Accounting and accounting rules in Kenya
Accounting Rules
- Tax Year
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The tax year is the calendar year, but a company (except for financial institutions) can choose any date as the end of its financial year.
- Accounting Standards
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The financial statements must comply with International Financial Reporting Standards (IFRS) or International Financial Reporting Standards for Small and Medium Enterprises (IFRS for SMEs). ICPAK also requires that all audits are conducted in accordance with International Standards on Auditing (ISA).
- Accounting Regulation Bodies
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Public Accounts Committee (Parliament)
Registrar of Accountants Board (RAB)
- Accounting Reports
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Companies must prepare: a balance sheet, income statement, statement of cash flows, statement of changes in equity, the explanatory notes to the financial statements and disclosures required by IFRS and international auditing standards (IAS).
- Publication Requirements
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The financial statements must be prepared every 12 months.
- Professional Accountancy Bodies
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Institute of Certified Public Accountants of Kenya (ICPAK) , Institute of Certified Public Accountants of Kenya
- Certification and Auditing
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Regarding audits, the law requires companies to appoint auditors who are ICPAK members. See specialized audit firms:Deloitte, Ernst & Young, PriceWaterHouseCoopers, KPMG.
- Accounting News
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Latest Update: May 2024