Financial Reporting Webinar Series

Welcome to our Financial Reporting Webinar series. Our webcasts are designed to address the most topical issues in financial reporting and explain the many ongoing changes in the financial reporting landscape.

The COVID-19 crisis has provided an environment with increased opportunity and pressure for fraud to occur. Whilst fraud typologies may not have changed much, the ways they are being perpetrated may be new. It’s time to consider the new environment and reassess whether your mitigation strategies and tactics for mitigating fraud and misconduct are still appropriate, including preventing financial statement fraud. This webinar addresses the following topics:

• Increasing financial, operational and people challenges in the current environment
• Financial statement fraud – new pressures and opportunities
• Accusations and issues highlighted by shortsellers
• The regulatory landscape
• Response from management – a mitigation framework

2020 has been marked by multiple unprecedented developments that cause businesses to pause and rethink.  As we draw close to the end of financial year 2020, our panel of speakers will share with us some key reminders and insights in preparation for the 2020 annual report. 

During the webinar, we cover observations of the financial accounting issues arising for companies operating in Hong Kong and some Mainland-specific issues including:

• Common issues on the application of IAS/HKAS 36 Impairment of Assets;
• Lessons learnt applying the revenue, leases and financial instruments standards;
• Reminders on presentation and disclosure principles in the financial statements; and
• Use of non-GAAP measures in the annual report.

The World Economic Forum (WEF), in collaboration with the Big 4 accounting firms have recently released the Measuring Stakeholder Capitalism: Towards Common Metrics and Consistent Reporting of  Sustainable Value Creation White Paper in response to the demand for a common reporting framework on ESG metrics. Some business commentators believe that COVID-19 has most likely accelerated the priority on ESG issues globally. In the US alone, Morningstar has reported record inflows into ESG funds in the first half of 2020. 

With the increasing spotlight on ESG, the quality of ESG reports is also a topical issue and investors have increasingly called on companies to get some level of assurance on the reported information.

This webinar discusses the recent developments including:

• key elements of the WEF common reporting metrics
• the forthcoming ESG Assurance Reporting guide issued by the HKICPA which encourages listed companies to seek independent assurance to strengthen the creditability of ESG information disclosed in their ESG / sustainability reports. 

2020 proves to be a challenging year for companies to look through the crystal ball. When it comes to the traditional budgeting season where companies would also be looking into impairment testing of goodwill, "business as usual" would probably be the least likely answer this year.

This webinar explores the current approach on goodwill and impairment; the challenges and criticisms on the current approach to the impairment test and highlight the key proposals from the IASB's discussion paper on this hotly debated topic.

Janet Cheung
Partner, Head of Valuation & Modelling Services, China & Hong Kong
KPMG China

Serene Seah-Tan
Partner, Department of Professional Practice
KPMG China

Cyan Sze
Partner, Deal Advisory, Corporate Finance, Hong Kong
KPMG China

The International Accounting Standards Board ("IASB") has proposed improvements to the way companies report on their financial performance, requiring more comparable information in the income statement; and a more disciplined and transparent approach to the reporting of management-defined performance measures ("non-GAAP measures").

This webinar focuses on the IASB's Primary Financial Statements project and how the presentation of line items in the income statement would change under the proposed requirements.

Paul Lau
Head of Professional Practice, Head of Capital Markets
KPMG China

Steve Ong
Head of Accounting Affairs, Listing Division
HKEX

Ann Tarca
Board Member
IFRS Foundation

An organisation's ESG report demonstrates its ability to identify and manage ESG risks that are linked to financial performance. With the increasing importance of ESG to regulators, investors, bankers and insurers, your ESG report becomes a key component of how your organisation is valued.

In this webinar, our ESG experts share their insights on the importance of a comprehensive ESG report and how this can help your organisation generate long term stakeholder value.

Jocelyn Ho
Manager, Sustainability, Management Consulting
KPMG China

Pat Woo
Partner, Head of Sustainable Finance, Hong Kong
KPMG China

Derek Yuen
Partner, Assurance, Business Reporting and Sustainability
KPMG China

This webinar focuses on the potential financial reporting impacts for 2020 period ends and answers the questions that have arisen during this period - what do companies have to watch out for; what actions can they take? A panel of our technical experts share their insights and reminders on the importance of effective communication through the financial reporting process with investors and other stakeholders.

Martin Friedhoff
Partner, Department of Professional Practice
KPMG China

Serene Seah-Tan
Partner, Department of Professional Practice
KPMG China

Jim Tang
Partner, Department of Professional Practice
KPMG China