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(English) Impact of Covid 19 on Preparation of Financial Statements by Ng Kean Kok (Chartered Accountant)
20200325 Impact of Covid 19 on Preparation of Financial Statements - A Must-Attend for Preparers & Auditors
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Preliminary Consideration and Disclaimer (5:47)
Background (13:06)
Examples of Consideration (10:13)
Issue 1 : Materiality of Event (7:02)
Consideration in Assessing Materiality (8:14)
Issue 2 : Access Financial Impact (14:27)
Issue 3 : Events after the Reporting Period (20:48)
Issue 4 : Going Concern (12:52)
Issue 5 : Fair Value Measurements (10:41)
Issue 6 : Expected Credit Loss Assessment (5:17)
Issue 7 : Impairment (6:50)
Other Comments on Disclosure (5:26)
For Auditors (4:14)
Auditors : How does COVID - 19 impact risk assessment and materiality and what should we do? (6:28)
QNA 1 : If I have a client with 31st March year end, and we cannot / do not attend stock date, how do we address this ? (2:09)
QNA 2 : If the director is not in Malaysia, and if he can't find the audit report, what happens? (1:58)
QNA 3 : While we are expecting losses, what if there is substantial gains due to the sudden surge in sales? (2:51)
QNA 4 : Is there an extension of time to submit audited financial statements to SSM & IRB respectively? (1:04)
QNA 5 : In gesture of goodwill, my company allows company to have sale returned after balance sheet date 31 Oct 2019. If the sale return is material (3% of yearly average sale), shall it be an adjusting event after reporting date? (4:52)
QNA 5 : In gesture of goodwill, my company allows company to have sale returned after balance sheet date 31 Oct 2019. If the sale return is material (3% of yearly average sale), shall it be an adjusting event after reporting date?
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