COVID-19 | Financial reporting

Global IFRS Institute     |    KPMG quick guide on COVID-19

As the COVID-19 coronavirus pandemic continues, the impacts and risks for your company are likely to be changing.

COVID-19 recovery is uneven globally and is presenting a variety of challenges and risks from economic uncertainty to changes in consumer demand, disrupted supply chains and staff shortages, new hybrid working patterns, the ending of government support packages and increased merger and acquisitions activity.  

These articles, blogs and podcasts explore the potential accounting and disclosure implications that may arise for your company from the ongoing impact of the pandemic. We’ve complemented our content on the potential accounting implications of heightened economic uncertainty with new guidance on some of these new challenges.

You can find further helpful guidance on how to provide clear, meaningful and specific disclosures in the COVID-19 supplement to our annual Guides to financial statements, which provides illustrations of some of those potential additional disclosures.

We’re continuing to update these pages as significant accounting and reporting issues arise. Do please bookmark this page and check back for updates.

• Do events or conditions cast significant doubt on the company’s ability to continue as a going concern?

• Are government grants recognised in the right period and appropriately measured?
• How should companies account for different forms of government assistance?

• Has COVID-19 resulted in an unavoidable liability or a loss-making contract?
• When is the right time to recognise a restructuring provision?
• How does COVID-19 impact current and non-current classification of debt?

• Have there been changes to employee benefits and employer obligations?

• Are customer contracts still enforceable?
• Are revenue estimates up to date – e.g. variable consideration, measure of progress?
• How should companies account for insurance proceeds?
• How are expected credit losses on trade receivables impacted?

• Rent concessions – Lessee relief extended
• Have expectations around lease renewal, termination or purchase options changed?

• What are the specific accounting implications for insurers?

• What is the impact of COVID-19 on interim financial statements?

• How should companies assess COVID-19 events after the reporting date?
  

• Where and how should COVID-19 impacts be presented in the income statement and related notes?

• COVID-19 – Areas of focus for 2021 year ends 
• COVID-19 – Estimating in uncertain times
• COVID-19 – Financial reporting implications
• COVID-19 – Accounting for government assistance
  
• COVID-19 – Accounting for provisions

• How is the pandemic affecting banks' loan books?
  
• Canadian banks and COVID-19 – Impacts on half-year results 
• European banks and COVID-19 – Impacts on 2020 half-year results
• European banks and COVID-19 – Impacts on 2020 Q3 results
• European banks and COVID-19 – What do 2020 annual accounts say?