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Overview of Key Financial Reporting Standards Affecting Co-operative Societies

Learn about IFRS and IAS affecting co-operative societies from CEO Chris Ngeta at a financial seminar. Overview of key standards and their impact.

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Overview of Key Financial Reporting Standards Affecting Co-operative Societies

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  1. Overview of Key Financial Reporting Standards Affecting Co-operative Societies

  2. CPA Chris Ngeta Useki Chief Executive Officer, Stima DT Sacco Society Ltd. At Financial Reporting Seminar for Cooperatives, 4th -6th July 2018 Merica Hotel, Nakuru-Kenya By

  3. Introduction • IFRSs • IASs • Concluding Remarks Contents

  4. The Cooperative Societies (amendment) Act 2004 sec. 12 replaces sec. 25 of No. 12 of 1997 to state • “ 25(1) Every cooperative Society shall keep proper accounts which shall- • Be prepared in accordance with International • Accounting Standards;….”. • International Accounting Standards (IASs) were issued by the IASC from 1973 to 2000. Introduction

  5. The IASB replaced the IASC in 2001. Since then, the IASB has amended some IASs and has proposed to amend others, has replaced some IASs with new International Financial Reporting Standards (IFRSs), and has adopted or proposed certain new IFRSs on topics for which there was no previous IAS. Through committees, both the IASC and the IASB also have issued interpretation of standards. • Financial statements may not be described as complying with IFRSs unless they comply with all of the requirements of each applicable standard and each applicable interpretation. • . Introduction

  6. The term International Financial Reporting Standards (IFRSs) has both a narrow and a broad meaning. Narrowly, IFRSs refers to the new numbered series of pronouncements that the IASB is issuing, as distinct from the International Accounting Standards (IASs) series issued by its predecessor. • Broadly, IFRSs refers to the entire body of IASB pronouncements, including standards and interpretations approved by the IASB and its predecessor IASC together with their interpretations. Introduction

  7. Currently there are 17 IFRSs and 41 IASs IFRSs

  8. IFRSs

  9. IFRSs

  10. IFRSs

  11. IFRSs

  12. IFRSs

  13. IFRSs

  14. IASs

  15. IASs

  16. IASs

  17. IASs

  18. IASs

  19. IASs

  20. IASs

  21. IASs

  22. IASs

  23. Due to the varied nature of Cooperatives in Kenya, various IFRSs and/or IASs will affect cooperatives differently depending on their operations. • The overview just provided should not be construed as conclusive review of the IFRSs and by no means a substitute for a thorough understanding of the standards together with their respective interpretations. Concluding Remarks

  24. The end

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