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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

Annual report insights 2020-Surveying FTSE reporting

29 Oct 2020

Our latest annual reporting survey, Annual report insights 2020, provides insights into practices in annual reporting, focusing on areas where requirements have changed, where regulators are focusing or where innovative practices are emerging.

Article on the impact COVID-19 might have on applying IFRSs

28 Oct 2020

IASB Board member Mary Tokar and technical staff member Sid Kumar have released an article that provides an overview of the key financial reporting considerations associated with COVID-19.

ESMA announces enforcement priorities for 2020 financial statements

28 Oct 2020

The European Securities and Markets Authority (ESMA) has announced the priority issues that the assessment of listed companies' 2020 financial statements will focus on. A special focus is on COVID-related matters.

ICAEW publishes going concern considerations guide for FRS 105 reporters

23 Oct 2020

The Institute of Chartered Accountants in England and Wales (ICAEW) has published a guide on going concern considerations for FRS 105 reporters.

FRC publishes findings on the quality of corporate reporting in 2019/2020

21 Oct 2020

The Financial Reporting Council (FRC) has published its Annual Review of Corporate Reporting 2019/2020, which provides the FRC's assessment of corporate reporting in the UK based on evidence from a variety of sources, including the work of the FRC's own Corporate Reporting Review (CRR) team. The report sets out the FRC’s expectations of areas of corporate reporting that require improvement and what it expects companies to focus on in the coming reporting season. The FRC expects companies to consider its findings during the financial reporting process.

FRC amends FRS 100, FRS 101, FRS 102, FRS 104 and FRS 105

20 Oct 2020

The Financial Reporting Council (FRC) has issued ‘Amendment to FRS 101 – Effective date of IFRS 17’, ‘Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime - COVID-19-related rent concessions' and ‘Amendments to FRS 104 Interim Financial Reporting - Going concern'.

FRC guidance on reporting in times of uncertainty

15 Oct 2020

The Financial Reporting Lab of the Financial Reporting Council (FRC) has released guidance covering some critical areas of focus for 2020 year-ends.

European Union formally adopts IFRS 16 amendments regarding COVID-19-related rent concessions

12 Oct 2020

The European Union has published a Commission Regulation endorsing 'Covid-19-Related Rent Concessions (Amendment to IFRS 16)'.

FRC publishes a review into AGMs held during the first half of 2020

07 Oct 2020

The Financial Reporting Council (FRC) has published a review which looked at the different ways in which companies held AGMs during the first half of 2020 and whether the approaches taken best served the interests of shareholders.

ICAEW publishes guidance on how to improve disclosures when preparing accounts in accordance with FRS 102

18 Sep 2020

The Institute of Chartered Accountants in England and Wales's (ICAEW's) Financial Reporting Faculty has published guidance on how to improve disclosures when preparing accounts in accordance with FRS 102 in light of COVID-19.

Financial Reporting Lab calls for participants in a new Lab project: reporting on risks, uncertainties and scenarios

15 Sep 2020

The Financial Reporting Lab has called on investors and companies to participate in a new project on corporate disclosures on risks, uncertainties and scenarios.

We comment on on FRED 76 'Draft amendments to FRS 102 and FRS 105 – COVID-19-related rent concessions'

10 Sep 2020

We have published our comment letter on the Financial Reporting Council’s (FRC’s) Financial Reporting Exposure Draft (FRED) 76 'Draft amendments to FRS 102 and FRS 105 – COVID-19-related rent concessions'.

Deloitte comment letter on FRED 76 'Draft amendments to FRS 102 and FRS 105 – COVID-19-related rent concessions'

07 Sep 2020

We have published our comment letter on the Financial Reporting Council’s (FRC’s) Financial Reporting Exposure Draft (FRED) 76 'Draft amendments to FRS 102 and FRS 105 – COVID-19-related rent concessions'.

Integrated reporting and COVID-19

02 Sep 2020

The South African Integrated Reporting Committee (IRC) has published 'FAQ – Reporting in a time of crisis'.

FRC issues statement on application of Accounting for Lease Modifications (Amendment to IFRS 16 - Covid-19-Related Rent Concessions)

24 Aug 2020

The Financial Reporting Council (FRC) has confirmed it will not pursue regulatory action in the Accounting for Lease Modifications (Amendment to IFRS 16 – Covid-19-Related Rent Concessions) before adoption by the EU.

Accounting Roundup-July 2020

31 Jul 2020

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

Until the end of 2020, all IFRS Foundation meetings to be held remotely

28 Jul 2020

Since early March, all meetings of the IFRS Foundation, including the IASB, advisory and consultative groups were held remotely, with observers and participants alike videoconferencing in. The Foundation has now decided to continue with this process and all meetings will be held remotely until the end of 2020.

Financial Reporting Lab publishes second newsletter of 2020

24 Jul 2020

The Financial Reporting Lab ("the Lab") has published its second newsletter of 2020.

FRC proposes amendments to FRS 102, FRS 104 and FRS 105

24 Jul 2020

The Financial Reporting Council (FRC) has issued Financial Reporting Exposure Draft (FRED) 75 ‘Draft amendments to FRS 104 Interim Financial Reporting - Going concern' and FRED 76 'Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime - COVID-19-related rent concessions'.

Need to Know — IASB defers effective date for 'Classification of Liabilities as Current or Non-current'

23 Jul 2020

This Need to Know addresses the recent amendment Classification of Liabilities as Current or Non-current - Deferral of Effective Date (Amendment to IAS 1) issued by IABS on 15 July 2020.

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