenges in adoption and implementation of the new standards and how to effectively apply the existing standards to maintain a high quality of financial reporting across the global markets.
The facilitators will explore the different aspects relevant for effective implementation of the IFRS and related professional standards and judgments.
The areas of focus to be discussed during the training include:
- Understanding the newly issued standards, along with IASB projects, and how they will impact on the financial statements,
- Understanding the practical implementation of the more complex standards,
- Understanding the disclosure and accounting requirements in financial reporting of a group of companies,
- Understanding practical implications of using IFRS in specific industries.
Additionally, this Master Class is intended to offer critical financial reporting insights and provide the participants with a detailed discussion on the various international financial reporting standards and frameworks while exploring the regulatory requirements in Kenya which are associated with the various standards to be covered. It will also be a good opportunity for delegates to build their professional skills and network with other like-minded professionals in the same field.
This program is divided into the following seven modules covering the various aspects of IFRS:
|DAY||MODULE||TOPICS||KEY AREAS TO BE COVERED
|DAY 1||A. IFRS overview and Background||1. Overview of the IFRS Principles and Concepts
2. Updates on IFRS development
3. First time adoption of IFRS
4. IFRS and Specific industries
|i Overview of IFRS Principles and Concepts
ii The latest on world adoption of IFRS – an update from IASB / IFRS Foundation
iii First time adoption of IFRS
iv IAS 1 – Presentation of Financial Statements
IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors
IAS 18 – Revenue
IFRS 6 – Exploration for and evaluation of Mineral Resources
v Financial Instruments Post-implementation Review for Financial Institutions
vi Case Studies
|DAY 1||B. Technical Standards||1. Accounting for Income Taxes, Employee Benefits, Earnings per Share, and Interim Financial Reporting||i IAS 12 – Income Taxes
ii IAS 19 – Employee Benefits
iii IAS 33 – Earnings Per Share
iv IAS 34 – Interim Financial Reporting
v Case studies and practical illustrations
|DAY 2||2. Impact of COVID-19 Pandemic on businesses and considerations in accounting for discontinued operations||i IFRS 5 – Discontinued operations
ii IFRIC 12 – Service Concession Arrangements
|C. Financial Instruments||3. Recognition and measurement of financial instruments, fair value measurement and disclosure requirements||iii Recognition and measurement
iv IFRS 2 – Share-based Payments
v IFRS 7 – Disclosures
vi IFRS 13 – Fair Value Measurement
vii Case Studies
|DAY 2||D. Group Reporting||1. Accounting for Investments in Associates
2. Business combinations and accounting for entities in group investments and joint arrangements
|i IAS 28 – Investment in Associates
ii IFRS 3 – Business Combinations
iii IFRS 8 – Segment Reporting
iv IFRS 10 – Consolidated Financial Statements
v IFRS 11 – Joint arrangements
vi IFRS 12 – Disclosure of Interest in Other Entitites
|DAY 3 AND 4||E. New Standards and Practical Implications||1. New standards||i IFRS 9 – Financial Instruments
ii IFRS 14 – Regulatory deferral accounts
iii IFRS 15 – Revenue from Contracts with Customers
iv IFRS 16 – Leases
v Future Developments
vi IFRS and Statutory Audit Procedures
vii Case Studies and Practical Implementation
|2. Future developments
|i Anticipated developments in standard setting
ii Future skills required for effective financial reporting
|3. Practical implications
|i IFRS and statutory Audit Procedures
ii Case studies and Practical Implementation
|DAY 5||F. Future developments and regulatory implications on financial reporting||1. Future developments
2. Regulatory implications on financial reporting
|i Future development in standards setting and financial reporting
ii Technological impact on financial reporting
iii Regulatory implications on financial reporting
|DAY 5||G. Implementation of IFRS in Kenya – FiRe Award 2020 Update and Way Forward||1. Status on implementation
2. FiRe Award Update
3. Plans for FiRe Award 2021
|i Status of IFRS implementation in Kenya
ii FiRe Award 2020 findings and recommendations
iii FiRe Award 2021 preparations
|Associate Members||KShs 70,000 per Delegate|
|Full Members||KShs. 70,000 per Delegate|
|Non-Member||KShs. 70,000 per Delegate|
Note: Delegates are required to make their own travel and accommodation arrangements. Masterclass charges cater for training fee, training materials, certificate and meals during the event.
We call on Conference participants to note that booking 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)