THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(established under the Accountant Act, Laws of Kenya)
IFRS 9 Workshop
Theme: Enhancing IFRS 9 Compliance for the Banking Sector in Kenya
DATE: 8th MAY 2018
TIME: 8:00 am – 4:30 pm
VENUE: Hilton Hotel,Nairobi
The recent developments in the financial reporting environment call for close attention to the key areas of change in the standard setting arena. One major change which has been causing significant worry in markets across the globe is the new International Financial Reporting Standard (IFRS) number 9. The Kenyan market has not escaped the impact of the new standard either.
IFRS 9 replaces International Accounting Standard (IAS) 39. This is in respect to the methodology used in providing for uncertainties in economic benefits of financial assets, loans or debts issued by financial institutions (impairment provisions on financial instruments). The new standard is effective from 1 January 2018 and affects any financial statements prepared after the date. The implementation of the new standard took immediate effect and all affected entities are expected to prepare compliant financial reports going forward. This includes all banks and banking institutions.