Kenya: International Financial Reporting Standards (IFRS)

About ASPM

The Africa School of Project Management (ASPM) was established in the year 2000 in Kenya as a membership based professional management organisation. The school was formed to address capacity building needs among development partners, donor organizations, Government agencies, International and private sector firms in Africa.

The school has been pivotal in capacity building in South Sudan, South Africa, Botswana, Eritrea, Ethiopia, Kenya, Uganda, Congo, Somalia, Liberia, The Gambia, Tanzania, Burundi and Rwanda. The school has trained over 12,000 staffs who are involved in different projects and also conducted surveys, evaluations and research in different projects and businesses in Africa.

Course Overview

This course takes delegates through financial reporting. The delegates will be familiar with the financial reporting issues in the international context. International Financial Reporting Standards (IFRS) is a set of international accounting standards that states how certain transactions and events should be reported in financial statements. It is based upon principles rather than hard set rules, which is in contrast to U.S. GAAP, a rules-based accounting standard. As a result of this fundamental difference, IFRS allows management to use greater discretion and flexibility when preparing organizations financials.

It is believed that IFRS, when adopted worldwide, will benefit governments and other users of financial statements by reducing the cost of investments and increasing the quality of the information provided. Additionally, governments will be more willing to provide financing with greater transparency among different firms' financial statements. IFRS offers major benefit; it is used in over 120 different countries, while U.S. GAAP is used only in one country.

Course Outcomes

• Internalize accounting standards and explain their impact on their organizations.
• Implement the most recent updates of the International Financial Reporting Standards (IFRS) in their
• Organizations.
• Properly account for transactions affecting assets, liabilities and owners’ equity according to IFRS.
• Prepare financial statements with related notes and disclosures in compliance with IFRS.
• Interpret the different accounts on the financial statements and reports.

Who should attend?

· Management Accountants

· Professionals in the field of finance and Accounting

· Professionals wishing to enhance International accounting knowledge

· Companies implementing IFRS as the Standard of reporting

· Chief Finance Officers

· Finance Director

· Finance Managers

· Finance Officers

· Financial Controllers

· Strategic Planning/Development Managers

· Financial Analysts

· Departmental Business Analysts

· Auditors

What will be covered?

Introduction to IFRS

IFRS standard setting process

Financial reporting framework

Future agenda for IFRS

IFRS current year updates

Statement of financial position

Presentation of financial statements

Elements of statement financial position

Class of Assets and Liabilities

Class of shareholders’ Equity

Required disclosures

Statement of comprehensive Income

Concept of comprehensive Income

Recognition and measurements

Items on the Income statement

Class of revenue and expenditure

Statement of changes in Equity and statement of cash flows

Equity disclosure

Reporting non-controlling interest

Operating, investing and financing cash flows

Direct and indirect method

Accounting for Assets.

Cash and cash equivalent

Measuring and valuing Investment (IAS2)

Property, plant and equipment (IAS 16)

Accounting for Investment Property (IAS 40)

Intangible Assets (IAS 38)

Current liabilities and accruals

Accounting for contingencies

Long-term liabilities

Accounting for debt and equity transactions

Capital, retained earnings and Reserves.

Revenue recognition.

Scope of (IAS 18)

Revenue recognition criteria

Measurement of revenue

Kindly drop us mail at info@aspm.co.ke or apply through the online formhttp://www.aspm.co.ke/index.php/online-application