Planning for the 2021/22 reporting season - Practical help for preparers
In this guide the Financial Reporting Faculty looks at what is different about the current reporting season and where to focus your efforts.
Coronavirus and financial reporting
Guidance for preparers of financial statements on the coronavirus outbreak, including advice on disclosure of risks and treatment of events after the reporting period.
Need to know
Impact on UK GAAP accounts
Checklist: implications of COVID-19 for the preparation of accounts under FRS 102
Factors to consider when preparing financial statements – updated for 2020 and early 2021 year ends.
Checklist: implications of COVID-19 for the preparation of micro-entity accounts (FRS 105)
Factors to consider when preparing micro-entity accounts – updated for 2020 and early 2021 year ends.
COVID-19 and FRS 102 accounts - how to improve disclosures
This guide identifies some key areas to consider when preparing disclosures within the annual report and accounts.
How to distinguish adjusting from non-adjusting post balance sheet events under UK GAAP
This guide outlines the factors to consider when determining whether post balance sheet events are adjusting or non-adjusting in the accounts.
2020/21 Reporting: Going concern and impairment
Going concern and impairment considerations for those preparing accounts under FRS 102 or FRS 105 with late 2020 or early 2021 year-ends.
Bitesize Briefing: Implications of COVID-19 for micro-entities in 2020/21 reporting
Key considerations for micro-entities preparing 2020/21 accounts in light of the pandemic.
Impact on IFRS accounts
Going concern considerations - a guide for IFRS reporters
This guide summarises management’s responsibilities for assessing going concern and the associated practical implications for financial reporting under IFRS.
Planning for the 2021/22 reporting season - Practical help for preparers
In this guide the Financial Reporting Faculty looks at what is different about the current reporting season and where to focus your efforts.
Modifications to revenue recognition under IFRS 15
A guide to the accounting implications of changes to contracts with customers as a result of the pandemic.
Contract modifications under IFRS 9 Financial Instruments
This short guide outlines the accounting implications of contract modifications to financial liabilities together with an illustrative example.
How to distinguish adjusting from non-adjusting events after the reporting period under IAS 10
This guide outlines factors to consider when determining whether post balance sheet events are adjusting or non-adjusting in the accounts.
Contract modifications under IFRS
This webinar explores common modification scenarios and explains their accounting implications.
Bitesize Briefing: COVID-19 and impairment of assets
A short webcast, suitable for UK GAAP and IFRS reporters, outlining the accounting requirements for impairment of assets in the context of the pandemic.
IFRS 17 Insurance Contracts for non-insurers – do you have contracts that fall within its scope?
This guide helps non-insurers determine whether, and to what extent, they may be affected by the standard.
Issues relating to going concern
Going concern considerations – a guide for FRS 102 preparers
Factors to consider when doing a going concern assessment and the practical implications for financial reporting.
Going concern considerations – a guide for FRS 105 preparers
Factors for preparers of micro-entity accounts to consider when doing a going concern assessment and the practical implications for financial reporting.
COVID-19 and going concern – Guidance for Directors of SME Businesses
Why going concern is important for the accounts and how to make the assessment.
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External resources
Accounting for COVID-19 related rent concessions (Updated April 2021)
This guide on IFRS 16 discusses how to assess whether a rent concession is a lease modification, how lessees and lessors account for rent concessions, and how to account for concessions that are not treated as lease modifications.
Applying IFRS: Disclosure of COVID-19 impact
Survey of IFRS financial statements from more than 120 companies published after the coronavirus pandemic was declared. It provides examples of disclosures that illustrate the impact on entities which may help businesses in preparing their own financial statements.
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.