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The issues discussed are by no means exhaustive and their applicability depends on the facts and circumstances of each entity. The financial reporting considerations highlighted in this article are as follows:

  • Going concern;
  • Impairment assessment;
  • Fair value measurement;
  • Insurance recoveries;
  • Onerous contract provisions;
  • Other accounting estimates; and
  • Other financial statement disclosure requirements.

More detailed guidance can be found in our publication “Applying IFRS, Accounting considerations of the coronavirus outbreak, Updated March 2020” which provides guidance on a number of additional topics as well as our publication “Applying IFRS, accounting considerations of the coronavirus outbreak, February 2020” which provides guidance primarily for 2019 financial statements.

https://www.ey.com/en_ie/accounting-change/ifrs-accounting-considerations-of-the-covid-19-outbreak

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