ACCA – Wolters Kluwer Joint Event: Accounting for COVID-19 in your preparation of Financial Reports

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Description

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The coronavirus (COVID-19) pandemic developed rapidly in 2020, with a significant number of cases globally. Measures taken to contain the virus have significantly affected economic activity, which in turn has implications for financial reporting.

This workshop aims to illustrate implications on common accounting areas by using illustrations and practical cases.

Programme Outline

• Disclosing material uncertainties related to events or conditions (the consequences of COVID-19) that may cast significant doubt upon the entity's ability to continue as a going concern.
• Disclosing the impact of COVID-19 on future performance and therefore on the measurement of some assets and liabilities or on liquidity when they do not create a material uncertainty that casts significant doubt upon the entity’s ability to continue as a going concern.
• Disclosing the impact COVID-19, which is not expected to be significant in relation to expected future performance, or the effects on some future asset valuations.
• Expected credit loss of trade receivables - example of a provision matrix in a COVID-19 environment.
• Accounting for government grant in relation to Job Support Scheme (JSS)
• Accounting for government grant in relation to property tax rebate for landlord and tenants
• Accounting for rent concessions for lessees using practical expedients in FRS 116 – leases
• Accounting for rent concessions for lessors in FRS 116 – Leases
• Example of a borrower accounting for a loan repayment holiday imposed by law
• Example of a borrower accounting for a loan repayment holiday negotiated between a bank and a borrower

This workshop qualifies for 7 CPE hours in Financial Reporting Standards and Pronouncements (Category 1).

Target Audience

Accountants and Auditors

Expert Speaker

Chee Hay Kheong Daniel

Daniel holds an Honours degree in Accountancy from the National University of Singapore and is a Certified Information Systems Auditor (CISA). He has more than 13 years of experience in the accounting profession, having worked for one of the Big 4 accounting firms both in Singapore and in the United Kingdom. He has also more than 5 years of senior management experience with MNCs, managing their operations in Singapore and Asia.

Daniel is a highly sought-after seminar trainer, and is currently an Adjunct Professor in the School of Business, Singapore University of Social Sciences. Prior to this, he was an Adjunct Associate Professor in the Department of Accounting of the NUS Business School. He served as a committee member of both the IT Committee and the Examination Committee of ISCA, and was a Committee member of the Disciplinary Sub-Committee of Accounting and Corporate Regulatory Authority (ACRA).