On demand webinar
The Coronavirus, or ‘COVID-19,’ was declared as a global health emergency by the World Health Organisation (‘WHO’) on 31 January 2020, following which national governments took action. As such, the effects of COVID-19 were generally a ‘non-adjusting event’ for financial reporting purposes, and forecasts, projections and associated assumptions used in preparing financial statements as at 31 December 2019 would reflect either little or no change. Financial statements will need to incorporate the effects of COVID-19 for reporting periods ending on or after 31 January 2020.
Entities in nearly every financial services sector are impacted and the financial reporting implications may be similarly broad. Precise effects will depend on the facts and circumstances of each entity. As the effects of the outbreak change and evolve, it may become difficult to distinguish which information, facts and circumstances should be incorporated into measurement as at period end and, which should result in potential subsequent event disclosure.
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Mark Spencer, BDO
Mark is BDO UK’s Financial Services Accounting Advisory Leader and has been so since this team’s inception. He leads this BDO offering to clients across accounting change (IFRS 9, 16 and 17 and first-time adoption), accounting for group reorganisations and structuring of transactions, financial instruments, climate and corporate reporting and all other aspects of accounting.
Mark has over 14 years’ experience of providing advisory and assurance services to credit institutions, non-bank lenders, investment banks, insurers, broker dealers, asset managers, investment houses, securitisation vehicles and treasury functions in Europe, the Americas and Asia Pacific. When doing so he has engaged with various members of the C-Suite.
Mark’s special interests in relation to financial instruments include loan loss provisioning, classification and measurement, recognition and de-recognition, valuation, offsetting and hedge accounting under IAS 39, IFRS 7, IFRS 9 and IFRS 13. He also has a special interest in the tax implications thereof, insurance accounting and acquisitions and disposals of interest in businesses.
Philippa Kelly, ICAEW
Philippa was appointed ICAEW’s Head of Financial Services in 2018.
Prior to that she focused on assurance related projects and was responsible for the development of Banking regulatory ratios: ICAEW assurance framework and Assurance reports on benchmarks and indices. Her current projects include research into the ethical use of big data in financial services and the publication of ICAEW’s principles on this topic.
In addition to leading ICAEW’s technical and policy work related to banking, insurance and investment management, Philippa is a frequent commentator on diversity in financial services and importance of social purpose in the industry. She qualified as a chartered accountant with PwC and gained her LLB from the University of Sussex.
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