THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(established under the Accountant Act, Laws of Kenya)
FINANCIAL REPORTING WORKSHOP FOR SACCOS’
SOUTH RIFT BRANCH
DATE: Thursday 18th – Friday 19th May, 2017
VENUE: Sunshine Hotel Kericho
Introduction
The vibrant and dynamic cooperative movement in Kenya is a key player in the economy, controlling a significant per cent of Kenya’s gross domestic product (GDP). The Cooperative Societies in Kenya provides employment opportunities besides creating the opportunity for people to take control of their own financial affairs. Savings and credit societies (SACCOs), the fastest growing sub-sector in the movement, have mobilized savings in large amounts. Despite the unsurmountable growth, SACCOs in Kenya are exposed to various transparency and accountability issues.
To safeguard the gains achieved, the Government took various measures to ensure the movement operates asper international best practice. These include the establishment of the SACCO Societies Regulatory Authority (SASRA) through the SACCO Societies Act 2008, which introduced prudential regulations covering all deposit-taking SACCOs to enhance transparency and accountability. Financial Reporting in SACCOs is facilitated by Constitution of Kenya 2010, the Cooperative Societies Act, SACCO Societies Regulatory Authority (SASRA) and the International Financial Reporting Standards (IFRSs)
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