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Financial instruments accounting impacts of COVID-19

Hot Topic |  July 2020

Updated: Ongoing economic disruption may impact the accounting for certain financial instruments.

The ongoing economic downturn caused by COVID-19 may have an impact on the accounting for certain financial instruments. KPMG highlights key reminders for companies to consider in the current economic environment.


  • All companies

Relevant dates

  • Effective immediately

Key impacts

  • We believe the recent economic disruption resulting from COVID-19 may impact accounting and financial reporting for various financial instruments.
  • This latest update provides guidance on hedge accounting when a modified loan or debt instrument, or the interest payments thereon, is the hedged item in a hedging relationship.

Report contents

  • Expected credit losses
  • Loan modifications (lender accounting)
  • Financial guarantees
  • Debt modifications and loan covenants
  • Derivatives: Normal purchases normal sales scope exception
  • Hedge accounting
  • Equity method investments
  • Fair value measurements
  • Investments in debt and equity securities

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Mark Northan
Partner, Dept. of Professional Practice, KPMG US
Image of Lisa Blackburn
Lisa Blackburn
Partner, Dept. of Professional Practice, KPMG US

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