Financial Reporting Webinar Series

KPMG cordially invites you to join us in the Financial Reporting Webinar Series: Sustainability Reporting Development on Monday, 22 April 2024.

Given the fast-changing landscape of mandatory ESG reporting, including the proposed sustainability reporting guidelines under public consultation by the three Chinese Mainland Stock Exchanges and the recently finalized climate disclosure requirements by the US SEC, it is imperative for corporates to stay updated. For some corporates, the impact of these changes may be indirect, as a result of being part of the value chain of their customers or suppliers.

In this upcoming webinar, Serene Seah-Tan will be joined by Patrick Chu, Irene Chu, and Jocelyn Ho, experienced practitioners from KPMG ESG Advisory. Together, they will engage in a panel discussion focused on the topic of interoperability between the major climate disclosure requirements issued by the Mainland Stock Exchanges, Hong Kong Stock Exchange, and the US SEC. This discussion will encompass the implications faced by companies mandated to report under different reporting regimes, key factors to consider, and actionable steps to navigate the landscape effectively.

Should you have any questions in advance of the webinar and any queries, please email Korie Lau.

We look forward to your attendance. 

Patrick Chu
Partner
Head of ESG Reporting & Assurance
Hong Kong (SAR)
KPMG China

Irene Chu 
Partner
Head of New Economy
Head of Life Science, ESG Advisory
Hong Kong (SAR)
KPMG China

Jocelyn Ho
Associate Director
ESG Reporting and Strategy Advisory 
Hong Kong (SAR)
KPMG China

Serene Seah-Tan
Partner
ASPAC Lead for Corporate and Sustainability Reporting
KPMG China

The Hong Kong Stock Exchange has issued a consultation paper on Enhancement of Climate Disclosure under its ESG framework which is aligned with the climate standard proposed by the International Sustainability Standards Board’s (ISSBTM Board). The ISSB’s climate standard is expected to be issued in June 2023. Therefore, it is essential for corporates to catch up with the latest developments in order to prepare themselves for the upcoming changes in sustainability reporting. For corporates with US reporting obligations, it would be crucial to keep updated with the US SEC’s climate proposals as well.

In this upcoming webinar, we are privileged to have CLP’s Group Sustainability Director, Hendrik Rosenthal and Julie Santoro, US KPMG’s Partner in Professional Practice to join our host Serene Seah-Tan for this panel discussion covering the following:

• Highlights of the HKEx’s consultation paper on enhancement of climate disclosure
• Major decisions by the ISSBTM Board in the redeliberation of IFRS Sustainability Disclosure Standards
• Updates on the US SEC climate proposals
• Lessons learned in CLP’s sustainability reporting journey on implementing ISSB’s climate proposals

Hendrik Rosenthal
Director
Group Sustainability CLP Holdings Limited

Julie Santoro
Partner
Dept. of Professional Practice, ESG
KPMG in the U.S.

Serene Seah-Tan
Partner
Audit Quality & Professional Practice
Hong Kong (SAR)
KPMG China

With the evolving regulatory landscape, it is essential for the Boards and Management of listed companies to keep updated with the activities of the Hong Kong Exchanges and Clearing Limited (HKEX) to ensure that they are meeting key stakeholders’ expectations.

We were privileged to have Katherine Ng, HKEX’s Head of Listing, as our guest panellist, and together with KPMG’s Paul Lau and Louis Lau, share insights on the following topics: 

• The proposed Listing Regime for Specialist Technology Companies in the Exchange’s consultation paper
• Overall performance, areas of improvement and expectation on ESG reporting in the Exchange’s 2022 Analysis of ESG Practice Disclosures
• Key findings from the Exchange’s Review of Issuers’ Annual Reports 2022

Katherine Ng
Head of Listing
Hong Kong Exchanges and Clearing Limited (HKEx)

Paul Lau
Head of Capital Markets
Head of Professional Practice
KPMG China

Louis Lau
Partner
Capital Markets Advisory Group
Hong Kong (SAR)
KPMG China

Serene Seah-Tan
Partner
Audit Quality & Professional Practice
Hong Kong (SAR)
KPMG China

2022 continues to be a challenging year for businesses and the resilience of businesses under the current economic climate continues to be the main focus of investors, regulators and other stakeholders.

