IFRS and the accounting considerations due to COVID-19

7 May 2020

Webinar

Webinar presented 7 May 2020 by Clare Jones.

The coronavirus pandemic has created lots of uncertainty for businesses impacting many areas in financial reporting for entities. The obvious areas, include going concern uncertainties, fair value measurements and impairments, which are expected to be commonplace in 2020 financial statements. Whilst we are also embedding the latest IFRSs, there may be increased judgement in these unprecedented times. This webinar looks at some of the challenges within some IFRSs that may arise from COVID-19.

Key Topics
The key content includes:

• IFRS 16 Leases – a recap of the accounting treatment and the possible accounting implications for lessees, for example, impairments, and those in response to lessor’s actions, e.g. lease payment holidays
• IFRS 15 Revenue from Contracts with Customers – a recap on applying the five-step model and looking into some of the implications created by COVID-19. These include, reviewing the terms of the contract, reassessing variable consideration, e.g. refunds, rebates, penalties etc, deferral of revenue recognised over time as trading may have temporarily ceased and contract cost balances in relation to certain contracts
• IFRS 9 Financial Instruments – a recap of the accounting treatment and applying the impairment methodology in these current times. Considering the impact on loans and trade receivables, including assessing significant increase in credit risk and determining the amount of expected credit losses
• IAS 36 Impairment of Assets – a recap of the accounting treatment, highlighting some of the key areas of relevance due to COVID-19.

This webinar is aimed at all staff involved in the preparation or audit of financial statements prepared under IFRS.

For more information visit the members only intranet here.