THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountant Act, Laws of Kenya)
Tax Implications on IFRS 15 Revenue And IFRS 16 Leases
Date: 15th September 2020
Time: 16:00 to 17:00 hours
CPD Units: 1
In most countries across the world, tax and tax obligations are largely driven by the accounting standards employed in recording business transactions. Most countries also have specific tax provisions that require taxpayers to effect adjustments to the accounting treatment in arriving at the tax liability. This is one of the reasons why a tax computation results in an adjusted taxable income/tax loss.
Over the last 2 years, accounting standards continue to evolve and new standards have come into force. Two critical ones in Kenya are IFRS 15 on revenue recognition and IFRS 16 on leases. These standards have potential tax impacts including on the VAT and income tax liabilities. The training will review the tax impact of these standards and propose adjustments that taxpayers should consider in computing their tax liabilities.
The session will also enquire into the interplay between:
- The VAT point as defined in the VAT Act and the revenue recognition criteria under IFRS 15;
- Section 15 on expenses incurred in generation of taxable income and the revenue recognition criteria under IFRS 15 and
- The impact of Section 15 expenses incurred in generating income vis-à-vis the requirements of IFRS 16 on leases.
CONTINUOUS PROFESSIONAL DEVELOPMENT UNITS (CPD UNITS):
Members of ICPAK and reciprocating professional bodies will be awarded 1 CPD Units upon successfully completion of the Webinar.
The Webinar charges are Kshs. 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.
We encourage members to regularly visit our website https://www.icpak.com/event-registration/ for updates.