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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

Applying IFRS9 under COVID 19

08-07-2020

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

15-04-2020

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.

Webinars

2020 IFRS update

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18-06-2020

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

COVID-19 and Stress Testing

30-04-2020

Stress testing is an important tool that is used by regulators for an increasingly wider set of firms. This webinar will help you understand the latest rules and how they work with the latest accounting standard, IFRS 9.

News and announcements

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.

European law change needed to keep banks lending

20 April 2020: without changes to the Capital Requirements Regulation, efforts to ensure IFRS 9 Financial Instruments can be applied in a way which reflects the reality of the effects of coronavirus support measures may not be enough.

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.

COVID-19 business support measures: impact on IFRS 9

8 April 2020: ICAEW Financial Services Faculty’s Philippa Kelly looks at the accounting challenges around payment holidays and other support extended to help businesses survive the impacts of coronavirus.

External resources

Accounting considerations of the coronavirus pandemic (Updated August 2020)

EY 29-07-2020

Updated guide from EY highlighting accounting considerations for the financial effects of the coronavirus when preparing annual or interim IFRS financial statements in 2020. It discusses going concern, financial instruments, assets impairment, government grants, income taxes, liabilities from insurance contracts, leases, insurance recoveries, onerous contract provisions, fair value measurement, revenue recognition, events after the reporting period, other financial statement disclosure requirements, and other accounting estimates.

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.

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.

Applying IFRS: Impact of coronavirus on APMs and disclosures

EY 07-05-2020

Guide produced by EY on using alternative performance measures (APMs) and disclosures to communicate the impact of the coronavirus outbreak. It highlights what is required by IFRS and what is required by regulators in presenting and disclosing APMs, along with suggestions on how entities may reflect the COVID-19 impact through APMs, additional line items and additional disclosures.

Accounting considerations related to coronavirus disease 2019

Deloitte 05-05-2020

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.

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.

Accounting implications of the effects of coronavirus: PwC In depth

PwC 03-04-2020

UK version of this in-depth guide (with illustrative examples) considering the impact on financial statements for periods ending after 31 December 2019 of entities whose business is affected by the virus. The guide discusses non-financial assets; financial instruments and leases; revenue recognition; non-financial obligations; going concern; disclosures; and interim financial statements. Updated in April 2020 to include commentary on dividends and other distributions for UK users.

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.

Accounting implications of the COVID-19 outbreak on the calculation of expected credit losses in accordance with IFRS 9

ESMA 25-03-2020

Statement from the European Securities and Markets Authority (ESMA) addressing the accounting implications of economic measures implemented by national governments and EU bodies. The statement highlights IFRS 9 Financial Instruments in particular and discusses accounting for the modifications resulting from the introduction of the support measures, assessment of significant increase in credit risk (SICR), Expected Credit Loss estimation, public guarantees on issuers' exposures, and transparency.

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