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Our regular 6-monthly webinar on reporting matters for interim and annual financial reporting was this time presented over a two part series.

Part 1 focuses on the potential impacts of COVID-19 while part 2 highlights the considerations that relate to new accounting standards and regulatory changes.

Part 1: Potential COVID-19 impacts

Part 1, held on 28 April 2020 focused on some of the key potential impacts of the COVID-19 outbreak on financial reporting at 30 June 2020, including impairment of non-financial assets, accounting for government assistance, financial instrument considerations, leases and ability to continue as a going concern.

Insights were shared on how the year end audit process could be impacted, including auditor reporting, and tips were provided on how best to prepare yourself for your audit in this COVID-19 environment. Finally, we finished up with a discussion on the potential impacts of COVID-19 on business reporting, including the Operating & Financial Review in Directors Report.

Part 2: New accounting standard and regulatory changes

Part 2, held on 5 May 2020 highlighted considerations relating to new accounting standards and regulatory changes relevant for 30 June 2020 reporting, including the new leases standard.

We looked ahead and provided an overview of upcoming standards and projects being considered by both the IASB and the AASB.

There have also been many recent developments in good practice business reporting, including many regulator and other demands for more information, especially on non-financial risks (i.e. climate, culture, social impact and COVID-19). We provided an overview of recent changes, what leading organisations are already doing and practical guidance to support next steps. We also covered reporting on business model resilience.