IFRS and the accounting considerations due to COVID-19
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- IFRS 16 Leases – a recap of the accounting treatment and the possible accounting implications for lessees, for example, impairments, and those in response to lessor’s actions, e.g. lease payment holidays
- IFRS 15 Revenue from Contracts with Customers – a recap on applying the five-step model and looking into some of the implications created by COVID-19. These include, reviewing the terms of the contract, reassessing variable consideration, e.g. refunds, rebates, penalties etc, deferral of revenue recognised over time as trading may have temporarily ceased and contract cost balances in relation to certain contracts
- IFRS 9 Financial Instruments – a recap of the accounting treatment and applying the impairment methodology in these current times. Considering the impact on loans and trade receivables, including assessing significant increase in credit risk and determining the amount of expected credit losses
- IAS 36 Impairment of Assets – a recap of the accounting treatment, highlighting some of the key areas of relevance due to COVID-19.
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