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Impact of coronavirus on IFRS

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

Technical Updates May 2020

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Our roundup of regulatory news.

Technical news in brief March 2020

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ICAEW's Audit and Assurance Faculty brings you the latest technical updates on developments in auditing and assurance, financial reporting and ethics. Please note Only Audit and Assurance Faculty members and Faculties Online subscribers have access to these technical updates.

COVID-19 and IFRS 9 expected credit losses for banks


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.


COVID-19 and Stress Testing


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.

External resources

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 of the coronavirus outbreak (Updated April 2020)

EY 27-04-2020

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.

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.

IFRS 16 and covid-19

IASB 10-04-2020

Document issued by the IASB in response to questions on the application of IFRS 16 Leases to rent concessions granted as a result of the coronavirus pandemic. It discusses assessing whether a change in payments is a lease modification, changes in payments that are not lease modifications, partial lease liability extinguishment, impairment of assets, and disclosure for lessees and lessors.

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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