Request For Expressions Of Interest For Training In International Financial Reporting Standards

REPUBLIC OF RWANDA MINISTRY OF INFRASTRUCTURE

TRANSACTION ADVICE AND CAPACITY BUILDING PROJECT FOR THE ENERGY SECTOR
REQUEST FOR EXPRESSIONS OF INTEREST
FOR TRAINING IN INTERNATIONAL FINANCIAL REPORTING STANDARDS

Background:

The Government of Rwanda (GoR) represented by the Ministry of Infrastructure (MININFRA) has received funding from the Investment Climate Facility for Africa Trust (ICF) for the implementation of support to the Energy and Power Sector in Rwanda in order to reduce the barriers to investment and economic growth. A capacity building and transaction advice project has been developed by MININFRA in cooperation with ICF, that is meant to address shortfalls in expertise in the Energy Sector in Rwanda, not only in the Ministry itself but also in the utility regulating agency (RURA) as well as the power utility (RECO).
The Ministry of Infrastructure intends to apply part of the proceeds to the procurement of a training in international financial reporting standards for the Rwanda Electricity Corporation (RECO) and now invites applications from eligible candidates or companies to provide the training services.

The vision of RECO is to be the most efficient and customer centric utility company in the region and it has the mission to provide sufficient and quality water and electricity to customers at affordable and sustainable rates that support the socio-economic development programs of the country.

To achieve this, the organization also utilizes funds from different International Development Partners and Creditors such as the World Bank, African Development Bank, etc.

Accordingly, RECO needs to uphold proper accounting and financial reporting. This has led to the adoption of International Financial Reporting Standards (IFRS) as the basis of financial reporting.

OBJECTIVE:

The objective of this assignment is to train RECO finance and accounting staff in International Financial Reporting Standards through the use of case studies and examples. This training should cover: IFRS compliant Balance sheet format and contents, Income statement presentation and specific disclosures (earnings per share, segment reporting, discontinued operations, accounting policies), Cash flow statements, Statement of shareholders equity and movement in reserves, Interim reporting; Recognition and measurement of revenues and expenses, Property, plant equipment, intangible assets, inventories, investment property including the accounting treatments of impairment and assets held for sale, Interest capitalization, Accounting estimates and errors; Revenue recording, Budgeting, Financial Forecaste, change in accounting policy, Provision/non-financial liabilities, Contingencies, Share-based payment/Leases, Current and deferred taxes, special purpose entities (projects) and subsidiary reporting, Construction contracts, Foreign exchange transaction and financial statement translation, Post balance sheet events, Government grant, Reporting Employee benefit plans; First time adoption of IFRS, Accounting for environmental attributes (carbon credits and renewable energy funds), Discussion of future developments, etc.
In particular the training should be tailored to suit electricity utility needs.

OUTPUTS:

This training should address RECOs need for full understanding of International Financial Reporting Standards.

It should be conducted through the use of case studies, examples, exercises and illustrative financial statement and shall include but not be limited to:
- Overview on International Financial Reporting standards(IFRS),
- Content of IFRS Financial Statements.
- Understanding International Accounting Standards,
- Transitioning to IFRS,
- Impact to first-time adoption of IFRS,
- Recently issued standards, interpretations and their impact on electricity utility companies;
- Proposed IFRS changes that will affect electricity utility companies.
- Disclosure requirements
- Discussion of the differences between Rwandan accounting standards and IFRS

SCOPE OF SERVICES:

The training will be provided to selected finance department staff that are involved or have the potential to do financial reporting at the highest level. The training should equip them with skills to carry out the present tasks, prepare them for future roles and be detailed enough to enable them impart some knowledge to their colleagues in the department. The training shall provide them with sufficient documentation and self-study material to allow the trainees to apply the newly acquired skills independently in their day to day work.
The training shall be conducted in English.

Deliverables:

- At the end of this training the consultant must provide a certificate and syllabus to every participant.
- The consultant shall issue a full report on the training.
Qualifications and Experience
- Company Profile: ACCA, CPA or ACA qualified professionals who clearly understand IFRS and have experience in IFRS training. CVs of the individual consultants to be involved in the training have to be provided
- Experience: Minimum five(5) years of experience in similar assignments;
- Reference: The consultancy firm must indicate the kind of the companies to which they have provided similar services including their contact details
- French language skills are a strong advantage in order to facilitate communication during the training with the participants.

Submission of Expressions of Interest
Expressions of interest with relevant references should be submitted not later than 25th April 2011 to the:
ICF Transaction Advice and Capacity Building Project for the Energy Sector
Ministry of Infrastructure
Room 505
P. O. Box 24, KIGALI
eva.paul@mininfra.gov.rw

Only short listed companies will be requested for a technical and financial proposal