TITLE: Welcome Remarks by Dr Nurmazilah Dato’ Mahzan, Chief Executive Officer, Malaysian Institute of Accountants at Impact of COVID-19 on Financial Reporting Webinar

DATE: 03/06/2020

WELCOME REMARKS BY

DR NURMAZILAH DATO’ MAHZAN

CHIEF EXECUTIVE OFFICER

MALAYSIAN INSTITUTE OF ACCOUNTANTS

AT

Impact of COVID-19 on Financial Reporting Webinar

3 June 2020 (Wednesday)

  • Distinguished Speakers
  • Ladies and Gentlemen
  1. Hello everyone and welcome to MIA’s Accounting Webinar on the Impact of COVID-19 on Financial Reporting. Since we are still in the month of Syawal, I would like to wish everyone Selamat Hari Raya and Maaf Zahir Batin.
  2. We are operating today in a highly uncertain and challenging landscape due to COVID-19 and its containment measures that have impacted the economy and businesses.
  3. Unsurprisingly, many are unsure about how to navigate this new emerging landscape, particularly in relation to crisis management, business continuity, and accounting impacts and treatments, to name a few recurring concerns.
  4. As the regulator and developer of the accountancy profession, MIA has received numerous calls and requests for guidance on financial reporting impacts of COVID-19 from members and industry since the crisis started.
  5. During the Movement Control Order (MCO), we issued several guides on audit and accounting in addition to COVID-19 resources to help members and the profession. These have been published not only on MIA’s own Accountants Today but also the International of Federation of Accountants global knowledge gateway and on the ASEAN Federation of Accountants’ platform.
  6. We also organised numerous complimentary webinars on topics related to COVID-19, including business continuity and crisis management and digital disruption and transformation, to name a few.
  7. Webinars are a hallmark of digital transformation that support remote learning and professional development. They are central to MIA’s ongoing strategy to enable continuing professional development and collaborative leadership and knowledge sharing, in light of the current restrictions arising from social distancing and the Government’s SOPs.
  8. By leveraging on webinars and similar e-platforms and channels, MIA is still able to drive our vision of nation building through informed regulation and data-driven professional development. We have been getting excellent response to our webinars since we accelerated our e-learning development in March 2020.
  9. I am pleased to report that we received an overwhelming response for today’s webinar on financial reporting impacts of COVID-19, which proves that our content is relevant. Leveraging on our extensive social and relationship capital and our strategic collaborations, MIA always strives to feature the most compelling thought leaders in our webinars.
  10. Today’s webinar features distinguished invited speakers from both public practice and industry. Thank you to Siew Kar Wai, Partner, PwC; Tan Khoon Yeow, Partner, BDO; Azizan Abd Aziz, Chief Financial Officer, Bank Islam and Ramamoorthy Rajagopal, Senior Vice President Finance, Axiata for making the time to join us today. The panel will be moderated by Simon Tay Pit Eu, Executive Director of Professional Practices & Technical Division, MIA.
  11. The panel today will cover the following areas:
    1. Assessing and addressing the impact of COVID-19 on businesses
    2. Financial reporting implications of COVID-19
    3. Significant areas of judgement and estimation uncertainties, and
    4. Managing communication with stakeholders.
  12. These areas are of concern to all businesses large and small in navigating the new normal, and I am sure that our panellists will have invaluable insights to share from their different perspectives in public practice and industry.
  13. Thank you for being part of this webinar and I wish everybody a productive session.

Thank you!