COVID-19: The implications for financial reporting and audit
The External Reporting Board (XRB) and the Centre for Accounting Governance and Taxation Research held a joint webinar on 17 June to discuss the implication of Covid-19 for financial reporting and audit.
Professor Tony van Zijl, Director of the Centre, introduced the panel:
- Michele Embling – Chair of the XRB and Chair of PwC in New Zealand
- Craig Fisher – Member of the Auditing and Assurance Standards Board of the XRB, Chair of the External Reporting Advisory Panel of the XRB, and a Consultant with RSM NZ
- John Kensington – Deputy Chair of the Audit and Assurance Standards Board, member of the XRB, and a financial services partner with KPMG
- Jackie Robertson Cheyne, – Member of the XRB, a professional director and earlier an audit and assurance partner with Deloitte.
Michele steered the discussion over a wide range of topics including fair value measurement, impairment of assets, leases, expected credit loss assessment, subsequent events, revenue recognition, assessment of going concern, and audit reporting. Jackie Robertson Cheyne provided the director perspective on these topics, John Kensington the large corporate perspective, and Craig Fisher the not for profit perspective. April Mackenzie, CEO of the XRB, thanked the panel members and urged reporting entities to engage early with the issues, take advice, and to provide full disclosure. April noted that the webinar had been attended by 190 people.