COVID-19 resources

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

Related resources

IASB issues podcast on latest Board developments (May 2020)

29 May, 2020

The IASB has released a podcast featuring IASB Chair, Hans Hoogervorst and Vice-Chair, Sue Lloyd discussing deliberations at (1) the May IASB meeting and (2) the Board's supplementary meeting on IFRS 16 covid-19-related rent concessions.

FCA extends reporting deadline for interims

28 May, 2020

The Financial Conduct Authority (FCA) has confirmed additional relief for listed companies facing the challenges of corporate reporting during COVID-19.

Stay Tuned Online - IFRS and UK GAAP Update April 2020

28 May, 2020

Stay Tuned Online is an online financial reporting update, aimed at helping finance teams keep up to speed with IFRS and UK financial reporting issues. Each update lasts about an hour.

IASB finalises amendment to IFRS 16 regarding COVID-19-related rent concessions

28 May, 2020

The International Accounting Standards Board (IASB) has published 'Covid-19-Related Rent Concessions (Amendment to IFRS 16)' amending the standard to provide lessees with an exemption from assessing whether a COVID-19-related rent concession is a lease modification. Concurrently, the IASB also published a proposed Taxonomy Update to reflect this amendment.

HM Treasury sets minimum financial reporting requirements for 2019-20

26 May, 2020

As a direct consequence of the effects of COVID-19 on government entities, HM Treasury has taken the decision to reduce the financial reporting requirements for preparers of government annual reports and accounts for 2019-20.

ICAEW and ICAS produce guidance for SME businesses on going concern and COVID-19

22 May, 2020

The Institute of Chartered Accountants in England and Wales (ICAEW) and the Institute of Chartered Accountants of Scotland (ICAS) have prepared a guide to assist owners and directors of SME businesses in assessing going concern in light of COVID-19.

AAOIFI statement on COVID-19 accounting implications for Islamic financial institutions

22 May, 2020

The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has published a statement 'Accounting implications of the impact of COVID-19 pandemic'.

The latest board insights on COVID-19

20 May, 2020

As we gradually emerge from lockdown, and as we look forward to the interim reporting for most companies, we thought we should bring together for you many of the areas which are important for boards to consider.

FRC updates its COVID-19 guidance for companies to include reporting of exceptional items and APMs

20 May, 2020

The Financial Reporting Council (FRC) has updated its COVID-19 guidance for companies to explain how they should report exceptional items and alternative performance measures (APMs) in their reports and accounts in light of COVID-19.

ESMA statement on the implications of the COVID-19 outbreak on the half-yearly financial reports

20 May, 2020

The European Securities and Markets Authority (ESMA) has issued a public statement calling for transparency on COVID-19 effects in half-yearly financial reports.

Accounting considerations related to COVID-19 — Employee benefits

18 May, 2020

Entities may be considering or implementing restructuring plans to mitigate their exposures associated with unforeseen consequences of the COVID-19 pandemic. In determining how to account for these measures, entities must start by identifying the nature and characteristics of each proposed compensation plan because it may affect the timing of the recognition of the benefits provided to employees. Learn more about how to account for employee benefits in response to COVID-19 in this video.

Accounting considerations related to COVID-19 — Government assistance

18 May, 2020

Certain government assistance may be offered in various ways. For example, reimbursement of expenses, reduction of income taxes, or investment tax credits. As a first step in accounting for the various measures offered by a government is determining whether they should be accounted for by applying IAS 20 'Accounting for Government Grants and Disclosure of Government Assistance' or IAS 12 'Income Taxes'.

Podcast on corporate reporting and the coronavirus crisis

18 May, 2020

Accountancy Europe has released a podcast exploring the repercussions of the corona crisis for corporate reporting and particularly focusing on banks. The podcast also discusses how IFRS 9 can incorporate the irregularities of the current situation and outlines other accommodations that have been made for both companies and banks to report on this period.

IASB votes to finalise IFRS 16 amendment

15 May, 2020

In a supplementary meeting today, the IASB considered the feedback it received on its 24 April exposure draft 'Covid-19-Related Rent Concessions (Proposed amendment to IFRS 16)' that contained a proposed amendment that would provide lessees with an exemption from assessing whether a COVID-19-related rent concession is a lease modification. The 14-day comment letter period closed on 8 May 2020 and the Board received 110 comment letters (including late submissions).

FRC updates its COVID-19 guidance for companies to include going concern considerations for interim reporters

14 May, 2020

The Financial Reporting Council (FRC) has updated its COVID-19 guidance for companies to include considerations for those preparing interim reports.

EFRAG draft comment letter on deferral of IAS 1 effective date ED

08 May, 2020

The European Financial Reporting Advisory Group (EFRAG) has published a draft comment letter on the IASB exposure draft ED/2020/3 '3 Classification of Liabilities — Deferral of Effective Date (Proposed amendment to IAS 1)'.

Deloitte comment letter on the IASB's proposed amendments to IFRS 16 related to COVID-19

08 May, 2020

We have commented on IASB Exposure Draft (ED) 2020/2 'Covid-19-Related Rent Concessions' which was published by the IASB on 24 April 2020. The ED contains a proposed amendment that would provide lessees with an exemption from assessing whether a COVID-19-related rent concession is a lease modification.

Collections of COVID-19 resources

08 May, 2020

Global responses to the coronavirus disease 2019 (COVID-19) outbreak continue to rapidly evolve. Numerous publications and announcements of developments have sprung up around the world. Since it has become more and more difficult to follow all of them, we have put together a meta-collection of collections that we found helpful and worth browsing.

IASB announces supplementary meeting

07 May, 2020

On 15 May, the IASB will hold a supplementary meeting on COVID-19-related matters. The meeting will be held by conference call and is expected to last one hour (10:00-11:00 hrs BST).

Need to know — IASB proposes to defer effective date for 'Classification of Liabilities as Current or Non-current'

06 May, 2020

This publication discusses proposed amendments to IAS 1 'Presentation of Financial Statements' set out in IASB Exposure Draft ED/2020/3 'Classification of Liabilities as Current or Non-current—Deferral of Effective Date'.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.