IFRS

COVID-19: Considerations when preparing financial statements

Preparers of financial statements are now having to think about how, where and what form they should report COVID-19 in their financial statements. We believe it is important to not only comply with the guidance set out in IFRS, but also ensure the financial statements are an effective part of the wider communication with stakeholders.

In this briefing, we set out various ways to enhance communication on
how the pandemic has impacted the financial position and performance of any reporting entity. These include sensitivity analysis, the use of alternative performance measures and changing line items that have previously been disclosed within the financial statements.