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Core reminder: IFAC newsletters and global accounting industry newsletters.
IFAC Newsletter
1. Recently, the International Federation of Accountants (IFAC) invited ten outstanding young representatives from professional accounting organizations to conduct a discussion on the topic of "How to Build a Certified Public Accountant Industry that Adapts to Future Challenges".
The heads of professional accounting organizations, leader of CPA and professional accountants of different ages participated.
2. The International Federation of Accountants (IFAC) recently launched an "IFAC Viewpoint" column on its website, covering audit quality, anti-corruption measures, addressing climate change, and corporate governance, to address important policies and issues that affect industry development. For more information, you can log in:
https://www.ifac.org/what-we-do/speak-out-global-voice/ifacs-points-view
3. In order to combat the epidemic, the International Federation of Accountants (IFAC) recently set up a “Fighting New Crown Virus Column” on its website. During this extraordinary period, it shared the dynamics of member organizations and the initiatives and experiences of the national certified accountant industry to combat the epidemic, helping The industry of global accounting jointly responded to the crisis. For more information, you can log in:
https://www.ifac.org/knowledge-gateway/series/covid-19-resources-ifacs-network
Global Accounting Industry Newsletter
1. The Institute of Chartered Accountants in England and Wales (ICAEW) stated that due to the economic impact of the COVID-19 epidemic, many companies have suffered severe cash flow shocks and recommended that the British government take urgent action to provide financial support to companies in the short to medium term.
2. The Association of Chartered Certified Accountants (ACCA) and the American Association of Management Accountants (IMA) jointly surveyed more than 870 senior accounting practitioners and released the "Global Economics Survey." The survey shows that despite the efforts of various economies to respond to the epidemic, global confidence in the economic situation in the first quarter fell by 13%, the lowest level in 11 years.
3. The Institute of Chartered Management Accountants (CIMA) calls on the British government to further help British small and medium-sized enterprises (SMEs) to cope with the impact of the COVID-19 epidemic. Continue operations during difficult times.
4. The Canadian Institute of Chartered Professional Accountants (CPA Canada) said that the coronavirus epidemic is causing more and more serious economic losses, especially for small businesses and their employees. Small businesses are doing their best to deal with the unknown environment. To this end, CPA Canada will keep in touch with the government and Canadian credit agencies to convey feedback from members.
5. The United States passed the " COVID-19 Aid, Relief, and Economic Security (CARES)" bill to help more than 30 million small American businesses survive the storm. Among them, the SME Assistance Loan Program (PPP) will provide $ 349 billion in loans to businesses and nonprofit organizations, sole proprietors, restaurants and hotels with no more than 500 employees. The American Institute of Certified Public Accountants (AICPA) recommended a set of documents that lenders can use, and provided some key instructions in the PPP application process of the Ministry of Finance and the Small Business Administration.
6. The Institute of Chartered Accountants of Pakistan (ICAP) has recently adopted a series of prevention and control measures against the coronavirus pneumonia epidemic, including prescribed anti-epidemic measures at various office locations, postponing the 2020 spring exams, and closing all libraries for students and members. Postpone all follow-up vocational education and face-to-face meetings that need to be taught, and actively launch more online training courses. ICAP also called on employees in all industries to take necessary protective measures to overcome the difficulties.
7. The Malaysian government recently announced a follow-up economic stimulus plan totaling 250 billion ringgits to alleviate the adverse effects of the COVID-19 outbreak and better protect its people, businesses and the overall economy. Among them, 12.8 billion ringgits will be used to provide social security for the people, 10 billion ringgits will be used to support businesses and SMEs, and the remaining 200 million ringgits will be used to strengthen the economy. Earlier, the Malaysian government announced the first round of 2 billion ringgit economic stimulus plan on February 27. The Malaysian Institute of Accountants (MIA) issued a statement in this regard, hoping that the majority of member firms can make good use of this favorable government policy and strive to protect business and employment.
8. In response to the global new coronary pneumonia epidemic, the Institute of Chartered Accountants of India (ICAI) has recently issued relevant guidelines on the audit of financial reports and financial statements during the epidemic. The guide is entitled "The Impact of CPVID 19 on Financial Reporting and Auditors' Considerations." It highlights the areas affected by the epidemic and that should be particularly concerned when preparing financial statements for the fiscal year 2019-2020. ICAI also pointed out that the auditor should realize that the audit methods used in the past may need to make major adjustments to deal with the challenges and uncertainties brought by the epidemic.
9. To help members cope with the COVID-19 epidemic, Australia and New Zealand Chartered Accountants Association (CAANZ), CPA Australia and the Institute of Public Accountants (IPA) have launched columns to analyze the impact of the epidemic, and provided relevant suggestions to governments, regulatory agencies and enterprises. Click for details:
https://www.cpaaustralia.com.au/coronavirus-covid-19-impact-resources-support (CPA Australia)
https://www.publicaccountants.org.au/news-advocacy/covid-19-news (IPA)
https://www.charteredaccountantsanz.com/news-and-analysis/news/covid19-links (CAANZ)
10. The Association of Chartered Certified Accountants (ACCA) and PricewaterhouseCoopers jointly released "The Future of Finance", pointing out that it is necessary to change the traditional thinking of the financial function, closely follow the development trend of new technologies, and redesign the financial workflow.