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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

IASB decides to extend the practical relief regarding COVID-19-related rent concessions

10 Mar 2021

In a supplementary meeting held earlier today, the IASB considered the feedback received on the February 2021 exposure draft 'Covid-19-Related Rent Concessions beyond 30 June 2021 (Proposed amendment to IFRS 16)' and decided to finalise the proposed extension of the May 2020 amendment that provides lessees with an exemption from assessing whether a COVID-19-related rent concession is a lease modification by one year.

EFRAG’s final comment letter on the IASB's proposed amendment to IFRS 16 and COVID 19

04 Mar 2021

The European Financial Reporting Advisory Group (EFRAG) has issued its final comment letter on the IASB’s Exposure Draft ED/2021/2 Covid-19-Related Rent Concessions beyond 30 June 2021 (Proposed Amendments to IFRS 16).

UK Endorsement Board supports the IASB's proposed amendment to IFRS 16 and COVID 19

04 Mar 2021

The UK Endorsement Board (UKEB) has issued its final comment letter on the International Accounting Standard Board's (IASB's) Exposure Draft ED/2021/2 'Covid-19-Related Rent Concessions Beyond 30 June 2021 (Proposed Amendments to IFRS 16)'.

Deloitte supports the IASB's proposal to extend the practical relief regarding COVID-19-related rent concessions

24 Feb 2021

We have commented on IASB exposure draft ED/2021/2 'Covid-19-Related Rent Concessions beyond 30 June 2021 (Proposed amendment to IFRS 16)', which was published by the IASB on 11 February 2021. The exposure draft proposes to extend the May 2020 amendment that provides lessees with an exemption from assessing whether a COVID-19-related rent concession is a lease modification.

Deloitte comment letter on the IASB's proposal to extend the practical relief regarding COVID-19-related rent concessions

24 Feb 2021

We support the extension of the availability of the practical expedient so that it applies to rent concessions that affect payments originally due on or before 30 June 2022 instead of 30 June 2021, for the reasons stated in the basis of conclusions on the exposure draft. We also agree with the proposed effective date and transition provisions.

FRC publishes its draft Strategy, Plan and Budget for 2021/22

23 Feb 2021

The Financial Reporting Council (FRC) has published its draft Strategy, Plan and Budget for 2021/22. Comments are requested by 12 March 2021.

FRC Lab report on virtual and augmented reality

17 Feb 2021

A new report from the Financial Reporting Lab of the Financial Reporting Council (FRC) considers how virtual and augmented reality are and might be used to expand the scope and audience for corporate reporting.

Need to know — IASB proposes amendment to IFRS 16 to extend the practical relief on rent concessions

15 Feb 2021

This Need to know outlines the proposed amendment to IFRS 16 Leases set out in ED/2021/2 Covid-19-Related Rent Concessions beyond 30 June 2021, published by the International Accounting Standards Board (Board) in February 2021.

EFRAG draft comment letter on the IASB's proposed amendment to IFRS 16 and COVID 19

14 Feb 2021

The European Financial Reporting Advisory Group (EFRAG) has issued a draft comment letter on the IASB's Exposure Draft ED/2021/2 'Covid-19-Related Rent Concessions Beyond 30 June 2021 (Proposed Amendments to IFRS 16)'.

IASB proposes extending the practical relief regarding COVID-19-related rent concessions

11 Feb 2021

The International Accounting Standards Board (IASB) has published an exposure draft 'Covid-19-Related Rent Concessions beyond 30 June 2021 (Proposed amendment to IFRS 16)' that contains a proposed extension of the May 2020 amendment that provides lessees with an exemption from assessing whether a COVID-19-related rent concession is a lease modification. Comments are requested by 25 February 2021.

February 2021 IASB supplementary meeting notes posted

05 Feb 2021

The IASB met via video conference on 4 February 2021 to discuss COVID-19-related rent concessions. We have posted our comprehensive Deloitte observer notes for this topic.

IASB will propose to extend practical relief on rent concessions

04 Feb 2021

In a supplementary meeting held earlier today, the IASB discussed extending the practical relief in IFRS 16, which permits lessees not to assess whether particular rent concessions occurring as a direct consequence of the COVID-19 pandemic are lease modifications and, instead, to account for those rent concessions as if they were not lease modifications.

IVSC paper on challenges to market value

01 Feb 2021

The International Valuation Standards Council (IVSC) has published a perspectives paper 'Challenges to Market Value' that looks at the challenges in relation to the availability of market information in a pandemic world.

Accounting roundup-January 2021

29 Jan 2021

This accounting roundup, covering the period October 2020 through to December 2020, pulls together the headlines for all the latest developments in accounting, providing links to a wealth of further information and resources.

IASB announces supplementary meeting on COVID-19-related rent concessions

28 Jan 2021

The IASB will hold a supplementary meeting via videoconference on 4 February 2021 to discuss whether to propose an extension to the practical relief period provided in the May 2020 amendments to IFRS 16 ‘Leases’ in relation to COVID-19-related rent concessions.

Joint regulators statement for companies, auditors and users of financial accounts on reporting timetables

27 Jan 2021

The Financial Reporting Council (FRC) and the Financial Conduct Authority (FCA) have published a joint statement reminding companies that extended financial information timelines continue to apply in light of the continued disruption caused by the COVID-19 pandemic.

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.

CIPFA/LASAAC consult on changes to the Code of Practice on Local Authority Accounting in relation to accounting for secure housing tenancies and COVID-19-related rent concessions

19 Jan 2021

The Chartered Institute of Public Finance and Accountancy (CIPFA) and the Local Authority (Scotland) Accounts Advisory Committee (LASAAC) are seeking comments on proposed changes to the Code of Practice on Local Authority Accounting in relation to accounting for secure housing tenancies and COVID-19-related rent concessions.

Educational material on going concern requirements

13 Jan 2021

The IFRS Foundation has issued educational material, 'Going concern — a focus on disclosure', which intends to supports companies in its implementation of the requirements related to the preparation of financial statements using IFRS Standards on a going concern basis.

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