ICAEW.com works better with JavaScript enabled.

Impact of COVID-19 on Accounting and Corporate Reporting for Financial Services

This Financial Services Faculty webinar explores accounting and financial reporting considerations for financial services firms as a result of COVID-19.

The Coronavirus, or ‘COVID-19,’ was declared as a global health emergency by the World Health Organisation (‘WHO’) on 31 January 2020, following which national governments took action.

As such, the effects of COVID-19 were generally a ‘non-adjusting event’ for financial reporting purposes, and forecasts, projections and associated assumptions used in preparing financial statements as at 31 December 2019 would reflect either little or no change. Financial statements will need to incorporate the effects of COVID-19 for reporting periods ending on or after 31 January 2020.

This webinar will focus on wider accounting and financial reporting considerations as a result of COVID-19, for example, in relation to goodwill impairment, deferred tax, onerous contracts and going concern assessments. 

First broadcast on 7 May, 2020

Entities in nearly every financial services sector are impacted and the financial reporting implications may be similarly broad. Precise effects will depend on the facts and circumstances of each entity. As the effects of the outbreak change and evolve, it may become difficult to distinguish which information, facts and circumstances should be incorporated into measurement as at period end and, which should result in potential subsequent event disclosure.

Financial Services Faculty

This webinar is brought to you by the ICAEW Financial Services Faculty, which offers three memberships: Banking, Insurance or Investment Management. Each membership gives you access to exclusive premium content including practice tips, essential guides, webinars, regular eBulletins and extensive online resources focused on technical information to support your career. For more information about Financial Services Faculty membership and our latest joining offers, please visit icaew.com/joinfsf. For more information about Faculties Online, please visit icaew.com/subscribefo.