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COVID-19

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 2.3.1 – Is COVID-19 a significant event for associates with different period ends from the entity? FAQ 3.2.9 -  Possible revisions to ECL estimates required in a downturn FAQ 3.2.10 – How should an entity account for changes to the cash flows on a debt instrument measured at amortised cost or fair value through other comprehensive income (FVOCI)? FAQ 3.2.11 – Impact of prepayments on lifetime probability of default for SICR assessments FAQ 3.2.12 – Inclusion of cash flows expected from the sale on default of a loan in the measurement of expected credit losses (ECL) FAQ 3.2.13 – Should borrower pre-payment options be taken into account when determining the period over which to measure expected credit losses (ECL)  FAQ 3.2.14 – What discount rate should be used when measuring ECL for credit cards and other similar products? FAQ 4.10 – What does ‘proportionally’ mean in the context of ‘consideration for a lease’, as described in the IASB’s educational material?

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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.

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COVID-19

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: Non-financial assets Financial instruments Leases Going concern Interim financial statements

Volatile Values: Valuation in times of market uncertainty (April 2020) This guidance is primarily focused on the valuation of illiquid assets in the context of the turbulence currently being experienced in public markets.

COVID-19: Top Accounting Issues for Shipping Entities  In this Spotlight we provide our insights into the top accounting and reporting issues that shipping entities might face. While this Spotlight focuses on issues that are likely to be the most frequently encountered, many others are certain to arise. As the situation continues to evolve, so too will the consequential accounting issues. For these reasons, the following is not an exhaustive list of all relevant accounting considerations.

Implications of the COVID-19 outbreak on the half-yearly financial reports ESMA is issuing this Statement in order to promote transparency and consistent application of European requirements for the information provided in the half-yearly financial reports under the current circumstances related to the COVID-19 outbreak. See here for the details.

PwC IFRS Talks - Episode 79: COVID-19, hedging and other corporate treasury issues Listen to our podcast here.

PwC IFRS Talks - Episode 78: COVID-19 and classification and measurement in IFRS 9 Listen to our podcast here.

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COVID-19     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: Non-financial assets Financial instruments Leases Going concern Key considerations in applying post-model adjustments or ‘overlays’ in estimating expected credit losses In this publication, we provide considerations that might be helpful in developing and monitoring such overlays. A Pharmaceutical and life science industry focus on COVID-19 accounting considerations The COVID-19 pandemic has developed rapidly in 2020. Measures taken to contain the virus have affected economic activity in the Pharmaceutical sector, which in turn has implications for financial reporting. Click here for the details. PwC IFRS Talks - Episode 78: COVID-19 and classification and measurement in IFRS 9 Listen to our podcast here. PwC IFRS Talks - Episode 77: COVID-19 implications on IFRS 13, Fair value Listen to our podcast here. PwC IFRS Talks - Episode 76: COVID-19 impact on IFRS 16, Leases Listen to our podcast here. PwC IFRS Talks - Episode 75: COVID-19 and impairment Listen to our podcast here.

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Must know

Classification of liabilities as current or non-current (Amendment to IAS 1) - PwC In brief See our In brief for the details.     Practical insights     PwC IFRS Talks - Episode 66: December 2019 IASB - Leases and/or disclosure Listen to our podcast here.     Detailed guidance

In transition - the latest on IFRS 17 implementation - Jan 2020 The latest ‘In transition’ summarises the discussion and next steps from the latest IASB meeting.

Must know (if applicable to you): In briefs on a new standard, interpretation, legislation or an action that needs to be completed soon     Practical insights: placemats, videos, webcasts, podcasts, training courses, etc       Issues of the month: Blog articles     Detailed guidance: In depths, Manual of accounting, FAQs, IFRS news