CaseWare Africa has released a fully updated and localised version of its world-leading software for automating annual financial statements that fully complies with the new Kenya Companies Act 2015. The new Act came into force in July 2017.

This is a milestone for CaseWare Africa because it represents the first full localisation of the CaseWare product in line with local legislation in an African country, says Theuns Holtshousen, Business Leader for CaseWare Africa.

"CaseWare Africa is very focused on adapting our international templates to local needs. To that end, we have a large development team of 50 development and accounting experts to localise CaseWare's world-leading product, which is fully compliant with International Financial Reporting Standards (IFRS)," he says. "The new Kenya Companies Act is a highly progressive piece of legislation in line with global best practice in company law, and so presents a perfect opportunity to accomplish a fully-fledged localisation of our software."

Mr Holtshousen says that CaseWare Africa is offering two Kenya-specific releases, one for large, publicly owned corporates (IFRS 2016.02.04) and one for smaller, private companies (IFRS for SMEs 2016.01.04). This is in line with one of the major developments in the new Kenya Companies Act.

In localising its product, CaseWare Africa's development team collaborated closely with Simon Fischer, a recognised technical expert in both Kenya and globally. He is responsible for the IFRS Africa regional desk, and currently serves on the Institute of Certified Public Accountants of Kenya's Professional Standards Committee. In addition, he serves on the SME Implementation Group appointed by the International Accounting Standards Board.

Localisation enables CaseWare to offer the benefits of interpretations that are in line with international accounting and reporting standards, and will thus carry weight with Kenyan authorities and analysts, but that are also closely tailored to Kenya's own legislative requirements.

"The new Kenya-specific software also opens up the benefits of automation more fully to the local market. Automation is changing accounting and auditing because it allows even smaller financial services firms to benefit from leading intellectual capital, while streamlining complex processes and maximising profitability. They can thus compete with the biggest firms for large accounts, and improve service delivery. Critically, automation frees up valuable human resources for value-added work," Mr Holtshousen points out.

He adds: "In addition, CaseWare is constantly being updated in line with changing local and international requirements, removing a huge administrative burden and responsibility from companies and their financial services partners. The need for a technical/ development capability is also avoided as CaseWare offers full support."

The recently released Kenya version of CaseWare is updated with all new standards and interpretations as directed by the International Accounting Standards Board up to 30 June 2017, and details all the changes made in line with the new Act. Further updates will be made as and when necessary.

"Both versions have already been downloaded and are in use, and initial feedback is extremely positive," concludes Mr Holtshousen. "We are confident that this CaseWare release has the potential to help Kenya to continue building a vibrant and globally competitive business environment."