FAAS holds COVID-19 Accounting Considerations webinars

SGV, through its Financial Accounting Advisory Services (FAAS) team, conducted a series of webinars on COVID-19 accounting considerations on 22 May and 5 June. FAAS and Climate Change and Sustainability Services Partner Benjamin Villacorte hosted and moderated all sessions.

Speakers at the first session of the FAAS COVID-19 webinar

During the first session, Country Managing Partner Wilson Tan provided an overview of the pandemic’s effect on the country, such as supply chain disruption and high volatility in financial markets. Assurance Partner Peter Ventura discussed lease payments, proposed amendments to PFRS 16 and other lease modifications. FAAS Senior Director TJ Raagas explained the pandemic’s effects on financial instruments such as debt modifications, loan covenants and expected credit losses, among others. Assurance Partner Meynard Bonoen spoke on the impairment of assets. EY ASEAN FAAS Leader Aris “Bok” C. Malantic (ACM) discussed the challenges that enterprises face due to the pandemic and the steps that they can take to mitigate these risks. Speakers concluded the session with a panel discussion with SGV Vice Chair and Deputy Managing Partner Vivian C. Ruiz (VCR). During the discussion, VCR explained how companies can respond to the pandemic’s challenges across various areas now, next and beyond. She discussed business continuity and crisis planning, new business models, and the adoption of technologies and new ways of doing things as businesses transition to the new normal.

Speakers at the second session of the FAAS COVID-19 webinar

VCR began the webinar’s second session with an overview of the community quarantine measures implemented in the country and their effects on accounting considerations. Assurance Partner Dhonabee Señeres discussed financial presentations and financial statement disclosure considerations. Assurance Partner Ysmael Acosta explained the different types of employee benefits and their financial reporting considerations. FAAS Senior Director Anna Maria Rubi Diaz spoke on considerations in revenue recognition. ACM discussed the financial reporting challenges that entities face and the measures that they can implement to protect their organizations. The session concluded with a panel discussion. The webinars helped equip participants to address the issues that the pandemic has created now, plan for what’s next, and think about their organization’s position in a world beyond the COVID-19 crisis. Over 2,200 financial and accounting executives participated in both webinars. The event’s organizing team included FAAS Senior Directors Anna Maria Rubi Diaz and Alexander Bughaw.