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COVID-19 accounting tool for governments

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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'.
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.
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.
On the board agenda – half year 2020
15 Jul 2020
This half year update is a timely summary of some important areas for board focus as we enter the second half of 2020 and start to emerge from the unprecedented lockdown of our lives and our economy.
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.
EFRAG endorsement status report 6 July 2020
06 Jul 2020
The endorsement status report has been updated to reflect that the Accounting Regulatory Committee (ARC) has voted in favour of 'Covid-19-Related Rent Concessions (Amendments to IFRS 16)'.
2020 update on half-yearly financial reporting
02 Jul 2020
The 2020 version of Deloitte's guide to half-yearly financial reporting provides an invaluable source of guidance for those companies preparing half-yearly financial reports in 2020.
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.

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