Towards the New Normal: Addressing Technical Challenges in Financial Reporting, Tax and Audit
Date:
24 September 2020, Thursday
Programme Synopsis
This unique Symposium will provide a deep dive into key technical issues that are critical this year; in Financial Reporting, Tax and Audit with a theme to address the technical challenges you are facing from this pandemic. Besides technical matters, it will review and demonstrate technologies that will impact tax, audit and financial reporting, including those in response to the challenges posed by COVID-19.
Looking ahead, with a view to recovery from Covid-19, it is important to take note that several research studies have pointed to new job roles for professional accountants in the current decade. ACCA’s global professional insights reports on Covid-19 this year highlighted specific areas that will have a wide-ranging impact on your technical work.
Have you addressed these issues to minimise disruptions to your business or practices?
- FINANCIAL REPORTING: The assessment of adjusting vs. non-adjusting events, going concern assumptions, disclosures and valuations.
- TAX: A review of the relevant Budgets and government assistance that will you enable you to advise clients and management on how to stay afloat during this pandemic. Furthermore, as the volume of trade in digital goods and services skyrockets during Covid-19, it is important to evaluate the tax implications.
- AUDIT: The nature of the audit process requires engagement and interaction with the audited entity and for many firms, the crisis is creating a systemic shock to normal client engagement activities. From increased pressure to complete audit work through to challenges in acquiring audit evidence, and very sensitive judgements in areas such as going concern, auditors will need to re-evaluate how they undertake normal auditing activities.
This Symposium will bring together experts to provide you with sound strategies, as well as practical tips, on how to address the many technical challenges that come with this unprecedented crisis.
Programme Outline
- Welcome/Opening by Chair
- Addressing the challenges beyond COVID-19
- The Rise of a Digital Finance Strategist
Financial Reporting
- Addressing the global impact of COVID-19 on Financial Reporting
- How COVID-19 impacts IFRS16 - Accounting for Lease Modifications and Business Valuations
- Technical Discussion: Impact of Covid-19 on Financial Reporting
Audit
- Implications of Covid-19 on Audit
Tax
- The Rise of Digital Tax and Impact on Global Digital Tax Negotiations & Transfer Pricing
- Accessing Government Support Schemes: Preserving liquidity during a pandemic
- Summary & Conclusion by Chair