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Accounting implications of the effects of coronavirus: PwC In depth INT2020-02

The In depthINT2020-02 continues to be updated with practical guidance, the below sections have had new FAQs added to them:

FAQ 9.1.2 – Classification of inventory costs, during closure, in an income statement presented by function
FAQ 6.2.3 – Determining whether a relief or measure is a government grant within the scope of IAS 20
FAQ 6.1.2 – Negative revenue: revision of a ‘highly probable’ variable transaction price due to COVID-19
FAQ 4.7 – Accounting by lessees for voluntary forgiveness by the lessor of lease payments
FAQ 4.8 – Accounting by operating lessors for voluntary forgiveness of amounts contractually due for past rent
FAQ 3.2.1 - Impact of COVID-19 payment holidays, including subsequent extensions to such holidays, on ECL staging 
FAQ 3.2.6 – Cash collateral held for trade receivables or lease receivables: recognition and impact on measurement of ECL
FAQ 6.1.3 – Service provider shutdown due to COVID-19
FAQ 10.3 – How should an entity estimate the weighted average annual effective income tax rate?

There has also been an update to IFRS 9, financial instruments top ECL issues for corporates, with some new areas for audit teams to ask their clients about here. This includes additional links to the latest FAQs in relation to ECL for corporates.