In this session, we were delighted to have Heidi Chan, Partner in our audit practice, to address some of the topics that she has been discussing with Boards and management, including how companies should prepare for the increased scrutiny around the connectivity between narrative and quantitative reporting.

Our panellists also discussed the key financial reporting considerations for finance teams, including new and revised HKFRSs effective 1 January 2022 and the latest developments from the IFRS Interpretations Committee (IFRIC).

Heidi Chan
Partner, Audit
Head of Hospitality
Hong Kong (SAR)
KPMG China

Albert Chai
Director
Audit Quality & Professional Practice
KPMG China

Serene Seah-Tan
Partner
Audit Quality & Professional Practice
KPMG China

All eyes are on the development of the International Sustainability Standards Board’s (ISSB) Sustainability-related financial disclosures and the EU’s Corporate Sustainability Reporting Directive (CSRD) as these requirements are likely to significantly impact companies globally.

In this webinar, Helena Watson brought us the latest updates from the ISSB on the general and climate-related disclosure proposals. Richard Lin and Eddie Ng covered the EU Green Deal, scope of the proposed EU Sustainability Reporting Standards and how non-EU companies could be impacted by these proposals.

Helena Watson
Director
Sustainability Reporting
KPMG International

Richard Lin
Partner
Carbon Management and EU Green Deal
KPMG China

Eddie Ng
Partner
ESG Advisory
KPMG China

Serene Seah-Tan
Partner
Audit Quality & Professional Practice
KPMG China

In an environment of rising interest rates and inflationary pressures, questions have been raised regarding how asset fair values could be impacted by these factors.

In this webinar, valuation specialists Thomas Leung and Vivien Chan joined Fei Gong and our host, Serene Seah-Tan in discussing the following:

• How inflation and interest rates impact on discounted cash flow (DCF) analyses
• Consideration of risk adjustments (including climate risks) in future cash flows
• Tips and reminders on valuation of real estate
• Financial reporting and disclosure considerations.

Thomas Leung
Partner
Valuation Specialist
Real Estate
KPMG China

Vivien Chan
Director
Valuation Services
KPMG China

Fei Gong
Director
Department of Professional Practice
KPMG China

Serene Seah-Tan
Partner
Department of Professional Practice
KPMG China

With crypto-assets grabbing the headlines for various reasons, we hear questions being asked regarding the accounting and tax implications of investing in these assets. 

In this upcoming webinar, Martin Friedhoff, Partner and Specialist in financial instruments and Nigel Hobler, Partner in Asset Management joined our host, Serene Seah-Tan in discussing the following:

• An overview of the types of crypto-assets
• Accounting considerations (application of the appropriate standards in the absence of clear guidance) and
• Tax implications from an investor’s perspective.

Nigel Hobler
Partner
Asset Management
KPMG China

Martin Friedhoff
Partner
Department of Professional Practice
KPMG China

Serene Seah-Tan
Partner
Department of Professional Practice
KPMG China

With the release of the International Sustainability Standards Board’s (ISSB^TM Board) proposed IFRS Sustainability Disclosure Standards, questions have been raised about what companies need to do, in order to prepare themselves for this radical change in corporate reporting. 

In this webinar, we focused on climate risk – a topic which the ISSB Board has issued specific proposals for, and discuss why it’s crucial for companies to bridge risk and strategy when dealing with climate risk. We had Simon Weaver, KPMG’s representative in TCFD and Co-Head of Climate Risk and Decarbonisation Strategy, KPMG UK and Eddie Ng, Partner in ESG Advisory, KPMG China joining our host Irene Chu, Partner in ESG Reporting and Sustainability, KPMG China for this panel discussion covering the following:

• Highlights of the proposed IFRS Sustainability Disclosure Standards
• Key impacts and how companies might apply the proposals

Simon Weaver
Partner
Member of TCFD 
Co-Head of Climate Risk and Decarbonisation Strategy
KPMG UK

Eddie Ng
Partner
ESG Advisory
Department of Professional Practice
KPMG China

Irene Chu
Partner
ESG Reporting and Sustainability
KPMG China

To get ready for this upcoming interim reporting, it would be useful for entities to keep up to date with major IFRS developments and be aware of recent accounting hot topics that may affect a company’s financial statements. 

