The 47th One Stop Update for the Accountant in Business
Rebooting in a post-COVID economy
The Covid-19 outbreak had a significant impact on the global economy. This session provides a picture of the global economic downturn and what this has resulted for New Zealand trade.
- Shifting epicentres and instant lockdowns in countries that experienced vast (community) transmission quickly – what were the long-term and short-term effects this has had on local economies?
- Discussing the shock to the global supply chain and its subsequent effect on supply
- Understanding how reduced to no travel has impacted the contribution tourism has to an economy and GDP – what are the short-term solutions to mitigate this?
- Analysing our economic environment – discussing the significant changes that have occurred in the last two quarters and what can be expected in the remaining financial year?
- One month on from the general election – the challenge that lies ahead for Government
- How can the Government help rebuild the economy whilst tending to the needs of the workforce?
- Providing insight into what can be expected for the New Zealand business landscape in the remainder of the financial year
- Shaping business models and operations to survive a crises – Are New Zealand businesses better prepared for a similar situation in the future? What will this do to risk appetite?
- Diving deeper to establish a stronger business continuity planning model
- Discussing some of the new elements that businesses now need to consider as part of their business continuity planning, which they were not aware of before
- Understanding the roles different stakeholders and business partners in a business play during an unforeseen situation
- The impact this has on the business supply chain
- Key employment law issues arising from the COVID 19 crisis – what are they and how do they differ from business as usual conditions in comparison to the context of this crisis
- Understanding employee rights and entitlements under the Health and Safety at Work Act (2015)
- Modifying or terminating employment agreements due to unforeseen events and crises in the workplace
- Supporting employees unable to perform due to medical incapacity, bereavement leave, domestic violence leave and/or are at risk individuals
- Keeping on top of leave allocations – what do accounting and finance professionals need to know?
- Shifting towards contract work opportunities within organisations, what are they?
This session is designed to provide an overview of the tax changes that have come into play due to the pandemic and what this might mean for businesses when it comes to tax reporting, including:
- Explaining the key practical issues to be aware of arising from the latest Inland Revenue rulings, determinations and discretions granted
- Learning about tax issues and changes that businesses need to be aware as a result of the COVID-19 tax relief measures introduced by the Government
- Touching on aspects of Business Transformation and Inland Revenue’s compliance approach
- Reviewing progress on the Government’s tax policy proposals (e.g. land issues, feasibility expenditure and R&D) and looking ahead to what is on the short-term horizon
- What can be expected on this front from the (newly) elected Government?
Andrew Button, Partner, Deloitte
- The response from accounting standard-setters in New Zealand and internationally
- Spotlight on going concern disclosures
- Other important disclosures during periods of increased uncertainty
- Current accounting standards in development
New Zealand’s lockdown pushed New Zealand businesses to adopt technological solutions as necessary to stay connected and operate from their new work environments. This has allowed businesses to not only see the value in investing in technology for their operations but has allowed teams a new mode to collaborate and deliver KPIs.
- Automating tasks and operations where possible – highlighting the key takeaways from the lockdown
- Learning how to adequately balance human and technological resources in the business
- Re-thinking the business model with technology adoption
- Helping your team keep a positive mindset through uncertain times
- Tips for leaders in making their team feel at ease
- Highlighting the role, a collaborative culture mindset can play when working with other teams
- Driving a transformative culture in your team that aligns with the business brand
- Illustrating what success looks like for your wider team – how can teams collaborate and deliver to ensure the business comes out strong
- Encouraging teamwork and behaviour that adhere to the company-wide culture
- The art of fostering a continuous improvement mindset in your day-to-day job
- The key challenges people leaders have faced in helping with their staff’s wellbeing during lockdown – tips to better prepare for the future
- Strategising to keep calm during uncertain times – how can you stay positive and productive in such circumstances
- Cultivating wellbeing and resilience as an individual to prevent burnout in the workplace
- Learning how to effectively manage work-life balance
- Working with your manager to look into options available to you, that helps you achieve the most out of your day – for example the ability to work flexible hours
- Examining IFRS16 transition methods and their impact on business processes
- Addressing the negativity around IFRS16
- Leveraging IFRS16 to enhance transparency and coherency in financial reporting
- Looking into the impact of IFRS16 on business processes for lessees and lessors
- Reviewing the key business requirements for adopting IFRS16
David Hayman, Accountant, Nomos One
- Understanding the scale of the environmental financing problem
- Discussing environmental value chains and what this means for your organisation
- Looking into impact investment
- Creating short-term projections to keep on top of cash flow for organisations – understanding the detail required working in the ‘new normal’ and how this differs from previous projections
- Branching out and innovating using assets on hand to keep revenue flowing to combat lost revenue from non-paying customers
- Keeping on top of renewed demand for products and services
- Redeploying assets and using them to create ‘out of the box’ products and services to create a new stream of revenue
- Staying up to date with relief provided by Inland Revenue
- Is late payment, without a penalty on payment or no interest accrued still an option for your business?
- Stepping into the unknown – is collaborating with your competitors an option to keep cash flow rolling?
- Protecting data and information from malware attacks
- Solutions to allow distribution and access to sensitive documents when working remotely
- Reviewing financial statements to expose an organisation’s cybersecurity liability
- Designing an effective dashboard – implementing the reports crucial to all stakeholders involved
- Streamlining reports that are more necessary than ever in a post-covid landscape
- Sharing tips on effective modelling
- Integrating PowerBI with other Microsoft tools
- Protecting your data on PowerBI whilst allowing collaboration – how can this be achieved?
- Defining the characteristics and (creative) skillset for the modern accountant – what are organisations looking for in their accounting and finance team?
- Building a ‘personal brand’ for young accounting and finance professionals
- Tips on becoming a resilient accountant – what characteristics count in times of crisis
- Balancing the soft skills and technical skills – a look at upskilling and professional development for young accountants
- Providing growth opportunities for the younger accountants – information on how accountants can upskill, grow, and contribute in other areas of the business to prepare for uncertain times
- Assessing a company’s financial position – identifying immediate actions to keep the company afloat
- Using innovation as a strategy to overcome the financial stress businesses are feeling in a post covid-19 landscape
- Discussing investment strategies that can be implemented
- Taking charge as a leader to help the company and its employees succeed in times of crisis