Local adoption of IFRS S1 / S2 (ISSB Standards)
ICPAK issued a November 2024 roadmap adopting IFRS S1 and S2, with voluntary application from 2024 and mandatory application for public interest entities from 2027, large non-public-interest entities from 2028 and SMEs from 2029. In 2026 ICPAK required public interest entities to complete a readiness assessment before the 2027 start; its September 2026 report found an average readiness score of 1.51 out of 4.
- Enforcement
- Mandatory
- Effective date
- Voluntary: accounting periods beginning on or after 1 January 2024. Mandatory: 1 January 2027 for public interest entities; 1 January 2028 for large non-public-interest entities; 1 January 2029 for SMEs. Government organizations reporting under IPSAS: 1 July 2028 according to ICPAK's September 2026 readiness report (the November 2024 roadmap notice listed this as to be determined by ICPAK). Mandatory assurance for PIEs: limited assurance from 1 January 2028, reasonable assurance with limited assurance on Scope 3 from 1 January 2029, reasonable assurance on all disclosures from 1 January 2030; large non-PIEs 2029, 2030 and 2031; SMEs 2030, 2031 and 2032; government organizations 1 July 2030, 2031 and 2032
- Covered entities
- Public interest entities, which ICPAK's 2026 readiness assessment covered as seven sectors: companies listed on the Nairobi Securities Exchange, commercial banks regulated by the Central Bank of Kenya, insurers regulated by the Insurance Regulatory Authority, retirement benefit schemes regulated by the Retirement Benefits Authority, fund managers of collective investment schemes and alternative investment funds regulated by the Capital Markets Authority, deposit-taking SACCOs regulated by SASRA, and large state corporations and government-controlled entities reporting under IFRS. Later phases: large non-PIEs (2028), SMEs (2029), and government organizations reporting under IPSAS