In this upcoming webinar, we had Roy Leung, Head of Accounting Change Advisory and Yifei Gong, Director in Department of Professional Practice, to join our host Serene Seah-Tan, for this panel discussion across a number of accounting topics including:

• Accounting considerations during uncertain times
• Latest IFRS Interpretations Committee agenda decisions 
• IFRS 9 Financial Instruments issues and considerations

Roy Leung
Head of Accounting Change Advisory
KPMG China

Yifei Gong
Director
Department of Professional Practice
KPMG China

Serene Seah-Tan
Partner
Department of Professional Practice
KPMG China

In response to the huge demand for a set of global baseline ESG reporting standards, the IFRS Foundation has issued two sustainability disclosure prototypes. The two prototype standards on climate-related disclosures and general requirements for sustainability disclosures, are based on existing frameworks including the TCFD and SASB requirements, with a focus on enterprise value of the reporting entity. 

We were privileged to have Robert Gibson as our guest panellist, and together with KPMG’s Pat Woo and Len Jui, provide their perspectives on the following topics: 

• Key proposals from the prototypes
• How they differ from current frameworks
• Potential challenges for Hong Kong listed entities and their stakeholders.

Robert Gibson
Adjunct Professor
Division of Environment and Sustainability
HKUST

Pat Woo
Partner
KPMG China, and
Global Co-Chair
Sustainable Finance
KPMG IMPACT

Len Jui
Deputy Chair
International Auditing and Assurance Standards Board (IAASB)
Partner
Department of Professional Practice
KPMG China

Serene Seah-Tan
Partner
Department of Professional Practice
KPMG China

As companies continue to navigate the unprecedented business environment that they are currently operating in, keeping up to date with the evolving regulatory environment is essential to ensure that they are well prepared for the upcoming changes and meeting the expectations of key stakeholders.

In this session, we shared insights on recent changes to the HKEX listing rules, the potential implications for HK listed issuers/listing applicants, and good practices regarding compliance with new requirements.

The webinar focused on the following key topics:

• Changes to the Corporate Governance Code
• Proposed amendments to Share Schemes listing rules
• Special Purpose Acquisition Companies (“SPAC”) and way forward for HK listing regime

Paul Lau
Head of Capital Markets
Head of Professional Practice
KPMG China

Louis Lau
Partner
Capital Markets Advisory Group
KPMG China

Alva Lee
Partner
Head of Internal Audit & Risk Compliance Services
KPMG China

Serene Seah-Tan
Partner
Department of Professional Practice
KPMG China

2021 continues to be a challenging year for businesses under the evolving pandemic situation. The resilience of businesses under the current climate continue to be the main focus of investors, regulators and other stakeholders.

In this session, Alan Yau, our Head of Real Estate for Hong Kong, addressed some of the topics that he has been discussing with Boards and management, including how companies should prepare for the increased scrutiny around going concern assessment for companies in the real estate sector.

Our specialists from the Department of Professional Practice will highlighted what that means in terms of preparing for the coming year-end reporting. We also discussed the key financial reporting considerations for finance teams and latest developments from the IFRS Interpretations Committee (IFRIC).

Alan Yau
Partner, Audit
Head of Real Estate
Hong Kong
KPMG China

Yifei Gong
Director
Department of Professional Practice
KPMG China

Ivy Tsoi
Director
Department of Professional Practice
KPMG China

Serene Seah-Tan
Partner
Department of Professional Practice
KPMG China

The focus on climate-related risks and their impact on the finances of companies continues to intensify. There is widespread expectation from users of financial statements, including investors and regulators, on preparers to consider and disclose such impacts in the annual reports of companies.

