Board Leadership Center webinar
Board Leadership Center webinar
On Tuesday, 28 April the Board Leadership Center organized a webinar on the impacts of COVID-19 for board members, through four lenses:
- Financial reporting impacts under IFRS
- Working capital & cash management
- Regulatory impacts
- Tax impacts
If you missed the webinar or would like to revisit all or some of the sections, we invite you to watch the recording and download the slides. If you have any further questions or comments, do not hesitate to reach out to the relevant experts as listed below.
You can find out more about the Board Leadership Center and our other upcoming events on our website or by following us on LinkedIn.
Lastly, we invite you to take a look at our COVID-19 pages, where we have gathered the latest insights and information on how to maintain business continuity in these unprecedented times.
Watch the recording:
- Financial reporting impacts under IFRS starts at 5:51 minutes.
- Working capital & cash management considerations starts at 26:08 minutes.
- Legal impacts starts at 39:27 minutes.
- Tax impacts starts at 55:57 minutes.
Financial reporting impacts under IFRS
Speaker: Frederic Poesen, Partner and Head of KPMG Belgium’s IFRS Institute and Internal IFRS Desk
Most companies are likely to be impacted by the coronavirus pandemic (COVID-19), either directly or indirectly, and the increased economic uncertainty and risk may have significant financial reporting implications. This session focuses on whether: (1) there are any going concern considerations; (2) the pandemic is an adjusting or non-adjusting event; (3) the pandemic has resulted in an unavoidable liability or a loss-making contract; (4) if any non-financial assets have become impaired; (5) if taxable profits will be available to recover deferred tax assets; (6) if there is any impact on expected credit losses; (7) how companies should account for rent concessions; and (8) the impact of COVID-19 on interim financial statements.
Working capital & cash management considerations
Speaker: Rob Steensels, Director and Head of KPMG Belgium’s CFO Advisory Services
This session highlights the challenges businesses are facing around cash and working capital as a result of the coronavirus pandemic, identifying potential economic risks to working capital, and how to instill a cash management focus.
Legal impacts
Speaker: Christophe Piette, Counsel at K law
This session discusses the legal impacts of the coronavirus pandemic, including the: (1) impact on agreements; (2) impact on the company; (3) supporting measures; (4) general meeting of shareholders; (5) insolvency; and (6) liability of directors.
Tax impacts
Speaker: Wouter Caers, Partner, Corporate and international tax
This session highlights a couple of fiscal attention points that you need to be aware of as a board member, centralized around the following topics: (1) cash tax management; (2) cost savings; (3) tax in the accounts; (4) travel restrictions and homeworking; and (5) tax strategy.
Useful links and articles
- Navigating the pandemic through a board lens
Navigating the uncertainty of the coronavirus pandemic requires a sharp focus on people, liquidity, operational risks, and contingencies, while keeping sight of the bigger picture: strategy, risk, and resilience. To help boards in their oversight of the company’s pandemic response – managing through the immediate crisis as well as addressing vulnerabilities exposed by the outbreak – we highlighted five key areas for board focus.
- 19 COVID-19 risks: insights into a changed risk landscape
COVID-19 requires us to oversee, anticipate, and manage many risks and opportunities. Critical decisions need to be taken but limited time is available. These 19 COVID-19 risks can be used as a checklist by board and audit committee members, as well as risk and internal audit professionals, to help you assess the current risk landscape.
- Fiscal and legal measures in times of COVID-19
While companies and governments try to manage the impact of COVID-19 on businesses and the economy, our KPMG experts are continuously monitoring the developments. They share current insights and useful overviews of all relevant measures on our dedicated pages.
- Resource center on the financial reporting impacts of coronavirus
The KPMG Global IFRS Institute’s COVID-19 Financial Reporting resource center focuses on the impacts for 2020 period ends and is continually updated as significant accounting and reporting issues arise.
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