COVID-19 publications

Many companies continue to face uncertainty about their prospects as a result of the on-going impact of the COVID-19 pandemic which continues to present a number of reporting challenges.  Although the FRC has highlighted that reporting in the face of the pandemic has not declined, it is still vital that companies continue to provide timely and high-quality reporting which reflects the ongoing uncertainties they face and their response to those uncertainties.

For many companies, their focus will have moved from the urgency of short-term survival to the development of longer-term resilience in the wake of COVID-19.  ESMA in its Common Enforcement Priorities, calls for companies to carefully assess the longer-term impacts of COVID-19 on their financial performance, position and cash flows.  It reiterates key messages from its previous Common Enforcement Priorities and highlights that it will continue to focus on how companies have considered the effects of COVID-19 in their reporting in particular on going concern assumptions, significant judgements, estimation uncertainty, presentation of financial statements and impairment of assets.  ESMA also reminds companies of its expectations with regards to disclosure in areas such as supplier finance arrangements and government assistance, the recognition of deferred tax assets, non-financial reporting and presentation of Alternative Performance Measures (APMs) in a COVID-19 environment. 

Like ESMA, in its upcoming monitoring of annual reports in 2021/22 the FRC will continue to focus on how companies are disclosing the financial reporting impacts of COVID-19.  In particular it will focus on the disclosure of judgements and estimation uncertainties arising from the continuing effects of the COVID-19 pandemic, particularly regarding matters such as going concern and liquidity.

In its Annual Review of Corporate Reporting it reminds companies of a number of key messages from its COVID-19 thematic review that 2021 reporters should continue to have regard to this reporting season.  Previous messages contained within other guidance such as the FRC’s Company Guidance COVID-19 and FRC Lab reports will also be relevant in highlighting FRC and investor expectations for reporting in the current uncertain environment.

This page includes all of our publications on the financial reporting impacts of COVID-19.

Related publications

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Governance in focus — On the board agenda 2022

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Deloitte comment letter on FRED 78 'Draft amendments to FRS 102 and FRS 105 - Covid-19 related rent concessions beyond 30 June 2021'

05 May, 2021

We have published our comment letter on the Financial Reporting Council's (FRC's) Financial Reporting Exposure Draft (FRED) 78 'Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime - COVID-19-related rent concessions beyond 30 June 2021'.

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Deloitte comment letter on the IASB's proposal to extend the practical relief regarding COVID-19-related rent concessions

24 Feb, 2021

We support the extension of the availability of the practical expedient so that it applies to rent concessions that affect payments originally due on or before 30 June 2022 instead of 30 June 2021, for the reasons stated in the basis of conclusions on the exposure draft. We also agree with the proposed effective date and transition provisions.

Need to know — IASB proposes amendment to IFRS 16 to extend the practical relief on rent concessions

15 Feb, 2021

This Need to know outlines the proposed amendment to IFRS 16 Leases set out in ED/2021/2 Covid-19-Related Rent Concessions beyond 30 June 2021, published by the International Accounting Standards Board (Board) in February 2021.

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