Coronavirus and IFRS: financial reporting

It’s quite clear that coronavirus is a devastating, exceptional and extraordinary worldwide event which will have a significant financial impact on many entities.

The financial reporting implications under IFRS of coronavirus, together with the Government support, could prove challenging.

In addition to our Coronavirus and FRS 102 articles, our IFRS guide provides analysis of the financial reporting implications on a number of areas detailing: 

• what EU-adopted IFRS says;
• the practical impact and interpretation for preparers of financial statements; and
• our advice to entities. 

Whilst the articles included in this downloadable IFRS guide will inform accounting work they have been written in the generality – each entity will have unique issues which must also be considered.

The enclosed articles were last reviewed on 12 November 2020 (page 2 highlights which articles have been amended), which follows the EU endorsement of IFRS amendments for leasing arrangements, and the government extending the Coronavirus Job Retention Scheme and deferring the Coronavirus Job Retention Bonus and Coronavirus Job Support schemes.

Please get in touch with Lee Marshall or Paul Merris for more information on how we can help you account for the impact of coronavirus in your financial statements.