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Accounting considerations in response to COVID-19 — Leases
14 Jul 2020
COVID-19 has led many lessors to provide relief to lessees by deferring or relieving them of amounts that would otherwise be payable. In some cases this is through negotiation between the parties, but can also be as a consequence of a government encouraging or requiring that the relief be provided. IFRS 16 requires lessees to assess whether changes to lease contracts are lease modifications as this term is defined in the Standard and, if so, the lessee must remeasure the lease liability using a revised discount rate. This video explains the amendments made in response to the current economic climate.
Accounting considerations in response to COVID 19 — Profit or loss statements
24 Jun 2020
In this webcast, we look at the presentation of COVID-19-related items in the statement of profit or loss. The impact of COVID-19 may give rise to material expense or income items for many entities, for example, restructuring provisions and impairment losses related to non-financial assets. Entities may identify and quantify such discrete items, they should be disclosed separately either in the statement of profit or loss and other comprehensive income or in the notes to the financial statements, with appropriate explanation of those amounts. Watch the video series to learn more.
Accounting considerations in response to COVID-19 — Going concern
22 Jun 2020
Financial statements are prepared on a going concern basis unless management intends either to liquidate the entity or to cease trading, or has no realistic alternative but to do so. The effects from COVID-19 are disrupting operations of many businesses. Watch this video to learn more.
Accounting considerations in response to COVID-19 — IAS 34 — Interim financial reporting
22 Jun 2020
An interim financial report prepared applying IAS 34 is meant to provide an update on the latest complete set of annual financial statements with a focus on new activities, events and circumstances. An entity applies the same accounting policies in its interim report as those applied in its annual financial statements except for accounting policy changes. This video explains items to consider when preparing interim financial reports applying IAS 34.
Accounting considerations in response to COVID-19 — Expected credit losses on financial assets
03 Jun 2020
COVID-19 can affect the ability of borrowers, whether corporate or individuals, to reimburse amounts owed. Individual and corporate borrowers may have a particular exposure to the economic impacts in their geography and industry sector. The impact of COVID-19 on expected credit losses (or ECL) will be particularly challenging and significant for banks and other lending businesses. However, the effect could also be significant for non-financial corporates. This is because ECL does not only apply to loans but also applies to many investments in interest bearing financial assets.
Accounting considerations related to COVID-19 — Employee benefits
18 May 2020
Entities may be considering or implementing restructuring plans to mitigate their exposures associated with unforeseen consequences of the COVID-19 pandemic. In determining how to account for these measures, entities must start by identifying the nature and characteristics of each proposed compensation plan because it may affect the timing of the recognition of the benefits provided to employees. Learn more about how to account for employee benefits in response to COVID-19 in this video.
Accounting considerations related to COVID-19 — Government assistance
18 May 2020
Certain government assistance may be offered in various ways. For example, reimbursement of expenses, reduction of income taxes, or investment tax credits. As a first step in accounting for the various measures offered by a government is determining whether they should be accounted for by applying IAS 20 'Accounting for Government Grants and Disclosure of Government Assistance' or IAS 12 'Income Taxes'.
Accounting considerations related to COVID-19 — IAS 36 — Impairment of assets
29 Apr 2020
Entities will need to assess whether the impact of COVID-19 has potentially led to the impairment of assets that are covered by IAS 36 'Impairment of Assets'. The financial performance of an entity, including estimates of future cash flows and earnings, may be significantly affected by the direct or indirect impacts of recent and ongoing events relating to the COVID-19 pandemic.
Accounting considerations related to COVID-19 — Covenants
29 Apr 2020
This video looks at matters related to potential or actual breach of covenants. Unstable trading conditions, forced closure of businesses and shortages of cash flows in the affected regions may increase the risk that entities breach financial covenants. Entities should consider how the breach of a loan covenant may affect the timing of repayment of the related loan and other liabilities.
Accounting considerations related to COVID-19 — IAS 37 and onerous contracts provisions
28 Apr 2020
This video discusses onerous contracts provisions related to COVID-19. At the inception of an executory contract, both parties to the contract expect to receive benefits that are equal to or greater than the costs to be incurred under the contract. Because of the impacts of COVID-19, unavoidable costs of meeting the obligations under the contract may exceed the benefits expected to be received, resulting in an onerous contract. IAS 37 'Provisions, Contingent Liabilities, and Contingent Assets' requires recognition of a provision in respect of an onerous contract.

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