IFR Bulletin: Potential Effects of the Coronavirus Outbreak on 2020 Reporting Periods and Onward

06 May 2020

The 2019 Novel Coronavirus infection (‘coronavirus’) or ‘COVID-19’ outbreak poses a serious public health threat. It has interrupted the movement of people and goods throughout the world, and many levels of government have instituted restrictions on individuals and businesses. The resulting impact on financial reporting will be significant.

BDO has issued the following publications on coronavirus that address the reporting implications in broad terms:

IFR Bulletin 2020/02 – Potential effects of the Coronavirus Outbreak on 31 December 2019 year-end financial reporting.
IFR Bulletin 2020/03 – Potential effects of the Coronavirus Outbreak on 2020 reporting periods and onward.

This Bulletin focuses on the financial reporting implications of COVID-19 that relate to the impairment requirements of IAS 36, which apply to many non-financial assets.

For further resources on applying the requirements of IAS 36 and other IFRSs, please refer to BDO resources such as IFRS In Practice publications and online training, which are available on BDO’s IFRS Reporting Hub.

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