THIS WEEK: ICPAU ready for new reporting standards

Kampala, Uganda | THE INDEPENDENT | The Institute of Certified Public Accountants of Uganda and its members are ready to implement the new international accounting standards that took effect at the beginning of this year, according to Frederick Kibeddi (CPA), the president and Ruth Nseko, the vice president of the Institute.

The standards include IFR9, IFR 15 and IFR 16. The standards have to do with monitoring of commercial loans and their servicing and provisions for leasing of property among other things. The Institute’s executives said the new standards will reduce fraudulent reporting and related criminal accounting practices.

They said implementing these standards will ensure that companies grow and hence create various opportunities including jobs. The duo was speaking to The Independent on the sidelines of an event for releasing the E lectricity Regulatory Authority has reduced power tariffs for consumers due strengthening shilling and easing inflation.

The domestic consumer tariff has been reduced by Shs 0.5 from Shs 769.5 shillings of the 2018 fourth quarters to Shs 769 of the first quarter of 2019. November examinations for accounting students on Jan.03 in Kampala. The results included those for Accounting Technicians Diploma (ATD), Certified Public Accountants (CPA), and Certified Tax Advisor (CTA) courses.

A total of 6,202 candidates attempted the examinations compared to 6, 139 candidates who sat for the June, 2018 examinations. The average pass rate for the three courses was 47.4% compared to 40.3% for June 2018.