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EACOA 2021: Registration in Progress
The 3rd EACOA is scheduled for 14 – 16 April 2021, as a hybrid event. The physical attendance will be at Hotel Africana, Kampala and other participants will attend virtually via zoom. Virtual attendance is broken into two categories; virtual with a conference kit and virtual-attendance only. Register here
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ICPAU Awards Second Batch of CPA Scholarships
The Institute of Certified Public Accountants of Uganda (ICPAU) on 18 February 2021 announced the winners of the second batch of the Certified Public Accountants of Uganda (CPA-U) scholarships. There are 10 beneficiaries (4 female and 6 male), selected from both public and private chartered universities. Read more |
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List of Licensed Accounting Firms
ICPAU published in the mainstream media (New Vision, 4 March 2021) the list of licensed accounting firms and practising accountants who are authorized to practise accountancy as at 1 March 2021. There are 256 firms. Click here to find a licensed firm. |
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March Examinations
Examinations for the Certified Public Accountants of Uganda (CPA-U) course will be held from 15-19 March 2021 at the Uganda Manufacturers Association (UMA) Lugogo. 3,381 students have registered to sit their exams in March and permits have been issued. Other examinations diets are June, September and December 2021. Registration for June examinations is from 7 April - 15 May 2021. |
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Opinion: Why the Government should rethink the Proposed Taxation of Bank Cash Withdraws
Taxation of cash withdraws is against the taxation principles of equity and fairness. Tax should only be collected when someone earns. Withdraw of cash from a bank is a residual process after earning has occurred and has already been subjected to appropriate taxation. Read More |
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Member satisfaction survey
In December 2020, ICPAU administered the 2020 member satisfaction survey to obtain feedback regarding ICPAU’s performance in delivering products and services. There was a 13% response rate, with the majority of the respondents being male (72%) as compared to the females (28%). 93% of respondents were full members while 7% were associate members. 95% of respondents commended the ICPAU team’s professionalism while serving members and 91 have confidence in the Institute’s responsiveness. Among others, members recommended the strengthening of ICPAU’s advocacy role. ICPAU encourages members to continuously participate in surveys as a way of sharing feedback for improvement. |
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ICPAU condoles with the families of accountants who passed away in February 2021 |
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Godfrey Nagenda, was a sole praticioner at Nagenda & Co. He passed away on Saturday, 13 February 2021
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COVID-19-Related Rent Concessions, Proposed Extension of Practical Expedient
The International Accounting Standards Board (Board), sought feedback on the Exposure Draft
Covid-19-Related Rent Concessions beyond 30 June 2021 to extend the availability of the practical expedient in paragraph 46A of IFRS 16 so that it applies to rent concessions for which any reduction in lease payments affects only payments originally due on or before 30 June 2022. ICPAU submitted comments to this exposure draft and these are available here |
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Specifying Measurement of Lease Liability in a Sale And Leaseback Transaction, Proposed Amendments to IFRS 16
IFRS 16 includes requirements for how to account for sale and leaseback transactions at the time the transaction takes place. However, it does not specify how to measure the lease liability when reporting after that date. Click here to access the Exposure Draft and submit your comments on the proposals via email to standards@icpau.co.ug by 22 March 2021.
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ICPAU Champions the Harmonisation of Reporting Frameworks for Non-Profit Organisations, the IFR4NPO.
The absence of a specific financial reporting framework suitable for the unique needs of Non-Profit Organisations (NPOs) leaves a number of NPOs at crossroads as to whether to use IFRS, IFRS for SMEs, IPSAS or their funder requirements. ICPAU calls upon NPOs, donors, regulators, auditors, and the public to participate in the IFR4NPO consultation process. Read more here.
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IAASB Communique: Audits of Less Complex Entities – Developing a Separate Standard for an Audit of a Less Complex Entity
During its December 2020 meeting, the IAASB held its first public discussions on the draft of a separate standard for an audit of less complex entities and approved the official project proposal to complete and publish the draft standard for public consultation in 2021. Click
here to access the communique.
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IESBA Underlines the Importance of Objectivity for Engagement Quality Reviewers and Other Appropriate Reviewers through Enhanced Guidance
The International Ethics Standards Board for Accountants (IESBA) has released revisions to the Code addressing the objectivity of an engagement quality reviewer (EQR) and other appropriate reviewers. Click here to access the enhanced guidance which will become effective December 2022.
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UK FRC and IESBA Jointly Issue Staff Guidance to Highlight the Ethical and Auditing Implications Arising from Government-Backed COVID-19 Business Support Schemes
The staff of UK Financial Reporting Council (FRC) and the International Ethics Standards Board for Accountants (IESBA) have jointly released the publication, Ethical and Auditing Implications Arising from Government-Backed Business Support Schemes. Click here to access the guidance which sets out important ethical considerations for professional accountants called upon to assist their employing organisations or clients in applying for and using COVID-19 related funding or financial support.
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IFAC and ICAEW have released the 4th & 5th Installment of 6-Part Anti-Money Laundering Educational Series
Installment 4: Asset Transfers examines asset transfers, one of the primary ways in which criminals layer or integrate the proceeds of crime into the legitimate economy, while
Installment 5: Tax Advice examines tax advice and the multiple ways in which tax services may be vulnerable to money laundering. IFAC is featuring the series on a new
landing page alongside other relevant information on anti-money laundering (AML).
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ICPAK launches e-zisha, a portal to aid in filing tax returns
The Institute of Certified Public Accountants (ICPAK) has launched a portal to assist Kenyans to file their tax returns. Through the portal www.e-zisha.co.ke, taxpayers would be paired up with expert accountants to ensure accurate filing of returns to avoid the risk of penalties by the Kenya Revenue Authority (KRA). Read more
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OPC-Burundi Appoints New Chief Executive Officer
Ordre des Professionnels Comptables du Burundi (OPC)/the Order of Professional Accountants of Burundi has appointed a new Chief Executive Officer (CEO), CPA Fiona Munezero. CPA Munezero replaces former CEO, Mr. Pierre Claver Nzohabonayo who passed away in January 2021.
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