Against this backdrop, KPMG's Pat Woo, Irene Chu and Eddie Ng discussed the latest developments in climate risk reporting including highlights from the 2021 UN Climate Change Conference (COP 26) and the implications for corporates.

Our panellists also discussed the key findings from the latest TCFD 2021 Status Report and highlight the important takeaways for our audience.

Pat Woo
Head of Sustainable Finance, Hong Kong
KPMG China
Global Co-Chair, KPMG IMPACT

Irene Chu
Partner
ESG Reporting and Sustainability
KPMG China

Eddie Ng
Partner
Department of Professional Practice
KPMG China

Serene Seah-Tan
Partner
Department of Professional Practice
KPMG China

In this webinar, our in-house experts discussed the latest developments in the IASB’s (International Accounting Standards Board) agenda and changes to existing IFRS Standards including:

• Goodwill and impairment
• Primary financial statements
• Rate-regulated activities
• IBOR reform phase 2 amendments

Goodwill and impairment and Primary financial statements are two projects which we have covered in previous webinars. In this session, we provided an update on these projects. Also, we provided an overview of the proposed new accounting model under which a company subject to rate regulation would recognise regulatory assets and liabilities. With the IBOR reform Phase 2 amendments becoming effective on 1 January, 2021, we discussed how the amendments would impact the hedging relationships and relevant financial instruments accounting.

Martin Friedhoff
Partner
Department of Professional Practice
KPMG China

Jim Tang
Partner
Department of Professional Practice
KPMG China

Serene Seah-Tan
Partner
Department of Professional Practice
KPMG China

Staying close to the latest developments in the Sustainability Reporting space would put the company in a better position to transit as changes come along.

In this webinar, Teresa Ko, IFRS Foundation Trustee & member of the Sustainability Steering Committee, IFRS Foundation, Pat Woo, our Head of Sustainable Finance and Irene Chu, Head of New Economy and Life Sciences, join our host Serene Seah-Tan for the panel discussion which coversthe following:

• IFRS Foundation’s proposal to establish the “International Sustainability Standards Board”;
• Update on recent ESG developments; and
• Climate change and corresponding financial statements implications.

Teresa Ko
IFRS Foundation Trustee & member of the Sustainability Steering Committee
IFRS Foundation

Pat Woo
Head of Sustainable Finance
Hong Kong
KPMG China

Irene Chu
Head of New Economy and Life Sciences
Hong Kong
KPMG China

Serene Seah-Tan
Partner
Department of Professional Practice
KPMG China

In preparation for the upcoming interim reporting, it would be useful for entities to pay attention to lessons learnt from recent practical financial reporting issues, as well as developments in the IASB’s work plan for impact assessment. For entities that are listed or preparing to get listed, awareness of developments in the capital markets would also be paramount.

In this webinar, we had the pleasure of Roy Leung and Paul Lau in joining our host Serene Seah-Tan for this panel discussion which covered the following:

• IFRS 16 rent concession amendments
• Common recent application issues from HKFRS requirements
• Interpretations Committee activities update
• IASB work plan major developments
• Capital markets update

The International Accounting Standards Board (IASB) issued its Discussion Paper (DP) on the treatment of business combinations under common control (BCUCC). In particular, the DP sets out the IASB’s preliminary views of when the book-value method or the acquisition method should be applied. 

Restructuring involving BCUCCs are common in companies in preparation for their IPOs. For entities reporting under Hong Kong Financial Reporting Standards, the proposed requirements would be a significant change from HKICPA’s AG 5 Merger Accounting for Common Control Combinations. 

With this backdrop, the webinar aims to cover the following:

• Overview of the proposals in the DP
• Circumstances in which the acquisition or book-value method would be applied
• Practical considerations of the proposed requirements

The COVID-19 crisis has provided an environment with increased opportunity and pressure for fraud to occur. Whilst fraud typologies may not have changed much, the ways they are being perpetrated may be new. It’s time to consider the new environment and reassess whether your mitigation strategies and tactics for mitigating fraud and misconduct are still appropriate, including preventing financial statement fraud. This webinar addresses the following topics:

• Increasing financial, operational and people challenges in the current environment
• Financial statement fraud – new pressures and opportunities
• Accusations and issues highlighted by shortsellers
• The regulatory landscape
• Response from management – a mitigation framework

2020 has been marked by multiple unprecedented developments that cause businesses to pause and rethink. As we draw close to the end of financial year 2020, our panel of speakers shared some key reminders and insights in preparation for the 2020 annual report. 

