In the last issue of the Accounting news we informed you about the publication IFRS in Focus – Accounting considerations related to the coronavirus disease 2019, which was issued in March 2020 by Deloitte. Due to the turbulent development of the situation, this publication has been updated three times already.
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, broad 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 broader economic downturn which could have a prolonged negative impact on an entity’s financial results.
IFRS in Focus discusses on 30 pages certain key IFRS accounting considerations related to conditions that may result from the COVID‑19 pandemic.
The up-to date version (as at 20 April 2020) can be downloaded here.
COVID-19: How to effectively mitigate the impacts of the pandemic on your business?
Overview of key steps on Deloitte website
Our special website contains an overview of key steps that need to be taken in order to mitigate the impacts of the pandemic on the operation of your organisation. It also contains individual advisory with the contact details of our professionals who will help you respond to specific measures in accordance with the needs of your business. We update the website regularly and add more information.
Up-to-date information on the dreport.cz blog
We record additional up-to-date information on our blog in a section dedicated to the coronavirus.