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COVID-19 Resources

COVID-19 Resources

Financial reporting resources for dealing with the effects of the novel coronavirus (COVID-19).
Deloitte Authored Content
Need to know - April 2020 (Accounting considerations related to Coronavirus 2019 Disease) **Updated 16 June 2020**
As the pandemic increases in both magnitude and duration, entities are experiencing conditions often associated with a general economic downturn. This includes, but is not limited to, financial market volatility and erosion, deteriorating credit, liquidity concerns, further increases in government intervention, increasing unemployment, broad declines in consumer discretionary spending, increasing inventory levels, reductions in production because of decreased demand, layoffs and furloughs, and other restructuring activities. The continuation of these circumstances could result in an even broader economic downturn which could have a prolonged negative impact on an entity’s financial results. This Need to know discusses certain key IFRS accounting considerations related to conditions that may result from the COVID-19 pandemic.

Key changes include the addition of IOSCO’s expectation in terms of transparency of financial reporting in the introduction and in the alternative performance measures section. The section on lease contracts has been updated and modified to reflect the issuance of the amendment to IFRS 16. Changes were also made to the sections on Impairment – Assets subject to the requirements of IAS 36, Impairment – Valuation of inventories, Government assistance and Interim financial reports. Please refer to Appendix A of the publication for more details on the changes made.
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Find additional COVID-19 guidance and insights on Deloitte’s Combating COVID-19 with resilience site.