IFRS and the accounting considerations due to COVID-19

7 May 2020

Webinar: 12:00 PM - 1:30 PM BST

12pm to 1.30pm BST – 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 will look at some of the challenges within some IFRSs that may arise from COVID-19.

Key Topics
The key content will include:

  • 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.

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

To register for this webinar, please sign in to the events section of the Russell Bedford Intranet HERE and select the relevant webinar.