THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountant Act, Laws of Kenya)
Pending Bills – Is it a Sign of Fiscal Irresponsibility
Date: 30th October 2020
Time: 16:00 to 17:00 hours
CPD Units: 1
The accumulation of government pending bills is one of the most common problems in Public Financial Management (PFM) in Kenya. The World Bank Report on the state of Kenya’s Economy indicates that the total value of pending bills had increased from 0.9% of GDP in the 2015/16 financial year to 1.6% in the 2017/18 financial year. According to the National Assembly Budget Appropriation Committee (BAC) report, as at end-March 2020 pending bills were estimated at Sh368.9 billion. This means there has been a buildup in pending bills in the economy over time as a result of delayed payment by the Government. This build up affects the overall liquidity of the Country’s economy.
With Covid-19 threatening to throw the fragile economy into depression, clearing of pending bills is critical in enhancing liquidity. In June,2020, the Finance Cabinet Secretary proposed to fast track payment of outstanding verified VAT refund claims and pending bills owed to businesses by State corporations and semi-autonomous government agencies (SAGAs). County Governments have also instituted measures clear pending bills.
It’s against this that the Institute of Certified Public Accountants of Kenya (ICPAK) has organized this online forum to enlighten its members on the status of the pending bills, its implications and the way forward. The Seminar will focus on the following thematic areas among others:
• Status and causes of Pending Bills in Kenya;
• Economic Impact of Pending bills Accumulation;
• The role of accountants in prevention and control of pending bills; and
• Recent government interventions towards clearance of Pending bills.
About the Organizers – Institute of Certified Public Accountants of Kenya
The Institute of Certified Public Accountants of Kenya is the Professional Accountancy Organization in Kenya established by the Accountants Act No. 15 of 2008 with a broad mandate to regulate and develop the accountancy profession. The Accountancy regulations call for life-long learning and members are expected to file their Continuous Professional Development Units totaling 40 Units each calendar year. In helping members remain agile and sharpen their skills in delivery of value at their workplaces, ICPAK organizes 220 CPD Training Events each year.
Who should attend?
Public sector accountants, public finance professionals, county government executives, county assemblies, tax consultants, firms and other professionals at any level within the organizational or department. The training is designed to educate those in public finance sphere both in public and private sectors
Continuous Professional Development Units (CPD Units):
Members of ICPAK and reciprocating professional bodies will be awarded 1 CPD Unit upon successfully completion of the Webinar.
The Webinar charges are Shs.1,000. 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/
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 with a copy to email@example.com
We encourage members to regularly visit our website https://www.icpak.com/event-registration/ for updates.