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COVID-19 resources

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 our resources related to COVID-19.  It includes links to:

Related resources

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

24 Apr 2020

This publication addresses the proposed amendments to IFRS 16 'Leases' set out in Exposure Draft ED/2020/2 'COVID-19-Related Rent Concessions (Proposed amendments to IFRS 16)' published by the IASB in April 2020.

IASB publishes proposed amendment regarding COVID-19-related rent concessions

24 Apr 2020

The International Accounting Standards Board (IASB) has published an exposure draft 'Covid-19-Related Rent Concessions (Proposed amendment to IFRS 16)' that contains a proposed amendment that would provide lessees with an exemption from assessing whether a COVID-19-related rent concession is a lease modification. Comments are requested by 8 May 2020.

ICAEW publishes guide to IFRS 9 and COVID-19

22 Apr 2020

The Institute of Chartered Accountants in England and Wales (ICAEW) Financial Services Faculty has published a guide to help banks and their auditors deal with the effects of coronavirus on financial reporting under IFRS 9 'Financial Instruments'.

Accounting considerations related to COVID-19 — Events after the reporting period

20 Apr 2020

This video discusses the effect of COVID-19 on accounting after the reporting period. Since the 31st of December 2019, the events around COVID-19 have developed rapidly. In a global marketplace that is currently extremely volatile and in which major developments are occurring daily, it may be challenging for an entity to determine if an event after the end of the reporting period affects the recognition and measurement of assets and liabilities in the financial statements. When new information is obtained after the end of the reporting period, entities need to carefully assess if that information reveals a condition that existed before the end of the reporting period.

FRC issues Q&A on company filing, AGMS and other general meetings during COVID-19

17 Apr 2020

The Financial Reporting Council (FRC) has issued a set of answers to commonly asked questions on the challenges companies may experience in complying with statutory obligations to hold meetings and to file documentation on the Companies Register during the COVID-19 crisis.

IASB holds meeting dedicated to COVID-19 issues

17 Apr 2020

In advance of its regular meeting next week, the IASB held a supplementary IASB meeting today to consider COVID-19-related matters: the Board's timelines in view of the COVID-19 pandemic and accounting for COVID-19-related rent concessions.

ESMA expands Q&A document on the implementation of its APM guidance

17 Apr 2020

In June 2015, the European Securities and Markets Authority (ESMA) published its final Guidelines on Alternative Performance Measures (APMs) for listed issuers that became effective in July 2016. Since then, ESMA has published several questions and answers on the guidelines to promote common supervisory approaches and practices in the implementation of them. A new question has now been added to the document on the use of APMs in the context of COVID-19.

DPOC discusses shortened comment periods for exposure drafts the IASB might decide to publish

16 Apr 2020

The Due Process Oversight Committee (DPOC) of the IFRS Foundation held a conference call today to discuss shortened comment letter periods for two exposure drafts the IASB might decide tomorrow to publish in the context of the COVID-19 pandemic.

Agenda and pre-meeting summaries available for the April 2020 IASB supplementary meeting

14 Apr 2020

The IASB is holding a supplementary IASB meeting to consider COVID-19-related matters on Friday 17 April 2020.

IASB publishes COVID-19 guidance on IFRS 16, will discuss COVID-19 implications in supplementary meeting

11 Apr 2020

The International Accounting Standards Board (IASB) has published a document responding to questions regarding the application of IFRS 16 'Leases' during the period of enhanced economic uncertainty arising from the COVID-19 pandemic. In a supplementary meeting, the IASB will discuss the matter further and will also consider effective dates, consultations periods and publication dates in general.

Deloitte launches new webcast series on accounting considerations related to COVID-19

10 Apr 2020

The Coronavirus Disease 2019 (COVID-19) pandemic is affecting economic and financial markets; virtually all industries are facing challenges associated with the economic conditions resulting from efforts to address it. We have set up a series of webcasts that discusses certain key IFRS accounting considerations related to conditions that may result from the COVID-19 pandemic.

Accounting considerations related to COVID-19 — Judgements and estimates

10 Apr 2020

This video discusses the effect of COVID-19 on accounting judgements and estimates. There is a high degree of uncertainty about the ultimate trajectory and the path and time needed for a return to a “steady state.” Entities will need to do their best to make reasonable estimates, prepare comprehensive documentation supporting the basis for such estimates and provide robust disclosure of the significant judgements exercised, the key assumptions used and, potentially, their sensitivity to change.

IPSASB publishes COVID-19 guidance

07 Apr 2020

The International Public Sector Accounting Standards Board (IPSASB) has published 'COVID-19: Relevant IPSASB Accounting Guidance'. The questions and answers publication was issued by the staff of the IPSASB to provide insight into the financial reporting issues associated with COVID-19 government responses.

IOSCO statement on the application of accounting standards during the COVID-19 outbreak

04 Apr 2020

The International Organization of Securities Commissions (IOSCO) has released a statement on consistent application and enforcement of high-quality accounting standards which are of critical importance to the proper functioning of the capital markets — especially in times of uncertainty.

Need to know — Expected credit loss accounting considerations related to Coronavirus Disease 2019

01 Apr 2020

This publication discusses certain key IFRS accounting considerations related to the accounting for expected credit losses (ECL) that may result from the COVID-19 pandemic. The focus of this publication is for lenders and banks though much of it will be applicable to measurement of ECL in industries other than financial services.

Charities SORP Committee publishes guidance on Covid-19

30 Mar 2020

The Charities Statement of Recommended Practice (SORP) Committee has published guidance on the implications of COVID-19 control measures and charity financial reporting.

CARES Act would provide optional temporary relief from CECL accounting

30 Mar 2020

On 27 March 2020, US President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which provides relief from certain accounting and financial reporting requirements under U.S. GAAP. However, until actions are taken by the SEC or the FASB, the provisions of the CARES Act are not amendments to US GAAP.

IFRS Foundation issues statement on its work during the COVID-19 pandemic

27 Mar 2020

The IFRS Foundation has issued a statement, ‘The coronavirus and the Foundation’s work,’ which acknowledges that this is a difficult time for stakeholders and provides information on what work they are doing to support their stakeholders.

EFRAG requests the IASB extend consultation period

27 Mar 2020

The EFRAG have sent a letter to the IASB requesting an extension to the public consultation phase of recent or soon-to-be issued publications due to the affects of the coronavirus disease pandemic. In addition, the EFRAG suggests the amendment to IFRS 9 (IBOR Phase 2) should be published quickly after the publication of the exposure draft in April 2020 in order to avoid any potential complications.

IASB updates work plan in view of COVID-19 developments

27 Mar 2020

The IASB has postponed to May 2020 the publication of several narrow-scope amendments to IFRS Standards originally planned for March and April 2020. This consolidation of publications is intended to facilitate more efficient post-publication procedures by the stakeholders. The work plan has been updated accordingly.

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