Overview

The coronavirus pandemic has affected most businesses globally. It is however difficult to assess the current and potential commercial and financial impact. This is mainly due to the uncertainties around when we will get back to normality. There are implications of this extraordinary uncertain situation on the preparation and analysis of the IFRS financial statements.

The coronavirus pandemic has an impact on the topline (revenue) and the bottom line (profitability). In addition, most of the entities are required to carry out a going concern and liquidity assessment, and review and adjust the measurement of the assets and liabilities. Additional disclosures are required in the interim and annual financial statements for 2020 to help users assess the impact of the coronavirus pandemic on the financial position, financial performance and the cash flows. There are significant judgements and estimates which the users must be able to review and analyse.

This half-day live, virtual course provides an in-depth analysis of the key principles in the standards that affect the financial statements due to the coronavirus. We will look at the guidance on preparation of the financial statements and real-life examples on the impact of COVID-19.  

Learning Outcomes

To enable participants to obtain an in-depth understanding of the key areas of impact on IFRS financial statements due to the coronavirus pandemic:

  • Review the key considerations in the going concern assessment
  • Identify the significant uncertainties and disclosures required in the financial statements
  • Identify the specific standards that require consideration in preparation and analysis of the IFRS financial statements in 2020 due to the impact of COVID-19
  • Apply the principles in various standards identified above to assess the impact of COVID-19 on the financial statements
  • Analyse the impact on the measurement of the assets and liabilities, including impairment and debt restructuring
  • Overview of the disclosures required in interim and full-year financial statementsList Item

Who should attend

The course is useful for preparers and users of financial statements:

  • Staff in finance and treasury departments
  • Internal and external auditors
  • Analysts who review the financial statements
  • Senior management and executives

A basic understanding of financial statements under any GAAP is a pre-requisite.