The Accountant Nov-Dec 2016

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MEMORABLE QUOTES “Despite the fact that the constitution protects individuals against all forms of discrimination, including on the basis of sexual orientation, it also only recognizes marriages as a union of two consenting adults. Male and female” Attorney General Githu Muigai; opposing a case asking the court to declare sections of law criminalizing gay and lesbian relationships unconstitutional “He was very well and healthy. He had supper with some members of the family and at around 10 pm, he went upstairs to his bedroom to sleep. Somehow, he complained of feeling suddenly tired. He slept and died. He just slept.” Lydia Masikonte daughter of former cabinet minister William Ole Ntimama; explaining the state of the veteran politician before he died recently “But to most Kenyans, he was first a Maasai leader and a champion of their dignity, culture and pride. Therein lies his legacy; Ntimama saw, read and interpreted the politics of the land through the prism of the rights of the Maasai.” Columnist Kwendo Opanga ; remembering the late William Ole Ntimama “I called several people who confirmed to me that he was no more. I am pained.” Worker of the late Tom Cholmondeley who died in August 2016 following what was reported as a hip operation; Tom Cholmondeley held the title of sixth Baron Delemere and was managing a vast farm in Naivasha. “I am encouraged to learn this institute is already playing a critical role in reducing conflicts in communities by involving women in green energy technology, and in environmental conservation.” President Uhuru Kenyatta: said this when he laid the foundation stone for an ultra modern centre at the University of Nairobi to house the Wangari Maathai Institute for Peace and Environmental Studies. “Virtually every African country has an industrialization policy and talks glowingly about it while doing nothing even where the opportunity knocks on the doors.” Bitange Ndemo; associate professor at the University of Nairobi’s School of Business “When somebody challenges you, fight back. Be brutal, be tough.” Republican U.S Presidential hopeful- Donald Trump “You know the funny thing; I don’t get along with rich people. I get along with the middle class and the poor people better than I get along with the rich people.” Donald Trump “Experience taught me a few things. One is to listen to your gut, no matter how good something sounds on paper. The second is that you’re generally better off sticking with what you know. And the third is that sometimes your best investments are the ones you don’t make.” Donald Trump “Education is inoculation against disruption; as you learn and study more, you’ll know more about your craft and understand how the masters lift their games. And once you do that, you’ll be able to deliver more value to your marketplace. And those who deliver the best value get paid the most, enjoy the greatest fulfillment and create lives they adore. “ Robin Sharma Youth is wasted on the young George Bernard Shaw Nothing is a waste of time if you use the experience wisely Auguste Rodin Good teachers know how to bring out the best in students Charles Kuralt It does no harm just once in a while to acknowledge that the whole country isn’t in flames, that there are people in the country besides politicians, entertainers, and criminals. Charles Kuralt I could tell you which writer’s rhythms I am imitating. It’s not exactly plagiarism, it’s falling in love with good language and trying to imitate it. Charles Kuralt To an adolescent, there is nothing in the world more embarrassing than a parent. Dave Barry Scientists now believe that the primary biological function of breasts is to make males stupid. Dave Barry Insanity is doing the same thing over and over again and expecting different results. Albert Einstein We cannot solve our problems with the same thinking we used when we created them. Albert Einstein The true sign of intelligence is not knowledge but imagination. Albert Einstein Everyone should be respected as an individual, but no one idolized Albert Einstein Only two things are infinite, the universe and human stupidity, and I’m not sure about the former Albert Einstein Education is what remains after one has forgotten what one has learned in school 54 NOVEMBER - DECEMBER 2016
