Perspectives
COVID – 19 Accounting considerations during the pandemic
As the pandemic increases both in magnitude and duration, entities are experiencing conditions often associated with a general economic downturn.
The publication Accounting Considerations Related to the Coronavirus 2019 Disease (available to read here) provides a comprehensive overview of certain key IFRS accounting considerations related to conditions that may result from the COVID‑19 pandemic which include, inter alia, the following topics:
- Going concern
- Subsequent events
- Late delivery penalties
- Accounting for lease modifications
- Impairment of non-financial assets
- Government assistance
- Provisioning for impairment losses under IFRS 9
- Interim financial statements and
- Onerous contracts provisions
Impairment of financial assets is discussed also in the separate publication Expected Credit Loss Accounting Considerations Related to Coronavirus 2019 Disease. You can read it here.
The series of webcasts that discuss certain key accounding considerations related to the COVID – 19 pandemic is also available here.