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Impact of coronavirus on IFRS accounts

ICAEW insights, technical guidance and other practical resources on the implications of the coronavirus COVID-19 pandemic for preparers of IFRS financial statements.

ICAEW insights

IFRS 9: the dog that barked too much?


When IAS 39 was replaced by IFRS 9 on 1 January 2018, it was perhaps little lamented, writes Steven Hall, Partner, Financial Services Risk Consulting, KPMG and Nicholas Mead, Director, KPMG. In a financial crisis that had manifold causes, some laid at least part of the blame for the 2008 meltdown on the ‘incurred loss’ provision model in IAS39 – inadequate, too little too late, or simply the dog that didn’t bark.

FRS 102 summary and timeline


A summary of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, including information on disclosure exemptions, who should apply the standard, current proposals and a timeline of past amendments, announcements, exposure drafts and consultations.

Applying IFRS9 under COVID 19


This hour long webinar looks at the accounting and financial reporting considerations for financial services firms under IFRS9 as a result of COVID-19.

COVID-19 and IFRS 9 expected credit losses for banks

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The subjective nature of IFRS 9 Financial Instruments means banks are facing difficult decisions when it comes to applying the standard in a world grappling with the health and economic impacts of coronavirus.

2021 IFRS Accounts Extract


This factsheet highlights new and modified requirements for preparers of IFRS accounts. The factsheet deals primarily with new IFRS requirements with mandatory application for annual periods beginning on or after 1 January 2021.


2020 IFRS update

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Covering recent IFRS implementation experience, a summary of changes applicable in 2020 and developments on the horizon.

News and announcements

COVID-related rent concessions beyond 30 June 2021

18 February 2021: As lockdown continues, the issue of commercial rent concessions is certainly topical. Now the IASB is proposing an extension to the availability of the practical expedient issued last year that allows entities to account for rent concessions due to COVID-19 in a simpler way.

Impairment of assets in the context of COVID-19

12 June 2020: ICAEW’s Financial Reporting Faculty considers accounting requirements relating to the impairment of assets in the context of the COVID-19 pandemic in their latest short webcast.

ICAEW publishes guide to IFRS 9 and COVID-19

20 April 2020: ICAEW’s Financial Services Faculty has published a guide to help banks and their auditors deal with the effects of coronavirus on financial reporting under IFRS 9 Financial Instruments.

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External resources

Applying IFRS: Disclosure of COVID-19 impact

EY 30-10-2020

Survey of IFRS financial statements from more than 120 companies published after the coronavirus pandemic was declared. It provides examples of disclosures that illustrate the impact on entities which may help businesses in preparing their own financial statements.

IFRS 16 COVID-19 Related Rent Concessions Amendment

PwC 19-06-2020

In-depth guide from PwC following the amendment to IFRS 16 issued by the IASB in May 2020. The guide answers a range of frequently asked questions on the scope of the amendments, measurement, presentation and disclosure, transition and effective date.

Accounting considerations related to coronavirus disease 2019

Deloitte 18-06-2020

Need To Know bulletin from Deloitte IAS Plus outlining key issues for IFRS and FRS 101 reporters, updated in May 2020. The detailed guide highlights a wide range of issues including going concern, impairment of non-financial assets, financial instruments, revenue from contracts with customers, lease contracts, government assistance, interim financial reports, and other accounting considerations.

Summary of Covid-19 Financial Reporting Considerations

IFAC 03-06-2020

Summary compiled by IFAC looking at the key financial reporting challenges and implications arising from the coronavirus crisis. Topics include going concern, events after the reporting period, fair value measurement and impairment, ECL, lease accounting, hedge accounting, deferred tax assets, and revenue recognition.

Accounting considerations related to recent declines in oil and gas prices

EY 17-04-2020

Publication from EY that outlines and discusses whether recent declines in oil and natural gas prices due to the coronavirus pandemic create accounting risks, such as counterparty credit risk, impairment risk or going concern risk. Sections cover considerations for oil and gas entities, going concern, events after the reporting period disclosures and related accounting, interim reporting, considerations for other industries, and internal control over financial reporting.

Coronavirus crisis: country responses to the implications on reporting

Accountancy Europe 10-04-2020

A summary produced by Accountancy Europe of responses by country to the implications on company reporting as a result of COVID-19. The publication focuses on extension of filing deadlines, IAS 10 Events After the Reporting Period, going concern, IAS 36 Impairment of Assets, IFRS 9 Financial Instruments, and other governance matters. A separate page Coronavirus crisis resources – banks covers information for European professional accountants dealing with financial institutions.

COVID-19: Financial reporting

KPMG 03-04-2020

Resource centre created by KPMG on the financial reporting impacts of coronavirus. It includes FAQs on assets, financial instruments, going concern considerations, accounting for government assistance, liabilities, employee benefits, revenue-cycle accounting, lease contracts, impact on insurers, interim reporting, and events after the reporting date.

IFRS 9 and covid-19

IASB 27-03-2020

Document issued by the IASB on accounting for expected credit losses (ECL) in response to questions on applying IFRS 9 Financial Instruments in the light of current uncertainty resulting from the coronavirus COVID-19 pandemic.

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