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Description

The COVID-19 outbreak has developed rapidly in 2020. Measures to prevent transmission of the virus include limiting the movement of people, restricting flights and other travel, temporarily closing businesses and schools, and cancelling events. This will have an immediate impact on businesses. Management should carefully consider the impact of the COVID-19 on financial statements, including:

1. Impairment of assets
2. Discount rates
3. Associates and joint ventures accounted for using the equity method
4. Inventories
5. Property, plant and equipment
6. Expected credit loss
7. Leases and concession
8. Investment properties measured at fair value
9. Revenue recognition
10. Government assistance
11. Provisions
12. Onerous contracts
13. Contingent assets
14. Breach of covenants
15. Events after the reporting period
16. Going concern
17. Disclosure of financial risk

 

This workshop qualifies for 1.5 CPE hours in Financial Reporting Standards and Pronouncements (Category 1).

Expert Speaker

Chee Hay Kheong Daniel

Daniel spent more than 13 years in a Big 4 audit firm in Singapore and in audit and consulting work in London, before joining a Korean conglomerate as its General Manager in the venture capitalist division. He then joined a Dutch listed company as its Managing Director for Singapore and eventually as Managing Director for Singapore and Malaysia.

Daniel was an Associate Professor (Adjunct) in the National University of Singapore’s NUS Business School for 8 years teaching their audit and advanced audit modules. He is now a Professor (Adjunct) in the Singapore University of Social Sciences (SUSS).

Target Audience

Accountants and Auditors

What you will learn

A good understanding of the impact of COVID-19 on financial statements