TID BITS Angelina Jolie says UN undermined by sexual abuse by peacekeepers Angelina Jolie made a surprise appearance at a major UN peacekeeping summit, where she told delegates from 80 countries that the organisation’s reputation had been undermined by intolerable cases of sexual abuse by peacekeepers. The UN special envoy and actor described being moved by the desire for justice and accountability of refugee women she had met who had been abused by international troops. Jolie said: “We all know that the credibility of UN peacekeeping has been sadly undermined by the actions of a few intolerable cases of women and children being sexually exploited by the very people in charge of protecting them.” Calling for the prosecution of peacekeepers who commit abuses, she said a new approach to peacekeeping was needed that had the “rights and protection and involvement of women at its heart”. She also called for more women to participate in missions. “Peacekeeping forces can only gain and keep the trust of local populations if they are able to engage with women as well as men in that community,” she said. Source; the guardian Ivory Coast evicts thousands of farmers to save forests Before the morning mists had broken over Ivory Coast’s Mont Peko National Park, thousands of newly homeless cocoa farmers and their families began to stir, fetching water and lighting cooking fires outside Sylvain Zongo’s church at the forest edge. Since independence in 1960, Ivory Coast has built its economy - Africa’s largest - on cash crop agriculture, growing about 40 percent of the world’s cocoa, which makes up some 15 percent of its GDP. I don’t know what I am going to do. All I can do is pray to God, otherwise it breaks my heart,” the pastor said, surveying a scene more evocative of the West African nation’s civil war years than its relative prosperity today. This is the human toll of a government crackdown on illegal farmers that could leave hundreds of thousands destitute, dent gross domestic product and inflame tensions left over from years of unrest. It is the consequence of what may be Ivory Coast’s last chance to save the most rapidly disappearing forest in Africa, home to endangered chimpanzees, forest elephants and the rare pygmy hippopotamus. While the chocolate ingredient helped it become a relatively prosperous nation in a desperately poor region, it also brought it to the brink of an ecological disaster. Ivory Coast lost 80 percent of its virgin forest between independence from France in 1960 and 2010, according to the European Union. Another study by Ivorian and French scientists estimated it had the highest rate of deforestation in Africa - with 265,000 hectares cleared annually by 1999 - even before the onset of political unrest that accelerated the destruction. During the 2002-2011 crisis, which included two civil wars, park rangers and forest officials abandoned areas they were protecting. The 34,000-hectare Mont Peko, which means “mountain of hyenas” in the local Guere language, became a symbol of the lawlessness that reigned during that period as armed warlords seized control of the land and sold off parcels, many to immigrants from neighbouring countries. Source: enca.com NOVEMBER - DECEMBER 2016 55
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JOURNAL OF THE INSTITUTE OF CERTIFI
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TABLE OF CONTENTS 21 Business Pract
Page 5 and 6: EDITORIAL Dear Reader, Do we still
Page 7 and 8: Financial reporting and assurance m
Page 9 and 10: Financial Reporting and Assurance t
Page 11 and 12: Spending too much time on IFRS and
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Page 17 and 18: MANAGEMENT This is how I further pr
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Page 25 and 26: ICPAK L ve Tap and Connect You can
Page 27 and 28: Finance and investment The proposal
Page 29 and 30: Finance and Investment begs for ans
Page 31 and 32: Finance and Investment According to
Page 33 and 34: Finance and Investment for instance
Page 35 and 36: Finance and Investment • Account
Page 37 and 38: COVER STORY Like the newly weds who
Page 39 and 40: Finance and Investment INTEREST RAT
Page 41 and 42: WORK PLACE Diamonds do not look lik
Page 43 and 44: INSPIRATION brought them satisfacti
Page 45 and 46: HEALTH they are sick, and more prec
Page 47 and 48: HEALTH several mistakes, among them
Page 49 and 50: SOCIETY would build the elevator on
Page 51 and 52: WORK PLACE 2) You are present fully
Page 53 and 54: ENVIRONMENT ways birds (and other a
Page 55: WHERE WOMEN ACCOUNTANTS BELONG! Our
Page 59 and 60: COMPLEX TO LET Structure • Eleven
Page 61 and 62: INSTITUTE NEWS About ACCA ACCA (the
Page 63 and 64: TRAVEL which is the main internatio
Page 65 and 66: TRAVEL access to all the city’s m
Page 67 and 68: PEN OFF or financial, to carry out
Page 69 and 70: By Sharon Gatonye Sgatonye@outlook.
Page 71: ICPAK PREMIER EVENTS 2016 Executive
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The Accountant Nov-Dec 2016

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