Resolving Financial Reporting Issues in Practice
Presenters : Constance Kawelenga CA(SA)
Overview
Addressing financial reporting issues in practice requires a multi-faceted approach to tackle the challenges effectively and efficiently. The approach requires a detailed analysis of transactions, data processing, and reporting methodologies to accurately identify the root cause(s) of discrepancies.
Some of the common financial reporting issues include:
- Revenue recognition – Issues arise from the difficulty in determining the appropriate timing and amount of revenue to be recognised especially for complex transactions.
- Financial instruments – The valuation and classification of financial instruments can be complex, especially with derivatives and other complex financial products.
- Goodwill and impairment – Main issues arise from determining the recoverable amount of goodwill and other intangible assets for impairment testing purposes can be subjective and complex, particularly in volatile or uncertain economic conditions.
Join Constance Kawelenga CA(SA) as she equips you with practical strategies and insights for effectively identifying, addressing, and preventing common financial reporting challenges encountered in real-world scenarios.
Learning Objectives
By attending this webinar, you will gain the following competencies:
- Possess a strong appreciation of the background of regulatory requirements impacting financial reporting.
- Have an understanding of the importance of accurate financial reporting as it impacts different stakeholders and their needs.
- Know some common financial reporting issues that accountants in practice find challenging and why most of these challenges are of a recurring nature.
- Gain an awareness of key financial reporting areas and provide a process of identifying reporting issues in a systematic manner.
- Own techniques, tools and resources for proactively addressing financial reporting challenges.
Content
The webinar will cover the following topics:
- Regulatory Framework and Standards.
- Overview of relevant accounting standards (e.g. IFRS).
- Regulatory requirements impacting financial reporting.
- Importance of accurate financial reporting for stakeholders.
- Informed decision making.
- Risk assessment.
- Transparency and accountability.
- Legal and regulatory compliance.
- Investor confidence.
- Credibility and reputation.
- Overview of common financial reporting challenges.
- Revenue recognition.
- Expense recognition.
- Asset valuation.
- Financial instruments.
- Lease accounting.
- Tax reporting.
- Fair value measurements.
- Business combinations and consolidation.
- Disclosure requirements.
- Internal controls and compliance.
- Identifying reporting issues.
- Review financial statements.
- Compare to industry standards.
- Analyse accounting policies.
- Assess disclosure quality.
- Scrutinise internal controls.
- Consider auditor insights.
- Investigate unusual transactions.
- Evaluate management integrity.
- Monitor red flags.
- Seek professional advice.
- Key reporting areas.
- Income statement.
- Balance sheet.
- Cash flow statement.
- Statement of changes in equity.
- Notes to financial statements.
- Directors'/ members' report.
- Financial ratios and metrics.
- Communication and collaboration.
- Clarity and accuracy.
- Timely resolution.
- Risk management.
- Conflict resolution.
- Tools and resources to resolve financial reporting issues.
