CPA PNG News. News 3 Exams 4 Announcements 5 CPDs/Conferences 6. Issue / March & April / 2017

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1 Issue / March & April / 2017 CPA PNG News News 3 Exams 4 Announcements 5 CPDs/Conferences 6 CERTIFIED PRACTISING ACCOUNTANTS PNG CPA Haus, Level 2 (Street Level), Armit Street, Paga Hill, Port Moresby, P O Box 1937, PORT MORESBY, National Capital District Papua New Guinea Tel: (675) / ; Fax: (675) cpapng@cpapng.org.pg Website:

2 From the President RICHARD KUNA Hi everyone Welcome to the third newsletter of Thanks to those of you who have contributed to this issue. We hope you are looking forward to attend the Kokopo Conference next month. The number of conference attendees have increased in the past and we expect more this year. This issue covers happenings from last two months. The IBS University graduation and PAU career expo. The World Bank Centre for Financial Reporting Reform (CFRR) helps client countries to modernize their systems of financial reporting. World Bank Consultant, Michael Wells, will conduct training on IFRS 9 (12/05/2017) and IFRS for SMEs (15/05/2017) in Port Moresby. The objectives of the training are to; enhance greater understanding of applying the IFRS for SMEs and gain the necessary knowledge to apply IFRS 9 for the first time. Members are urged to attend. Thank you Richard Kuna President/2017 2

3 IBSUniversity s First Graduation NEWS A total of 15 students graduated last month with Southern Cross University degrees which is offered in partnership with Institute of Business Studies University, Eriama Campus, Port Moresby. This was the first ever graduation for SCU hosted in Papua New Guinea. The invited guests present were Chancellor of SCU, Nick Burton Taylor, Vice Chacellor, more than fifteen organisations participated and was a huge success. Adam Shoemaker, public and private sector organization representatives and IBSUniversity staff. CPA PNG representative presented a K500 cheque to the best accounting student as part of its usual membership drive activity. In Enga, IBSUniversity graduated 45 students last month as well. PAU CAREER EXPO INCREASES OPPORTUNITIES FOR DIRECT PLACEMENTS the secret of success is the union of divine power with human and we have to do our best now. Pacific Adventist University Career Expo took place on Wednesday, April 26 th, 2017 at student centre at PAU campus. The Expo including displays and presentations from The companies that attended the Expo were seeking final year graduating students to fill full time and internship positions. PAU Vice Chancellor, Professor Raul Lozano, officially opened the Expo and gave a presentation on PAU s Postgraduate Studies Program and highlighted graduates dedication and willingness to serve God and PNG in their respective professions. He also challenged students that, The Career Expo happens every fourth month of the year and is limited to the graduates and business studies students of PAU. The Student Center was busy all day with queries from students seeking information from the booths and displays of the different participating organizations. More than one hundred students took part for the all-day event, with interviews starting from 9 am to 3 pm. 3

4 EXAMS Professional Examinations Semester One (1) 2017 Timetable for candidates in the Certified Accounting Technician (CAT) category (Diploma in Accounting or Degree in other business related course other than commerce majoring in accounting) Subject New Registration Re-Enrolment (K) Review Class (K) Reference Books Date Foundations of Accounting K Monday, 22 nd May 2017 Introduction to PNG Taxation K Tuesday, 23 rd May 2017 Law & Practice Accounting Concepts & Principles or Business Finance (Elective) K Tuesday, 23 rd May 2017 Ethics & Governance K Wednesday, 24 th May 2017 Management Accounting K Wednesday, 24 th May 2017 Financial Accounting & Reporting K (IFRS) K Thursday, 25 th May 2017 Introduction To Business Law K Friday, 26 th May 2017 Timetable for candidates in the Certified Practising Accountant (CPA) Category (Degree in Commerce majoring in Accounting) Subject New Registration Re-Enrolment (K) Review Class (K) Reference Books Date Foundations of Accounting K Monday, 22 nd May 2017 PNG Taxation Law & Practice K Tuesday, 23 rd May 2017 Strategic Management Accounting K Wednesday, 24 th May 2017 Ethics & Governance K Wednesday, 24 th May 2017 Financial Reporting K (IFRS) K Thursday, 25 th May 2017 Financial Risk Management K Thursday, 25 th May 2017 PNG Business Law K Friday, 26 th May 2017 Advanced Audit & Assurance K (IAS) K Friday, 26 th May

