• Impact of COVID-19 on revenue recognition, fair value measurement, provisions and going concern

Impact of COVID-19 on revenue recognition, fair value measurement, provisions and going concern

Date: Wednesday 10 March 2021
Time: 12pm - 2pm

BDO New Zealand
Virtual Workshop  
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  • Summary

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Be COVID-19 prepared for 31 December 2020 and 31 March 2021

The 2019 novel coronavirus (COVID-19) outbreak poses a serious public health threat. It is interrupting the movement of people and goods throughout the world, and many levels of governments are implementing restrictions on individuals and businesses. These actions are likely to have a devastating impact on the global economy and many businesses, which will have a flow-on effect to 31 December 2020 and 31 March 2021 financial statements.

This hands-on masterclass series will have you ready to prepare 31 December 2020 and 31 March 2021 financial statements reflecting the impact of COVID-19.

Presented by BDO’s NZ IFRS Advisory experts and using multiple practical case studies, it will assist you to develop an approach to follow when your organisation is preparing 31 December 2020 and 31 March 2021 financial statements and set you on a path to be ‘audit ready’.

Session 3: NZ IFRS 15, NZ IAS 1 and Other NZ IFRS issues

Through the use of multiple practical case studies and interactive activities, attendees will gain an in-depth knowledge of accounting for and disclosing:

  • Revenue recognition
  • Going concern assessments
  • Inventory write-downs
  • Investments in associates and joint ventures
  • Valuing assets and investments
  • Various provisions, including onerous contracts and termination provisions

 

This interactive workshop is ideal for

  • Financial Controllers
  • Finance Managers
  • Accountants
  • Auditors
  • Those involved in any aspects of financial or corporate reporting

Learning outcomes

In this interactive workshop you will learn how to appropriately account and consider the impact of COVID-19 for:

  • Revenue recognition for variable consideration such as volume rebates & returns, delay penalties, changes to contract terms and recognising revenue when collection is not probable
  • Going concern assessment and be able to identify the appropriate level of disclosure required
  • Identifying when inventory write-downs is required
  • Investments in associates and joint ventures
  • Valuing assets and investments
  • Various provisions, including onerous contracts and termination provisions

What you will receive

By attending this workshop you will receive:

  • A participants workbook with practical case studies (prior to the commencement of the session)
  • A solutions workbook (after the workshop)
  • Presentation slides (after the workshop

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