Global responses to the coronavirus disease 2019 (COVID19) outbreak
continue to rapidly evolve. COVID19 has already had a significant impact on global financial markets, and it may have accounting implications for many entities.
As the pandemic increases in both magnitude and duration, entities are experiencing conditions often associated with a general economic downturn. This includes, but is not limited to, financial
market volatility and erosion, deteriorating credit, liquidity concerns, further increases in government intervention, increasing unemployment, bro
ad declines in consumer discretionary
spending, increasing inventory levels, reductions in production because of decreased demand, layoffs and furloughs, and other restructuring activities. The continuation of these circumstances could result in an even b
roader economic downturn which could have a prolonged negative impact
on an entity's financial results. There are news items and resources in connection with COVID-19 developments that highlight some of the key accounting and disclosure issues to be considered by entities that may arise as a result of COVID
-19 in preparing financial statements applying IFRS Standards.
The comprehensive IFRS in Focus Accounting considerations related to the Coronavirus 2019 Disease covers several accounting considerations arising as a result of COVID91
b)How the strategy and targets of the issuers have been modified to address th
e effects of COVID19
c)Measures are taken to address and mitigate the impacts of the pandemic on the issuer"
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