To develop, regulate and promote an internationally recognized accountancy profession that upholds public interest through capacity building, advocacy, innovation and sustainable practices.
THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(ESTABLISHED UNDER THE ACCOUNTANTS ACT, LAWS OF KENYA)
THE IPSAS MASTERCLASS 2025 MANDATORY TRAINING
THEME: Advancing Public Sector Accountability through Technical Excellence in IPSAS
DATE: 25TH – 29TH AUGUST 2025
VENUE: ENASHIPAI RESORT & SPA, NAIVASHA
TIME: 09.00AM-03.30PM
(This is one of the mandatory trainings for Practicing Certificate consideration)
OVERVIEW
The evolution of public sector financial management continues to be a key pillar of good governance, service delivery, and transparency in Kenya and across the continent. As countries increasingly align with international standards and adopt accrual-based accounting, the role of the International Public Sector Accounting Standards (IPSAS) has become central to the credibility and usefulness of financial information prepared by governments and public entities.
In Kenya, the shift towards IPSAS is a national imperative underpinned by the Public Finance Management Act, the Constitution of Kenya, and the country’s wider reform agenda. At the same time, global developments—including new IPSAS standards on financial instruments, social benefits, and leases—are transforming the way public institutions report, manage, and account for their financial performance and sustainability-related obligations.
Recognizing this, ICPAK is hosting a week-long IPSAS Masterclass designed to provide deep technical insight into the IPSAS framework, standards, and implementation challenges. The program will also respond to new and emerging reporting demands in the public sector, including climate-related financial reporting, asset revaluation, and donor accountability. This Masterclass will serve as a forum for learning, dialogue, and knowledge-sharing among public finance professionals, regulators, auditors, and policy makers.
The primary objective of the IPSAS Masterclass is to enhance participants’ understanding and technical capability in applying key IPSAS standards. It is structured to offer practical guidance and interpretive support through an intensive and focused program, covering key topics relevant to current reporting and audit realities in the Kenyan public sector.
LEARNING OBJECTIVES:
This program is divided into the following five modules covering various aspects:
| DAY | MODULE | TOPICS |
| DAY 1 | A.  Accounting for Revenue under IPSAS 23 and IPSAS 9/41 | ·        Exchange vs non-exchange transactions
·        Recognition and measurement of taxes, grants, and transfers ·        Donor funding and conditional grants under IPSAS 41 ·        IFRS 15 convergence and IPSAS 42 (Social Benefits) developments |
|  | B.  IPSAS 41: Financial Instruments
 |
·        Classification and measurement of financial assets and liabilities
·        Expected credit loss model and impairment ·        Hedge accounting and treasury operations ·        Disclosures and fair value measurement (link with IPSAS 30) |
|  | C.  IPSAS 42: Social Benefits | ·        Scope and definitions: social risks vs market risks
·        Recognition criteria and measurement of social benefits ·        Application in national safety net programs (e.g., Inua Jamii) ·        Comparison with social policy obligations under IPSAS 19
|
| DAY 2 | D.  IPSAS 19: Provisions, Contingent Liabilities, and Contingent Assets | ·        Criteria for recognizing provisions and assessing probable outflows
·        Environmental liabilities, legal claims, and contingent grants ·        Post-implementation review updates ·        Interaction with IPSAS 42 and long-term obligations
|
|  | E.  IPSAS 24: Budget Reporting and Fiscal Transparency | ·        Presentation of budget information in financial statements
·        Reconciliation between budget and actuals ·        Link to fiscal responsibility laws and PFM Act ·        Integration with program-based budgeting
|
|  | F.  IPSAS 43: Leases and Right-of-Use Assets | ·        Overview of new lease accounting model
·        Differentiating finance and operating leases under IPSAS 43 ·        Measurement of right-of-use assets and lease liabilities ·        Transitional provisions and comparison with IFRS 16
|
| DAY 3 | G.  Sustainability and Climate-Related Financial Reporting in the Public Sector | ·        IPSASB’s Natural Resources project and Climate Change reporting guidance
·        Intersections with ISSB’s IFRS S1 & S2 standards ·        Climate-related disclosures for public entities and parastatals ·        Practical examples of reporting on environmental obligations
|
|  | H.  IPSAS 16 17 & 31: Investment Property, Property, Plant, and Equipment & Intangible Assets | ·        Differentiating investment property, PPE, and intangible assets
·        Initial Recognition and Measurement ·        Subsequent Measurement Models ·        Disclosure Requirements ·        Transfers and Reclassifications ·        Impairment and Derecognition ·        Depreciation and Amortization |
|  | I.    IPSAS 39: Employee Benefits |
|
| DAY 4 | J.   IPSAS 40: Public Sector Combinations | ·        Introduction and Objective of IPSAS 40
·        Types of Public Sector Combinations ·        Determining the Type of Combination ·        Presentation and Disclosure Requirements ·        Strategic and Policy Considerations ·        Accounting for mergers & acquisitions
|
|  | K.  GHG Accounting | ·        Cross-industry climate metrics
·        GHG disclosure ·        GHG key concepts ·        GHG measurements ·        Disaggregation of GHG emissions.
|
|  | L.   IPSAS 33: First-Time Adoption of Accrual Basis IPSASs | ·        Objective of IPSAS 33
·        Scope and Applicability ·        Required Statements for First-Time Adoption ·        General Requirements ·        Transitional Relief Options ·        Presentation and Disclosure Requirements ·        Challenges and Practical Considerations ·        Implementation Roadmap
|
| DAY 5 | M. Projects in Progress / Exposure Drafts | ·        Natural Resources (Exposure Draft issued)
·        Presentation of Financial Statements (revised framework in development) ·        Differential Reporting / Tiered Reporting for smaller public entities ·        Climate-Related Disclosures (in alignment with ISSB’s IFRS S1/S2) |
|  | N.  Public speaking | ·        The Power of Public speaking- The Do’s & Don’ts |
TARGET AUDIENCE:
It is open t0 professionals seeking to obtain deeper knowledge in the area of IPSAS.
YOUR INVESTMENT:
This Master Class shall be provided at a cost of Kes.95,000.
CONTINUOUS PROFESSIONAL DEVELOPMENT UNITS:
Members of ICPAK and other reciprocating professional bodies will earn 20 CPD points upon successfully attending the Master Class.
ONLINE BOOKING:
We call on all 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 the 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)
PARTNERSHIP OPPORTUNITIES
The training presents a perfect opportunity for organizations to showcase their products & services to a target group with high purchasing powers, both on personal and corporate levels. You will also have a unique opportunity for brand positioning and communication that will enjoy optimal visibility. Armed with significant purchasing power and decision-making authority, the audience are a key target group for businesses. For more information or enquiries please email raphael.nguli@icpak.com.
Further requests can be channeled to us via telephone calls on +254 719 074 100, or via email to marketing@icpak.com.
We encourage members to regularly visit our website https://www.icpak.com for updates.
To develop, regulate and promote an internationally recognized accountancy profession that upholds public interest through capacity building, advocacy, innovation and sustainable practices.
