Covid-19 means a lot of crystal ball-gazing in company accounts, audits

Fri, 03 Jul 2020

The economic fallout from the coronavirus pandemic is making preparing company accounts and the audit process trickier, requiring more disclosure and taking longer, according to KPMG partner John Kensington. "There's a lot of crystal ball-gazing to be done," Kensington told the webinar organised by the Institute of Financial Professionals. Preparing cash flow projections, a key input into impairment testing and deciding whether a company will remain a going concern for the 12 months after the accounts are published, will be the most diffi...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Infrastructure

Govt shares emerging route for mega Northland expressway

It's our single biggest roading project. So where's it going to go?

Oliver Lewis 10:30am

Markets The small cap wrap

Why this tech firm sees a Trump tariff opportunity

Plus IkeGPS' wins in the US, Trade Window targets trade war, TruScreen, and more.

Rebecca Stevenson 10:10am

Why this tech firm sees a Trump tariff opportunity

Markets

US stocks surge on hopes of China trade deal

Asian indexes closed mixed, while oil prices firmed.

AFP 9:30am

US stocks surge on hopes of China trade deal

Sponsored

“Not an invisible footprint”: Why technology supply chains need optimising

Outdated hardware is a supply chain and cost risk.

Datacom

Sponsored

Bayleys Total Property Issue 3 out now

Backed by Bayleys’ national strength and global reach

Bayleys

More Finance

Finance

PEP seeking payday from UP Education

UP Education is a NZ success story in Australia.

Pattrick Smellie 5:00am

Finance

FNZ extends controversial catch-up offer

Fintech FNZ has extended its deadline for “catch-up” equity offers, as employee shareholders say discontent grows.In March, the global fintech offered its class B shareholders a “catch-up” offer after it revealed their holdings could be massively diluted following its August capi...

Victoria Young 16 Apr 2025