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Impact of coronavirus on UK GAAP accounts

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

ICAEW insights

Remote auditing – revising audit approaches and risk assessments

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15-07-2020

The spread of the coronavirus pandemic (COVID-19) resulted in the rapid adoption of remote working, including remote auditing techniques. This extract from the Audit and Assurance Faculty Know-How guide 'Remote auditing in practice' focuses on revising audit approaches and risk assessments.

COVID-19 implications for charity accounting

04-06-2020

This guide highlights a number of key issues arising from COVID-19 that may require consideration in connection with trustees’ annual reports and accounts for charities.

Redundancies under FRS 102

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01-06-2020

Technical helpsheet issued to help ICAEW members and Financial Reporting Faculty members, understand the accounting considerations and requirements for redundancy payments under FRS 102.

Coronavirus government support schemes under FRS 102

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20-05-2020

Technical helpsheet issued to help ICAEW and Financial Reporting Faculty members account for COVID-19 support schemes.

Coronavirus government support schemes under FRS 105

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20-05-2020

Technical helpsheet issued to help ICAEW and Financial Reporting Faculty members account for COVID-19 support schemes.

Pensions, equality, and the Lloyds case

07-12-2018

7 December 2018: Marianne Mau looks at the High Court's recent decision on the Lloyds Banking Group pensions scheme, and examines what the accounting implications are.

FRS 102 - Impairment of assets

07-03-2018

This factsheet is a summary of the basic principles of accounting for impairment with practical guidance to will help with implementation.

Webinars

UK GAAP update

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19-03-2020

This webinar updates you on the latest developments and implementation issues in UK GAAP, including changes to reporting regulations.

External resources

Covid-19 Thematic Review: Review of financial reporting effects of Covid-19

Review by the FRC of interim and annual reports and accounts identifying areas where disclosures affected by coronavirus can be improved, along with examples of better disclosures. The report examines going concern and viability statements; cash, liquidity and covenant compliance; dividends and capital management; the strategic report; alternative performance measures; presentation of primary statements; expected credit loss provisioning; significant judgements and estimates; fair value measurements; impairment; defined benefit pension schemes; provisions and onerous contracts; adjusting and non-adjusting post balance sheet events.

Covid-19 accounting: CBILS loan

In this AccountingWEB article, Steve Collings examines the FRS 102 accounting treatment for a loan received under the Coronavirus Business Interruption Loan Scheme (CBILS) with example calculations and entries.

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