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COVID-19 has caused changes in financial reporting depending on the level of exposure of company activities to the pandemic. As the end of the year accounting period is approaching, Hesapküpü Founding Partner and General Manager Murathan Kılıç made suggestions for the accounting and finance teams.
*** This release is originally published in Turkish.
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ISTANBUL (TR) - The coronavirus pandemic, which started in Wuhan, China in November 2019, changed the financial balances in many sectors during 2020. This also led to changes in financial reporting, depending on the level at which company activities were affected by the pandemic. Accounting teams of companies with the end of the year 2020 have started working on reviewing and planning financial information these days. Pointing out that the accounting effects arising from the conditions that arise in this process should be included in the financial statements, Hesapküpü Founding Partner and General Manager Murathan Kılıç made suggestions for accounting periods ending after 31 December 2019, based on KPMG's Potential ‘Effects of Covid-19 on Financial Reporting Research’.
Stating that the developments that occurred in 2020 and require correction as of the reporting period will affect the financial statement elements, Hesapküpü Founding Partner and General Manager Murathan Kılıç said, “When we look at KPMG's research, the economic consequences arising from the measures taken by the governments or the private sector to respond to the pandemic we see that it can have a serious impact on the table elements. In particular, these effects can be clearly seen in assets and liabilities measured at their real value, the depreciation of tangible and intangible assets and the net value of inventories. In addition, the recoverability of deferred tax assets, expected credit losses in financial assets, and the classification of financial liabilities as short or long term stand out as other metrics where the pandemic makes its impact on financial reports.”
Referring to the fact that the financial effects of the pandemic continue and more cautious steps should be taken in the future, Murathan Kılıç said, “We see that the research in question sheds light on the future steps in the field of accounting and finance. In this context, it is necessary to focus on the potential effects and risks on the financial statements, and to explain the potential effects of COVID-19 on the year-end financial statements and operations to the readers. Additionally, liquidity and capital adequacy should always be considered. More importantly, all assessments must be based on qualitative and quantitative assessments of the company's business activities, financial condition and economic performance.”
Murathan Kılıç drew attention to the need to increase efficiency in order for accounting and finance departments to make the right decisions in critical processes such as pandemic. In this context, Kılıç, who stated that they digitized pre-accounting processes as Hesapküpü, said, “The pre-accounting programs we have developed as Hesapküpü provide the opportunity to send invoices to the customers from anywhere and to track whether you have reached them online. Moreover, the error rate decreases to zero in the reconciliation process. All the costs and cumbersome of the old order such as printing, keeping, physically sending or archiving the paper invoice stub disappear. At the same time, the dependency on a physical location for transactions such as delivering invoices, seeing the invoices sent and taking them into the payment schedule is eliminated. The invoice reaches the customer online. Now, both the collection process is accelerating, saving traditional operational activities and time, providing cost advantage and increasing efficiency.”