News for CFOs and members working in business (Issue no. 39, 23 July 2020)

Supporting accountants through uncertain times

The International Federation of Accountants (IFAC) Professional Accountants in Business Committee has issued a report that shares the knowledge, ideas, and experience of the committee to support accountants as they navigate these uncertain times, and as they address other ongoing opportunities and challenges facing the global profession. 

This report includes highlights from the 2-day virtual meeting of the PAIB Committee, which focused on key topics of relevance and importance to PAIBs, including:

• Value creation and integrated thinking

• Latest recruitment trends, evolving accountancy roles, and implications on learning and development

• Key areas of data for PAIBs

• Areas of innovation in public sector finance and accounting

• Guidance on expanding PAO membership

News and updates

Best Corporate Governance Awards open for entries

The Institute's Best Corporate Governance Awards are open for entry. This year the Awards celebrate their 20th anniversary. Over the decades they have enjoyed strong support from a wide range of stakeholders, including the government, financial market regulators, investor groups, professional associations, firms, the business community and academia.

The judging criteria and application process are explained in the pamphlet inviting entries for the awards. The submission deadline is 10 August.

Finance Insights – Reimagined

ACCA has recently published a report, produced in partnership with PwC, to demonstrate the role that finance business partners, as part of the broader accountancy and finance community, play in delivering insight and decision making across the organization.

The report also explores the increasing role finance business partners have in supporting financially and non-financially based decision making and broadening the skill sets and capabilities to enable organizations to take business decisions, and monitor their effectiveness, based on the overall organizational purpose.

Summary of COVID-19 financial reporting considerations

The IFAC’s webpage summarizes key financial reporting challenges and implications from COVID-19, and highlights various relevant resources available that can assist with some of the financial reporting challenges and issues.

Upcoming events and activities

PAIB Virtual Conference "Thriving in turbulent times: Business continuity and growth strategies"

This year's PAIB conference, scheduled for the morning of 19 September, will be a virtual conference jointly organized by the Institute and Bloomberg. The theme of this year's conference is "Thriving in turbulent times: Business continuity and growth strategies”, and the conference will provide an overview of the economic situation, as well as the opportunities and challenges during the pandemic.

Reserve the date and stay tuned for more information.

Mainland Business Interest Group webinar – Viewing Chinese culture from the Spring Ox Picture

At the upcoming MBIG webinar on 30 July, the speaker, will explain how the Spring Ox Picture was used to predict the weather and economy and its role in Chinese culture.

If you have suggestions on specific topics or speakers for future PAIB events, please let us know at paib@hkicpa.org.hk.

Features and articles

The following articles and publications may be of your interest:

Business articles

• Supporting businesses in financial distress to avoid insolvency during the COVID-19 crisis by OECD
• What business agility means for the long-term, post COVID-19 by CPA Canada
• How businesses have successfully pivoted during the pandemic from Harvard Business Review
• The COVID-19 recovery will be digital: A plan for the first 90 days by McKinsey Digital
• Six steps for flexible post-crisis planning in uncertain times by ACCA
• How CFOs can push past fear to resilience and resurgence from CFO.com
• 5 leadership styles for the workplace by U.S. News & World Report
• 5 time-management tips for finance professionals by Financial Management

Tax articles

• Non-performing loans – Is this the right timing for foreign investors? by Deloitte
• How big data affects the global tax landscape by EY
• US-HK trade, customs and tax – potential impacts by KPMG
• The revised DIPN 42 provides detailed guidance on the election for financial instruments assessed on fair value basis for tax purposes by PwC

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