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COVID-19 publications

This year, preparers face the additional demands of producing high-quality reports against the backdrop of the effects of the COVID-19 pandemic and its economic consequences. In a continually changing and uncertain economic environment, both the FRC and ESMA highlight the importance of entity-specific and transparent disclosures regarding the impact that COVID-19 has had on the performance, position and cash flows of the entity. The FRC’s Annual Review of Corporate Reporting, its letter to Audit Committee Chairs and Finance Directors, and ESMA’s Common Enforcement Priorities provide guidance on appropriate reporting and meeting investor expectations during the pandemic and highlight other areas of regulatory scrutiny that reporters of all sizes should focus on in the coming reporting season.  Recent Lab reports also highlight investor expectations for reporting in the current environment.  In particular the FRC expects disclosures to:

  • Clearly describe the impact of COVID-19 on the company’s position and performance with quantification where possible.
  • Include relevant sensitivities or ranges of possible outcomes where judgements are made on significant estimation uncertainties
  • Quantify the historical effect of COVID-19 in narrative reporting in the strategic report. In doing so companies are ‘strongly encouraged’ not to disclose arbitrary splits of items between COVID-19 and non-COVID-19 but instead apply existing accounting policies for exceptional items.
  • Clearly articulate the impact of COVID-19 on their business and strategies using consistent assumptions to those used in other areas such as going concern, viability, impairment testing and recognition of deferred tax assets.
  • Disclose any significant judgements made in determining whether or not there is a material uncertainty in relation to going concern to be disclosed and explained.
  • Describe and explain any other significant judgements and estimates made especially with regards impairment reviews.

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

Related publications

Accounting roundup — July 2021

30 Jul 2021

This Accounting roundup, covering the period April 2021 through to June 2021, pulls together the headlines for all the latest developments in accounting, providing links to a wealth of further information and resources.

2021 update on half-yearly financial reporting

09 Jul 2021

Although lockdown measures are easing in many parts of the world and parts of the economy are showing signs of recovery, the macroeconomic environment and outlook remain highly uncertain. Many companies continue to face uncertainty about their prospects as a result of the ongoing impacts of the COVID-19 pandemic, the UK’s exit from the European Union, the impacts of climate change and wider macroeconomic factors, all of which can present reporting challenges for half-yearly financial reporters. Whilst companies will have addressed many of these challenges in their previous reporting against the backdrop of COVID-19, timely and high quality interim reporting that reflects the ongoing uncertainties companies face and their response to those uncertainties remains as important to investors, creditors and other stakeholders as ever.

On the board agenda – half year 2021

27 Jun 2021

This half year update is a timely reminder of some of the important reporting areas for board focus as we enter the second half of 2021. Our articles focus on interim reporting for those of you with December year ends, and an overview of changes in the regulatory reporting landscape as the Financial Reporting Council (FRC) works towards its goal to transform itself into the Audit, Reporting and Governance Authority (ARGA).

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'.

Accounting roundup — April 2021

29 Apr 2021

This Accounting roundup, covering the period January 2021 through to March 2021, pulls together the headlines for all the latest developments in accounting, providing links to a wealth of further information and resources.

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.

Accounting roundup-January 2021

29 Jan 2021

This accounting roundup, covering the period October 2020 through to December 2020, pulls together the headlines for all the latest developments in accounting, providing links to a wealth of further information and resources.

Need to know — IFRS Foundation publishes educational material on the requirements of IFRS Standards relevant for going concern assessment

21 Jan 2021

This Need to know addresses the educational material Going concern – a focus on disclosure published by the IFRS Foundation in January 2021. The educational material, prepared as part of the IFRS Foundation’s commitment to support stakeholders during the COVID-19 pandemic, highlights existing requirements of IFRS Standards on the assessment of whether the going concern basis of accounting remains appropriate and the disclosures that might be required about that assessment.

Need to know — Accounting considerations related to the coronavirus 2019 disease for FRS 102 reporters

21 Jan 2021

This Need to know discusses accounting considerations related to the Coronavirus 2019 disease for FRS 102 reporters.

Governance in focus — On the board agenda 2021

10 Dec 2020

As 2020 draws to a close, our annual review of board topics will stimulate your thinking and help prepare you for the year ahead.

Accounting Roundup - Closing Out 2020

10 Dec 2020

Closing Out 2020 discusses the significant corporate reporting issues relevant to 31 December 2020 annual reports, covering areas of regulatory focus identified in the FRC's annual review of corporate reporting 2019/20, issues arising from the COVID-19 pandemic and the current economic environment and developments in reporting standards and areas of investor interest.

Governance in brief - FRC issues advice on annual reports for 2020/21 reporting season

23 Nov 2020

FRC issues advice on annual reports for 2019/20 reporting season

Need to know — Accounting considerations related to the coronavirus 2019 disease

11 Nov 2020

This Need to know highlights some of the key issues to be considered by entities in preparing their financial statements applying IFRS Standards.

Accounting Roundup-October 2020

29 Oct 2020

This accounting roundup, covering the period July 2020 through to September 2020, pulls together the headlines for all the latest developments in accounting, providing links to a wealth of further information and resources.

Annual report insights 2020-Surveying FTSE reporting

29 Oct 2020

Our latest annual reporting survey, Annual report insights 2020, provides insights into practices in annual reporting, focusing on areas where requirements have changed, where regulators are focusing or where innovative practices are emerging.

Deloitte comment letter on FRED 76 'Draft amendments to FRS 102 and FRS 105 – COVID-19-related rent concessions'

07 Sep 2020

We have published our comment letter on the Financial Reporting Council’s (FRC’s) Financial Reporting Exposure Draft (FRED) 76 'Draft amendments to FRS 102 and FRS 105 – COVID-19-related rent concessions'.

Accounting Roundup-July 2020

31 Jul 2020

This accounting roundup, covering the period April 2020 through to June 2020, pulls together the headlines for all the latest developments in accounting, providing links to a wealth of further information and resources.

Need to Know — IASB defers effective date for 'Classification of Liabilities as Current or Non-current'

23 Jul 2020

This Need to Know addresses the recent amendment Classification of Liabilities as Current or Non-current - Deferral of Effective Date (Amendment to IAS 1) issued by IABS on 15 July 2020.

On the board agenda – half year 2020

15 Jul 2020

This half year update is a timely summary of some important areas for board focus as we enter the second half of 2020 and start to emerge from the unprecedented lockdown of our lives and our economy.

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