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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

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.

Accounting considerations in response to COVID-19 — Leases

14 Jul 2020

COVID-19 has led many lessors to provide relief to lessees by deferring or relieving them of amounts that would otherwise be payable. In some cases this is through negotiation between the parties, but can also be as a consequence of a government encouraging or requiring that the relief be provided. IFRS 16 requires lessees to assess whether changes to lease contracts are lease modifications as this term is defined in the Standard and, if so, the lessee must remeasure the lease liability using a revised discount rate. This video explains the amendments made in response to the current economic climate.

2020 update on half-yearly financial reporting

02 Jul 2020

The 2020 version of Deloitte's guide to half-yearly financial reporting provides an invaluable source of guidance for those companies preparing half-yearly financial reports in 2020.

Accounting considerations in response to COVID 19 — Profit or loss statements

24 Jun 2020

In this webcast, we look at the presentation of COVID-19-related items in the statement of profit or loss. The impact of COVID-19 may give rise to material expense or income items for many entities, for example, restructuring provisions and impairment losses related to non-financial assets. Entities may identify and quantify such discrete items, they should be disclosed separately either in the statement of profit or loss and other comprehensive income or in the notes to the financial statements, with appropriate explanation of those amounts. Watch the video series to learn more.

Accounting considerations in response to COVID-19 — Going concern

22 Jun 2020

Financial statements are prepared on a going concern basis unless management intends either to liquidate the entity or to cease trading, or has no realistic alternative but to do so. The effects from COVID-19 are disrupting operations of many businesses. Watch this video to learn more.

Accounting considerations in response to COVID-19 — IAS 34 — Interim financial reporting

22 Jun 2020

An interim financial report prepared applying IAS 34 is meant to provide an update on the latest complete set of annual financial statements with a focus on new activities, events and circumstances. An entity applies the same accounting policies in its interim report as those applied in its annual financial statements except for accounting policy changes. This video explains items to consider when preparing interim financial reports applying IAS 34.

Need to know — COVID-19 and financial reporting under IFRS Standards

19 Jun 2020

This Need to know is addressed to high level executives and audit committees and takes a strategic look at what are likely to be the most common hot topics for the upcoming financial reports, whether annual or interim.

Need to know — IASB finalises amendment to IFRS 16 'Leases' regarding COVID-19-related rent concessions

04 Jun 2020

This Need to know addresses the amendment to IFRS 16 'Leases' published by the IASB in May 2020, titled 'Covid-19-Related Rent Concessions'. This is an update of our earlier Need to know on the Exposure Draft.

Accounting considerations in response to COVID-19 — Expected credit losses on financial assets

03 Jun 2020

COVID-19 can affect the ability of borrowers, whether corporate or individuals, to reimburse amounts owed. Individual and corporate borrowers may have a particular exposure to the economic impacts in their geography and industry sector. The impact of COVID-19 on expected credit losses (or ECL) will be particularly challenging and significant for banks and other lending businesses. However, the effect could also be significant for non-financial corporates. This is because ECL does not only apply to loans but also applies to many investments in interest bearing financial assets.

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