Financial Accounting Impact of COVID-19: An In-depth Look at IFRS
The COVID-19 pandemic took the world by surprise and resulted in operational and financial disruptions in entities operating across all sectors. Therefore, it is critical…
The COVID-19 pandemic took the world by surprise and resulted in operational and financial disruptions in entities operating across all sectors. Therefore, it is critical for financial controllers, auditors, and financial analysts to understand and assess the impact of this crisis on financial statements. Using the International Accounting Standards (IAS) and the International Financial Reporting Standards (IFRS), our subject matter experts have compiled a list of accounting issues that professionals should refer to when recording accounting transactions and preparing financial statements. By attending this course, you will be able to reduce the risk of misstatement and provide relevant, reliable, and faithfully represented financial information to relevant stakeholders.
Course Methodology
The course uses a mix of interactive techniques, such as brief presentations by the consultant, application of theories presented by the consultant, and group exercises to exchange experience and apply knowledge acquired throughout the course.
Course Objectives
By the end of the course, participants will be able to:
Identify the qualitative and quantitative disclosures required in financial statements to increase the understandability of balances and transactions
Recognize important adjustments and allowances required and their effect on financial statements
Properly account for events and circumstances that are likely to affect balances of assets, liabilities, equity, revenues and expenses
List the accounting and financial reporting impact of COVID-19 on the entity’s financial statements and determine the best structure and presentation practices
Prepare year-end and interim financial statements
Target Audience
Professionals in the field of finance and accounting, accountants at all levels seeking to enhance practical finance and accounting knowledge, and certified financial and accounting personnel.
Target Competencies
Preparing financial statements
Disclosing financial information
Applying International Financial Reporting Standards (IFRS)
Applying professional judgement in financial reporting
Course Outline
Accounting issues: Framework and IAS 1 to IAS 16
Framework
Going concern assumption
IAS 1 Presentation of Financial Statements
Significant judgments and key source of estimation
Breach of loan covenants
IAS 2 Inventories
Abnormal waste and production overheads
Cost versus net realizable value
IAS 10 Events After the Reporting Period
Adjusting events
Non-adjusting events
IAS 12 Income Taxes
Deferred tax assets and liabilities
Valuation allowance for deferred tax assets
IAS 16 Property, Plant and Equipment
Depreciation during cessation of activity
Accounting issues: IAS 19 to IAS 37
IAS 19 Employee Benefits
Liabilities for employee termination
IAS 20 Government Grants
Assistance, support and subsidies received
IAS 23 Borrowing Costs
Interest capitalization during periods of suspension
IAS 28 Investments in Associates and Joint Ventures
Recognition of losses from interests in associates and joint ventures
IAS 36 Impairment of Assets
Cash-generating-units
Goodwill
Intangible assets under development
IAS 37 Provisions, Contingent Liabilities and Contingent Assets
Onerous contract provisions
Provision for restructuring plans
Contingent assets from insurance reimbursements
Accounting issues: IFRS 2 to IFRS 9
IFRS 2 Share-based Payment
Vesting conditions for equity-settled share-based payments
Fair value of equity instruments for equity-settled share-based payments
IFRS 7 Financial Instruments: Disclosures
Liquidity risk disclosures
Credit risk disclosures
IFRS 9 Financial Instruments
Expected credit loss calculations
Changes in probability of default
Changes of amount at risk
Changes in loss given default: collateral value changes
Hedge accounting: probability of forecasted transactions
Accounting issues: IFRS 13 to IFRS 17
IFRS 13 Fair Value Measurement
Reflect market participant views under current market conditions
IFRS 15 Revenue from Contracts with Customers
Measurement and recognition of variable consideration
Probability of customers meeting their obligations
IFRS 16 Lease
Modification to timing and amount of lease payments
Finance lease treatment
Operating lease treatment
IFRS 17 Insurance contracts
Recognition of insurance obligations
Schedule & Fees
2026 Schedule & Fees
There are no public sessions remaining for the course this year. Please contact us if you wish to have a customized in-house session, or to find out how an additional public session can be scheduled.