AASB FAQs on the impact of the coronavirus on financial reporting

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17 Mar 2020

The Australian Accounting Standards Board (AASB) together with the Australian Auditing and Assurance Standards Board (AUASB) has released 'The Impact of Coronavirus on Financial Reporting and the Auditor’s Considerations' describing the key considerations and impacts on financial reporting and auditing arising from the Coronavirus (COVID-19) pandemic.

The publication is in the form of frequently asked questions, which for preparers are:

  • How to assess whether the impacts of COVID-19 are material to the entity?
  • When to adjust the financial statements, including where events continue to develop after the reporting period ends?
  • What disclosures might be required of the entity (including any continuous disclosure obligations for listed entities)?

The publication also notes that the COVID-19 outbreak is an example of an emerging risk addressed by the AASB's 2019 bulletin Climate-related and other emerging risks disclosures: assessing financial statement materiality using AASB/IASB Practice Statement 2.

Please click to download The Impact of Coronavirus on Financial Reporting and the Auditor’s Considerations from the AASB website.

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