ICAEW insights, technical guidance and other practical resources on the implications of the coronavirus COVID-19 pandemic for preparers of IFRS financial statements.
This hour long webinar looks at the accounting and financial reporting considerations for financial services firms under IFRS9 as a result of COVID-19.
Factors to consider to help determine whether events are adjusting or non-adjusting in the accounts.
A short guide on the impact for entities with 2019 and early 2020 year-ends preparing accounts in accordance with IFRS or the IFRS for SMEs.
21 April 2020: the International Accounting Standards Board has issued guidance on the application of IFRS 16 Leases for COVID-19-related rent concessions.
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.
This factsheet provides a summary of the basic principles of accounting for impairments and practical tips on application.
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Discover the IFRS 16 implementation lessons learned and hear about the COVID-19-related rent concessions amendment.
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Covering recent IFRS implementation experience, a summary of changes applicable in 2020 and developments on the horizon.
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A short webcast providing an overview of the amendment to IFRS 16 Leases relating to rent concessions granted during the COVID-19 pandemic.
A short webcast, suitable for UK GAAP and IFRS reporters, outlining the accounting requirements for impairment of assets in the context of the pandemic.
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.
Aimed at both UK GAAP and IFRS reporters, a short webcast on the factors to consider when determining whether COVID-19 is an adjusting or non-adjusting event.
29 June 2020: A roundtable discussion on IFRS 9 for banks and audit firms across Greece and Cyprus highlighted the effectiveness of the standard.
18 June 2020: Amendments to IFRS 16 Leases to help lessees account for rent concessions as a result of the Coronavirus pandemic.
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.
21 April 2020: the International Accounting Standards Board has issued guidance on the application of IFRS 16 Leases for COVID-19-related rent concessions.
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.
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.
16 April 2020: The International Public Sector Accounting Standards Board (IPSASB) has issued a Q&A publication
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.
30 March 2020: ICAEW’s Philippa Kelly outlines the PRA’s measures to ensure IFRS 9 Financial Instruments effectively reflects the nature of lending related to COVID-19.
27 March 2020: Europe’s top financial regulators have stressed the importance of the flexible and pragmatic application of IFRS9 to cope with troubled loans during the COVID-19 pandemic
The FRC confirms that it will not pursue regulatory action where issuers take advantage of the provisions contained in the Accounting for Lease Modifications (Amendment to IFRS 16 – Covid-19-Related Rent Concessions) before adoption by the EU.
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.
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 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.
Updated summary from the IASB highlighting its guidance on applying IFRS 16 to rent concessions (issued in April 2020) and the amendment issued in May 2020 to the standard.
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.
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.
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.
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.
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.
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.
Bulletin from PwC highlighting the implications for corporate entities when measuring expected credit losses (ECL) on trade receivables, contract assets, lease receivables, intercompany loans and any other financial assets subject to IFRS 9's ECL requirements.
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.
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.