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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

Companies House issues advice on filing deadlines in light of Covid-19

24 Mar 2020

In light of the impact of Coronavirus (Covid-19) on companies, Companies House has issued guidance on delaying filing deadlines.

ICAEW publishes a guide on the financial reporting impacts of Coronavirus

23 Mar 2020

The Institute of Chartered Accountants in England and Wales (ICAEW) has published a guide on the financial reporting impacts of Coronavirus.

Coronavirus crisis: Implications on reporting and auditing and resources for accountants

23 Mar 2020

Accountancy Europe has released an article exploring coronavirus’ effects. In addition, Accountancy Europe is collecting all resources relevant for European professional accountants.

IFRS conference in Madrid

20 Mar 2020

The IFRS Foundation has announced that this year's European annual IFRS Foundation conference, which was to be held in Madrid on 29 and 30 June 2020, will be postponed.

FRC issues guidance for auditors arising from the coronavirus pandemic

17 Mar 2020

The Financial Reporting Council (FRC) has issued updated guidance for auditors which may be facing practical difficulties in carrying out audits as a result of the COVID-19 pandemic (coronavirus).

IASB reduces the March 2020 meeting agenda

13 Mar 2020

Due to concerns with the coronavirus, the IASB has reduced the agenda for the March 2020 meeting and has made it remote access only. The reduced agenda will only include discussions on amendments to IFRS 17, rate-regulated activities, and management commentary.

Accounting considerations related to coronavirus disease 2019

12 Mar 2020

Global responses to the coronavirus disease 2019 (COVID-19) outbreak continue to rapidly evolve. COVID-19 has already had a significant impact on global financial markets, and it may have accounting implications for many entities.

IFRS Foundation Coronavirus update

12 Mar 2020

The IFRS Foundation has provided updated operational information related to the Coronavirus. The inforation regards the March CMAC meeting, the March IASB meeting, and general information about visits to the IFRS Foundation offices.

IFRS Foundation issues Coronavirus update

04 Mar 2020

The IFRS Foundation has provided an operational update related to the Coronavirus. At this time, the IFRS Foundation expects to continue its current plan of scheduled public meetings and events, except for the March IFRS Advisory Council meeting which has been postponed. In addition, the April ASAF meeting will only meet via remote digital participation.

FRC issues advice to companies and auditors on coronavirus risk disclosures

18 Feb 2020

The Financial Reporting Council (FRC) has today published guidance for companies on disclosure of risks and other reporting consequences arising from the emergence and spread of Coronavirus (COVID-19).

Investment Association publishes updated Principles of Remuneration

10 Dec 2019

The Investment Association (IA) has published its updated Principles of Remuneration ("the Principles").

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