5 Technical Updates The IFAC technical updates cover range of topics. The updates are received on a monthly basis. Some interesting topics covered in the last four months are summarised below: Jan issue IESBA completes first major phase of code of ethics restructure. The IESBA hopes to have completed the restructure of the code by December Feb Issue Adopting the new IFRS9: Four key challenges for the banking CFO. Mar Issue Nearly 70% of OECD countries have now adopted actual accounting practices according to a new study from IFAC and the OECD. April Issue Professional accountants, strong governance vital to reducing corruption. Members are encouraged to subscribe to the IFAC Monthly Newsletter. To subscribe, go to the CPA PNG Website and follow the steps below: (i) (ii) (iii) Click on links tab to take you to Subscribe to IFAC News and Updates: www:ifac.org/global-knowledge-gateway will take you to IFAC Website Scroll down towards the right and enter your address then click on subscribe button. ANNOUNCEMENTS Knowledge Checks Multiple-Choice & Extended Response Questions and Solutions FINANCIAL REPORTING ETHICS & GOVERNANCE ADVANCED AUDIT AND ASSURANCE FINANCIAL RISK MANAGEMENT As part of membership service, we are pleased to inform our members that the four CPA Australia modules sample examination questions are available on our website for use. Website: For enquiries about CPA Australia Program, visit the website below. The contact person is :- Chuck Zhang CPA Senior Adviser International Affairs & Representation Business Development CPA Australia Level 20, 28 Freshwater Place Southbank Victoria 3006 Australia T cpaaustralia.com.au CPDs & Conferences COURSES/TOPICS FACILITATOR ORGANISATION MONTH DATE VENUE IFRS FOR SMEs Mike Wells WORLD BANK MAY 12 Holiday Inn, POM IFRS 9 - Financial Instruments Mike Wells WORLD BANK MAY 15 Holiday Inn, POM Tax Effect Accounting Madu Nair E&Y JUNE 6 Lae International Hotel Tax Effect Accounting Madu Nair JUNE 7 Lae International Hotel Corporate Tax Updates Andrew Irabu CPAPNG JUNE 8 Lae International Hotel Personal Tax Updates Andrew Irabu JUNE 9 Lae International Hotel Preparation of financial statements Dr. Suresh Babu UPNG JUNE 21 Ela Beach Hotel - POM Preparation of financial statements Dr. Suresh Babu JUNE 22 Ela Beach Hotel - POM Analysis of financial Statements Dr. Suresh Babu UPNG JULY 6 Ela Beach Hotel - POM Analysis of financial Statements Dr. Suresh Babu JULY 7 Ela Beach Hotel - POM Public Sector Accounting Thomas Holland CONSULTANT JULY 11 Ela Beach Hotel - POM Public Sector Accounting Thomas Holland JULY 12 Ela Beach Hotel - POM Project Evaluation N. Wara JULY 20 Ela Beach Hotel - POM Receivership/Liquidation Peter Zambaks KPMG AUGUST 4 Ela Beach Hotel - POM Tax updates - Corporate Perspective Yuwak Tau CPAPNG SEPTEMBER 6 Vanimo Beach Resort Public Sector Accounting Thomas Holland CONSULTANT SEPTEMBER 12 Lae International Hotel Public Sector Accounting Thomas Holland SEPTEMBER 13 Lae International Hotel IFRS Updates Steve Beach PWC SEPTEMBER 21 Ela Beach Hotel - POM IFRS Updates Steve Beach PWC OCTOBER 5 Lae International Hotel 4 Day MBA Ric Wilmot CONSULTANT OCTOBER 9 Ela Beach Hotel - POM 4 Day MBA Ric Wilmot CONSULTANT OCTOBER 10 Ela Beach Hotel - POM 4 Day MBA Ric Wilmot CONSULTANT OCTOBER 11 Ela Beach Hotel - POM 4 Day MBA Ric Wilmot CONSULTANT OCTOBER 12 Ela Beach Hotel - POM 4

6 CPDs & Conferences CPA PNG CONFERENCES 2017 REGISTER NOW Certified Practising Accountants PNG Annual Conferences. o Kokopo Branch Conference 23rd June 2017 Kokopo, East New Britain Province o Lae Branch Conference 24th/25th August 2017 Lae, Morobe Province o CPA PNG & CPA Australia Joint Annual Conference 16th/17th November 2017 Port Moresby, National Capital District, PNG o Structured CPD Hours 7 structured CPD hours per day for members For Further Information Contact: Roddie Pidik Soweni roddie@cpapng.org.pg Tel: (+675) /

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