During the webinar, we covered observations of the financial accounting issues arising for companies operating in Hong Kong and some Mainland-specific issues including:

• Common issues on the application of IAS/HKAS 36 Impairment of Assets;
• Lessons learnt applying the revenue, leases and financial instruments standards;
• Reminders on presentation and disclosure principles in the financial statements; and
• Use of non-GAAP measures in the annual report.

The World Economic Forum (WEF), in collaboration with the Big 4 accounting firms have recently released the Measuring Stakeholder Capitalism: Towards Common Metrics and Consistent Reporting of  Sustainable Value Creation White Paper in response to the demand for a common reporting framework on ESG metrics. Some business commentators believe that COVID-19 has most likely accelerated the priority on ESG issues globally. In the US alone, Morningstar has reported record inflows into ESG funds in the first half of 2020. 

With the increasing spotlight on ESG, the quality of ESG reports is also a topical issue and investors have increasingly called on companies to get some level of assurance on the reported information.

This webinar discusses the recent developments including:

• key elements of the WEF common reporting metrics
• the forthcoming ESG Assurance Reporting guide issued by the HKICPA which encourages listed companies to seek independent assurance to strengthen the creditability of ESG information disclosed in their ESG / sustainability reports. 

2020 proves to be a challenging year for companies to look through the crystal ball. When it comes to the traditional budgeting season where companies would also be looking into impairment testing of goodwill, "business as usual" would probably be the least likely answer this year.

This webinar explores the current approach on goodwill and impairment; the challenges and criticisms on the current approach to the impairment test and highlight the key proposals from the IASB's discussion paper on this hotly debated topic.

Janet Cheung
Partner, Head of Valuation & Modelling Services, China & Hong Kong
KPMG China

Serene Seah-Tan
Partner, Department of Professional Practice
KPMG China

Cyan Sze
Partner, Deal Advisory, Corporate Finance, Hong Kong
KPMG China

The International Accounting Standards Board ("IASB") has proposed improvements to the way companies report on their financial performance, requiring more comparable information in the income statement; and a more disciplined and transparent approach to the reporting of management-defined performance measures ("non-GAAP measures").

This webinar focuses on the IASB's Primary Financial Statements project and how the presentation of line items in the income statement would change under the proposed requirements.

Paul Lau
Head of Capital Markets
Head of Professional Practice
KPMG China

Steve Ong
Head of Accounting Affairs, Listing Division
HKEX

Ann Tarca
Board Member
IFRS Foundation

An organisation's ESG report demonstrates its ability to identify and manage ESG risks that are linked to financial performance. With the increasing importance of ESG to regulators, investors, bankers and insurers, your ESG report becomes a key component of how your organisation is valued.

In this webinar, our ESG experts shared their insights on the importance of a comprehensive ESG report and how this can help your organisation generate long term stakeholder value.

Jocelyn Ho
Manager, Sustainability, Management Consulting
KPMG China

Pat Woo
Partner, Head of Sustainable Finance, Hong Kong
KPMG China

Derek Yuen
Partner, Assurance, Business Reporting and Sustainability
KPMG China

This webinar focuses on the potential financial reporting impacts for 2020 period ends and answers the questions that have arisen during this period - what do companies have to watch out for; what actions can they take? A panel of our technical experts shared their insights and reminders on the importance of effective communication through the financial reporting process with investors and other stakeholders.

Martin Friedhoff
Partner, Department of Professional Practice
KPMG China

Serene Seah-Tan
Partner, Department of Professional Practice
KPMG China

Jim Tang
Partner, Department of Professional Practice
KPMG China