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As the year comes to an end, companies and their finance teams will be busy closing their accounts and preparing for their annual audit. For small and medium size companies (SMEs) with limited manpower, this will be an especially busy time of the year.
New regulations brought on by the government’s response to Covid-19 make this an even more challenging task, and companies (non-listed) will also need to prepare for new accounting standards regarding revenue, leases, and financial instruments next year.
In this webinar Audit Senior Manager, Daisy Huang, introduces the new regulations affecting audits released this year, explaining their impacts for SMEs and the tax benefits they offer.
Daisy also gave a brief introduction to the new accounting standards that will take effect next year and how they will affect year-end closing, and next year budgeting and accounting work. Real cases were shared to better illustrate common issues faced by SMEs and how they can be identified, evaluated and addressed in an efficient manner.
- Review of 2020 financial and tax policy
- Overview of new accounting standards and their impact on SME and year-end closing
- Common mistakes and outstanding matters in year-end closing
- How to build up an efficient year-end closing work plan
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