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Peter Mwai Admitted as a Director at RSM Ashvir

Peter Mwai has been admitted as a director at RSM Ashvir. Peter has more than 26 years of audit, consultancy and accounting experience in the Public Sector. Prior to joining RSM Ashvir, he worked as a Senior Manager (Director Level) with PricewaterhouseCoopers Kenya and Tanzania. Peter specialises in the delivery of assurance services to the public sector, civil society and non-profit organisations in areas such as pre-disbursements assessments/capacity building, project financial monitoring, internal audits, financial audits, performance audits, investigative audits, internal control reviews, value-for-money reviews, compliance reviews and financial management assistance to projects funded by international donors. He has managed/directed assignments of projects funded by UNICEF, UNDP, UNFPA, UNHCR, WFP, USAID, World Bank, European Union, Sida, Royal Netherlands, Irish Aid, Swiss Development Corporation, Royal Norwegian Embassy and DANIDA, amongst others. He has also worked for 10 years as a Senior Financial Auditor at the USAID office of the Regional Inspector General for audits and investigations in Nairobi, which covered a 28-country region in East and Southern Africa and the Middle East.


Ashif Kassam wins the ACCA Special Achievement Award for 2009

At the ACCA Annual Member's Dinner held on Wednesday 2nd December 2009, Ashif Kassam was awarded the Special Achievement Award for 2009. This is a new award introduced to recognise ACCA members who have during the year been outstanding in contributing to the accounting profession and to society or those who have attained special achievements. This was the first year of the award and the nominees were judged by a panel of 3 distinguished judges from the accounting profession.

In awarding Ashif, the judges considered that he was the only African on the International Audit and Assurance Standards Board (IAASB); high level of activity on serving in ICPAK serving on various Committees, exemplary community and social services, strong contribution to the development of the accountancy profession in Kenya and the fact that he is a self-starter and founded the firm of RSM Ashivr.


Kenya and Tanzania Institutes Adopt IFRS for SMEs

The Council of the Institute of Certified Public Accountants of Kenya (ICPAK) and the Council of the National Board of Accountants and Auditors of Tanzania have approved the use of IFRS for SMEs with immediate effect.

An SME in Kenya is an entity that does not have public accountability; that publishes general purpose financial statements for external users; whose debt and equity instruments are not traded in the public market; and that does not hold funds in a fiduciary capacity for a broad group of outsiders as one of its primary businesses. In the context of Kenya, the Council has designated companies whose debt or equity instruments are traded in a public market or are in the process of issuing such instruments for trading in a public market; banks and building societies; savings and credit unions including SACCOs; insurance companies; retirement benefit schemes; state owned entities including state funded parastatals; mutual funds; investment banks; and stock brokers as publicly accountable and therefore cannot use IFRS for SMEs as a framework for external reporting. All other entities not listed above and preparing general purpose financial statements for external users may opt whether to comply with full IFRS or IFRS for SMEs.

In the context of Tanzania, the Council has defined an SME as an entity that is not publicly accountable or a Government Business Entity, and which has less than 100 employees or capital investment in non-current assets of less than TShs. 800 million.

In order to guide our clients who are eligible to use IFRS for SMEs in deciding whether to elect for full IFRS or the IFRS for SMEs, RSM International has produced a Guide Through IFRS for SMEs, which may be useful to the Directors in making the decision. RSM Ashvir also developed Specimen Financial Statements on IFRS for SMEs. Both these documents can be downloaded from the publications section of the website.

 
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