Accounting considerations of the coronavirus pandemic (Updated November 2020)

This edition provides accounting considerations for the financial effects of the coronavirus when preparing annual or interim IFRS financial statements in 2020.

The coronavirus pandemic has significantly impacted the world economy. Businesses are dealing with lost revenue and disrupted supply chains. In addition, various governments have announced measures to provide both financial and non-financial assistance to the disrupted industry sectors and the affected business organisations.

When preparing annual or interim financial statements for years ending in 2020, entities need to consider the financial reporting issues and reminders highlighted in this publication, as follows:

  • Going concern
  • Financial instruments
  • Impairment assessment of non-financial assets
  • Government grants
  • Income taxes
  • Liabilities from insurance contracts
  • Leases
  • Insurance recoveries
  • Onerous contract provisions
  • Fair value measurement
  • Revenue recognition
  • Inventories
  • Share-based payment
  • Events after the reporting period
  • Other financial statement presentation and disclosure requirements
  • Other accounting estimates
  • Alternative performance measures and disclosures