Financial reporting implications of coronavirus
FRC advice to companies and auditors on coronavirus risk disclosures
The FRC advises companies to consider which disclosures they may need to include in their year-end accounts, particularly for companies either operating in or having close trading associations with China or global supply chains dependent on Chinese-manufactured goods.
Useful resources especially if some of your clients have audits by someone else.
Features a comprehensive resources hub.
To emerge from the COID-19 crisis, small firms need to address six key areas – focus on staff, client communication, accessing external resources, diversifying service offering, risk management and investment in technology.
Key financial reporting challenges and implications due to Covid-19 separated by specific areas (e.g. going concern, fair value measurement and impairment, lease accounting and hedge accounting) and highlighting various relevant resources from external stakeholders.
IATA Industry Accounting Working Group
Should coronavirus be accounted for as an adjusting or non-adjusting event?
Blog post from the IAWG focusing on whether the coronavirus should be accounted for as an adjusting or non-adjusting event.
Bulletin addressing the accounting implications of COVID-19 for December 2019 year ends in the context of IAS 10 Events After the Reporting Period. It discusses whether coronavirus should be accounted for as an adjusting or non-adjusting event.