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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

Renegotiating loan contracts under FRS 102

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08-06-2021

This guide outlines the accounting requirements under FRS 102 when loan contract terms are renegotiated together with illustrative examples.

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.

Accounting and tax consequences of COVID-19 related support

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15-03-2021

In this guide we outline the accounting and tax implications of the main types of support packages offered by government to companies during the pandemic.

2020/21 reporting season

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01-01-2021

Considering the impact of COVID-19, Brexit and other pervasive issues on financial statements in the current reporting season.

Accounting for leases under FRS 102

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01-03-2017

Technical helpsheet to help ICAEW members understand key aspects of accounting for leases under FRS 102.

COVID-19-related rent concession under FRS 102 and FRS 105

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11-12-2020

Technical helpsheet issued to help ICAEW members preparing financial statements under FRS 102 and FRS 105 to account for operating leases for which covid-19-related rent concessions have been granted.

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.

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.

Bloomsbury Core Accounting and Tax Service

Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising more than 60 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Core Accounting and Tax Service.

Accounting principles for tax purposes

Julia Penny Accounting Principles for Tax Purposes 2021

An accessible introduction to the accounting rules relevant to tax computations in the UK. Written for tax practitioners who wish to gain a better understanding of accounting rules, this edition has been updated to reflect recent developments and amendments to the new UK GAAP framework, including amendments related to COVID-19 rent concessions. The tax commentary has also been brought up to date with the Finance Act 2020.

Covid-19 issues

Steve Collings UK Financial Statements - Presentation and Disclosure Requirements March 2021

A chapter focusing on Covid-19-specific issues in relation to financial statements under new UK GAAP, to help readers understand what reporting entities may need to deal with when preparing their annual reports. The chapter covers events after the end of the reporting period, impairment of assets, going concern, government assistance, judgements and estimation uncertainties.

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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.

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