In the spotlight - Banking - Areas of focus for interim disclosures by banks during COVID-19

Publication date: 16 Jul 2020

adobe_pdf_file_icon_32x32Banking - Areas of focus for interim disclosures by banks during COVID-19

Explaining and understanding expected credit loss disclosures under IFRS 9 is challenging. Due to increased uncertainty caused by COVID-19, financial statement users are expressing interest in disclosures that ‘tell the story’, and we expect that to continue. In this publication, we share perspectives on where to focus in developing and refining such disclosures.

In the spotlight - A Construction and Engineering Industry Focus on COVID-19 Accounting Considerations

Publication date: 26 Jun 2020

adobe_pdf_file_icon_32x32A construction and engineering industry focus on COVID-19 accounting considerations

The coronavirus (COVID-19) pandemic has developed rapidly in 2020, with a significant global impact. Measures taken to contain the virus have affected economic activity, which in turn has implications for financial reporting.

Measures to prevent transmission of the virus include limiting the movement of people, restricting flights and other travel, temporarily closing businesses and schools, and cancelling events. This will have an immediate impact on businesses such as tourism, transport, retail and entertainment. It will also begin to affect supply chains and the production of goods throughout the world, and lower economic activity is likely to result in reduced demand for many goods and services.

COVID-19 will impact many areas of accounting and reporting for all industries, as outlined in our publication.

In this Spotlight we provide our insight into the top issues that entities in the construction and engineering industry might face. While this Spotlight focuses on issues that are likely to be the most frequently encountered, many others are certain to arise. As the situation continues to evolve, so too will the consequential accounting issues. For these reasons, the following is not an exhaustive list of all relevant accounting considerations.

In the spotlight - Examples for reporting the impact of COVID-19 on going concern and subsequent events in financial statements

Publication date: 03 Jul 2020

adobe_pdf_file_icon_32x32Examples for reporting the impact of COVID-19 on going concern and subsequent events in financial statements

The COVID-19 outbreak has developed rapidly in 2020, with a significant number of infections globally. Measures taken to contain the virus have significantly affected economic activity, which in turn has implications for financial reporting.

Entities should consider whether developments (including those events subsequent to the reporting date) have any implications for the going concern assumption.

We expect that most entities will disclose information about the impact of COVID-19 in the financial statements. The detail and location of such disclosure should depend on the extent to which the entity is affected.

This publication considers the impact of COVID-19 on disclosures relating to going concern and subsequent events in financial statements, providing illustrative disclosures and examples of multiple scenarios.

In the spotlight - A Real Estate Focus on COVID-19 Accounting Considerations

Publication date: 04 Sep 2020

adobe_pdf_file_icon_32x32A Real Estate focus on COVID-19 Accounting considerations

The COVID-19 outbreak has developed rapidly in 2020, with a significant global impact. Measures taken to contain the virus have affected economic activity, which in turn has implications for financial reporting.

COVID-19 will impact many areas of accounting and reporting for all industries, as outlined in our In depth publication Accounting implications of the effects of coronavirus.

In this Spotlight we provide a summary of accounting issues that real estate entities might face and where to find further guidance. While this Spotlight focuses on issues that are likely to be the most frequently encountered, many others are certain to arise. As the situation continues to evolve, so too will the consequential accounting issues. For these reasons, the following is not an exhaustive list of all relevant accounting considerations.

Practice aids

Publication date: 09 Jul 2020

These two COVID-19 practise aids have been produced to help corporates and financial services engagement teams navigate to the COVID-19 resources available. This is an interactive document segregated by FSLI with all the relevant links to information including useful questions for clients, amendments to the standards, FAQs, podcast, videos and training material. This guide will be kept updated to add new content as it is produced and to take account of any other relevant changes as the situation continues to develop.

 
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