This publication provides accounting considerations for the financial effects of the coronavirus when preparing annual or interim IFRS financial statements in 2020.
The impact of the coronavirus outbreak is evolving rapidly. Many countries have imposed various measures such as travel restrictions and quarantines that have resulted in a significant drop in demand for goods and services and supply chain disruptions. There is also high volatility in the financial markets.
This publication provides a reminder of the existing accounting requirements that should be considered in preparing annual or interim financial statements for years ending in 2020. The financial reporting issues, reminders and considerations highlighted in this publication are the following:
- Going concern
- Financial instruments
- Assets impairment
- Government grants
- Income taxes
- Liabilities from insurance contracts
- Insurance recoveries
- Onerous contract provisions
- Fair value measurement
- Revenue recognition
- Events after the reporting period
- Other financial statement disclosure requirements
- Other accounting estimates