Feb 25: DUSA Workshop "New Accounting Standards & IIT Preparation in 2021"

Event Details

On January 1, 2021, several new accounting standards affecting revenue, leases and financial instruments, will come into effect for non-listed companies in China. These new standards will affect different businesses' accounting practices in different ways, making it vital that companies understand the changes the new standards will bring. For example, some firms may need to change when they recognize revenue while others may need to add right-of-use assets and lease liabilities to their balance sheet.

The higher requirements brought on by the new standards can make handling accounting work in the new year challenging. Now is the perfect time to build your company's understanding of the major changes under the new accounting standards and how they can affect your accounting practices, financial statements, and even business operations.

Agenda

1:00 PM - 1:15 PM

Arrival and Registration

1:15 PM - 2:00 PM

New Accounting Standards- Key Changes and Impacts

Ivy Gu

1.An overview of the new Chinese Accounting Standards for Business Enterprises (CAS);
2.Revenue;
3.Leases;
4.Financial Instruments;
5.Preparing for the next step

2:00 PM - 2:30 PM

Practical Financial Implentation in SAP: Application to the new accounting standard

Renne Wu

1. Chart of Account List Updating2. How Legal reporting structure updated in SAP according to the new accounting standard3. Intercompany business4. Investment properties5. Financial Leasing...

1. Chart of Account List Updating
2. How Legal reporting structure updated in SAP according to the new accounting standard
3. Intercompany business
4. Investment properties
5. Financial Leasing

2:30 PM - 2:45 PM

Panel Discussion

Ivy Gu and Renne Wu

2:45 PM - 3:00 PM

Tea Break

3:00 PM - 3:30 PM

IIT Preparation in 2021

Jenny Liao

Annual bonus preferential policy;
Tax-exempted allowances for expats;
Tax resident and non-resident adjustment;
Annual Individual Income Tax report and others

3:30 PM - 3:50 PM

Optimizing your China accounting with Cloud Technology

Jenny Liao

1. How Accounting is traditionally managed in China1) A typical accounting process explained;2)Common problems encountered;3)Reporting limitations2. Enhancements via Cloud1)in the gathering ...

1. How Accounting is traditionally managed in China
1) A typical accounting process explained;
2)Common problems encountered;
3)Reporting limitations

2. Enhancements via Cloud
1)in the gathering and transfer of input information;
2)in the sharing of output information

3:50 PM - 4:15 PM

Panel Discussion 2

Jenny Liao

Speakers

Ivy Gu
Audit Manager at Dezan Shira & Associates.
Ivy Gu is the manager of the audit team at the Shanghai offices of Dezan Shira & Associates. She assists clients in the areas of financial audit, annual audit (including China GAAP, US GAAP, and IFRS standards), internal financial review, due diligence and internal control review.
Before joining Dezan Shira & Associates in November 2013, Ivy Gu was a project manager at BDO China. Ivy graduated from the University of Exeter in the United Kingdom with a master's in finance and management. She is a Certified Public Accountant (CPA), member of the Association of Chartered Certified Accountants (ACCA), and a member of the Chinese Institute of Certified Public Accountants (CICPA).
view more
Jenny Liao
Accounting&Tax Senior Manager at Dezan Shira & Associates
Jenny Liao is a Senior Manager on the Corporate Accounting Service and Tax team for Dezan Shira & Associates' Shanghai office. Before joining Dezan Shira & Associates, Jenny worked as associate director in a Singapore-listing company's China subsidiary, managing teams in mainland China providing accounting and tax service for foreign invested companies.
With more than 17 years of international consulting experience, Jenny is experienced in accounting, tax compliance & planning, finance management & analysis, etc. Jenny graduated from Shanghai JiaoTong University with a master's in professional accounting. She is a qualified China Accountant and member of the Association of International Accountants (AIA).
view more
Renne Wu
Senior FICO Consultant at ORBIS Consulting (Shanghai) Co., Ltd.
Renne Wu is the senior manager of ORBIS consulting Shanghai. With more than 10 years of SAP industry experience, she is responsible for SAP Financial Accounting and Management Accounting solutions for clients. Renne graduated from East China University of Science and Technology with a bachelor’s degree in accounting. She owns the qualified middle-level accounting certification and the certification of SAP S/4HANA for Financial Accounting and Management Accounting. Besides, she has certificated of PMP (Project Management Professional). By utilizing her expertise and cross-industry insights, Renne has helped optimize SAP-based financial solutions for a number of companies, including but not limited to Buckman (in chemical industry), KUKA (in manufacturing industry) and Rhenus(in automotive industry).
view more