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The coronavirus (COVID-19) pandemic had an impact on firms in 2020 and moving into 2021. Measures taken to contain the virus affected economic activity, which in turn has implications for financial reporting. The implications include not only the measurement of assets and liabilities but also disclosure and possibly an entity’s ability to continue as a going concern.
Listen to our podcast series for accounting updates on COVID-19
FAQ's
- FAQ 2.1.1 - Is the coronavirus (COVID-19) pandemic an impairment indicator?
- FAQ 2.1.3 – How can impairment tests that incorporate cash flow forecasts be more reliably performed in periods of uncertainty?
- FAQ 2.2.2 – Presentation of the COVID-19 impact in the income statement
- FAQ 3.1.6 – How to account for financial support arrangements put in place by central banks in response to COVID-19
- FAQ 3.2.3 – In the context of COVID-19 and ECL, what information is ‘reasonable and supportable’?
- 3.2.4 – Example of a provision matrix for corporates in a COVID-19 environment
- FAQ 4.1 – How should lease concessions related to COVID-19 be accounted for?
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