This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

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

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.

IASB publishes statement on IFRS 9 and COVID-19

27 Mar 2020

The International Accounting Standards Board (IASB) has published a document responding to questions regarding the application of IFRS 9 'Financial Instruments' during the period of enhanced economic uncertainty arising from the COVID-19 pandemic.

New UK Accounting Plus resource page

27 Mar 2020

We have set up an UK Accounting Plus resource page on accounting considerations related to COVID-19. The page includes news items and resources in connection with COVID-19 developments that highlight some of the key accounting and disclosure issues to be considered by entities that may arise as a result of COVID-19.

FRC, FCA and PRA issue Covid-19 guidance for companies and auditors

26 Mar 2020

The Financial Conduct Authority (FCA), Financial Reporting Council (FRC) and Prudential Regulation Authority (PRA) have published a joint statement relating to the impact of Covid-19 on financial reporting.

ESMA statement on the accounting implications of the COVID-19 economic support and relief measures

25 Mar 2020

The European Securities and Markets Authority (ESMA) has issued a public statement on some accounting implications of the economic support and relief measures adopted by EU Member States in response to the COVID-19 outbreak. The measures include moratoria on repayment of loans and have an impact on the calculation of expected credit losses in accordance with IFRS 9.

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).

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.