Perspectives

The impact of the crisis on accounting

Taking control of financial reporting

COVID-19 has already had a significant impact on global financial markets. As the crisis continues and evolves and the risk of economic slowdown increases, it may have reporting and accounting implications for many business entities.

Managing the disruption

Deloitte provides advisory and assurance services for financial reporting that take into consideration COVID-19 implications and the economic downturn. These services cover not only external reporting requirements under both IFRS and Belgian GAAP, but also disclosure requirements as well as internal reporting.

We offer assistance to management and those charged with governance in the analysis, projections and processes to generate reliable supporting documentation to assess complex accounting and judgements, such as impairment identification and testing, treatment of lease concessions, measurement of expected credit losses on receivables, treatment of payment holidays on borrowings, assessment of bank covenants, etc.

Our integrated services address complex accounting and judgements combining accounting technical expertise with experts in reporting tools, cash flow projections, and projected financial information.

With the right assistance and processes in place, organisations can anticipate the COVID-19 impact on their financial reporting and related communications bringing value to all stakeholders of the company.

How we can help you in assessing the impact of COVID-19 on half-year reportings?

  • Need to anticipate the significant judgements and estimates required as well as the documentation and disclosures of these judgdements and estimates
  • Half-day workshop to scope the key entity-specific areas of investigation:
How Deloitte can help
–  In-depth IFRS knowledge
–  COVID-19 specific guidance
–  Industry knowledge and guidance
–  Considering Belgian specificities, incl. governmental measures
Assess together the impact of COVID-19 on your accounts, both from measurement and disclosure perspective, taking into account materiality
Output report = COVID-19 heatmap presentation on the key accounting and reporting items to be addressed by the company in the FY report 2020
  • On that basis, specific analysis, documentation and disclosures may need to be furtner developed

 

If you would like to know how we can assist, please contact:

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