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.
The guide, which is primarily directed at those preparing accounts under FRS 102, covers:
- going concern;
- reflecting conditions which existed at the balance sheet date;
- non-adjusting post balance sheet events;
- the Directors' Report and/or Strategic report;
- 2020 year ends;
- post balance sheet review period; and
- considerations for micro entities.
A press release and the guide is available on the ICAEW website. The ICAEW has also published from its Financial Reporting Faculty:
- a guide for IFRS reporters available on the ICAEW website here.
- a checklist for FRS 102 reporters available on the ICAEW website here.
- a checklist for FRS 105 reporters available on the ICAEW website here.
- a guide, primarily aimed at FRS 102 reporters, to help them distinguish between adjusting and non-adjusting post balance sheet events in light of COVID-19. It is available on the ICAEW website here.
- guidance on going concern for FRS 102 reporters available here.
- guidance on reverse stress testing available here.
